Yikes!

Dow down 1650 tomorrow.

Reelect Hairy Weed.

That number is SCARY...

I thought I read there were rumors of a run on WaMu branches a couple days ago. Where's George Bailey when we need him to save us from Mr. Potter?

At least Wells Fargo is AAA rated. I just leaned over to discuss this with the war department on the other end of the couch. She said her 401 is weighted heavy in WF stock. Lucky for me I guess.

The accusations that John McCain queered the deal are the most irresponsible and flagrantly false assertions I've ever heard from the dems in my entire life.

Word is that McCain barely spoke a word in the conference in the White House.

Did he scare the dems into a panic zone? Probably. They're the ones who caused this in the first place, and they will pay for their so-called progress.

re: #5 West Coast Freedom

At least Wells Fargo is AAA rated. I just leaned over to discuss this with the war department on the other end of the couch. She said her 401 is weighted heavy in WF stock. Lucky for me I guess.

I lost all respect for WF when they teamed up with those leg breaking thugs from Norwest.

How could McCain possibly have "scuppered" the bailout? On the one hand, Congressional Dems claim that McCain isn't needed in Washington because everything is under control. On the other hand, the irrelevant John McCain scuppered the deal.

re: #6 really grumpy big dog Johnson

Did you read #135 on the previous thread?

I am reposting this because, well maybe because I'm a fool who lives dangerously.

What Obama is counting on is the near total media monopoly by the Democrats will stop the public from learning that Frank and Raines and Obama are behind the problem and tied to Acorn. The public does not understand what Acorn and Answer are and the ties between them and Obama and Kos and Soros and Marxist operatives going back 50 years or more and as far away as North Korea. The very outrageousness of it is what they are counting on. They intend to brazen it out and drag themselves over the finish line any way they can.

re: #10 lifeofthemind

I am reposting this because, well maybe because I'm a fool who lives dangerously.

What Obama is counting on is the near total media monopoly by the Democrats will stop the public from learning that Frank and Raines and Obama are behind the problem and tied to Acorn. The public does not understand what Acorn and Answer are and the ties between them and Obama and Kos and Soros and Marxist operatives going back 50 years or more and as far away as North Korea. The very outrageousness of it is what they are counting on. They intend to brazen it out and drag themselves over the finish line any way they can.

It's so true. Obama's connections are barely touched. Yeah, we've heard of Wright, Pfleger, and Ayers. Problem is, there's like 20 more of these nutballs who absolutely refuse to make the fucking news. Bias?

re: #8 Globular Cluster

How could McCain possibly have "scuppered" the bailout? On the one hand, Congressional Dems claim that McCain isn't needed in Washington because everything is under control. On the other hand, the irrelevant John McCain scuppered the deal.

I would guess it's like Bush is an evil genius that can put together a perfect conspiracy to take out the Twin Towers. But also a moronic chimp.

i was blocked out of here for around six hours. I didn't ready #135 on any thread.

The whole plan was to make this think fail. McCain has zero to do with it. He was the one who said that this plan would fail without hard work.

Or maybe some people believe dem bullshit, or about how significant it will be when Obama is there in Oxford tomorrow.

Down 2250 now.

This is the end.

Wow, this is the first bank I've ever had fail on me. Thank God I just opened a Wells Fargo account.

Apparently, the Democrats allowed Obama to run their side of the White House meetings, and it quickly turned contentious. If that's a sign of the man's governing style, if elected he will be one of the most ineffective Presidents in US history. Worse than all those post-Grant guys with the thick beards and names I can't remember, James Buchanan, and Jimmy Carter combined.

re: #12 Metal Man

I would guess it's like Bush is an evil genius that can put together a perfect conspiracy to take out the Twin Towers. But also a moronic chimp.

It reminds me of Katrina. Bush in Crawford? He's vacationing while the nation suffers. In Washington? Far away from the scene of suffering. In Louisiana? He's grandstanding.

Same thing here. The irrelevant and inconsequential John McCain scuppered the deal.

Which bank is next? That's what I want to know.

Time to make place under my mattress...

OT .. for NorCal lizards ... the Shenzhou 7 will pass directly overhead in about ten minutes.

[Link: www.n2yo.com...]

My campaign's checking account is at WaMu. Hope this doesn't screw me up. The next 5 weeks are going to be hectic enough as it is.

re: #10 lifeofthemind

Great post! Thank you for re-posting.

How many lizards will be able to sleep soundly tonight? I don't think that I will.

re: #13 really grumpy big dog Johnson

Down 2250 now.

?

re: #8 Globular Cluster

How could McCain possibly have "scuppered" the bailout? On the one hand, Congressional Dems claim that McCain isn't needed in Washington because everything is under control. On the other hand, the irrelevant John McCain scuppered the deal.

Even if McCain wasn't there (or any Republican for that matter) he would have been blamed. The Democrats have zero accountability. Get it?

re: #7 Mars Needs Neocons

Of the 300 largest banks n the World, Wells Fargo is in the top ten safest - in fact they are the only US bank on the list.

Groupe Caisse des Depots (CDC) (France)
Bank Nederlandse Germeenten (BNG) (Netherlands)
Landwirtschaftliche Rentenbank (Germany)
Rabobank (Netherlands)
Landeskreditbank Baden-Wuerttemberg-Forderbank (Germany)
Lloyds TSB (United Kingdom)
BNP Paribas (France)
Dexia (Belgium)
Wells Fargo (United States)
NRW Bank (Germany)

Globular Cluster

I cannot believe that you are so naive.

re: #22 rightwinger3

Even if McCain wasn't there (or any Republican for that matter) he would have been blamed. The Democrats have zero accountability. Get it?

Democrats get judged only on their intentions, Republicans get blamed for Democrat failures.

re: #23 West Coast Freedom

Of the 300 largest banks n the World, Wells Fargo is in the top ten safest - in fact they are the only US bank on the list.

Groupe Caisse des Depots (CDC) (France)
Bank Nederlandse Germeenten (BNG) (Netherlands)
Landwirtschaftliche Rentenbank (Germany)
Rabobank (Netherlands)
Landeskreditbank Baden-Wuerttemberg-Forderbank (Germany)
Lloyds TSB (United Kingdom)
BNP Paribas (France)
Dexia (Belgium)
Wells Fargo (United States)
NRW Bank (Germany)

I'm not doubting you, but says who?

"John McCain scuppered the deal."

AAAARGH.

Oh no, the Democrats never play politics during a national crisis. John McCain must stop doing what he's paid to do by the taxpayers, i.e., show up in the senate and throw in his 2 cents. Oh no, he must stop playing presidential politics and return to the presidential political campaign.

re: #23 West Coast Freedom

BNP Paribas was up to the neck in Oil for Food, it was the chosen bagman between Chirac and Saddam.

WaMu was fairly aggressive in the mortgage space and did not stop. Problem is, a lot of their product was in the no-doc and low documentation space, also known as "liar's loans". I expect that this will mean all WaMu employees in their mortgage offices will be out of a job.

One of the reasons for this predicament is that they tended to hold onto the loans, thereby reducing the additional scrutiny that securitization might bring. Had these loans been in pools in the market, they would have been merged in a shotgun marriage months ago.

Something is wrong! I still have 2 pennies to rub togeather.
Wait,,Joe Biden just ask for one of them.

Well that's good to know. I'm a WaMu depositer. Business as usual!

I have had a WaMu checking account for 12 years with several thousand dollars in it.

What's gonna happen to it? Will it just be taken over and handled by JP Morgan? Or will I lose it end up getting bailed out by FDIC?

re: #24 really grumpy big dog Johnson

Globular Cluster

I cannot believe that you are so naive.

I think he/she was being sarcastic.

Well, it may be that McCain did scupper "the deal."
A deal that apparently excluded House Republicans from taking part.

re: #30 Oldasdirt

Something is wrong! I still have 2 pennies to rub togeather.
Wait,,Joe Biden just ask for one of them.

Will he give it to charity?

/

Shameless plug for my spin-off or Another reason Why Nobody Wants a Chicago Politician in Washington.

Do I think the National Parks Service could be next?

Is this OT, isn't the post about Democratic misallcating OUR money? ;)

BTW - any bank is safe for under 100K depositors. It was rich people who had million dollar accounts who just got screwed.

Just realized.

THE ONE GOOD THING ABOUT OBAMA NOT BEING IN WASHINGTON IS THAT HE CANNOT VOTE "PRESENT".

Ah ha ha ha.

re: #20 NY Nana

Great post! Thank you for re-posting.

How many lizards will be able to sleep soundly tonight? I don't think that I will.

I sleep like a baby.
I sleep a little, wet the bed a little, cry a little. What? Oh, never mind.

The big FU to Wamu, eh?

Maybe, maybe not OT -

A misunderestimated nukular strategery?

Well, ok, maybe just a sacrifice fly. . .

"The government said there would be no impact on WaMu’s depositors and customers. JPMorgan said it would be business as usual on Friday morning."

I had deposits in several S+Ls that were seized during that crisis. The only thing that happened was the name changed at the bank.

The bailout deal gets done very soon. I'm not a fan of it, but that doesn't matter. My job is to react to what the government and FED does and to work at growing or conserving my resources as best I can.

re: #39 ploome hineni

no one keeps one million in an account

And even your own bank, if you have over $100,000 in it, will farm out to other banks in increments of $100,000 so it's all insured.

EIDE

Do you have deposits in all of the failed institutions, or only the majority of them?

WF is where I keep what little money I have. I called for a commercial "lot loan" Monday and they said "We're conservative. That'll be 50% down, 1 year term, thank you very much". That is how credit should be. Equal stake in the game and get it over with.

re: #46 really grumpy big dog Johnson

EIDE

Do you have deposits in all of the failed institutions, or only the majority of them?

Only in WaMu.

re: #26 Joe Six Pack

Global Finance Magazine press release dated September 4, 2008

has anyone considered what will happen if no deal is reached in Washington? How will McCain look for rushing off to save the day if the whole thing falls apart? How long is he willing to keep his campaign suspended for this crap? Any ideas?

re: #20 NY Nana

Great post! Thank you for re-posting.

How many lizards will be able to sleep soundly tonight? I don't think that I will.

After a few adult beverages, and a few more...I'll be fine, unless the cats decide I need to be up amuse them.

/And my friends think "The Cats and their staff live here" doormat is a joke.

re: #12 Metal Man

I would guess it's like Bush is an evil genius that can put together a perfect conspiracy to take out the Twin Towers. But also a moronic chimp.

You all don't get it, Bush is a moron, but his puppet master Rove is a genius. Unfortunately, getting Bush to respond to the strings is like getting a quarter horse to play fiddle.
/dem

re: #52 Joe Six Pack

After a few adult beverages, and a few more...I'll be fine, unless the cats decide I need to be up amuse them.

/And my friends think "The Cats and their staff live here" doormat is a joke.

My first PIMF- Damn. Be up TO amuse them.

re: #49 ploome hineni

as of last week, my stocks were down 4% this year

I am afraid to call this week

Ooooo.
Beazer Homes just pulled out of my place. They'd grown to be a really good account, too.

All our business banking is done with WAMU - is it time to jump out the window yet?

re: #35 arethusa

Will he give it to charity?

/

Is the elect Obamanation campaign a charity?

re: #30 Oldasdirt

Something is wrong! I still have 2 pennies to rub togeather.
Wait,,Joe Biden just ask for one of them.

You know you have been taken over by JP Morgan when a guy who looks like Lionel Barrymore takes your last dollar and lights a cigar with it. It's an old WASP tradition, like cheating at golf or blackballing Jews.

re: #56 fatbert

All our business banking is done with WAMU - is it time to jump out the window yet?

Yes. As long as you live in a ranch house, or in the basement.

re: #51 JeremiahRight

has anyone considered what will happen if no deal is reached in Washington? How will McCain look for rushing off to save the day if the whole thing falls apart? How long is he willing to keep his campaign suspended for this crap? Any ideas?

His campaign has been contacting TV stations about getting their ads back on the air. (Guess who tried to move in on those time slots? Yup.)

re: #54 Joe Six Pack

My first PIMF- Damn. Be up TO amuse them.

Why draw attention to yourself? Either we get it or we need to join Kos.

re: #34 Rev. Churchmouse

Well, it may be that McCain did scupper "the deal."
A deal that apparently excluded House Republicans from taking part.

You know, right now, I couldn't give a rat's ass about the inclusion of House Republicans. If this deal doesn't go through, no one's going to remember what kind of upholstery they wanted on the deck chairs. And the same goes for the Democrats.

I am going through a divorce currently that the soon to be ex is dragging out. This crisis is a double edged sword to me. If she would have agreed the day I served papers she would have got a check for $30Gs plus today it's close to zero.

re: #45 J.D.
Hey there J.D. - I wrote this post in reply to your question of me, just as Charles was putting up this thread (as to whom is to blame for the failure of the bailout plan so far):
Well it depends on which MSM reports you believe. Apparently Pelosi and Reid - in a move almost too smart to believe of these two, handed the meeting with President Bush over to Obama who pointed at McCain and said "he's the reason we haven't worked out a plan yet, he's playing presidential politics at this late hour!"
Fortunately his teleprompter went on the fritz and McCains' comments aren't fit for publication but they were, I'm told, caustic. Actually he sided with House Republicans on deleting measures that would've paid the golden parachutes to top level executives at firms that the Feds bail out and wasn't real thrilled about the credit card lenders, auto finance lenders, student loan lenders and the partridge in a pear tree that Dodd and Franks had wanted to add on to the ornaments on the bail out tree!
No, actually the fight now seems to be whether to simply "give" $700 Billion to the Fed now, or dribble it out to them as needed.

The government said it will be "business as usual" on Monday and that depositors won't be affected.

What's the problem? If the government says it it must be true.

Ouch.
I just took a nice 99+% loss there.
Interestingly, I wrote covered calls on all my shares this AM for 21 cents a pop.
Little did I know that those 21 cents per share would be worth more than the entire company in less than 24 hours!

re: #43 ploome hineni

lol

/you must be over 50

I'm a mere child, only as old as my tongue and a little older than my teeth, and I am very immature, getting more so all the time.

I'm also wondering how John McCain 'skuppered the deal' and, if he did, why.

They're not big on 'why', are they? They just want to point the finger as if the deal would have been the greatest thing since sliced bread. Maybe the deal sucked.

I'd love to have a decent journalist explain this to me sometime.

So, will this financial meltdown be pinned on McBush? Or, will the actual culprits be held accountable? I am even more excited about this debate tomorrow. I know it's supposed to be on Foreign Policy, but they have to ask something about this, no? Will the Obamessiah point the crooked finger of blame? And, will McCain hit that meatball back like Roger Federer on grass? Stay tuned!

re: #61 JeremyR

Why draw attention to yourself? Either we get it or we need to join Kos.

You obviously never had Miss Lutz as your English teacher. She was so into good grammar and spelling, she never realized there as other things to do, like get married. : )

After-market trading is sliding, of course.
[Link: money.cnn.com...]

Tomorrow may be a Black Friday... and it also may be the start of the exodus of foreign investment which will let the air out of this balloon once and for all, bringing this all down.

If US Bonds lose their AAA+ rating, we're toast. What is the effect of $700,000,000,000.00 bail-out on US Bonds?

So, what is the best way to polish and present apples? When selling pencils, should the be properly sharpened? What is the proper etiquette?

re: #56 fatbert

All our business banking is done with WAMU - is it time to jump out the window yet?

No.
JP Morgan just bought the banking business, and actually THAT part of WAMU's business was doing fine.
Plus the assets are FDIC insured.
You'll be fine.

re: #62 Lynn B.

You know, right now, I couldn't give a rat's ass about the inclusion of House Republicans. If this deal doesn't go through, no one's going to remember what kind of upholstery they wanted on the deck chairs. And the same goes for the Democrats.

Why did the Democrats have to attach earmarks to this particular piece of legislation? Why?

$64 question.

I guess the assets of this Bank will be donated to ACORN in the interests of the Community. I just moved all chunk of my cash out of that bank.

re: #51 JeremiahRight

has anyone considered what will happen if no deal is reached in Washington? How will McCain look for rushing off to save the day if the whole thing falls apart? How long is he willing to keep his campaign suspended for this crap? Any ideas?

I imagine after about a week he would go public with who really caused this mess, and that they are the ones who are blocking a solution.

I'm looking squarely at you Sen. Dodd and Congressman Frank.

My parents used to talk about the 29 depression,and i have wondered over the years,could i take it like they did.Make the sacrifices,live on less than a shoestring.Well..i guess im gonna find out real soon.

everything I've read says the House Republicans wont budge on this thing, and Pelosi wont let the Dems vote on a bill put forward by the President without assurances House Reps will support it... "Governments... in... gridlock!"

/Phil Hartman was the best

re: #69 Desert Dog

So, will this financial meltdown be pinned on McBush? Or, will the actual culprits be held accountable? I am even more excited about this debate tomorrow. I know it's supposed to be on Foreign Policy, but they have to ask something about this, no? Will the Obamessiah point the crooked finger of blame? And, will McCain hit that meatball back like Roger Federer on grass? Stay tuned!

How can Obamanation be to blame? all he ever votes is present.

Scarey Sh!t!

I think the Dems want a quick decision because they are terrified of the investigations into Fannie that are about to occur.

re: #80 Globular Cluster

I think the Dems want a quick decision because they are terrified of the investigations into Fannie that are about to occur.

They want to make sure their allies get paid so they can cash in later.

re: #64 realwest

Thanks realwest. I saw that and replied. Then I realized it's already tomorrow...

re: #70 Joe Six Pack

Miss Lust? I thought she retired in 1914.

re: #76 Oldasdirt

My parents used to talk about the 29 depression,and i have wondered over the years,could i take it like they did.Make the sacrifices,live on less than a shoestring.Well..i guess im gonna find out real soon.

Stop being such a drama queen.

re: #84 EIDE_Interface

Stop being such a drama queen.

Got there before I did.

re: #32 neocon hippie
Nah, you'll get your money back from JP Morgan Chase.
FDIC took it over and sold it to JP today (their usual modus operandi is to take over a bank after the Market closes on a Friday) because JP said they'd cover all the deposits - but all shareholders and Bond holders (senior debt) are gonna be wiped out.

Jeremiah was a bullfrog, and had no rhythm

re: #78 JeremyR

As usual, you cannot blame "THE ONE", but you can look at his buddies and pals in the Congress who, for years, supported, pushed and insisted on the very things that has brought us to this point. Of course, they will slither away and deny that. Or, in the case of Sen. Dodd and Sen. Shumer, stand up and talk into that mic like they had nothing to do with any of this mess and they are they are there to "help" now.......BARF!

re: #51 JeremiahRight

has anyone considered what will happen if no deal is reached in Washington? How will McCain look for rushing off to save the day if the whole thing falls apart? How long is he willing to keep his campaign suspended for this crap? Any ideas?

THERE WILL BE A DEAL>

Trust me on this, there will be a deal.
McCain is trying to get one made where there is the least risk/fallout to the American taxpayer.

He is trying to get it done right the first time.
There will be a deal in place by Monday imo.
I just transferred my money to the balanced fund to try and weather the storm I feel is coming tomorrow.
If a deal is struck this weekend I will transfer my money back into the stock fund because Monday will be a banner day to invest imo.

re: #84 EIDE_Interface

Stop being such a drama queen.

Get some balls mate! Tough up! This is America. We just get shit done when we have to. ;-)

re: #87 really grumpy big dog Johnson

Jeremiah was a bullfrog, and had no rhythm

but I'll help you drink your wine

I am so putting it on my resume that I was an employee at the organization that became the largest bank failure in US history.

re: #92 Dahveed

I am so putting it on my resume that I was an employee at the organization that became the largest bank failure in US history.

The line after your stint working for the Dukakis campaign?

From [Link: community.mccainspace.com...]

Dear Friend,

Over the last couple of days, hundreds of 8th Congressional District constituents have called my offices to let me know their thoughts and concerns about the economic rescue plan that Congress will soon consider. Below you will find the principles upon which I believe a responsible bipartisan rescue plan can be based. Please don’t hesitate to call my offices with your thoughts. If you would like to send me an e-mail, please go here.
Economic Rescue Principles

Common Sense Plan to Have Wall Street Fund the Recovery, Not Taxpayers

* Rather than providing taxpayer funded purchases of frozen mortgage assets to solve this problem, we should adopt a plan to insure mortgage back securities through payment of insurance premiums.

* Currently the federal government insures approximately half of all mortgage backed securities. (MBS) We can insure the rest of current outstanding MBS; however, rather than taxpayers funding insurance, the holders of these assets should pay for it. Treasury Department can design a system to charge premiums to the holders of MBS to fully finance this insurance.

Have Private Capital Injection to the Financial Markets, Not Tax Dollars

* Instead of injecting taxpayer capital into the market to produce liquidity, private capital can be drawn into the market by removing regulatory and tax barriers that are currently blocking private capital formation. Too much private capital is sitting on the sidelines during this crisis.

* Temporary tax relief provisions can help companies free up capital to maintain operations, create jobs, and lend to one another. In addition, we should allow for a temporary suspension of dividend payments by financial institutions and other regulatory measures to address the problems surrounding private capital liquidity.

Immediate Transparency, Oversight, and Market Reform

* Increase Transparency. Require participating firms to disclose to Treasury the value of their mortgage assets on their books, the value of any private bids within the last year for such assets, and their last audit report.

* Limit Federal Exposure for High Risk Loans: Mandate that the GSEs no longer securitize any unsound mortgages.

* Call on the SEC to audit reports of failed companies to ensure that the financial standing of these troubled companies was accurately portrayed.

* Wall Street Executives should not benefit from taxpayer funding.

* Call on the SEC to review the performance of the Credit Rating Agencies and their ability to accurately reflect the risks of these failed investment securities.

* Create a blue ribbon panel with representatives of Treasury, SEC, and the Fed to make recommendations to Congress for reforms of the financial sector by January 1, 2009.

I look forward to the coming depression. Finally we can get rid of Political Correctness and bring back Vaudeville.

The dems looked at this issue as their gateway to the White House.

Let's get real here.

re: #73 Globular Cluster

Why did the Democrats have to attach earmarks to this particular piece of legislation? Why?

$64 question.

Because ... they're Democrats? The earmarks suck. The whole thing sucks. And yet, it has to get done. I'm not blaming the Republicans. I'm just saying that someone's going to have to be the adult here. And if the earmarks are to blame, then that needs to be made crystal clear to the American public. But let's not make this about whether one party or the other feels it got enough time at the rostrum.

re: #56 fatbert
Only if it's a first floor window.
Nah, it's just all the shareholders and bond holders of WaMu that are gonna lose all of their money, not depositers.
And, well, of course all or most of WaMu's employees will be looking for work around this time next week.

re: #95 Egfrow

LOL!

re: #95 Egfrow

Finally we can get rid of Political Correctness and bring back Vaudeville.

The difference?

re: #93 looking closely

The line after your stint working for the Dukakis campaign?

To think I moved out to Seattle to work at WaMu and be a part of this. This is truly epic.

This is getting stranger and stranger by the minute. First you get the Dhimmis say a deal has been made before McCain has even arrived. Then you get the Republicans say what deal? It looks to me that the Dhimmis were trying to get their "deal" through before McCain could come so they could echo Reid's remark that all was well and McCain wasn't needed.Now, since their little scheme didn't pan out they are all out there saying McCain"scuppered" their done deal for political reasons. Is it just me or have the dhimmis jumped the shark? Don't even get me started on Obamas' "role"in this.

Okay, watching Hannity and Skeletor, according to Newt, it appears that the Republicans are going to offer a counterproposal. Well, that's nice, it couldn't be much worse, and hell, it might even work better.

BUT WHERE THE [EXPLETIVE DELETED] IS IT? THIS HAS BEEN GOING ON FOR OVER A WEEK NOW, EVERY DAY COSTS REAL AMERICANS EVERYWHERE RETIREMENT MONEY AND ANGINA!

/me, I'm pretty much in cash so I'll just be looking for day trades tomorrow and, by the way, the Dow looks like it's all teed up for another down 400 day

re: #88 Desert Dog

As usual, you cannot blame "THE ONE", but you can look at his buddies and pals in the Congress who, for years, supported, pushed and insisted on the very things that has brought us to this point. Of course, they will slither away and deny that. Or, in the case of Sen. Dodd and Sen. Shumer, stand up and talk into that mic like they had nothing to do with any of this mess and they are they are there to "help" now.......BARF!

THE ONE?

First, I didn't blame him.
Second, I don't think he ammounts to even that.

Also another good thing about a depression is that Liberals can't do shit but complain, they will be the first to starve to death. And we won't have any fat people anymore, If we do find them we just follow them home and find out what the hell they are eating, hopefully whining Liberals.

re: #87 really grumpy big dog Johnson

Jeremiah was a bullfrog, and had no rhythm

But he did make ludicrous anti-American sermons and then get pitched under the bus.

re: #92 Dahveed

I am so putting it on my resume that I was an employee at the organization that became the largest bank failure in US history.

Just be sure to mention you had an integral part in that failure....something like, "ya, I was in charge of the loans to people that had no business getting a loan" or that you handled the buckets of cash that went to the CEO and other executives while the company was sinking like the Titanic after the berg. I hear Goldman Sachs is hiring......

The Democrats know that if they get in all investigations end. They could commit murder in broad daylight but if they get in then they win, every Democrat mole in the government knows that. McCain is fighting an army buried deep in every agency as well as the Media. He is a brave man and hoping that a few more Democrats will start channeling Claude Raines if not Joe Lieberman between now and November. He may pull it off but during normal times I wouldn't bet it. Now when we are all looking at disaster it makes more sense to toss your last dollar on the spinning wheel.

I gotta wonder how secure credit unions are in all of this. I do most of my banking w/ a credit union and understand that the accounts aren't protected by the FDIC per-se, but a sort of credit union counterpart.

re: #68 kynna
"I'd love to have a decent journalist explain this to me sometime."
Wouldn't we all! Uh, I assume you mean honest and objective when you say decent journalist.

re: #102 nigella

This is getting stranger and stranger by the minute. First you get the Dhimmis say a deal has been made before McCain has even arrived. Then you get the Republicans say what deal? It looks to me that the Dhimmis were trying to get their "deal" through before McCain could come so they could echo Reid's remark that all was well and McCain wasn't needed.Now, since their little scheme didn't pan out they are all out there saying McCain"scuppered" their done deal for political reasons. Is it just me or have the dhimmis jumped the shark? Don't even get me started on Obamas' "role"in this.

bingo. exactly right

re: #103 Killian Bundy

Hannity and Skeletor,

Yow. Nice.

One of my bosses said of our Thrift Savings Program, "Employees should be concentrating on 'return of investment,' not 'return on investment'." Keep saving, folks...

re: #109 Fenway_Nation

I gotta wonder how secure credit unions are in all of this. I do most of my banking w/ a credit union and understand that the accounts aren't protected by the FDIC per-se, but a sort of credit union counterpart.

That depends on the types of loans given out. WaMu was way too liberal with their loaning policy.

re: #102 nigella

This is getting stranger and stranger by the minute. First you get the Dhimmis say a deal has been made before McCain has even arrived. Then you get the Republicans say what deal? It looks to me that the Dhimmis were trying to get their "deal" through before McCain could come so they could echo Reid's remark that all was well and McCain wasn't needed.Now, since their little scheme didn't pan out they are all out there saying McCain"scuppered" their done deal for political reasons. Is it just me or have the dhimmis jumped the shark? Don't even get me started on Obamas' "role"in this.

Thank you. Absolutely right.

re: #102 nigella

This is getting stranger and stranger by the minute. First you get the Dhimmis say a deal has been made before McCain has even arrived. Then you get the Republicans say what deal? It looks to me that the Dhimmis were trying to get their "deal" through before McCain could come so they could echo Reid's remark that all was well and McCain wasn't needed.Now, since their little scheme didn't pan out they are all out there saying McCain"scuppered" their done deal for political reasons. Is it just me or have the dhimmis jumped the shark? Don't even get me started on Obamas' "role"in this.

You about summed it up.
Question: If McCain is doing it for "political purposes" then how come he is the ONLY ONE who hasn't been in front of a microphone today? Obama was on Fox, others have been on fox and other shows and CSPAN had that one guy who talks weird (the one with no upper lip) who I believe is in charge of things.
The dems look as if they don't have a frikkin clue out there!

I will stake my reputation (shut up) on the fact that McCain will have a bipartisan bill ready to be signed by Monday.

re: #105 Egfrow

Also another good thing about a depression is that Liberals can't do shit but complain, they will be the first to starve to death. And we won't have any fat people anymore, If we do find them we just follow them home and find out what the hell they are eating, hopefully whining Liberals.

If life gives you lemons, make lemonade.

re: #75 Racer X
"I'm looking squarely at you Sen. Dodd and Congressman Frank.'
Fucking A !

re: #100 Max Darkside

The difference?

Come on man, The Stooges, Laurel and Hardy, The Marx Brothers, The tumblers.

re: #114 Egfrow

They made lots and lots of money from loan fees, and you know how long that lasted. Pfft!

re: #109 Fenway_Nation

I gotta wonder how secure credit unions are in all of this. I do most of my banking w/ a credit union and understand that the accounts aren't protected by the FDIC per-se, but a sort of credit union counterpart.

NCUA National Credit Union Administration, insured by Uncle Sam up to 100K

When Black friday comes,
I'll stand down by the door,
And catch the brave men
As they dive from the fourteenth floor.

When Black Friday comes,
I'll collect every thing I own
And before my friends find out,
I'll be on the road.

Dang, why is that song suddenly coming to mind?

Another thing, I really like Bush, but has he lost his mind? I know this is dangerous financial times but could he possibly believe putting Dodd, Frank, and Schumer in charge of this mess is good for the Country? Hopefully he is providing cover for the Republicans so that they can come up with something better than this debacle.

Looks like I picked the wrong day to quit smoking crack.

re: #66 looking closely

Ouch.
I just took a nice 99+% loss there.
Interestingly, I wrote covered calls on all my shares this AM for 21 cents a pop.
Little did I know that those 21 cents per share would be worth more than the entire company in less than 24 hours!

WaMu?

/well, look at the bright side, you still cash the covered calls

re: #112 Globular Cluster

Yow. Nice.

Alan Colmes

Everyone, please take 20 minutes to watch Newt on YouTube w/ Greta - I know its a lot to ask to put up w/ her but take the time to watch the 3 segment piece and you will understand why (if) McCain is not backing this bailout. Newt is the one who should be advising Bush.

You know, after listening to Paulson saying that 5% of the outstanding mortgages were "bad," which equates to $700 billion, I wonder if really 5% of the 'bad' mortgages could really, really shake the markets. I've seen headlines that says JP Morgan will treat Friday with a "Business as usual attitude."

In other words, maybe, just maybe, no action is better than action at all? I have to admit, that I'm wholly ignorant of the details. I could very well be wrong. Perhaps what the House Republicans could be asking for, the thing that's holding up the "negotiations," is a complete revocation of the so-called "Equal Opportunity Lending" garbage that got us into this trouble to begin with.

God bless the House Republican leadership for sticking to principle. I welcome contrary thoughts, suggestions, comments.

I still wish for that city upon a hill. I offer the following for your consumption: Leviticus Chapter 26: Reward for Obedience, verses 1-13. Reward for Disobedience: verses 14-45.

Something to be said about Reagan's wish for the "City upon a hill" dream to be realized. I think we had it for awhile. Then we gave it up.

Can anybody recommend a decent bio of Ronald Reagan? So long ago, I was an idiot when it came to things like what we lose sleep over every day. I was a "young skull full of mush." Now, I see the light for the oncoming train that it is, and seek to get out of the way. I seek the help of my fellow (new) lizards.

I can not sit idly by while the likes of Couric, Obama, Reid, etc, can just think that they are account-less. Au contraire.

I've rambled enough. I need a new book, preferably one on Reagan. Thanks, my fellow lizards!

re: #124 Racer X

Looks like I picked the wrong day to quit smoking crack.

You crack me up!

In a depression, SUV's can make good homeless shelters.

re: #122 JeremyR

When Black friday comes,
I'll stand down by the door,
And catch the brave men
As they dive from the fourteenth floor.

When Black Friday comes,
I'll collect every thing I own
And before my friends find out,
I'll be on the road.

Dang, why is that song suddenly coming to mind?

It's worth repeating!

re: #105 Egfrow

Also another good thing about a depression is that Liberals can't do shit but complain, they will be the first to starve to death. And we won't have any fat people anymore, If we do find them we just follow them home and find out what the hell they are eating, hopefully whining Liberals.

Eat a liberal? Surely you jest. They taste like tofu or worse. Like eating carp out of a muddy stream. They don't bathe, so by the time you get them clean, there is nothing left.

re: #116 Typicalwhitey

We keep being told that the point of no return is on Friday and that if this bailout proposal waits one second longer, we'll plunge headfirst into the Great Depression 2.0.....

Makes me wonder what they're trying to sneak through with that proposal.

re: #123 nigella

Another thing, I really like Bush, but has he lost his mind? I know this is dangerous financial times but could he possibly believe putting Dodd, Frank, and Schumer in charge of this mess is good for the Country? Hopefully he is providing cover for the Republicans so that they can come up with something better than this debacle.

I'm thinking Republicans are going after MORE than just the white house in November. If the shit storm is big enough, and can be shown as the democrats fault, there will be hell to pay at the polls.

In a depression, Nancy Pelosi would be a Crack whore.

re: #94 Globular Cluster
Yup, that'll happen by Monday - not.
Some great ideas in there, but they aren't going to fly in time - several Euro and Asian nations are expecting to pull out whatever capital is left for them in the US tomorrow or Monday.
There isn't anyone around - including Gates and Soros who can privately buy us out of this effin' mess the Dems have created.

WaMu was already weakened years ago because of their over-expansion and bad lending practices. We shouldn't be surprised that they would go under.

re: #133 Fenway_Nation

Ban on Oil Shale and 100 million to ACORN, just too little bitty items that's all.

well, one things for sure. it's time for some hard drinkin...

Well, hell. The apocalypse WOULD happen while I'm fighting a cold.

Can we throw ALL the bums out of Congress and have a do-over?

BTW, whatever happened to bigel?

re: #135 Egfrow

In a depression, Nancy Pelosi would be a Crack whore.

A whore with no customers is just a skank.

... For decades, starting with Jimmy Carter's Community Reinvestment Act of 1977, there has been bipartisan agreement to use government power to expand homeownership to people who had been shut out for economic reasons or, sometimes, because of racial and ethnic discrimination. What could be a more worthy cause? But it led to tremendous pressure on Fannie Mae and Freddie Mac -- who in turn pressured banks and other lenders -- to extend mortgages to people who were borrowing over their heads. That's called subprime lending. It lies at the root of our current calamity.

Were there some predatory lenders? Of course. But only a fool or a demagogue -- i.e., a presidential candidate -- would suggest that this is a major part of the problem.

Was there misbehavior on Wall Street? The wheels of justice will grind. But why wait for justice? If a really good catharsis will allow a return of rationality to Capitol Hill -- yielding a clean rescue package that will actually save the economy -- go for it.

Capping executive pay is piffle. What we need are a few exemplary hangings. Public hangings. On television. Pick a few failed investment firms, lead their CEOs in chains through the canyons of Manhattan and give the mob satisfaction. Better still, precede the auto-da-fe -- fire is highly telegenic -- with 24-hour reality-TV coverage of their recantations, lamentations and final visits with the soon-to-be widowed. The ratings would dwarf "American Idol," and the ad revenue alone would make the perfect down payment on the $700 billion.

Whatever it takes to clear our heads.

Catharsis, Then Common Sense
By Charles Krauthammer

re: #135 Egfrow

In a depression, Nancy P Lousy would be a starving out of work Crack whore.

re: #141 EIDE_Interface

The axe.

re: #19 picaro

My campaign's checking account is at WaMu. Hope this doesn't screw me up. The next 5 weeks are going to be hectic enough as it is.

JP Morgan/Chase says business as usual Friday morning. I have two accounts with them as well.

In a depression, we can burn tax law books for warmth.

re: #134 Racer X

I'm thinking Republicans are going after MORE than just the white house in November. If the shit storm is big enough, and can be shown as the democrats fault, there will be hell to pay at the polls.

That was Dick Morris' thought tonight as well. I hope he's right. I love the idea of McCain outmaneuvering Obama that neatly, it brings to my mind a glorious vision of McCain clunking Obama upside the head and then saying "Welcome to DC, Bitch!"

Barney Frank diddled while U.S. IRAs burned.

/he had no comment, his mouth was full

re: #127 chukardog

Everyone, please take 20 minutes to watch Newt on YouTube w/ Greta - I know its a lot to ask to put up w/ her but take the time to watch the 3 segment piece and you will understand why (if) McCain is not backing this bailout. Newt is the one who should be advising Bush.

[Link: www.youtube.com...]

Sorry. Newt, uncharacteristically, is not making sense to me tonight.

And it's not a bailout. It's really unfortunate that that label has come to stick.

re: #135 Egfrow

In a depression, Nancy Pelosi would be a Crack whore.

In a depression, you could use Katie Couric's head as chamber pot and nobody would care.

re: #103 Killian Bundy
Hey Killian - was hoping you'd be out here!

me, I'm pretty much in cash so I'll just be looking for day trades tomorrow and, by the way, the Dow looks like it's all teed up for another down 400 day

Being in cash is EXCELLENT right now - but I expect at least a 600 down day on the Dow tomorrow and worse if something doesn't get worked out by Monday.

re: #125 Killian Bundy

WaMu?

/well, look at the bright side, you still cash the covered calls

Yup, though fortunately both in absolute terms and as a fraction of my portfolio this was a relatively small position.

Also psychologically I wrote this off as a 100% loss months ago. I just held onto the shares figuring I'd take the chance for a buyout or bailout miracle instead of cementing a 95% loss.

Guess that didn't work out too well.

As to the options. . .I'm not going to cover. I'd rather wait the 3 weeks and let them expire worthless (keeping the whole premium) than hand some market maker a penny each and my broker the $10 in commissions.

re: #149 Killian Bundy

Oh, dude.

Pardon the Injection of some humor and a partial repeat of a post from the Katie vs Palin thread -- But it's time for a

Lizard Quiz
Part I, Current Events:
1) The recent financial crisis in the U.S. was caused by:
a) Lack of regulation by congress
b) Overly socialistic and simplistic regulations imposed by Congress
c) John McCain and Rush Limbaugh
d) Ron Paul

2) The Iraqi Parliament finally passed this important legislation:
a) Irrrr . . . what?
b) Theaters can now show the movie Ben Hur
c) Sarah Palin is qualified to be VP - as long as she wears a veil
d) A provincial elections law

Part II, Math:
3) True or False: Katie Couric minus Lipstick = Charlie Gibson
4) CBS' bias is less than or equal to ABC's
5) Prove or disprove: MSM - Fox = LGF + EIB (Show your work)

Part III, Social Studies:
6) The most important person in the history of the United States is:
a) Barack Obama
b) Barack Hussein Obama
c) President Obama
d) Ron Paul

7) The Great Depresion started:
a) Right after Ron Paul dropped out of the race for President
b) Right after the Beatles broke up
c) October 29, 1929
d) yesterday

Whoops - Sorry, I guess that last one wasn't so funny.
I'll give the answers later - Let me know how you did.

I am suspicious of the timing of this melt-down.

1. The dems remember how the economic down turn caused George H. W. Bush to be a "one" term President. They learned from that. I am concerned that they are trying to repeat the situation.

2. Dinnerjacket is in town and getting rave reviews from the left. This his very unsettling.

I think there is some sort of financial manipulation by the dems and Soros to influence the election.

I would first send Dinnerjacket and his Code Pink pals packing – now!

Next, I would investigate, Soros, Acorn, and the dems to the fullest.

Don’t give the dems one dime of tax payer money.

If they are responsible for spreading dangerous rumors and causing a bank run then they should pay the full price.

re: #149 Killian Bundy

damn!

re: #152 realwest

Hey Killian - was hoping you'd be out here!

Being in cash is EXCELLENT right now - but I expect at least a 600 down day on the Dow tomorrow and worse if something doesn't get worked out by Monday.

In other words, Wall Street's having a sale!

Fenway, you would really be shocked by what is in this.For one thing money in this is bill to go for affordable housing. Tell me if I'm wrong but isn't "affordable" housing the major problem with Fannie and Freddie? Acorn is the recipient of this. No wonder Dodd, Frank, and Obama are behind the ramming through of this. Also just read that in 2008, the major recipients of "donations from Washington Mutual was , wait for it.... Chris Dodd and Obama..... Big surprise?

Being no McCain fan, I can honestly say that is the most BS story I have read in a while. McCain likely never even heard of WaMu. And as for Obama, he is too stupid to comprehend banking. One of the most simple concepts in the world, but one which seems to elude his dense skull. Let these banks fail and prosecute the executives for corruption. We will be fine. My bank stocks are doing fine. We need these investment banks like plaque. Crap shooters delux.

BTW, I've been with Newt on eliminating the capital gains tax for a long time. But not right now. Right now, that tax is keeping some people (with very low basis assets) in the market who would otherwise be joining the stampede.

re: #100 Max Darkside

That scene of Richard Gere tap dancing is coming my mind again. I can't find it on YouTube.

By the way, per the NYT, the brand new 3-week old CEO of WaMU just trigger a Golden Parachute that lets him keep his $7+ million signing bonus and an $11+ million severance package.

That's $19 million for three weeks "work" (if you can even call it that, considering what just happened).

re: #149 Killian Bundy

Barney Frank diddled while U.S. IRAs burned.

/he had no comment, his mouth was full

Of what?

re: #160 pat

Never attribute to malice what you can easily explain with incompetence.

re: #163 looking closely

By the way, per the NYT, the brand new 3-week old CEO of WaMU just trigger a Golden Parachute that lets him keep his $7+ million signing bonus and an $11+ million severance package.

That's $19 million for three weeks "work" (if you can even call it that, considering what just happened).

Thats fucked up.

re: #103 Killian Bundy

BUT WHERE THE [EXPLETIVE DELETED] IS IT? THIS HAS BEEN GOING ON FOR OVER A WEEK NOW, EVERY DAY COSTS REAL AMERICANS EVERYWHERE RETIREMENT MONEY AND ANGINA!

There are those who say it's been going on since last August.

I don't necessarily see that the problem is that we are reacting too slowly. The first wave of savings-and-loan failures came in the early 1980s; the Resolution Trust Corporation was not created to dispose of their assets until 1989. Japan’s banks began to fail in 1991, but a mechanism for taking over large, insolvent banks was not set up until 1998. Granted, Japan did not intervene as quickly, or as forcefully, as it should have. However :

How 'bout we try to choose an intelligent solution, & be less concerned about speed?

Compassion, guys! Group-hug for all those pesky phishing email spammers. They tirelessly send out all those carefully crafted original looking messages night and day... and what do they get now? Empty voided accounts. They have to eat too, ya know! Hackers will starve! Cottage Industries will die!

/sarc

re: #163 looking closely

By the way, per the NYT, the brand new 3-week old CEO of WaMU just trigger a Golden Parachute that lets him keep his $7+ million signing bonus and an $11+ million severance package.

That's $19 million for three weeks "work" (if you can even call it that, considering what just happened).

I would have done it for 1/2 price......$9.5 million to sit in my fancy desk and do nothing

re: #152 realwest

Being in cash is EXCELLENT right now - but I expect at least a 600 down day on the Dow tomorrow and worse if something doesn't get worked out by Monday.

Yeah, as they say, cash is king. If the Republicans had a plan, THEY SHOULD HAVE ROLLED IT OUT A WEEK AGO!

/there's been a lot of wealth destruction in the last week, and it'll get much worse, IF SOMEONE DOESN'T DO SOMETHING, LIKE YESTERDAY!

re: #162 ggt

That scene of Richard Gere tap dancing is coming my mind again. I can't find it on YouTube.

This?

re: #108 lifeofthemind

I have to wonder which one of their own they will sacrafice on the "scapegoat" altar.

Mr Smith Goes to Washington, Jimmy Stewart and Claude Rains or could it be John McCain and Hillary Clinton?

re: #163 looking closely

By the way, per the NYT, the brand new 3-week old CEO of WaMU just trigger a Golden Parachute that lets him keep his $7+ million signing bonus and an $11+ million severance package.

That's $19 million for three weeks "work" (if you can even call it that, considering what just happened).

That's just outrageous. I'm all for Three Week Olds working for a living, but to give them that kind of money is ridiculous.

/

re: #123 nigella
No, I think Bush is simply being realistic here. Dodd and Frank are the Dems who head, repectively, the Senate and the House Banking committees - nothing is gonna get out of their committess without their say so.
So he's given Dodd and Frank more visability here, because he KNOWS that the country does indeed this misnomered "bail out" so badly.
McCain, far as I can tell, is simply trying to trim all the "earmarks" that Dodd and Frank have added (credit card lenders, student lenders, auto lenders and anyone else who's coughed up some cash for their campaigns.
Hey, don't forget that the Federal Bankruptcy Act was re-written and went into effect in July of 2006 to specifically protect those lenders.

WaMu was also very aggressive in (risky) unsecured credit. I wish I had a dollar for every unsolicited credit card application I received from them.

re: #67 lifeofthemind

I'm a mere child, only as old as my tongue and a little older than my teeth, and I am very immature, getting more so all the time.

So you're younger than that now?

So now that the FED owns all the dept and property of WaMu, will it be a Federal Offense to not make you payment?

re: #159 nigella

Fenway, you would really be shocked by what is in this.For one thing money in this is bill to go for affordable housing. Tell me if I'm wrong but isn't "affordable" housing the major problem with Fannie and Freddie? Acorn is the recipient of this. No wonder Dodd, Frank, and Obama are behind the ramming through of this. Also just read that in 2008, the major recipients of "donations from Washington Mutual was , wait for it.... Chris Dodd and Obama..... Big surprise?

But the MSM keeps touting it as 'Bush's Bailout Plan'. As lame a duck as Bush is, I don't think he'd include the "Moratorium on Shale Oil" or "Let's Reward the Bad Behavior That Led To This Clusterfuck In The First Place" provisions of the plan.

I remember, vaguely, during the time after 1987, (I was 16 and had other things to do, plus we didn't have a 24-hour panic cycle of news) that I'd look at a finance show and it would say the dow is down 250 with trading curbs imposed.

Can they still do that if it looked like the whole thing was going to tank, put in some curb on all the computerized trading? Do we still have that ability? Would it be even more destabilizing to use it?

re: #158 Noam Sayin'

In other words, Wall Street's having a sale!

Not yet. Wait until the falling knife sticks in the breadboard and stops vibrating.

/looks like it might have a few thousand more Dow points to fall unless this cluster[expletive deleted] is resolved successfully and soon

re: #155 woodsman

LOL !
Coincidentally I was just grading a bunch of history tests.
Should have given the kids yours instead! :D

re: #138 West Coast Freedom

Ban on Oil Shale and 100 million to ACORN, just too little bitty items that's all.

Beat me to it. How disturbing is that ACORN money? I suppose, if the Dems expect them to deliver the presidency, they have to pay the piper.

I could live with a bail out, but I can't live with throwing money at those corrupt commie b++++++s.

re: #163 looking closely

By the way, per the NYT, the brand new 3-week old CEO of WaMU just trigger a Golden Parachute that lets him keep his $7+ million signing bonus and an $11+ million severance package.

That's $19 million for three weeks "work" (if you can even call it that, considering what just happened).

How about he keeps it but all the people that lost their houses get to live in his until they're back on their feet.
Or he gives back the money.

re: #169 Desert Dog

I would have done it for 1/2 price......$9.5 million to sit in my fancy desk and do nothing

I say that every time I see A-Rod boot a routine ground ball or strike out with runners on the corners in a 1-run game.

"My at-bats and fielding could be just as shitty as A-Rod's and I'd be willing to do it for 1/3rd the price."

re: #178 Egfrow

So now that the FED owns all the dept and property of WaMu, will it be a Federal Offense to not make you payment?

If you don't pay.....well, they have a "Collection Agency" on retainer

a Wamu employee just told me that since Chase has no (or few) bank branches out here in the west, most of them wont lose their jobs out here. 10% job cut is the plan

Folks, please get a grip. The bank that used to be called Wa Mu will be there doing its' everyday business tomorrow, at all locations. The FDIC seized Wa Mu and arranged new ownership with a bank that has a stronger balance sheet. The only thing you will notice is nervous employees and a name change in the very near future.

As for the bailout, the Dems are afraid to go forward in the House unless 80 to 100 Republicans agree to vote yes. The Dems want cover in case the populace gets wise regarding which party deserves the most blame. I predict this will be just like the Iraq War funding fights, full of sound and fury, signifying nothing. The deal gets done soon. The risk to both parties is too great. They must make a show of doing something, the majority of people expect government to act in these situations. Oh, and there is an election in November.

re: #167 Temujin

I don't necessarily see that the problem is that we are reacting too slowly.

/in case you haven't noticed, banks have stopped lending to each other, by all means, let's just take our time

Right now I'm cleaning my guns,stocking my food,filling water jugs,and making candles.Got plenty of wood chopped.A depression may not happen,but with this congress and Senate,I aint takin no chances.

re: #158 Noam Sayin'
HEY NOAM! LOL! Yes, Wall street will be having a sale tomorrow and on Monday and Tuesday and ...until (unless) there is some "bailout" - a horrible misnomer first.
Problem is only Killian has the dough to buy anything at the sale, damnit!

Drudge sez Paulson got on his knees before Pelosi.

That fine servant of the people must have loved receiving her proper obeisance.

Glad Paulson didn't have to go any further than that. There's nothing of interest inside Pelosi's dress.

re: #185 Fenway_Nation

I say that every time I see A-Rod boot a routine ground ball or strike out with runners on the corners in a 1-run game.

"My at-bats and fielding could be just as shitty as A-Rod's and I'd be willing to do it for 1/3rd the price."

And, Madonna would come over during home games and polish the bat!

Pretty funny, Cramer recorded his show before the deal blew up.

/he's upbeat, thinking this is over

Harry Reid is a fucking punk. Trying to slide in a shale oil ban onto the bail out.

Why is no one calling these assholes out on the carpet?

re: #183 capitalist piglet

Beat me to it. How disturbing is that ACORN money? I suppose, if the Dems expect them to deliver the presidency, they have to pay the piper.

I could live with a bail out, but I can't live with throwing money at those corrupt commie b++++++s.

If they are attaching this kind of crap to the bill, are they taking this crisis seriously? I would suggest not . . .

Hey, I just ran the numbers, and I'm only going to be taking a 96% loss on my WM position.

Woo hoo!

/Thought I was in trouble there for a second.

If venal speculation did not push house values on paper to twice or more what the houses would actually be worth with respect to what healthy families with children could afford, well then mortgage payments could have been met in the normal course of things, and this problem avoided.

What has been the God actually worshiped here?

Mammon, I think it has been.

re: #171 looking closely

No, the scene where things are going so well and he starts tap dancing in the courtroom to distract people from reality.

By the way, no depositors are losing money. JPMorgan Chase bought the assets and are issuing a 1.9 bilion dollar common stock offering to raise additional capital. Unlike SOME banks, they know that you need capital to run a financial company, and they know how to put together a deal.

Matter of fact, we could use J. P. Morgan right now - he'd get these guys in a room and hack out a plan in no time.

I knew a guy who had a pit bull named Wamu.
Really.
Rotten dog.
Rotten guy, too, now that I think of it.

re: #183 capitalist piglet

Beat me to it. How disturbing is that ACORN money? I suppose, if the Dems expect them to deliver the presidency, they have to pay the piper.

I could live with a bail out, but I can't live with throwing money at those corrupt commie b++++++s.

Where is the news about ACORN coming from?-

re: #192 Palandine

Drudge sez Paulson got on his knees before Pelosi.

That fine servant of the people must have loved receiving her proper obeisance.

Glad Paulson didn't have to go any further than that. There's nothing of interest inside Pelosi's dress.

come hither and give heed!

sorry buddy I dont swing that way
/Peter Griffin

re: #178 Egfrow

So now that the FED owns all the dept and property of WaMu, will it be a Federal Offense to not make you payment?

The Fed doesn't own the property. JPMorganChase bought the assets.

re: #159 nigella
"Tell me if I'm wrong but isn't "affordable" housing the major problem with Fannie and Freddie?" Well the Community Reinvestment Act passed by a DEM congress and signed by Jimmy Carter, refurbished by a Dem Congress and signed by Bill Clinton sorta is the reason for the entire subprime loan mess - but Fannie and Freddie really were sound BEFORE they became governtmental agencies (they are even more sound now) it's all those who "piled on" - start with, say Leman Brothers who came up with the idea of bundling hundreds of millions of dollars (face value) of mortages, selling bonds "backed" by those mortgages and insured further by AIG who are really responsible for the extent of this mess.

Is there any possibility the meeting was recorded? If it was it will get out.

re: #189 Killian Bundy

Yes, I've noticed. I'm not suggesting that we don't have a serious problem.

I'm suggesting that the worst thing we can do is to start making shitty decisions out of panic.

re: #200 Catttt

By the way, no depositors are losing money. JPMorgan Chase bought the assets and are issuing a 1.9 bilion dollar common stock offering to raise additional capital. Unlike SOME banks, they know that you need capital to run a financial company, and they know how to put together a deal.

Matter of fact, we could use J. P. Morgan right now - he'd get these guys in a room and hack out a plan in no time.

Capital wasn't the issue. There was a run on the bank that led to $16.7 billion fewer deposits since 9-15.

re: #163 looking closely
Yep. It's my understanding that that's exactly the kind of thing that McCain (and the House Repubs) have been fighting to delete from the "bailout".

re: #182 wolfie

LOL !
Coincidentally I was just grading a bunch of history tests.
Should have given the kids yours instead! :D

Yeah, I'm on kid's homework overload - the test just spilled out.
What's most amazing to me is the absolute lack of honesty, integrity and of any digging at on the part of the media on the REAL REASONS for this whole "Crisis." I know I shouldn't expect much but this is so over the top given the scope of the problem and the amout of money they're talking about. Watching Katie Couric try to get a GOTCHA of SP just sent me off --- the basis of her gocha is "name one thing McCain's done to Regulate" --- which just shows she has absolutely no grasp -- or care to grasp the real causes of it all. AHHHHHHHHHHHHHHHHHHHH!
Thank you all - I feel better now.

re: #202 Rev. Churchmouse

Where is the news about ACORN coming from?-

I think it originated with Lindsey Graham on television, but Michelle Malkin has it on her site, michellemalkin.com.

re: #208 Dahveed

Capital wasn't the issue. There was a run on the bank that led to $16.7 billion fewer deposits since 9-15.

Well if any of them were small depositors, pretty pointless act.

re: #191 realwest

HEY NOAM! LOL! Yes, Wall street will be having a sale tomorrow and on Monday and Tuesday and ...until (unless) there is some "bailout" - a horrible misnomer first.
Problem is only Killian has the dough to buy anything at the sale, damnit!

Well, I don't have much cash, but I probably will take the opportunity tomorrow to close some or most of my (non WM) short positions.

I suspect that the market tomorrow will be an absolute bloodbath, and if no deal is struck (which seems likely at this point) things will drop even harder near the close as positions get converted to cash to hedge uncertainty over the weekend.

Barney Frank is a corrupt disaster. Fucking creep brought this on and is now trying to hide. I want the FBI on him and Dodd like a blanket. Bush, (Dem. Coward in Chief) should have all ready been on it.

Life is stranger than fiction.

A flood in the bathroom above mine kept me extremely occupied for the last 2 days. I finally sat down to pay bills tonight, then logged onto LGF and found out the bank that I paid all the bills from - Washington Mutual - had just ceased to exist.

Info for NYers who bank at WaMu: we also bank at Bank of America and JP Morgan Chase. Chase gives crap for interest and nickles and dimes everyone to death. In our experience, BofA has better rates and better customer service. Even at Chase our personal banker told us rates were better at almost any other bank. They're both equally sound from everything I've read, but one can never be too sure today.

re: #204 Catttt

The Fed doesn't own the property. JPMorganChase bought the assets.

The Fed bought the dept and property assets, JPMorgan Chase only bought the deposits (cash and saving).

re: #170 Killian Bundy
I completely agree with you, Killian, there's no need to shout at me!

re: #212 EIDE_Interface

Well if any of them were small depositors, pretty pointless act.

The average depositor had about $5,200 on deposit there.

re: #216 Egfrow

The Fed bought the dept and property assets, JPMorgan Chase only bought the deposits (cash and saving).

Sorry, they "SEIZED" it, not bought it.

Yesterday was the best bargain day for stocks since 1987. No kidding. Just be ready to hold. Go for dividend stocks.

Dow futures down 180 points right now...

re: #176 Catttt
Absolutely - jeez for a while there WaMu was acting like they had their own printing presses or something.

re: #216 Egfrow

The Fed bought the dept and property assets, JPMorgan Chase only bought the deposits (cash and saving).

The banking operations including bank assets were purchased by JP Morgan.

re: #181 Killian Bundy

Not yet. Wait until the falling knife sticks in the breadboard and stops vibrating.

/looks like it might have a few thousand more Dow points to fall unless this cluster[expletive deleted] is resolved successfully and soon

Wall Street's having a garage sale!

Jump in!

Wish I was positioned more in cash.

G'night, everyone.

re: #195 Racer X

Harry Reid is a fucking punk. Trying to slide in a shale oil ban onto the bail out.

Why is no one calling these assholes out on the carpet?

Because they have most of the MSM carrying water for them. Seriously....LGF is where I'm first hearing about some of these weasly provisions that they tried tacking on.

And not to sound like a totally apeshit insane leftist conspiratard, but I question the timing of the WaMu closure announcement. No fucking joke. You think that if McCain was all "Okey-dokey, let's get this plan passed as soon as possible; nevermind the details", we'd be hearing about WaMu by now? I think this was timed to make McCain's reluctance to pass the bailout proposal as-is the sole reason for WaMu going down the tubes.

re: #178 Egfrow
The FED doesn't owe all of that; J.P. Morgan Chase bought it and saved the FDIC billions of bucks.

re: #208 Dahveed

Capital wasn't the issue. There was a run on the bank that led to $16.7 billion fewer deposits since 9-15.

That's contradictory. What do you think "deposits" consist of? The issue is one of illiquidity.

re: #207 Temujin

I'm suggesting that the worst thing we can do is to start making shitty decisions out of panic.

Well, it'll probably be at least Dow down 400 tomorrow and if there's no deal finalized before Monday market open, care to guess?

/panic, where do all these retirees go to get their destroyed wealth back?

re: #195 Racer X

Harry Reid is a fucking punk. Trying to slide in a shale oil ban onto the bail out.

Who has a link to this?
Is this a for-real earmark by Reid?

You might want to know that what is on the books at banks isn't the whole story. Some banks have 'stuff' off the books, in some cases in the TRILLIONS of dollars and they are not off the books because they are good things.

The situation is likely worse than you might think.

re: #216 Egfrow

The Fed bought the dept and property assets, JPMorgan Chase only bought the deposits (cash and saving).

I stand corrected. They did buy some debt, but not much of it.

re: #37 EIDE_Interface

You cannot be serious? Because, like, rich people are so stupid? LOL

The AP/Democratic Party spin on McCain ruining Barney Frank's brilliant efforts is a classic. Screaming accustaions from Democrats followed by Republicans saying "Who knows?" when asked what is happening. That is spun as Republicans not backing McCain and blaming him for failure.

re: #226 realwest

That's what I said. JPMorgan bought the "DEPOSITS" not the dept and property. The Government SEIZED that.

re: #230 Max Darkside

You might want to know that what is on the books at banks isn't the whole story. Some banks have 'stuff' off the books, in some cases in the TRILLIONS of dollars and they are not off the books because they are good things.

The situation is likely worse than you might think.

Let's not admit facts not in evidence.

re: #195 Racer X

Why is no one calling these assholes out on the carpet?

Well, that once was the media's job, but they're for all intents and purposes right in bed with 'em. The MSM's undying support of Democrat criminals is absolute guilt by association, at the very least. The "bailout" will take place, nobody of significance will be hauled out on the carpet for inducing this abortion, and the majority of the American public will return to contemplating their collective navels.

re: #210 woodsman

I agree.
The irresponsibility of the MSM is the single most disturbing thing about this. Total irresponsibility and injustice.

No actual real estate was destroyed in the making of this crisis.

re: #235 EIDE_Interface

Let's not admit facts not in evidence.

What do you mean?

re: #162 ggt

That scene of Richard Gere tap dancing is coming my mind again. I can't find it on YouTube.

Found most of it here. The last little bit is here.

re: #239 Max Darkside

What do you mean?

Your assertion about "trillions off the books".

re: #195 Racer X
Whaddya think McCain is doing? Why do you think he "scuppered" the deal (assuming he did - gotta rely on the MSM for that one).

Democrats: Do as I say, not as I do.

In case anyone forgot how democrats do things to make money.

re: #213 looking closely

Well, I don't have much cash, but I probably will take the opportunity tomorrow to close some or most of my (non WM) short positions.

/ . . . pigs make money, hogs get slaughtered

re: #56 fatbert

All our business banking is done with WAMU - is it time to jump out the window yet?

No. Not at all.

re: #230 Max Darkside

You might want to know that what is on the books at banks isn't the whole story. Some banks have 'stuff' off the books, in some cases in the TRILLIONS of dollars and they are not off the books because they are good things.

The situation is likely worse than you might think.

I'm not sure what you are getting at, but it sounds like paranoia.

re: #227 Catttt

That's contradictory. What do you think "deposits" consist of? The issue is one of illiquidity.

Deposits come from depositors. Capital comes from investors. When deposits leave banks need to go to new sources of funding, and capital is not always easily accessible. So when a bank is offering 5% interest on an account it's because they need the cash and are willing to offer a lot for it.

im so glad to be starting a job with an investment firm.

my timing is amazing.

arrggh

Washington Mutual, with $307 billion in assets, Which the US Goverment "SEIZED". JP Morgan only bought 1.9Billion of that. Les that one percent which are all cash savings and checking deposits. Bonds = Gone.

This mess makes the Amish way of life look pretty sane doesn't it?

re: #248 pegcity

im so glad to be starting a job with an investment firm.

my timing is amazing.

arrggh

/commission?

re: #250 Ojoe

You mean Socialism will force us all to live like that by robbing all our money.

re: #248 pegcity

Yikes.

re: #247 Dahveed

Deposits come from depositors. Capital comes from investors. When deposits leave banks need to go to new sources of funding, and capital is not always easily accessible. So when a bank is offering 5% interest on an account it's because they need the cash and are willing to offer a lot for it.

The ISSUE was illiquidity, not deposits. The CAUSE of the issue was money flying out in various ways. The straw that broke the camel's back was the recent run. Saying that capital can be hard to raise doesn't make it any less of a way to raise money. Money is money.

re: #249 Egfrow

Washington Mutual, with $307 billion in assets, Which the US Goverment "SEIZED". JP Morgan only bought 1.9Billion of that. Les that one percent which are all cash savings and checking deposits. Bonds = Gone.

JP Morgan purchased the bank for $1.9 billion. They took a charge of $30 billion or so for loans that they think will go bad.

re: #249 Egfrow

Washington Mutual, with $307 billion in assets, Which the US Goverment "SEIZED". JP Morgan only bought 1.9Billion of that. Les that one percent which are all cash savings and checking deposits. Bonds = Gone.

Thankfully I don't own any bonds.

re: #248 pegcity

im so glad to be starting a job with an investment firm.

my timing is amazing.

arrggh

Find the Silver lining and run with it.

OT
From Gateway Pundit:

Barack Obama lashes out at the white man's greed:

"It is this world, a world where cruise ships throw away more food in a day than most residents of Port-au-Prince see in a year, where white folks' greed runs a world in need, apartheid in one hemisphere, apathy in another hemisphere... That's the world! On which hope sits!"

Audio

Well, Killian, I don't think we'll be buying anybody's bonds anytime soon.

Thanks for the reply.

re: #228 Killian Bundy

What if we pass Paulson's plan and it does not work as well as is being suggested? What if we are still in the toilet in 3 or 6 months? Do these lovely people have a Plan B all lined up?

/

re: #215 Irene NYC
Hi Irene! Actually, after today, BoA is a stronger bank than J.P. Mogan Chase.
Just take my word for it - it's waaay to complicated to go into now.

re: #242 realwest

Whaddya think McCain is doing? Why do you think he "scuppered" the deal (assuming he did - gotta rely on the MSM for that one).

McCain promised he would "name names". Now is a good time to start.

If I can some tomatoes, are they going to vanish? Will a high level meeting at the White House save my canned tomatoes?

If I go to sleep, will I wake up refreshed? (yes).

O the foolishness

Good Night All