Goldman Sachs, which Washington Mutual has hired, started the process several days ago, these people said. Among the potential bidders that Goldman has talked to are Wells Fargo, JPMorgan Chase and HSBC. But no buyers may materialize. That could force the government to place Washington Mutual into conservatorship, like IndyMac, or find a bridge-bank solution, which was extended to thrifts in the new housing regulations.
All Citizens will not panic and will maintain order and respectfulness to the proper authorities. A special commemorative bottle edition of Victory Gin honoring our glorious banking regulatory framework will be distributed with new accounts. Large investors depositing over €300,000.00 qualify for a spot on the DNC platform committee.
Face the telescreen and smile. Please to return to your duties immediately.
The only good part of all this is the people losing the most money are those who have the most money and most of those people are Republicans.
Strange thing about leverage. If a large percentage of actors in an economy are leveraged against a future stream of earnings and then those earnings never materialize?
The whole house of cards comes tumbling down.
People often wonder happened to all the money in the market crashes of 1929. The “money” was IOU’s. Some lender held the paper and overnight the paper became worthless as one economic actor after another lost their viability.
You’d think we’ve learned something since then. We’ll see I guess.
I don’t know what the words “Free Market” at the top of the article have to with this. We don’t and probably never had a “Free Market” in this country. We do have a push me, pull me system. I do believe that former Senator Gaylorn Nelson once described it that way.
TLG
If Wells Fargo bails WaMu out, rest assured they will only do it if there is plenty of profit and after lengthy due diligence.
As a proud profiteer and current shareholder of Wells Fargo, this is how they operate…which is why they are the #1 Big Bank surviver!!
Buy Wells Fargo.
Hey Rog–
I’m looking to get back in to NOV if it falls under $50.
I’m also looking at General Electric. It tanked today. Oversold.
Gee, that’s not what the Wells Fargo guy said, when I pointed out that the mortgages they already bought from Washington Mutual had bad information in the file. He just sighed, and said he would correct it. He said I wasn’t the only one, there were lots of mortgage files with bad info in them. In my case, it said I owed over a thousand dollars in late fees which I didn’t owe. Anyway, Wells Fargo fixed it without much fuss, which is more than I can say for Washington Mutual.
Why they would want to buy anything else from Washington Mutual after that example would be beyond me.
From Rasmussen–JUST IN!
Obama 48%, McCain 46% as Race Tightens in Wisconsin
Wednesday, September 17, 2008
The presidential race continues to tighten in Wisconsin, where Barack Obama now leads John McCain by just two percentage points, 48% to 46%, according to the latest Rasmussen Reports telephone survey of voters in the state.
Last month, it was a four-point race. A month earlier, in the first poll in the state since Hillary Clinton dropped out of the race for the Democratic presidential nomination, Obama had an 11-point lead over McCain 50% to 39%.
OUCH!!
Lots of states coming into play.
ACORN better sponsor another Bruce Springsteen concert and bus in a bunch of New Yorkers to register to vote at the last minute like they did in 2004! Cheatin’ bastards in Milwaukee.
6:
dearest dumbfuck,
the latest polls are showing across the board tanking of the palin bounce. live with it and quit cherry picking one poll taken when?
Cyniclown is a dipfuck.
On Monday, WAMU held meetings in all of its branch locations and distributed an email company wide that they were not for sale and not in trouble.
ROFLMAO!
SOURCE:
Daughter who is a WAMU employee.
The feds must act – AND – that sure was not Hoover, FDR would be proud
these posts are full of blather – the Great Depression was world wide and that is the very reason the feds must act
And all the ho ho ho shit from the poster of this blog is utterly stupid.
You are watching the fiscal game oif the planet in graphic change. Fucking HISTORY, fuck heads.
All Central Banks are working in concert, the Russian economy just collapsed, and THE BEST FISCAL document on the planet are US Treasury Bills – never ever defaulted.
By the way, I agree that the two new people at the helm of the fed reserve and the treasury are brilliant – they called the meeting and moved quickly to do two big ones, and they will keep doing it to avoid a major run on the dollar and fiscal chaos around the planet.
So bafoons, pay attention. Your grand kids will be studying this month in history books.
9 – Then how the F did it get to this point?
I’ll tell you: Laissez Faire dogma promulgated by right wing dipshits.
Just a guess from a disintersted observer but I’d say it’s better than even odds that this financial wildfire is a long way from being contained.
@3 A “free market” is the “Pirates of the Caribbean” scenario in which anyone can do anything they want. In other words, plenty of bandits and no cops. Why would anyone want to live under a system like that?
Probably the earliest laws adopted by New World settlers after their arrival in the early 1600s was weights and measures regulations. In other words, if someone pays you for a bushel of corn and you deliver only 7/8 bushel, you sit in the stocks.
Why do people think a “free” market — in which the greedy among us are given a free hand to plunder — is a good thing?
P.S., Senator Nelson’s name was Gaylord, not Gaylorn.
@4 I thought you aleady got back in.
@9 Living In Wonderland
We now live in an topsy-turvy world in which up is down, wrong is right, and wingnuts like Ida think they’re being vindicated by these events.
The Comfort You’ve Demanded Is Now Mandatory. Shut Up. Be Happy.
@11 RR rattles on. Sorry RR I’ve never seen Pirates of the Caribbean. But last I noticed most societies going back some thousand years have had laws against theft and employed those who enforced such laws.
RR most of the restrictions in the marketplace are on the little guy, not the well heeled. That boot is on the neck of the poor person who seldom has any time, or abilty to spend arguing for their own interest in the halls of power.
And yes I know how to spell his name. It was a simple typo.
TLG
One of the things I find so hilarious is how the same bunch of Republicans who are insisting that our national economy is “fundamentally sound”, and that the current finanicial crisis is just a “bump in the road”, are the same ones who are supporting Rossi’s cries that Washington State is in a terrible financial crisis, and he’s needed to change …. whatever.
What I need to know is…. does it hurt to talk out of both sides of your mouth constantly? I don’t know, I’ve never tried it.
12. Roger Rabbit spews:
@4 I thought you aleady got back in.
Rog…nope, not yet.
Bought 2,000 shares of NOV @ $49.81 and sold 2 days later @ $54.81. Just waiting for it to dip below $50/share again. It may not happen. We’ll see.
Otherwise, hanging on to Wells Fargo…for now. And looking at GE if it dips to $22.50.
I’m not too enthusiastic about the next few weeks…but think we will see a mid-October to year-end rally. Famous last words.
Barney Frank and Christopher Dodd are most responsible for blocking legislation to regulate Fannie and Freddie.
Oh and coincidentally Jim Johnson (Freddie and Lehman) was the HEAD of O-blah-blah’s V-P search team. Johnson made tens of millions of dollars during the heydays and helped create this disaster. And Raines?? Head of Fannie and O-blah-blah’s trusted financial adviser. What a joke. Raines made $90 MILLLION dragging Fannie down the tubes with his incompetence. Raines finally had to say Fannie’s financials could not be trusted to be accurate!!
OK, lemme see if I’ve got this straight…we’re talking about one failing bank hiring another failing bank to help find a bank that isn’t failing to buy the first failing bank before the other failing bank fails?
By sheer, incredible coincidence, Michael Bloomberg was scheduled yesterday to give a talk at Georgetown University about “Wall Street and American cities”. C-SPAN was kind enough last night to share the whole thing with the rest of us.
Bloomberg had a lot of very, very interesting things to say. He stated that Fannie Mae was “privatized” (sorta-kinda) in the 60’s by Lyndon Johnson to pay for the Vietnam war without having to impose some really unpopular taxes. His explanation for the rescue of AIG was that its bond-insurance business is so far-reaching that if it had been allowed to sink it would have taken the entire world economy along with it.
He also said the only way he sees out of this mess is to put Americans back to work actually making something. He pointed out the similarities beween Roosevelt’s WPA, CCC, etc starting the long climb out of the depths of the last depression, and Eisenhower’s interstate highway system (justified for military readiness) keeping us from sinking into stagnation after WWII and Korea.