Thar She BLOWS: FDIC Seizes WaMu Sells Deposits to Government buddy JP Morgan!

CNBC is steadfastly avoiding any talk about WAMU now. They keep droning on with speculation about the govt bailout they are pushing HARD for.

They're seeing the net-traffic anger over it and are trying to figure out how to report the story to not incite a panic.

Let me guess.

"It has been a long time coming and everyone knew it was going to happen, WaMu has been sold to JPM".
 
Does the FDIC Have the authority to do this? They just up and "seized" deposits? Just like that? Something here isn't right....
 
Does the FDIC Have the authority to do this? They just up and "seized" deposits? Just like that? Something here isn't right....

Yes, because WaMu is a member bank of the FDIC. To be insured by the FDIC, they abide by their rules.
 
The more I think about WAMU they might just have created the headache of all time.

Done on a Thursday. What will that mean for WAMU tomorrow.

Line them up around the blocks 6 deep waiting to grab their money is a distinct possibility tomorrow. Not advocating that, but thinking out how people might react when they wake up.

The thinking might well be, I don't want to be the last one to get my money.

This might be one of the dumbest moves they made if that plays out by not waiting until the weekend. Time will tell.
 
The more I think about WAMU they might just have created the headache of all time.

Done on a Thursday. What will that mean for WAMU tomorrow.

Line them up around the blocks 6 deep waiting to grab their money is a distinct possibility tomorrow. Not advocating that, but thinking out how people might react when they wake up.

The thinking might well be, I don't want to be the last one to get my money.

This might be one of the dumbest moves they made if that plays out by not waiting until the weekend. Time will tell.


Maybe it's on purpose. I mean they ACT like they're TRYING to destroy our economy.
 
They're going to do this industry by industry. Mark my words. Auto and airlines to follow.

Think you are fairly accurate here. They are going to call our bluff until we call "uncle". THe GE article was the warning:"General Electric Co., the industrial powerhouse that makes everything from jet engines to light bulbs, cut its earnings forecast for the year on Thursday, blaming volatile financial markets that have damaged the profitability of its loan and lease business, which accounts for almost half its income.

GE, a bellwether of the U.S. economy, warned that its GE Capital unit would face "difficult conditions in the financial services markets that are not likely to improve in the near future."


So now we have:WaMu"the largest failure of any bank in history, CNBC reported, without citing anyone. "

They are going to start picking them off until we let them get what they want....:mad:

We can probably expect a few more people to pull out of banks due to this news making a run on the banks which will exacerbate the problem until they say "we told you so" even though they are not attempting to do anything other than to fleece us for their malfeasance. I just want to be ill....
 
They also already gave the auto industry 25 billion.

Uh, that is 25 Billion now but they gave them an additional 25 billion for later, I don't remember if it was next year or ...hell, maybe next month or next week...but it was 50 broken into two chunnks, or at least that's what I heard.

FDIC is asking for ... I think it was 150 Billion ... that was on Bloomers ticker earlier today...

GMAC needs a bailout now, too....
 
great

I just got paid today - yeah WAMU

Good thing I started that offshore account last week.
 
great

I just got paid today - yeah WAMU

Good thing I started that offshore account last week.

That's great, it starts with an earthquake, birds and snakes,
an aeroplane - Lenny Bruce is not afraid.
Eye of a hurricane, listen to yourself churn,
world serves its own needs, dummy serve your own needs.
Feed it off an aux speak,, grunt, no, strength,
The ladder starts to clatter with fear fight down height.
Wire in a fire, representing seven games, a government for hire and a combat site.
Left of west and coming in a hurry with the furies breathing down your neck.
Team by team reporters baffled, trumped, tethered cropped.
Look at that low playing!
Fine, then.
Uh oh, overflow, population, common food, but it'll do.
Save yourself, serve yourself. World serves its own needs, listen to your heart bleed dummy with the rapture and the revered and the right - right.
You vitriolic, patriotic, slam, fight, bright light, feeling pretty psyched.

lol....i just love those lyrics
 
Ok, I hate to ask this, but can someone please give me the crashing economy for dummies on this? I don't know squat about diposits, FDIC, or any of this.
 
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