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Banking Giant WaMu's Credit Rating Falls to Junk Status - Ompany May Topple Unless Rescued

Business  (tags: Washington Mutual, WaMu, bank failure, bailouts, economy, federal government, stock market, junk stock )

- 3713 days ago -
Washington Mutual's shares fell to $2 on the stock market today, down 95% from its 52-week high. If WaMu fails, it would be the largest bank failure in US history. The government is scrambling to find a buyer for the troubled company.


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RC deWinter (418)
Wednesday September 17, 2008, 5:35 pm
More info here: U.S. regulators try to find WaMu buyer and With stock sinking, WaMu appears headed for sale

Good goddess - whoever said this is a recession - yet? Helloooo....sounds like the opening salvo of a DEPRESSION to me. And not WORD ONE from either presidential candidate on any workable, immeidately implementable concrete plans to put a stop to the big slide on Wall Street.

And regarding the government bailout of AIG - the Federal Reserve and the Treasury Department had NO RIGHT to spend that money - MOST OF IT BORROWED from foreign interests - without getting the approval of Congress.

RC deWinter (418)
Wednesday September 17, 2008, 5:54 pm
Sitting here feeling llike a giant gray jackass as I try to figure out what an ompany is...sounds like something out of Willie Wonka...of course our economy SEEMS like something out of Willie Wonka too.

Clever Pseudonym (176)
Wednesday September 17, 2008, 5:59 pm
Being as we're god's chosen people, maybe she could bail US out?

Pete Conrads (91)
Wednesday September 17, 2008, 6:09 pm
Thanks Cate, for that breath of fresh air - sleep good.......
as always, warm regards and best wishes,

Pete Conrads (91)
Wednesday September 17, 2008, 6:12 pm

movie is 47:07 minutes long ----- powerful

Money as debt

It's a strange system
and it's not in our best interests
One of the last things John F. Kennedy did before he was assassinated was declare his intention to reform the central banking system of the United States.

No connection between these two events?

Congressman Louis McFadden, Chairman of the House Banking and Currency Committee from 1927-33, opposed the Federal Reserve System. There were three reported attempts on his life before he finally died of "heart failure."

Here's what he said about the Federal Reserve from the floor of Congress:

"Mr. Chairman, we have in this Country one of the most
corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks, hereinafter called the Fed.

The Fed has cheated the Government of these United States and the people of the United States out of enough money to pay the Nation's debt. The depredations and iniquities of the Fed has cost enough money to pay the National debt several times over.

This evil institution has impoverished and ruined the people of these United States, has bankrupted itself, and has practically bankrupted our Government. It has done this through the defects of the law under which it operates, through the mal-administration of that law by the Fed and through the corrupt practices of the moneyed vultures who control it."

Past Member (2031)
Wednesday September 17, 2008, 6:26 pm
Can't really say that I am surprised at this one.

Marion Y (322)
Wednesday September 17, 2008, 6:40 pm
We have been in phase 1 of a depression since the beginning of the year. Government and media have tried to convince us otherwise. Foreclosures, job losses and financial bailouts tell the truth. Actually, Obama has outlined his plan, but I know you don't want to hear that. McCain said today he will regulate government and clamp done on abuse. Right. It's two wolves sitting down with a chicken asking "What's for dinner?"

Bank of America and many other banks and financial companies are expected to fall...soon. They all want a Federal bailout. Here's what Paul Craig Roberts has to say about this situation:

"A country that had intelligent leaders would recognize its dire straits, stop its gratuitous wars, and slash its massive military budget, which exceeds that of the rest of the world combined. But a country whose foreign policy goal is world hegemony will continue on the path to destruction until the rest of the world ceases to finance its existence.

Most Americans, including the presidential candidates and the media, are unaware that the US government today, now at this minute, is unable to finance its day to operations and must rely on foreigners to purchase its bonds. The government pays the interest to foreigners by selling more bonds, and when the bonds come due, the government redeems the bonds by selling new bonds. The day the foreigners do not buy is the day the American people and their government are brought to reality.

This is not the financial position of a superpower.

Will what happened to Lehman Brothers today be America’s fate tomorrow?"

Tim Redfern (581)
Wednesday September 17, 2008, 6:47 pm
As the old AM deejays used to say,
"And the hits just keep on comin'!"
I really don't mean to make light of this.
Amy Goodman on "Democracy Now!" this evening
was saying that WaMu is just the lastest, and
alot of other banks will go down; it's going to]
get worse before it gets better.
Pleasant dreams, Cate?

Joycey B (750)
Wednesday September 17, 2008, 7:09 pm
Noted with thanks Cate.

Ken S (38)
Wednesday September 17, 2008, 7:38 pm
Marion they CAN'T they be THAT stupid SURELY?....maybe they are......or is there another agenda??...could run the risk of thinking about a conspiracy theory??!!

Evelyn Z (300)
Wednesday September 17, 2008, 8:17 pm
One of the reasons a lot of people belong to credit unions instead of banks = members of credit unions are the owners.

Jevan S (0)
Wednesday September 17, 2008, 8:47 pm
>> And not WORD ONE from either presidential candidate on any workable, immeidately implementable concrete plans to put a stop to the big slide on Wall Street.

The problem is there's nothing that CAN be done to stop it at this point. The government has been bankrupt for decades, the only thing the Federal Reserve does is print inherently worthless paper money and sell it to the government and others at interest, and the total losses incurred because of the rampant greed on Wall Street almost certainly exceeds the combined GDP of the world's first several richest countries. When you're looking at a loss that's roughly half of global GDP, can it really be said there's a way to avoid a crash-and-burn correction of a Depression? :/

Past Member (0)
Wednesday September 17, 2008, 8:49 pm
Well, all I say is buy buy or bye bye.. If the Gov bails all these bank-ruptures out the stock goes up. But get ready to pay for it somehow...

Marion Y (322)
Wednesday September 17, 2008, 8:59 pm
Ken...No, I don't think they're that stupid. I think Congress is fully aware of the mess that was created years ago that was bound to crumble. Any time a senator or house representative mentions the ugly secret of the illegal Federal Reserve System, they are hushed up with threat of losing their careers...or more.

President's Lincoln, Garfield, Kennedy and others were assassinated or silenced because they wanted to fix the system or eliminate the Federal Reserve. It's the most corrupt scam every deviced in the world. The only way out is to eliminate the this monetary system, and eliminate or change our government, and do away with the two-party system which is merely two sides of the same coin. Since the wolves are all guarding the hen house, it remains the problem of the American citizens to solve it.


Morgan Griffith (225)
Wednesday September 17, 2008, 9:01 pm
Same old story the government plays and we get to pay. It will be a higher and higher cost to us and my back and shoulders are already tired from holding up this broken system. WaMu's new commercial slogan could be WHOO WHO?? And they thought that by letting the gas prices run crazy that everyone would be so focused on that they wouldn't notice all the banks in line for the toilet. No matter what the economist say to the contrary we've noticed and we know it is worse than they are wanting us to believe.

. (0)
Wednesday September 17, 2008, 9:33 pm
one of my banks shares with the canadian bank commerce

Denice G (45)
Wednesday September 17, 2008, 10:03 pm
Thanks Cate. The word is depression not recession. Tougher times are coming.

Blue Bunting (855)
Wednesday September 17, 2008, 11:23 pm
WaMu Watch

Assuming no buyer shows up, market wisdom suggests the strong likelihood that some upcoming Friday, at about 8PM EST, the FDIC will quietly add it to their failed bank list. And then the FDIC will probably need to be bailed out.

Federal Bank Insurance Fund Dwindling = FDIC

Federal Bank Insurance Fund Dwindling, Another Downed Bank Could Tap Taxpayers

Mary Neal (183)
Wednesday September 17, 2008, 11:45 pm
Greed eventually feeds on the greedy. Make everyone poor, and who can buy your goods? Who can afford your services? Who has money to bank? Who can afford your new cars and homes? Greed that makes the general population poor eventually comes home to roost at the doorsteps of the greedy.

Mary Neal

Mari 's (1356)
Thursday September 18, 2008, 2:28 am

I lost all respect for WAMU for it's greed. Maybe Client Logic will buy and save them:) When I go into a bank I don't want my information shared WAMU shame on you!


Pamylle G (461)
Thursday September 18, 2008, 3:28 am
Has anyone noticed that when discussing finances and the federal budget no one mentions two of our biggest expenses: the military and "foreign aid" ? The focus is ever on "making goverment smaller" and eliminating programs which HELP PEOPLE. The "New Deal", every positive thing FDR put in place, has pretty much bee dismantled, a process begun with the Reagan Team. They want goverment smaller, for who will have time to attend to enforcing the few regulations left to check the abusive practices of corporations ? And with the some of the biggest players owning the media, fewer people have the information to get the "big picture": business first, people LAST. This is what is disturbing about the bail-outs to me. We can find money to save corporations, but thousands of our own citizens are yet displaced after Katrina. I am repulsed by the majority of our "leadership" !

Dolores H (2)
Thursday September 18, 2008, 3:42 am
We are in the middle of a serious crisis. I just with those responsible would for once be held accountable . . . but that's only wishful thinking.

RC deWinter (418)
Thursday September 18, 2008, 5:17 am
Foreign bribes you mean, Pamylle. Do you think this government gives away money and food because they're humanitarians with hearts of gold? If their hearts are gold, it's because the love of $$$$$ and power has replaced their humanity. And I agree with you - my feeling about foreign aid is: TAKE CARE OF WE THE PEOPLE FIRST. Wipe out hunger, homelessness and poverty in America first. Same as my feeling about kissing big business's ass with cheap illegal labor: EMPLOY AMERICANS FIRST. Bill Gates, can you hear me now?

David Gould (155)
Thursday September 18, 2008, 5:56 am
It is an old saying. We reap what we sow. The economy was built on greed. Greedy pigs always feel the hunger first. We will see some big names topple before this is over...maybe good riddance too...I am sorry for those that loose their livihood but when things pick up again new jobs will come hopefully from more GREEN enterprises not based upon pure greed but on care for the earth and her inhabitants...
That which we sow thattoo will we reap.

JustaHuman Here (53)
Thursday September 18, 2008, 6:19 am
Terrorist attack on New York - Oil crisis - Economic crisis and inflation - crisis in the east - World War III - Nibiru brings big catastrophes - mankind extincted to 90% - Jesus comes back - Time of peace

This is the story concerning to Nostradamus.

Thursday September 18, 2008, 7:19 am

Past Member (0)
Thursday September 18, 2008, 8:37 am
thanks Cate for the information, I am one of the people who have accounts with this bank and now i am looking for a more stable bank, i am glad you posted this now and i got the infor BEFORE WAMU completely failed and we lost all the money we have. noted with sadness.

Marion Y (322)
Thursday September 18, 2008, 9:04 am
As Lyn said, Credit Unions are less risky. Open an account with one close to you. Bank of America may be close to folding too. And just because the FDIC guarantees $100k deposits, doesn't mean you will get all your money. Five years ago, most banks installed bullet-proof glass on their windows and preparation for what is happening today.

Only a Roosevelt-Scale Counterrevolution Can Prevent Great Depression II.

serge vrabec (278)
Thursday September 18, 2008, 10:49 am
I am closing my safety-deposit box too. Thx Cate!

RC deWinter (418)
Thursday September 18, 2008, 11:50 am
That's what I have been pounding away at for a long time, Marion, and there is no FDR on the horizon. We have a rockstar-wannabe and a feeble old geezer given to us by the 2 major political the PARTY is OVER!

Marion Y (322)
Thursday September 18, 2008, 12:36 pm
Cate...The FDRs are there, they just have to override BushCo. Yes, the party IS over.

Noname S (0)
Thursday September 18, 2008, 2:24 pm
I`m not at all surprised. The American Public allowed its` Government to get away with too much injustice and impede on our Human Rights these past 8 years. And the mass majority of Citizens did nothing about it. I also think it`s a waste of time to sit on a PC and Whine. That IS EXACTLY WHAT THEY WANT US TO DO. I`m not rich. I could give a shit what collapses. I`m more concerned about getting our Troops home and getting us and our occupation out of Iraq. And I go to Demonstrations regarding that issue.

Louise L (48)
Thursday September 18, 2008, 2:30 pm
It seems to me that there are 3 big drains on our finances, and they may have been mentioned before: 1- Military drain of money, paying billions to protect Iraq and Afghanistan from themselves, plug up that hole, GET OUT 2- Banks giving huge property loans to illegals who can then jump and be back in their native country in 8 hours(from here) 3- Trying to prop up the world's finances by sending money for idiotic crap like the Olympics...did we get our 100 million dollars worth from that???? How can supposedly educated people allow this, year after year? They all need to go, and if there's one thing I despise, it's pessimism. Sleep? How? Counting sheep, Cate....or is that congressmen?

RC deWinter (418)
Thursday September 18, 2008, 4:46 pm
Louise, you are overlooking a big problem - OUTSOURCING, the increase in H-1B visas for pigs like Bill Gates and government encouragement of the unofficial importation and use of cheap undocumented workers. When tech workers can't compete with southeast Asians and Indians, who work for pennies on the dollar of what is paid to Americans, when American carpenters and drywallers and cement workers have to compete with illegals who will work for 1/3 or less of the going rate, American factory workers who lose their jobs to people who work for a lot less and also make no safety demands, and the continued coddling of the agriculture industry, whose work regulations are almost third-world and bear NO relation to what you or I experience in the "real" world. If labor standards for agriculture were made more stringent, with reasonable wor expectations and benefits, I have no doubt that in today's economy hundreds of thousands of American citizens would be out picking crops, just as they were during the Depression, when they fought tooth and nail for MISERABLE work just to eat.

Peace Monger (185)
Friday September 19, 2008, 1:56 am
The sound of banks crashing is becoming common place. Here in the UK, HBOS has been taken over, who's next?
Could these failures be a consolidating by the world's powers to gain control of the world's money? These movers and shakers are already dominating other industries; seems logical the world's finances are the next step.
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