R2K

 
Washington Mutual (WAMU)
Thursday, September 25, 2008


So why did Washington Mutual fail? I have to wonder if it is the annoying and stupid name WAMU... When you want a bank, do you really want one called WAMU?

Largest bank failure in the history of the world. largest savings and loan in America. Dumb add campaign failure. ING look out, you might be next.

Good thing they were purchased by a bank with a good name: JP Morgan Chase. Thats what you want in a bank. A monopoly building, 12 cigar a day smoking, boat sailing, steel company owning, Titanic almost sailing on but then not, billionaire. Then add a verb to it like Chase. Or stab, or crush. That's a man's bank. Thats where I keep my money.

Why has the president been so depressing recently? Wouldnt one expect him to try and instill calm and confidence rather than doom and gloom? Is there some reason why President Bush would want 500 - 700 billion dollars to be dropped into corporations in the months before his administration comes to an end?
posted by High Power Rocketry @ Thursday, September 25, 2008  
12 Comments:
  • At 9/26/08, 3:15 AM, Blogger Arjan said…

    WaMu sounds disturbingly like some Nigerian bank..and we all know how good Nigerians are at scamming.
    Is ING having problems in the US? I thought overhere they(ING) said this week that they didn't have any big problems (at least related to the problems in the US)

    JP Morgan Chase...with the whole profile added..sounds like someone who knows how to steal my money and chase me away when I come around complaining.

     
  • At 9/26/08, 11:47 AM, Blogger dobson said…

    Good riddance WAMU - they sound like a callsign for a 80's glam-Rock only radio-station. I can imagine it really pronounced "Whammu!!!"

    I for one will be first in line to open up my Goldman Sachs / JP Morgan Chase personal investment account.

     
  • At 9/26/08, 4:12 PM, Blogger R2K said…

    Arjan... I said ING next simply because of the name. I dont know anything about it really.

     
  • At 9/26/08, 11:19 PM, Blogger King of New York Hacks said…

    i just want to see some really important people go to jail. ....then I'll open an account with my mattress.

     
  • At 9/27/08, 10:20 AM, Blogger R2K said…

    Do taxi drivers make good money?

     
  • At 9/27/08, 11:42 AM, OpenID mnphysicist said…

    The President is likely scared to death... If commercial paper remains locked up for more than a short time, a lot of businesses of all sized are going to be in a real jam... and worst case scenario is that ripples down to payroll and employment. What if a majority of folks on mainstreet didnt get their paycheck for a few weeks until the market forces a correction. How many businesses could survive without employees for a number of weeks?

    I dont know whether the bailout is a good or bad thing. Certainly its filled with hazards, and the market can self correct over time if left to its own resources. On the otherhand, should Joe and Betty Jo sixpack have to go through a ton of suffering, during the process, and what if it takes months, rather than weeks to correct. Lots of questionable assets with near impossible valuations, much less easy ways to determine such are not the sort of thing one sorts out in days, much less weeks or even months. SarOx left too many things on the table I'm afraid, all the while hosing up the works in other ways.

     
  • At 9/27/08, 12:22 PM, Blogger R2K said…

    700 billion dollars is worse than missing one paycheck. 700 billion is on the order of half a year of Federal spending. That is a HUGE amount of money, more than half of the money we have spent in Iraq! Either a few people suffer badly now in the short term, or I and the rest of the younger Americans suffer for decades to a lesser extent. Why should I pay even one cent to help bail out the greedy and the ignorant?

    I dont think Joe six pack works in the finance industry anyway... Just like I dont. If I were a mortgage trader... I expect I would have known the risks involved. I would have been mad at getting sacked, but probably would have understood it.

     
  • At 9/27/08, 12:54 PM, Blogger Arjan said…

    with around 300 million Americans..it's like you have to pay around 2333 dollars each to fix the problem if my calculus isn't wrong (I suck at it..but I think it's on point here..).

    I think that's quite a good month's paycheck for most Americans I guess..

     
  • At 9/27/08, 3:42 PM, Anonymous Anonymous said…

    ING is having none of the problems all the rest of the banks have. They have a very traditional mortgage lending program, 20% down, reasonable rates, low closing costs, basically a lender that lends money to people who can afford to buy a house.

     
  • At 9/27/08, 4:13 PM, Anonymous Anonymous said…

    well...since the experts dont really know the amount that the bailout will actually cost (most say it will cost over a trillion), 700 billion must be a number strategically picked.
    america is interpreting the constitution like people interpret religious scriptures.

     
  • At 9/28/08, 12:42 AM, Blogger R2K said…

    "ING is having none of the problems all the rest of the banks have. They have a very traditional mortgage lending program, 20% down, reasonable rates, low closing costs, basically a lender that lends money to people who can afford to buy a house."

    I wonder for what company he works...

     
  • At 9/28/08, 4:38 AM, Blogger Arjan said…

    Fortis said they didn't have any problems either..but their stock sank from 24 - 5$ (or € don't know for sure) in a year. And in Belgium ánd overhere they are having serious meetings..about what not.

     
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