George Bailey, Call Your Office
So that speculation play you made by buying up tons of WaMu stock in the past couple of weeks? You might want to sit down for this:
Washington Mutual was closed by the U.S. government in by far the largest failure of a U.S. bank, and its banking assets were sold to JPMorgan Chase for $1.9 billion.
The rescue marks a historic step to clean up a U.S. financial system littered with toxic mortgage debt.
Washington Mutual, the largest U.S. savings and loan, was closed by the federal Office of Thrift Supervision, and the Federal Deposit Insurance Corp was named receiver. Customers should expect business as usual on Friday, the FDIC said.
Yes. Business as usual, except for the riots at WaMu branches tomorrow morning.
Of course: the FDIC is going to be on this mother, and everybody’s deposits will be safeish. But you remember what happened at Indymac branches? Amateur hour.
[Addendum: from the FDIC press release: “For all depositors and other customers of Washington Mutual Bank, this is simply a combination of two banks,” said FDIC Chairman Sheila C. Bair. “For bank customers, it will be a seamless transition. There will be no interruption in services and bank customers should expect business as usual come Friday morning.” No word on whether Ms. Bair said this while in a fetal crouch.]
And here I was thinking, hmmm, looks like the bank with the cute ads just keeled over, perhaps we should post a notice. And Lo!
I’m really enjoying this day.
As Negativland says: Shop as usual. And avoid panic
Pedonator: We cry out for leadership. We need you, C. Eliott Friday.
Hmmm, I get paid tomorrow. Should I try to deposit the check in my WaMu account? Or just burn it?
@Mistress Cynica: I have direct-deposit, you should check it out. That leaves me free to torch my “This is Not a Check” statement, toss it at the nearest bank, and shout “Fire!”, in hopes there is a crowd.
Meanwhile, from the Times:
The day began with an agreement that Washington hoped would end the financial crisis that has gripped the nation. It dissolved into a verbal brawl in the Cabinet Room of the White House, urgent warnings from the president and pleas from a Treasury secretary who knelt before the House speaker and appealed for her support.
At least we’re getting some entertainment value for our $700 billion.
@nojo: Are you, personally, gripped? Have to say, if that’s the best grip they’ve got, I’m not getting off on it yet.
And…what exactly was Paulson doing there, down on his knees in front of Pelosi’s gilded twat? Do you hear that sucking sound yet?
@Pedonator: Personally I’ve got far more work than I can manage right now, so I can afford to be aloof about astronomically incomprehensible numbers.
And personally, I live the life of a grad student. As Penn Jillette wisely said many years ago: “Freedom is low overhead.”
@nojo: I’m down with that. We live so far below our means due to the harsh monetary policies of Mrs RML that I still feel fuckin broke. If I have an extra $20 on me I feel rich. Penn is the man, btw.
Uh oh. Substituting wine for sleep. Good thing there’s no gin in the house and I, like my boy Prom, don’t want to fire up the cocktail shaker (for a cowboy margarita with the last of the tequila) and wake the Mrs.
@redmanlaw: The last few weeks, before I got back on the wagon or fell off of it or grabbed the wheels or something, I found melatonin to help me sleep. Interesting dreams, but it seems to work.
But tonight I am also substituting wine for sleep. Hoping to stay tipsy through the…debate(?).
As for the economy, fuck it, I’m spending half of my meager savings on a trip to Argentina, one week after the election. Want to think it’s a chance to not come back, but I know that’s just the melatonin talking.
Yikes, having three plus sites [Stinque, CynicsParty, and Nojorising, plus the odd foray back to W] to monitor if one is to glean all the wit and wisdom of the Snarky Commenters’ Community is like what? driving a troika? herding cats? helping out on a nursery-school field trip? being the mother of quadruplets?
Oh well, the complexity helps keep fear at bay. McCain ain’t even president yet (God forfend), and he’s already demonstrating a gargantuan talent for wrecking everything he turns his hand to. Are enough of the voters noticing?
@lynnlightfoot: Well, yes, if the polls and pundits are to be believed. This is a totally strange election, however, due to the Euro supercollider misfire or whatever, so hang on. Have a drink and put some tunes on. It’s Pop-era U2 and cheap red wine over here.
@lynnlightfoot: Happily, you can scratch the hamster blog off your list — that was originally a post archive that I put into emergency general service when the CP Postamatic crashed. The archive is now closed, and I’m staying put here.
@nojo: I’ve bailed from CP, dude, I like it here.
@redmanlaw: Me too. Today was like watching Frankenstein come to life. Or something like that.
@nojo: the family legend is that my father in law built a West Texas power plant, flipped a switch and the thing ran.
Good job dude.
Dear Nojo and Redmanlaw,
Just came back here after my 3 am comment and found your replies and conversation with each other. I like it here too, and in the meantime I had gone back to CP, where I saw what Redmanlaw meant when he commented here that it was like walking through rubble. I’ll stick with Stinque as long as you guys are here. [Love the Frankenstein coming to life metaphor and the Redmanlaw family legend re West Texas power plant] XOXO
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