WSJ: 'By far the largest bank failure in U.S. history' just happened

[Newsjock]

http://online.wsj.com/article/SB122238415586576687.html

In what is by far the largest bank failure in U.S. history, federal regulators seized Washington Mutual Inc. and struck a deal to sell the bulk of its operations to J.P. Morgan Chase & Co.

The closing represents the demise of what once was the largest U.S. thrift but came to symbolize many of the worst excesses of the mortgage boom. Federal regulators said WaMu has suffered an exodus of $16.7 billion in deposits since Sept. 15, leaving the Seattle thrift "with insufficient liquidity to meet its obligations." As a result, WaMu was in "an unsafe and unsound condition to transact business," according to the Office of Thrift Supervision.

[earthside]

1. So, Has The Second Great Depression Started?

According to Bush, McCain and Palin ... we have been just moments away from a plunge into the depths of depression.

But, so far, I see a worsening recession, but not the apocalypse ... at any rate, not a situation that requires a trillion dollar bailout to Bush's Wall Street cronies.

[madrchsod]

3. one trillion dollars invested into our economy

will do more than one trillion give away to wall street/banks. do`t give the banks a dime

[napoleon_in_rags]

7. 1 Trillion = $4,000 for every one in America.

that's $16,000 for each family of 4. That would probably get some things moving...

[WhiteTara]

9. that's a lot of McDonald's Apple Pies n/t

[REACTIVATED IN CT]

10. Bottom up solution

That's what we need. If credit dries up and you can't get a student loan, the govt should give some of that $700,000,000,000 to the states so that the tuition at state universities is free. If a business can't get a loan, the govt should use some of that $700,000,000,000 to fund SBA and other loans. Can't make your mortgage payments, use some of that $700,000,000,000 to refinance those mortgages.

I'd much rather see my tax dollars spent that way than to buy worthless securities in order to bail out the billionaires.

[originalpckelly]

6. The damage to our economy extends to every sector, this is unavoidable...

we're just forestalling the inevitable. The economy has already collapsed. Like Wile E. Coyote, we're off the cliff and it's only a matter of time before we realize it and crash to the ground.

[aquart]

2. I knew that two or three years ago.

WTF didn't they step in then?

[sixmile]

4. The shorts win again

It's easy to win in a rigged game in a casino you own.

[Earth_First]

5. Wall Street +400 tommorrow JUST to prove there's nothing to worry about... n/t

[OakCliffDem]

8. Kick