by LDH 20 Replies latest jw friends
I better not see people who can't make payments on time getting to keep their homes.
I have a friend who is 67. She has an ARM. Her payment DROPPED by $20 in August. Maybe because she pays on time, ya think?
I'll be damned if we bail out the poor planners on the backs of the financially conservative.
Heheh, don't worry someone will collect on the debt. JP Morgan Chase bought chunks of WaMu, so I imagine they'd just start sending payments to Chase instead of WaMu.
This reminds me of something from Demolition Man when they went to a fancy Taco Bell, and Sandra Bullock explains "In the future all restaraunts are Taco Bell"
"In the future all banks are Chase" This is the second or third thing they've gobbled up during this correction.
WaMu got bought by JPMorgan Chase. Investors lost their shirts..BUT.....
Depositors are just fine. FDIC didn't even need to get involved. It isn't that bad.
BTS
FDIC is in the cheese line, too:
http://www.bloomberg.com/apps/news?pid=20601213&sid=amZxIbcjZISU&refer=home
The Feds won't let FDIC fail. Last week they guaranteed money market funds, I can only assume they would do something similar here. To do otherwise would cause a bank run.
That said, WaMu failed, but deposits were safe, even without FDIC intervention. This is good news.
BTS
I want the Board of Directors of all of these companies prosecuted for treason. Half of WaMu's money was in risky mortgage deals. That was a business decision.
Which is why the government should allow these businesses to fail. Chase probably ended up with a decent deal. The BOD of WaMu certainly will be sued for negligence and whoever wrote their Directors & Officers insurance coverage (AIG was/is a large writer of that type of insurance) will likely pay policy limits which will not even to begin to make up the loss for the investors. Treason? Not sure I follow that.I think the treason is actually being committed by the elected officials in Washington on both sides of the aisle especially if the bailout package in its current form is passed.
I want the Board of Directors of all of these companies prosecuted for treason. Half of WaMu's money was in risky mortgage deals. That was a business decision.
Greed and stupidity aren'y illegal.
BTS
I noticed that WaMa raised their savings interest rate to 4% and also increased returns on MM funds...
Yeah, wamu failed and the world didn't end.
Hi LDH. did the AIG bailout help your company, hinder your company, or did it cause nothing much to speak of?
