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September 26, 2008
WAMU Ka-Boom!!!!!
Government Seizes Washington Mutual
The government on Thursday made the largest bank seizure in American history, taking over Washington Mutual and selling pieces of it to J.P. Morgan Chase.
Comments
Howdy Asshats! Hey are we still gonna meet on Oct 16, 2008?
Government Seizes WaMu and Sells Some Assets
http://www.nytimes.com/2008/09/26/business/26wamu.html?_r=1&hp&oref=login
"Washington Mutual is by far the biggest bank failure in history, eclipsing the 1984 failure of Continental Illinois National Bank and Trust in Chicago, an event that presaged the savings and loan crisis. IndyMac, which was seized by regulators in July, was one tenth the size of WaMu.'
This is the greatest rip-off in American history, I wonder what the comps are for "Asshat Hill"?
The What (Tick.. Tick.. Tick,,,)
Someday this war is gonna end
Hey Dumbasses did ya miss me, LMMFAO! Man I gonna have some good clean fun. No cursing but, I will still use the word Asshat!
BTW: I smell Napalm......
Posted by: what at September 26, 2008 12:22 AM
Welcome back, What. Just in time.
Posted by: denton at September 26, 2008 10:12 AM
Yes! We are still going to meet on October 16th! Now more than ever. And I will be happy to be alive and living in Brooklyn in my new house. I hope you will come What! I never thought I would say this but welcome back!
Posted by: wasder at September 26, 2008 10:25 AM
I still don't see anything happening that resembles a "crash" and everybody being wiped out with mass hand wringing, weeping and gnashing of teeth!!!
S&P -17% YTD and 23% from October peak is certainly a bear market but...
Posted by: daveinbedstuy at September 26, 2008 10:33 AM
Not back. Still being blocked
The What
Someday this war is gonna end..
Posted by: what at September 26, 2008 10:35 AM
that is a great photo.
Posted by: z at September 26, 2008 10:37 AM
If you are not back what the hell are you doing here?
Posted by: wasder at September 26, 2008 10:51 AM
"If you are not back what the hell are you doing here?"
Sometime I can post and sometimes I can't post. Hey did you see the little diddy I left for ya? Good luck Underwasder... LMAO!
The What
Someday this war is gonna end..
Posted by: what at September 26, 2008 11:00 AM
I did see your diddy and responded appropriately. Can't wait to see you on the 16th!
Posted by: wasder at September 26, 2008 11:16 AM
OK, we'll unblock you. Just watch your potty mouth!
Posted by: brownstoner at September 26, 2008 11:35 AM
OK, we'll unblock you. Just watch your potty mouth!"
Ok Brownstoner. Just stop making unsafe conditions for young black men. They are not all Marauding teenagers or Animals!
The What
Someday this war is gonna end..
Posted by: what at September 26, 2008 11:42 AM
What, yes, still on for October 16th. 20 days away.
Union Hall at 7pm. Bring your ID; the doormen are strict. See you then!
Posted by: Biff Champion at September 26, 2008 12:46 PM
What just fyi we have always mostly agreed with you regarding predictions about RE and finance but can you please STOP the incessant cursing and vitriol? Is it that hard to be civil to others? Even if the RE collapses by >100% there is no role for the profanity laced rants my friend. We just "asked" DIBS to avoid you but maybe you need to tone it down a lot also my friend.
Mr B means well BTW and he is not "making conditions unsafe for young black men" if anything the contrary.
Posted by: pierre de taille at September 26, 2008 12:46 PM
"Even if the RE collapses by >100% " I think when we hear statements like that we might be getting close to the bottom!!!!
Posted by: daveinbedstuy at September 26, 2008 12:52 PM
Mr B means well BTW and he is not "making conditions unsafe for young black men" if anything the contrary.
That where we see things different....
"What, yes, still on for October 16th. 20 days away.
Union Hall at 7pm. Bring your ID; the doormen are strict. See you then!"
Don't worry Biffie, I wont be there..
The What
Someday this war is gonna end..
Posted by: what at September 26, 2008 1:47 PM
I'm sorry you won't be there, What. I really am.
Posted by: Biff Champion at September 26, 2008 1:51 PM
I'm sorry too. I would love for you to try to make me into a villain after meeting me.
Posted by: wasder at September 26, 2008 2:04 PM
Me three.
Posted by: daveinbedstuy at September 26, 2008 2:09 PM
Keep posting What!!
Posted by: Pastabatman at September 26, 2008 2:47 PM
I'm going to say this. I am so disgusted right now at our government. This whole bail out thing is a scam. People has acted irresponsibly for the last 6 years, taking on more debt that they could handle. Jumping into a world wide Ponzi scheme and ramping up prices over major asset classes. Now you mean to tell me we have to pony up 700 billion dollars?!
Say goodbye to America, as we knew it...
BTW I don't think it's a good idea for us to ever meet in person.
The What
Someday this war is gonna end..
Posted by: what at September 26, 2008 2:47 PM
What's good, What? Brownie got you in solitary confinement but your mind is free. That's what's up!
Posted by: DOW8000SP800 at September 26, 2008 2:48 PM
BTW, what do you think is gonna happen to KaPu employees, high and low? They need'em at least for transition in the short run, no?
Posted by: DOW8000SP800 at September 26, 2008 2:51 PM
DOW8000SP800 we are in a depression. Our Banking system is toast. The only thing that keeps it up is the FED, after that...
I'm just sick and disgusted. WAMU employees who cares....
The What
Someday this war is gonna end..
Posted by: what at September 26, 2008 2:58 PM
I hear you...I'm kinda shook myself.
Posted by: DOW8000SP800 at September 26, 2008 3:09 PM
The only thing I can add to this discussion is that we are all in it together at this point What. You, me DOW, Dave, Biff, everyone else here on this board. We are all in the same boat. If it sinks we all go down. So why not spend some time figuring out what we can do collectively to keep our little part of the world floating? Are you with me What, even if we never meet in person?
Posted by: wasder at September 26, 2008 3:41 PM
Wasder my friend IMHO the economy is going to get bad and Wall Street type flash is over but not to the point of "sinking". Most folks (yes MOST people) will still have their houses and will get by albeit with much difficulty...nothing close to 1929 though.
In France where the economy had been sub-par for >5 years folks still carry on with their lives pretty well. In other words the feast is over but there will be no excessive famine in our glorious and rich nation.. thankfully.
Posted by: pierre de taille at September 26, 2008 4:10 PM
Pierre--good post. and good perspective about france. Thanks.
Posted by: wasder at September 26, 2008 5:10 PM
Please Prière de Sly, the economy was sub-par in France for a LONG time, not just a simple >5 years...more like >15 yrs Hhhh... if you ever lived there, you'd remember that all you ever heard for seemingly decades at a time from the media was "la crise économique, la crise économique". And Yes, folks still carried on "with their lives pretty well" in France because there was an incredible safety net in place: multi-year unemployment insurance benefits, subsidies to child caregivers, public daycare, national health insurance (Medicare for all); plus, there were strong unions, tighter regs, a much later transition to manufactured goods arriving from China, a significant savings rate (including people keeping gold at home), decent maternity leave...
We have had la crise économique here in the US for a long time but the commenters on this blog may not have realized how close it has been or have known that many people already sucked into it. Like with climate change, people were talking about global warming in the 1970's (even the 60's), social scientists and economists have been speaking out since for 30 years. The arrival of Reagan was a watershed moment. The number of low income (poor) people has basically done nothing but grow since 1980. People were pulling the alarms in the early 80's big time. Now in the last couple of years those food pantries and soup kitchens that emerged out of the Reagan cuts, even prospered as a new way of doing business for many years, even they are now drowning under the waves of need out there...at a time when their supplies are drying up (cheap dollar and food industry consolidation have caused a lot of food that might have made it to food pantries to be sold abroad).
Look where we are. Ugh.
Posted by: BrooklynGreene at September 26, 2008 7:18 PM
Next week should be interesting. I hear (from Dealbreaker, I think) that Hank and Ben are going to shoot money out of helicopters with those cannons that are used to shoot t-shirts into stadiums.
Things will get worse. I hope you all like Bruce Springsteen, because the USA is going to be like "downbound train" for the next two years at least. A little snippit from "downbound train:"
I had a job, I had a girl
I had something going mister in this world
I got laid off down at the lumber yard
Our love went bad, times got hard
Now I work down at the carwash
Where all it ever does is rain
Don't you feel like you're a rider on a downbound train?
Posted by: actually works in finance at September 27, 2008 8:46 PM
BrooklynYellow we see what you are saying and agree that the social services are better subsidized in France but then again it is a socialist economy for the most part. This is in actuality why the poverty rate is so much lower there i.e 6% vs 12%. We grew up in one of the "crise économiques" so very familiar with it but we were referring to the most recent "conjonture" which was around the introduction of the Euro give or take a few years. The US economy with all its current problems is exponentially more robust than the French one. Remember the economy of California alone is greater than all of France's based on PPP (Purchasing Power Parity). Also we have a ~6% unemployment here in the US and the one in France @ the time was close to 10%. So yes we agree that we are in for rough times ahead but believe me on the overall there is not a better country to be when times are rough...because rough here is not as rough as elsewhere...I've lived it believe me.
However we are concerned and very sympathetic to the current situation which is why we are voting for CHANGE. I am not sure why you are calling us Sly but we will in kind call you BrooklynYellow to accentuate your rightful pessimism. Anyways like our French relatives say often: L'Amerique le pays d'opportunite et le pays qui te permis a rever....we strongly think so.
Posted by: pierre de taille at September 27, 2008 9:19 PM
Welcome back What.
Posted by: bridges at September 28, 2008 1:40 AM
Well, by now, there seems to be a tentative agreement about the bailout. But what are the details? What's the catch? Is there an agreement from the House Republicans about what taxpayer price can be paid for these assets? I bet the details clog up the process.
I say a bill does not get passed before the NYSE opening bell.
Posted by: DOW8000SP800 at September 28, 2008 3:52 PM
DOW8000SP800 it's a done deal. BTW this "bill" was in the works a long time ago. One thing at this time 2:58 AM the Asian markets are doing bad. I thought this would pop the market this week but, I smell Napalm...
The What
Someday this war is gonna end...
Posted by: what at September 29, 2008 3:00 AM
The Bill is aimed at staving off a financial collapse, not stimulating the economy. Also, one in seven exchange listed stocks are on the 'no short' list. The SEC effectively outlawed frowning. Volume is down because Hedge funds can't hedge or put on option plays without shorts. Anyone buying now is effectively 'naked long,' which, regardless of reality, feels like a sucker play. Hong Kong tanked, the rest treaded water. The government is dumping newly printed cash into the market, and market players are realizing that maybe the money that they are clutching isn't worth as much anymore. Today is not even the end of the beginning.
Posted by: actually works in finance at September 29, 2008 7:10 AM
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