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If Washington Mutual goes belly up, which they say it very well may.
The Federal Deposit Insurance Corp., whose insurance fund has slipped below the minimum target level set by Congress, could be forced to tap tax dollars through a Treasury Department loan if Washington Mutual Inc., the nation's largest thrift, or another struggling rival fails, economists and industry analysts said Tuesday.
The US Government asks major banks, including HSBC, to put together a rescue buyout of Washington Mutual
You know what i find interesting about all of this....
Out of all the financial businesses that have gone tits up in the past couple of weeks, why is Lehmans the ONLY company that the gov hasnt helped out or considered helping out?
Id love to know who at Lehmans pissed off the government and what they did LOL
Regards,
Lee
Bush and his cronies probably didn't have any stock in the company or something, and a ton in the others.
It's amazing the amount of distractions the McCain campaign seems to be able to pull off to take focus off, what they are saying is becoming, the biggest economical failure since the great depression, and it's not over yet.
Obama should be an easy shoe in, but McCain and Obama are tied.
This country gets what it deserves if they're so stupid as to vote for the Republicans again after they've raped and pillaged our country YET AGAIN, leaving a huge mess for the next guy in line to clean up. very sad.
You know, to be fair it isnt just a problem the Republicans can be blamed for this time, im far from a Republican but this whole thing started years ago when Clinton was in office, and now, even though this has been on the horizon for several years, even though we have a Democratic Congress (for the most part) Congress still did nothing to avert this disaster from happening.
Regards,
Lee
My experience has been Bush Sr. ran us into the ground, Clinton fixed everything and we had a surplus, Bush JR. took over and ran us into the ground again.
Everyone is playing the blame game now but the buck stops with the president.
I found it ironic the coverage of hurricane Ike and how Bush was so very attentive to the needs of Texas and how they were handled with such kid gloves and smothered with resources. what a joke
If Clinton and his administration could fix things in their 8 years.. Bush could have fixed things with his Republican controlled congress in 6, but instead they are blaming the Democrats for the two years they've controlled the congress.. even though Bush has vetoed virtually everything they've put through. pathetic
The problem is, Clinton obviously didnt fix things, at least not on a permanent basis, if he had, we wouldnt have had people rushing out to get mortgages on homes they couldnt afford for the last 10 years $0.02
Dont forget, Clinton also got rid of greater oversight in the financial industry as part of his 'fix' if he hadnt worked on that, maybe we wouldnt be in the situation we are now.
Im not saying it is all Democrats fault, it truly is a bi-partisan problem that has been brewing for years and nobody has done anything to help the issue, we've needed more gov involvement on Wall St for years, brokerage firms, mortgage underwriters, credit card companies, etc have had to much free reign to do pretty much whatever they have wanted to for the last 10+ years and had absolutely NO accountability, this is what has caused the problems we are seeing today, borrowing and udner-writing by these financial giants on loans and mortgages that should have never been written to begin with.
Most people who are forclosing on their homes the last couple of years cant even afford basis amenities, yet they were allowed to have one, two, three hundred thousand dollar mortgages... That is a disgrace and instead of bailing out the financial companies, the government should be bailing out these people who in some instances, we duped in to getting mortgages their brokers knew they wouldnt be able to afford.
In effect over the last 3 weeks we have nationalized the finances of the United States, the government now owns something like 80% of all the large financial companies, yet people were up in arms about nationalization when it came to the things that mattered, health care, education, insurance, etc... It really is a disgrace.
Regards,
Lee
Scary. And it's probably going to get worse. If McCain wins the election it'll be a free for all... the "No Accountability Express" will pull into the station and give some nice golden parachutes to the people involved.
There's no money left to bail anyone out... we've spent it bombing a third world nation into the stone age.
Senseless. It really is.
To be fair, they werent that far out of the stone age to begin with ;) LOLQuote:
Originally Posted by Jasun
Regards,
Lee
You know what's really scary is that I'm almost positive that's going to be a Republican talking point in a few days.
It is completely shocking that the government doesn't bail out the people of our country that made a mistake and became over extended, but they bail out billion dollar corporations that made the mistake of becoming over extended out of greed.Quote:
Originally Posted by Lee
The irony of all the newly nationalized businesses/industries and the vehement barking by Republicans against nationalizing health care is unfortunate. You wont see any pharmaceutical companies or health insurance companies going under as they have sufficiently fucked us for decades and have plenty of money in their coffers. I hope they invested in the banks and investment firms that went under, and/or will go under :D
Republicans are always against bailing people out unless it's a company they do business with :crazy:
I have a religious Republican friend with 4 children who can't afford health care but is so brainwashed that she says our country will collapse if we provide universal health care! I've tried pointing out that Australia, France, Britain an Canada haven't collapsed, why would America? I make the same point about civil unions but it doesn't sink in.