WaMu seized by the FDIC

jeffbr

polaris wrote:

ok ... so, i left my window open of my car with my $50 on the seat ... if someone takes that money - it's not my fault?

If a woman wears something you think is "suggestive" and gets raped is it her fault? I would hope people don't think this way, but I have heard people talk like that.

polaris

jeffbr wrote:

That is like saying:

uhhh ... why would you have to see more regulation ... you've already seen what happens with government involvement ...



So lack of corporate meltdowns is the measure of an honest government? We have had some really honest governments in the US then, until this past year. Even the early lil' Bush years, I guess.

yeah ... and what problems did we encounter with increased regulation?

no, not necessarily - i'm just saying there are gov'ts that operate with more regulation and you don't see what we're seeing now ...

what is your solution to preventing this from happening then? ... as we can see this is not the first time this has happened ...

polaris

mammasan wrote:

It's your fault for leaving your window open but you should not be held responsible for the person who stole your money's action. That individual had a choice to either keep walking or take the money. They made the choice to engage in theft.

absolutely ... so, is the solution to leave my door open as well or close my window?

Kann

jeffbr wrote:

That is like saying:

uhhh ... why would you have to see more regulation ... you've already seen what happens with government involvement ...

No regulations at all is an utopia, I'd like to hear how it could be done. And since we need regulations, we might as well make them efficient.

So lack of corporate meltdowns is the measure of an honest government? We have had some really honest governments in the US then, until this past year. Even the early lil' Bush years, I guess.

It's true, there are no honest governments, but some are better than others.

jeffbr

polaris wrote:

what is your solution to preventing this from happening then? ... as we can see this is not the first time this has happened ...

There is no easy, single solution, unfortunately. But I do think that these events will cause boards and shareholders to call for more accountability. I also hope that the safety net goes away, because that is the false sense of security that allowed much of the attitude from these bank execs. They could gamble knowing that the feds would step in and save them.

Here's an email from Ron Paul's organization this morning:

Ron Paul's Campaign for Liberty wrote:

Yesterday, Ron Paul sent out a letter warning of the dangers of the Paulson and Bernanke bailout plan and asking you to contact your representatives and senators. A vote on this bill could literally come at any moment, and it is crucial that you immediately express your opinion to Congress.

The picture painted by the supporters of the bailout is dire. President Bush reinforced this notion in his address to the nation last night and again urged Congress to act immediately.

Remember what happened the last time the executive branch warned of horrible consequences and rushed legislation through Congress? We got the Patriot Act, which to this day threatens our civil liberties on an unprecedented scale.

We do know that our economy is in for a rough ride. These bad mortgage-related assets will have to be cleared out and the market will have to reset. The only question is how that will happen.

The easy way out is to continue the same practices that got us to this point. We can put $700 billion, for starters, in the hands of Treasury Secretary Henry Paulson (a former CEO of Goldman Sachs) and Federal Reserve Chairman Ben Bernanke, and let them spend the money on whatever they wish.

This option will only delay the economic downturn, which will only be worsened.

Or, we can take this opportunity to end the federal government's interference in the marketplace, truly embrace free market capitalism, and return to a sound monetary system.

The Federal Reserve's practices of easy credit and monetary inflation have crashed our economy, and now they're asking us to trust them to fix it.

When you call Congress to express your outrage at the bailout, tell them you want real solutions.

It is time for Congress to:

1.) End the Bailouts - Congress must revoke the Federal Reserve's authority to bail out failed businesses at your expense.

2.) Cut Taxes and Curb Regulation - If we really want to stimulate businesses and revive the market, we need to cut corporate and capital gains taxes, spurring investors to come back to the market and making it easier to attract new workers and clients. It is also time to end failed legislation like Sarbanes-Oxley, which has crippled capital markets, diminished our competitiveness, and greatly harmed small businesses.

3.) Reduce Spending - We must freeze all non-entitlement spending by the federal government at current levels and eliminate wasteful spending both domestically and in our trillion-dollar overseas budget. Our debt has to come down, and it won't until we start living within our means.

4.) Reform the Monetary System - If we are to have long-term economic progress, we must end the system of printing money out of thin air. The current laws limiting the circulation of gold and silver-backed currency must be overturned. We can no longer base our money on the empty promises of bureaucrats that it is sound.

The federal government is trying to scare us into accepting more tyranny. Don't stand for it.

Check out our action alert, and let Congress know that you will no longer tolerate the Federal Reserve's stranglehold on our economy.


Best Regards,

John Tate
President
Campaign for Liberty

polaris

jeffbr wrote:

There is no easy, single solution, unfortunately. But I do think that these events will cause boards and shareholders to call for more accountability. I also hope that the safety net goes away, because that is the false sense of security that allowed much of the attitude from these bank execs. They could gamble knowing that the feds would step in and save them.

Here's an email from Ron Paul's organization this morning:

the thing that gets me is what penalty are the perpetrators receiving? ... are those in upper mgmt allowed to keep their bonuses and fat cheques? ... if so - what's really there to stop this from happening again and again?

mammasan

polaris wrote:

absolutely ... so, is the solution to leave my door open as well or close my window?

No the solution is to close and lock both and not leave $50 sitting in your car for all to see. Like I stated the government is responsible. They created the environment by pushing deregulation but the individual companies are responsible for going shit crazy and making bad decisions.

ucsbledbetter

Can someone tell me what this might mean for the employees of Wamu? Will cutbacks be likely over the next year?

Pacomc79

ucsbledbetter wrote:

Can someone tell me what this might mean for the employees of Wamu? Will cutbacks be likely over the next year?

Yeah, definately. Wamu will likely cease to exist in it's current state over time and just become part of JP Morgan/Chase.

Positions that are duplicate will almost assuredly be cut once everything shakes out.

LikeAnOpeningBandForTheSun

a recession is the cure i think.

mammasan

ucsbledbetter wrote:

Can someone tell me what this might mean for the employees of Wamu? Will cutbacks be likely over the next year?

Well from what my girlfriend has said is that Chase will close 400 branches across the country. Whether they are WaMu or Chase branches depands on the branches stability. All WaMu branches will convert over to Chase branches. The majority of the WaMu branches out west are relatively safe since Chase does not have a strong presence out there, but the branches in the Northeast are the ones that are on the chopping block.

mammasan

Well good news for the WaMu employees who may loose their jobs. Alan Fishman, WaMu CEO since early September, could have a severance package of up to $18 million for 3 weeks of work. He does have the option of not taking it. Let's see what he does?