What is Digg?451 Comments
- sblakesley, on 09/26/2008, -22/+150I can't believe the state this country is in after 8 years of GOP control. I realize the cause of some of this goes back a lot longer than 8 years, but honestly, no one in the GOP leadership saw something like this coming?
- homesickalien, on 09/26/2008, -3/+128Dr. Evil: I have the power to destroy your economy one bank at time...
World Economic Leaders: Please no! What do you want from us???
Dr. Evil: 700 BILLION DOLLARS...< /raises pinky to lip> - CATSCEO2, on 09/26/2008, -3/+111*****.
- canyonview, on 09/26/2008, -3/+86It's hard to keep perspective on news like this. The NYT reported this in relatively small print under news of the bailout plan. Not, I assume, because it is small news, but because it is small news relative to the scope of this enormous financial meltdown.
- cg4et, on 09/26/2008, -9/+89How much longer until we find out FDIC is running out of money? The Bush Administration has promised that all of our deposits are safely insured. I guess that means we should all start getting worried.
- inigomntoya, on 09/26/2008, -5/+74I'm not a Ron Paul nut, but I believe Ron Paul is in the GOP. And according to some, he also predicted it.
- ceredron, on 09/26/2008, -13/+82To be completely honest, this isn't exactly a really simple presentation of what happened. The government didn't actually do any seizing, they brokered a deal between JP Morgan, who yes, they have worked with in the past for Bear Stearns, and WaMu to get WaMu sold before it failed completely. This isn't a freddie fannie type deal, and I think the way the times reported it, people will think it is.
This was a sale, kind of a last ditch sale where the government called in a friend to buy ailing property, but still a sale and not a government takeover then consequential sale.
Just pointing that out. The nytimes article probably wants to sensationalize it a little, but they say so in the article, too.
Just pointing that out. - meese, on 09/26/2008, -1/+66"Biggest bank failure in American history"
That's inspiring confidence. - wallace181, on 09/26/2008, -0/+59"Woo Hoo!"
- AbsurdParadox, on 09/26/2008, -12/+60Save us, democrats!!!1!!1!
(Pro-tip: Not going to happen) - S5S5S5, on 09/26/2008, -1/+47No FDIC funds were used in the WaMu takeover by JPM.
- greeniemeani, on 09/26/2008, -3/+49WaMu has been ***** for a long time now - no surprise.
- craighoxton, on 09/26/2008, -1/+47"That's no moon; it's a budget deficit"
- ae82, on 09/26/2008, -2/+43"Mr. Fishman, who has been on the job for less than three weeks, is eligible for $11.6 million in cash severance and will get to keep his $7.5 million signing bonus, according to an analysis by James F. Reda and Associates."
LOVELY. - RIPtechtv, on 09/26/2008, -1/+42I have banked at WAMU for as long as I can remember. Its a sad day :(.
- enantiodromia, on 09/26/2008, -0/+39hah!
^---- i told WaMu i would have the last laugh years ago, when they charged me $64 overdraft fee for a $.29 bagel. my master plan, it has worked. - endustry, on 09/26/2008, -3/+39Does this mean no more commercials featuring the hip, black dude infantilizing the hoard of old, white bankers? They were so "progressive."
- 0ldmankdude, on 09/26/2008, -17/+53more and more reason to listen to dr. paul... although it might be too late at this point
- nontoxyc, on 09/26/2008, -1/+33I plan to go to Wamu tomorrow and try to withdraw all my money, so no one else do the same thing!
- sdwilly, on 09/26/2008, -0/+30Now you bank with Chase.
- sdwilly, on 09/26/2008, -0/+30Means you now have an account at Chase.
Doesn't anybody actually read the articles? - palanthos, on 09/26/2008, -3/+32We are screwed.
- Hillsfar, on 09/26/2008, -2/+31Mark my words.
The bail-outs will NOT work. The problems of the economy are much deeper than this. - egthareal, on 09/26/2008, -2/+28Good thing I moved all my money to the bank of WOW, the only real bank left.
- thescimitar, on 09/26/2008, -2/+27Many people, in both parties and houses, saw and warned of this disaster. They were mostly laughed at or ignored. Many people were making tons of money, or had important constituents who were making tons of money, and thus had the classic SEP attitude... you know, "Well, I know there's a horrible bubble but I figure someone else will take care of it and I can make a tidy profit!"
/sigh - Renian, on 09/26/2008, -1/+26NOW WITNESS THE POWER OF THIS FULLY ARMED AND OPERATIONAL ECONOMIC CRISIS
- addakorn, on 09/26/2008, -0/+24It becomes Chase debt
- tiberone, on 09/26/2008, -3/+27Mark my words.
The bail-outs WILL work. The problems of the economy are no deeper than this.
One of us is going to be so famous one day... - inactive, on 09/26/2008, -17/+41JPMorgan accidentally my whole checking account.
- webXL, on 09/26/2008, -7/+29I can't believe people like you put all of the blame on the GOP when things were set in motion in 1999 when Fannie and Freddie lowered their lending standards (a political move for low-income voters) and people like John McCain supported a regulatory overhaul of the two GSEs in 2005 so this wouldn't happen (see 'Federal Housing Enterprise Regulatory Reform Act of 2005'). People like Barney Frank have opposed such regulation (making it tougher for people with bad credit to get mortgages) all the way back to 2003, because Fannie was funding their campaigns.
This doesn't mean the GOP is completely innocent. Some are on the take as well and the good ones could have been more proactive against the gigantic corporations. McCain is no exception. He was part of the S&L debacle. He should know better.
It takes economists to see these problems before they occur, and unfortunately, none of our leaders are economists. They are vote-seeking whores, even the current president. The only thing he got right was preventing another terrorist attack. Another one of those, and this crisis would have looked like small potatoes. - cschoeps, on 09/26/2008, -1/+23...you used your credit card for a $.29 bagel?
- beman, on 09/26/2008, -2/+22 I think the majority of diggers would like to see either a government that works for them or a government that gets the hell out of the way. What universally pisses us off are fools that claim they are for small government, but create whole new giant bureaucracies (DHS etc..). That claim they believe in the constitution, then do things like suspend habeas corpus. That claim we shouldn't be the worlds police force or nation builders, but invade several foreign states. That claim to believe in unfettered free markets, but are more than willing to bail out their friends when things go wrong.
I think that is why so many diggers seem to be self contradictory on this. Obama promises big government that works, Paul promises small government that gets out of the way. Either is better than this huge turd of a government that has failed on all counts. - shannondoko, on 09/26/2008, -1/+20Then the money loses it's value creating a slightly more ***** up situation all for us.
- LordRedSnake, on 09/26/2008, -0/+19All it means for you is that JP Morgan is now your bank. Your assets in their entirety are safe... at least until the next crisis.
- thescimitar, on 09/26/2008, -1/+19I think the "seized control" aspect of it had less to do with the government running WaMu, and more to do with seizing decision making from the board. Think about how long it takes the normal merger to go through... if the executives were left to their own devices, it's tough to guess what would happen.
I do agree that it has been sensationalized though - dagamer34, on 09/26/2008, -11/+29Pfft. Ron Paul calling himself a Republican is like Liebermann calling himself a Democrat. If it walks like a duck and talks like a duck, then it's a duck through and through.
Paul is a Libertarian, no question. Only changed parties because a Libertarian would NEVER get elected under this sham two-party system. - LordRedSnake, on 09/26/2008, -0/+17So the entire market doesn't tank during the day. That means individual investors get wiped out of course, because institutional investors unload before the bell.
- Ineedanap, on 09/26/2008, -0/+17And frikin sharks with frikin lasers on their head...
- cmapes2, on 09/26/2008, -0/+17Dagamer34, you need to expand your scope of history. Traditional GOP (aka MOST OF THE LAST 200 or so years), had the beliefs that Ron Paul has. If you are talking about the very recent neo-conservative GOP, then you are correct.
But the way I see it, If it walks like a duck and talks like a duck, then it's a duck through and through. The neo-conservative GOP are a bunch of big government socalists, no question. - LordRedSnake, on 09/26/2008, -4/+21I'm sorry but you're mistaken. This wasn't a direct purchase of WaMu by JP Morgan with the FDIC's oversight, the FDIC seized all of WaMu's assets and sold them to JPM for $1.9 billion.
- addakorn, on 09/26/2008, -0/+16You still are...
- inactive, on 09/26/2008, -2/+18I've banked with Wamu for 12 years now. Time to move all my money to a local credit union and get away from these large, out of control banks.
- inactive, on 09/26/2008, -0/+16Probably gonna get a cool new shirt.
- lbergerson, on 09/26/2008, -0/+15Join a credit union.
- inigomntoya, on 09/26/2008, -0/+15That does sound like a boner deal. But, then again, tax payer money didn't pay for that. They were bought out by JP Morgan/Chase.
I say no bail outs. Let the "big fish" in the banking pond go deal shopping and buy up all the failing banks at a discount. Cut the fat. Reward those who took calculated risks based on an individual's income and ability to pay bills. Don't reward those who gave loans to people who shouldn't have had one. - inactive, on 09/26/2008, -3/+17The Democrats may save you from domestic spying, but they are in bed with the financial institutions.
http://articles.latimes.com/2008/mar/21/nation/na- ... - j.carcinogen, on 09/26/2008, -2/+16Its to scare us so that a 2.5 page bill gets shoved down our throats as quickly as possible so we don't actually think about it's actual cost. (Refer to the Patriot Act, Iraqi Invasion, etc).
- Seann7656, on 09/26/2008, -0/+14Hmm... Should be interesting at work tomorrow...
I work at WaMu - inactive, on 09/26/2008, -6/+20Many people did not warn of this.
Ralph Nader did.
Ron Paul did, earlier and with more information than anyone else
Bob Barr did
Dennis Kucinich did
Barack Obama did not
John McCain did not - sadler121, on 09/26/2008, -15/+29You mean like when Bush and McCain were pushing for regulation of Fannie Mae and Freddie Mac, and the Democrats, in partisan fashion, voted it down?
I think they saw this coming and it was the Democrats who stood in the way, the Democrats just had to give homes to minority and low income people who couldn't afford the mortgage, to do other wise would be racism (this was just another failed attempt at affirmative action).
This all started during the Clinton administration with Janet Reno threatening to investigate mortgage companies if they didn't give these bad loans to people who could not afford to pay them back!
But go ahead and read your Huffington post, and your daily kos lies. Go ahead and digg me down because you disagree with me.
Digg must be schizophrenic; it's the only place where you can be for Ron Paul AND for Obama. WTF?
I agree with Ron Paul 90% of the time, but I would NEVER vote for Obama. Obama would destroy this nation with higher taxes and increased government. This is the exact OPPISITE of what Ron Paul would do. How the HELL can you support both at the same time? -
Show 51 - 100 of 456 discussions
Check out the new & improved 
© Digg Inc. 2009
— Content created and posted by Digg users is