Friday, September 26, 2008
::WaMu jumps the shark and bites the dust::
And so to add to the banking blunders of the 21st century, Washington Mutual Bank (a.k.a. WaMu) has seen its final sunset.
Their doors were shuttered by the government and sold to banking giant JP Morgan Chase for just a shade under $2 billion. Wait. Didn't Viacom buy BET from Rob Johnson for $3.3 billion? Like...eight years ago? What a joke. That really puts things into perspective.
This is being billed as the biggest bank failure ever. In the history of our country. Ever. Yup. Our economy is officially on the skids and I'm sure the rest of the world is ROTFL at our asses. And our lame duck prez is just boosting the confidence of the American public with each speech he makes on the subject. Seems that all WaMu's Madison Avenue exploits were for naught. Maybe if they wouldn't have thrown so much money into those crappy ad campaign they wouldn't be in this pickle. Hmm...probably not. Nevertheless, just like the new Windows ads, I just didn't get the WaMu campaigns.
Some are looking at the recent Wall Street woes and the Lehman Brothers fiasco as a harbinger of an economic collapse in the good old U.S. of A. That is unless G.W. Bush's $700 billion dollar rescue plan jump starts the heart of this sputtering engine. It seems like just yesterday the government issued a $200 billion dollar bail out to Fannie Mae and Freddie Mac. Is this the backdraft of Neo Liberalism? Are the chickens coming home to roost? Now I see why Granny used to stash knots of cash around the house and in her bra. Stay tuned.