Well, the answer, as Sarah Palin might put it, is "Yup!" and "Nope!"
The Yup part: The New York Times reports the government has seized the assets of Washington Mutual. Their general ability to make good loans? Not so good.
The Nope part: J.P. Morgan is buying up most of the branches and assets, except for the bad loans, and I have WAAAAY less in my checking account than the $100,000 limit for federal insurance.
Do I think this is being done at this moment by the Bush administration to make the problem look more serious and to put some pressure on the people against the bailout, which right now looks mainly like Republicans in the House and Senate?
Yup.
6 comments:
Does this mean Tony and I don't have to pay our WaMu mortgage anymore?
You are asking the opinion of Matty Boy, Investment Advisor to the Stars!
This is never recommended.
Sweet Jeebus on a waffle, we get more screwed and less pleasurably so, by the nanosecond.
It's all our fault. We refused to pay that 31% interest rate on two credit cards and got them down to 10% through CCCS.
I'm really, really sorry.
Let's auction off Palin on ebay.
"fundamentally sound" let's all say it together once again.
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