WaMu fails...

[unclejimbo]

I can't think of anything to say except...

WOO HOO!

Thanks again President Hoover Bush. You've finally managed to bankrupt an entire country.
At least this should be the final death knell for "Trickle Down Economics". A plan that should have died with the end of the Reagan and first Bush Administrations.

But the costs...

Comments

[caitlin.livejournal.com]

I still have accounts with them.

AND I also heard that people were pulling their money out (NPR, you know...)... like 16 billion or something.

So it was a run on the bank that caused the failure it sounds like.

[magaliiiii.livejournal.com]

yeah and it pisses me off, too

[washuotaku.livejournal.com]

Why would people pull there money out? The FDIC insures all deposits up to $100,000. Also, the Feds sold those deposits to JP Morgan, so it shouldn't even affect the customer at all.

[caitlin.livejournal.com]

Maybe they forgot about the FDIC.

I'll be honest: I had forgotten about the FDIC until someone else reminded me.

Oh, and now that it's going to be Chase bank... I might pull my money because I'm not sure I'm particularly happy with their business practices, but that's me.

[motorbike.livejournal.com]

LOL MY BANK

[washuotaku.livejournal.com]

Ronald Reagan was a great man and President. I do not see why people would cheer for a bank to collapse. Also, Reagan never once supported "Trickle Down Economics," though it is considered to be part of the Reaganomics of the time. I should also note, if your connecting that with lower taxes for the wealthy... then keep in mind that every president after Reagan has also lowered taxes for the wealthy (including Clinton).

Will that change when McCain is in the White House... who knows.

[dracowayfarer.livejournal.com]

Perhaps you meant IF McCain makes it to the White House? ;)

[unclejimbo.livejournal.com]

Reagan was a great communicator, but only a mediocre president. His favorite thing was union busting, most notoriously the air traffic controller's union. The industry still has not recovered from that fiasco.

Reagan's whole platform was trickle down economics and shrinking the 'evil government' so as to not interfere with people's lives. This took on the form of deregulation. Reagan, Bush I & II, plus Bill Clinton all worked to undo all the regulations put in place during the Roosevelt administration to forestall a lot of the mismanagement that plagued the banking industry then and has resurfaced not with most of those regulations either relaxed or removed.

I do understand you would prefer McCain in the White House. On this point, we can agree to disagree.