Trying to heal the man you just stabbed… by stabbing him again!
September 30th, 2008
WaMu failed, sold to J.P. Morgan, which as of last week is mostly owned by the government.
Wachovia failed (though the FDIC stepped in a little early so it didn’t look like a takeover, ha!).
And the bailout didn’t pass! Because it wasn’t big enough and didn’t pay off the right people! If it doesn’t pass by next Monday I’ll eat my hat.
The Fed’s budget is being doubled. The FDIC will most likely raise it’s 100,000 insurance limit to 250,000. Temporarily?! Chuckle, chuckle…
Once you get past all the Partisan BS, this video is pretty helpful as far as historical info: