Friday, September 26, 2008

WaMu seized by FDIC

Washington Mutual seized by FDIC Color Washington Mutual gone The WaMu web page now welcomes former customers to JP Morgan. Which is a good thing. An interview on TV with a former WaMu CFO today was quite interesting. One point mentioned: the press. He stopped short of declaring that the media deserved some credit for the two runs on the bank that helped end WaMu's life. I won't: The press deserves some credit for the mess we are in. Repeatedly stupid statements about being in a recession when that has not, and is not the case, should be a crime. The resultant (press induced) panic helped to heighten the damage. As I said on April 30, 2008, Brian Williams was wrong. No one in the media is picking up on the ramifications of their own actions. How sad. It is always easier to blame someone else. We all do it. I have done it. You have done it. But like all bad habits, the pattern can be broken. It must be broken. -ski
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