obama, gibbs, axelrod in elko, nevada
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Washington Mutual needs a bailout, too.
Well, the government bailed out AIG and Wall Street tumbled:
Wall Street plunged again Wednesday as anxieties about the financial system ran high after the government's bailout of insurer American International Group Inc. failed to restore investors' confidence in banking stocks. The Dow Jones industrial average lost about 450 points, giving it a shortfall of more than 800 so far this week.
As investors fled stocks, they sought the safety of hard assets and government debt, sending gold, oil and short-term Treasurys soaring.
The market was more unnerved than comforted by news that the Federal Reserve is giving a two-year, $85 billion loan to AIG in exchange for a nearly 80 percent stake in the company, which lost billions in the risky business of insuring against bond defaults. Wall Street had feared that the conglomerate, which has extensive ties to various financial services industries around the world, would follow the investment bank Lehman Brothers Holdings Inc. into bankruptcy. However, the ramifications of the world's largest insurer going under likely would have far surpassed the demise of Lehman. continue
Merrill Lynch was bought for pennies by Bank of America and we all know that Lehman Brothers, a bank investment firm for over 100 years went bankrupt, now here comes WAMU, or Washington Mutual.
I have been harping on WAMU for a while. They are holding heavy bad mortgages on the books and now their stock is worth 2 bucks. Oh, if you have any money in WAMU, advice, FIND ANOTHER BANK.
The US Government has asked big banks, including HSBC, to put together a rescue buyout of Washington Mutual, the American lender, according to a report.
The banks involved include Wells Fargo, JPMorgan Chase and HSBC but the report in the New York Post said that no deal talks were being held between the banks and WaMu.
Shares in WaMu, which is America's largest savings and loan institution, have plunged by 49 per cent over the past month and 83 per cent this year. Its shares today fell by a further 10.17 per cent to $2.12.
The Government's attempt follows its rescue last night of American International Group (AIG), the troubled insurance group, and once one of America's biggest, for $85 billion.
WaMu's bank's non-performing assets - bad debts - jumped to 3.62 per cent in the second quarter, up from 2.87 per cent. It has been forced to put aside more than $8 billion to cover bad debts in its mortgage book.
Uncertainties about the make-up of the mortgage book is an obstacle to finding a buyer or buyers for WaMu, the paper said, quoting an unnamed source saying that there may only be a "minimum amount of value" in WaMu's loans business.
Notice that none of the banks are "jumping" to help WAMU. Why? They don't know what the books really are, if the paper that is presented is real or fake, as in money. And banks, as people, are uncertain about an established bank as Washington Mutual needing help. The question is how much help? And for the US Government to ask major banks "on the low" to help WAMU means that WAMU, is fucked up. Excuse the french, but it is what it is.
If you are a customer, find another BANK.
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McCain sites he is going to throw out the "Old Boy Network"
Has he looked at himself lately? More importantly, has he taken his name off the "Old Boy Network" list? Well, Obama had the perfect zinger:
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The importance of voter registration
The time is coming quick. The earliest date is October 4, 2008. I wrote a diary expanding on all 50 states. You can download the registration form and mail it to your local country office. It includes all absentee voting, military voting, citizens abroad voting, felon information, contact information for each state, early voting information for states that have it, etc.
It is worth a read and more imporantantly, worth you forwarding the information to voters that are moving to another state and voters you know that are not registered to vote.
We win this in November with VOTES. Period.
The Motherlode of All Voter Registration Information That You Need
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New Obama Ads
plan for change
sold us out
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Obama got his mojo back in the polls
Regaining his stride in the daily tracking polls. And CBS/New York Times Poll: Obama 49, McCain 44.
Exhale for a minute, then get back to work to get Barack and Joe in the White House.
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biden in wooster, ohio
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and..........
Michelle on the People's Best Dressed List
The.Worst.Hillary.Supporter.EVAH!!!!
Barack Obama raises millions in Beverly Hills
McCain Campaign tries to squash "troopergate"
McCain Laboring to Hit Right Note on the Economy
Alaskan Conservative Radio Host Rips Lying Palin & GOP
Obama Spanish Language TV Ad "Dos Caras", Video with Transcript
You Gotta Be Kiddin’ Me! Palin To Visit Foreign Leaders At UN?
And Chris Matthews, Hardball, Hands Rep. Cantor his ass on a platter
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