{"id":829,"date":"2008-09-26T06:39:29","date_gmt":"2008-09-26T11:39:29","guid":{"rendered":"http:\/\/bobbeaty.com\/wp\/?p=829"},"modified":"2008-09-26T06:39:31","modified_gmt":"2008-09-26T11:39:31","slug":"wamu-grabbed-by-fdic-and-sold-to-jpmorgan-for-19b","status":"publish","type":"post","link":"https:\/\/bobbeaty.com\/wp\/archives\/829","title":{"rendered":"WaMu Grabbed by FDIC and Sold to JPMorgan for $1.9b"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/bobbeaty.com\/wp\/wp-content\/uploads\/2008\/01\/pirate.jpg\" alt=\"pirate.jpg\" border=\"0\" width=\"125\" height=\"125\" align=\"right\" \/><\/p>\n<p>This morning I read on the Wall Street Journal <a href=\"http:\/\/online.wsj.com\/article\/SB122238415586576687.html\">front page<\/a> about the failure of WaMu being the biggest in the nation's history. Roughly $30 billion in debt and stock washed down the tubes. Holy Cow!<\/p>\n<blockquote><p>The fact that no bank was willing to buy WaMu until it failed shows how badly confidence has eroded in a banking system awash with record profits just a few years ago. Faced with deepening losses on mortgages, credit cards and other loans, big and small banks across the country are struggling with what many bank executives say is a crisis far deeper than the savings-and-loan debacle.<\/p><\/blockquote>\n<p>This just makes me mad. People will look at this industry and say \"What a horrible bunch of greedy people\" when the last statement in the quote says it all: <em>bad loans<\/em>.<\/p>\n<p>OK, who is the major borrower here? Answer: People. People getting into homes and mortgages they can't afford. People running up credit card debit they can't pay. It's people. Every single one of us that lives beyond their means. <em>Ask not for whom the bailout is - is it for <strong>thee<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This morning I read on the Wall Street Journal front page about the failure of WaMu being the biggest in the nation&#8217;s history. Roughly $30 billion in debt and stock washed down the tubes. Holy Cow! The fact that no bank was willing to buy WaMu until it failed shows how badly confidence has eroded [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,7],"tags":[],"class_list":["post-829","post","type-post","status-publish","format-standard","hentry","category-cube-life","category-everything-else"],"_links":{"self":[{"href":"https:\/\/bobbeaty.com\/wp\/wp-json\/wp\/v2\/posts\/829","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bobbeaty.com\/wp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bobbeaty.com\/wp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bobbeaty.com\/wp\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bobbeaty.com\/wp\/wp-json\/wp\/v2\/comments?post=829"}],"version-history":[{"count":1,"href":"https:\/\/bobbeaty.com\/wp\/wp-json\/wp\/v2\/posts\/829\/revisions"}],"predecessor-version":[{"id":830,"href":"https:\/\/bobbeaty.com\/wp\/wp-json\/wp\/v2\/posts\/829\/revisions\/830"}],"wp:attachment":[{"href":"https:\/\/bobbeaty.com\/wp\/wp-json\/wp\/v2\/media?parent=829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bobbeaty.com\/wp\/wp-json\/wp\/v2\/categories?post=829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bobbeaty.com\/wp\/wp-json\/wp\/v2\/tags?post=829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}