Memories
It's official.
A rescue for the U.S. financial system unraveled on Thursday amid accusations Republican presidential candidate John McCain scuppered the deal, and Washington Mutual was closed by U.S. authorities and its assets sold in America's biggest ever bank failure.
As negotiations over an unprecedented $700 billion bailout to restore credit markets degenerated into chaos, the largest U.S. savings and loan bank was taken over by authorities and its deposits auctioned off. U.S. stock futures fell by more than 1 percent.
The third-largest U.S. bank JPMorgan Chase & Co said it bought the deposits of Washington Mutual Inc, which has seen its stock price virtually wiped out because of massive amounts of bad mortgages. The government said there would be no impact on WaMu's depositors and customers. JPMorgan said it would be business as usual on Friday morning.
Labels: 2008 elections
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5 Comments:
FWIW, we're about to have a Black Friday. People are going to have to stop saying that shit about the day after Thanksgiving.
By
Joseph H. Vilas, at 8:39 AM
Uh, how's that working out for you? Dow is up 120 points. You've still got five minutes to cover your shorts before the market closes.
NO BAILOUT!
By
Anonymous, at 3:57 PM
Hm -- go figure. The NYSE composite was down 37.5, but as you note, the DJIA was up 121.07. Party on, Garth.
By
Joseph H. Vilas, at 6:10 PM
One day does not a trend make. I don't do short sells, but i'll be surprised if the Dow is as high as it is now come the end of October.
The "fundamentals" of the economy have not improved much in the past week, and i don't see them improving much in the next month.
By
Barry, at 10:32 PM
Ok, I was a day off.
By
Joseph H. Vilas, at 8:48 PM
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