The Biggest Bank Failure, Is My Bank!

I just read an article by Charles Herman and Daniel Arnall from September 25, 2008, FDIC: 'WaMu the Largest Bank Failure Ever'. What a surprise. WaMu, short for Washington Mutual, just happens to be my bank. You can bet that it took me by surprise to read it. Especially since I was never given any indications at all that there were any problems. JP Morgan Chase & Co. has bought up the working assets of Washington Mutual. It is the largest Savings and Loan bought for 1.9billion. What a bargain? Considering that it costs American Taxpayers 700 billion to bail out Wall Street. Too bad, we could bail out WaMu for 1.9 billion instead.

There was no impact on the customers and depositors of WaMu. The name will remain the same for now. Washington Mutual did have 307 billion dollars worth of Assets, which made the it possible to save the bank.

Why is this story so important? This story comes at a time when we are already dealing with our government Bailing out the companies, Financial Corporations and Banks of Wall Street for the 4th time within a 7 month period. But this fourth time bail out is using 700 billion dollars of Federal Taxpayer's money.

It makes me very angry and sick. I am especially confused. I always believed, as did most Americans, that our tax dollars paid for our Government and the Services they provide. But how can any of the Services they provide exist if the money is going for Bail out of the CEO's, Financial corporations and the Banks who all made Devious Financial Business Transactions.

We were told that the government passed the Bail out with Oversight attached. I hope there are some strong regulations and ethical restrictions prohibiting the same type of Deceitful Business transactions from ever occurring again.

Oversight Of Bank's Bad Assets

For as long as I can remember, the Republicans have always called for Deregulation. The thought of government looking behind the shoulder of Big Business never sat well with the Republicans. So came the call for Deregulation from the Republicans, Loudly and clearly as they sounded, Nixon, Reagan, Bush Sr., Bush Jr., McCain. Oh yes, Senator McCain has always sound the horn the loudest from the 1980's on.

But McCain did more than sound the horn, in 1999 McCain help sign the bill that did away with only protection that existed since the Great Depression. Yep, there was a bill that was put into law, which contain the rules of ethics for Wall Street. You see it put there after the big crash when a lot of people committed suicide after the total life savings was gone in their investments on Wall Street.

Many will say, but Clinton was president. Yes he was. But the Republicans had control of the Senate. And they finally pulled the ultimate switch and bait on the American people when we were not looking. Now add to that the 8 years of republican Bush that followed, and what we have is a crises waiting to happen.

Maybe they thought it would be when the next administration was up? Or maybe they thought they could hid it? But here we are with 4 bailouts using Taxpayer's money in just 7 months. It sounds ludicrous. I never thought I would ever see the day when Big business of Wall Street and the Financial Corporations along with the Banks would have the gull to demand that our United States government Bail them out with No Regulations to follow, No Restrictions attached, and No Government Oversight. Well The people have spoken, And if they want to be bailed out then it will only be if our Government Looks over their shoulder for now on.

Personally, I would prefer that they fail and fall, loosing all their wealth and money. I like to call it "Tough Love." After all, I do know one thing about the Great Depression. The people to suffered the most were the companies of Wall Street and their investors who put all their savings into the company stocks. Yes the working middle class did suffer somewhat. But after these 8 years of Bush and the Republicans devaluing the jobs of the working middle class, forcing our wages down and sending our jobs overseas, we working middle class do not have far to fall if a Great Depression were to hit again. It would only be the CEO's, companies, and investors who would not do well. A lesson that Today's young and successful Americans who value the market and the 'Get Rich Quick Schemes' were never taught.