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The Weblog at The View from the Core - Fri. 09/26/08 06:31:29 PM

The Largest Bank Failure in U.S. History

Did you notice?

It says a lot about our current situation when the largest bank failure in the history of the country isn't the top news story of the day, no? Indeed, one can detect an almost ho-hum attitude towards the failure and collapse of WaMu:

Executives of JPMorgan Chase & Co. arrived at Washington Mutual's headquarters in Seattle Friday [Sep. 26], a day after snapping up the troubled Seattle thrift in a fire sale organized by the federal government.
U.S. regulators closed Washington Mutual Inc. and quickly auctioned off the bulk of its assets after the company hemorrhaged nearly $17 billion in deposits in just over a week and the government determined it could no longer meet its obligations. It was the largest bank failure in U.S. history....

Meanwhile, the same faces and voices we see and hear every day in the news from Washington — Chris Dodd, Barney Frank, Harry Reid, Nancy Pelosi, et al., ad nauseam — are walking around in a daze, not because they don't understand what's going on, but because it's very hard for them to pretend that they can be part of the solution when they've spent years and years, if not decades and decades, becoming part of the problem. Some of them are actually bragging about how many hours they've been putting in the past week or so: I'd much rather they do the country a favor and go home and stay home.

The real question underlying all the other questions is this: when, and by whom, is it going to be determined that the federal government can "no longer meet its obligations"?

Lane Core Jr. CIW P — Fri. 09/26/08 06:31:29 PM
Categorized as Political & Social/Cultural.


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