Washington Mutual is Seized by FDIC and banking assets were sold to JPMorgan Chase & Co for $1.9 billion

Evening, Neal,  news like this just keeps piling up on us.  Do you know any of the details or is it the garden variety bad loans scenario ?

Neal - There isn't much that would surprise me with much of the financial sector being challenged. 

Neal- So should I go run to WAMU in the morning to take out money out? I hate having to set up all my online banking all over again! URGH!!!!!

Neal, Long Beach was the Subprime lending arm of Washington Mutual, and there underwriting guide lines were pretty lose.  So here is another example of Subprime having a hand in taking someone down.

It's amazing how ...little by little you are seeing these major top dogs going down.

I pulleed my money out of WAMY about 9 months ago. Handwriting was on the wall. They told me I couldn't closemy account becuase there was n manager there.  I asked when the manager would be back - they said "He Floats"......so I wrote myself a check for the total amount in the account minus a dollar...Let's hope they stay afloat......

In my adult life I have never seen this big a financial mess.  Now I understand why my grandparents put water in the ketup bottle to get the last of it out.  I havent' had an account with WAMU for years but I feel for the people stressed by this.

I do not have WaMu accounts, thanks goodness. But who knows what is coming next. ~Rita

Neal, the number of zeroes behind these deals daily to me are mind boggling.

I think this has passed mind boggling, it is mind numbing.  We hear this stuff daily and it is becoming the norm.

Neal...

The news gets more frightening every day. Wow,

Yep that ball has now officially passed!

I actually would rather see the markets work out these issues than see the govt cough up 700 billion in tax payers dollars...

Your friend in Charlottesville!

Neal:  This is all such a mess.  I am with Melody.........I have never ever seen anything like this, but my Aunt lived in the depression era and she once describe it like this.

That's what happens when you fall in love!

Well...well...well...this is a day that we will not soon forget. GBU, buddy!!

Neal this is getting real old!

Personally, I think companies are too large, even those buying up our American companies. Anheuser Busch gone to foreigners. Barclays bought Bear Stearns, I think it was, for about $250 million. We need more small businesses, not more big ones.

Whether or not we like what we are seeing..we have absolutely no control over this and I feel like I'm drowning and we can swim to the surface.

I'm still waiting for the bank to confirn that they still have our short sale package.