WaMu has become the latest failure in the financial meltdown that has plagued the United States banking system. One wonders who the idiots are let this happen? WaMu management? Regulators? Congress for not acting? The rating firms that lowered the ratings on their debt? Everyone’s deposits at the bank are safe as the branches and accounts were bought by JPmorgan Chase for $1.9billion.
What is amazing is the fact that it didn’t take a smart person to see this coming! Hopefully Americans do not lose faith in the banking system and continue to keep their money there as opposed to keeping it hidden in a mattress. I remember my grandmother tell me stories about days when they did this. They did not believe their money was safe in banks, one wonders if we will return to this era.