Saturday, September 27, 2008

WaMu collapses when <10% withdrawn???

This quote from Bloomberg News today: "WaMu had its banking unit seized Sept. 25 by government regulators after customers withdrew $16.7 billion over 10 days.
JPMorgan Chase & Co. became the biggest U.S. bank by deposits
when it bought WaMu's branches with a $1.9 billion payment to
the Federal Deposit Insurance Corp.

WaMu had fallen 98 percent over the past year on losses tied to
subprime lending before trading was halted on news of the FDIC
seizure. The company was one of the financial firms the U.S.
Securities and Exchange Commission protected from short selling
this month as part of an effort to stabilize equity markets.
WaMu's bank had $188 billion in deposits. "[end quote]
Read entire article at:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aG.D1cUCF5zU&refer=home/
7:01 AM 9/27/2008
Then ask yourself why customers withdrawing less than ten percent of the supposed deposits would cause a complete collapse of the bank? Look at the figures in that quote,$16.7 billion was withdrawn by depositors in a run on the bank but supposedly leaving WaMu with $171.3 Billion on deposit, so why did it fail? What is wrong with the stats, and who are they fooling, and where was the fraud?
And admission by SEC that they failed in this quote from article, "SEC
points a finger at itself' in BloggingStocks, by Douglas A McIntyre, today:
"Adding to the disdain is a report from inside the SEC itself issued by
the agency's monitor of internal controls. According to The Wall
Street Journal. "Inspector General David Kotz said it is
"undisputable" that the SEC "failed to carry out its mission in its
oversight of Bear Stearns." Kotz says the SEC was aware
of the threats posed by subprime mortgages and did nothing."{end quote}.
Read entire article at:
http://www.bloggingstocks.com/2008/09/27/sec-points-a-finger-at-itself/print/
Read about how the other items on the US budget stack up to that monster proposal
to bail Wall Street, beginning with this quote:
"The measure is fueled by a need to pass stopgap funding to
keep the government running past the current budget year
ending Sept. 30. The stopgap measure is needed because of a
breakdown in the budget process this year, and under it,
domestic agencies would be funded through March 6 or until
their regular budgets pass.

The measure is dominated by $488 billion for the Pentagon,
$40 billion for the Homeland Security Department and $73
billion for veterans' programs and military base construction
projects — amounting to about 60 percent of the budget work
Congress must pass each year."[end quote]
Read that article entitled, "Pentagon Bill Poised to Clear Senate Hurdle"
at this :http://news.yahoo.com/s/ap/20080927/ap_on_go_co/congress_spending;_ylt=A0wNcwXIMN5IvYMAQyOs0NUE/
Chinese Bank Regulators hit the nail on the head with this remark:
"When U.S. regulators were reducing the down payment to zero,
or they created so-called `reverse mortgages,' we thought that
was ridiculous," Liu said at the World Economic Forum in this
eastern Chinese city. He said debt in the United States and
elsewhere rose to "dangerous and indefensible" levels."[end quote]
It is common sense to not get into much debt even for nations.
Read the entire article entitled, "Chinese Regulator Calls US Lending
'Ridiculous' ' in the Yahoo News today.
7:26 AM 9/27/2008
I am posting quotes here on this blog of mine to help you viewers understand and
also hopefully the US Congress that there is something that is not being told the public and that something is what is going to sink the nation. IS the entire US bankrupt? IS the US able to meet its obligations?
The real issues are not if Wall Street survives and the big monied bankers, but if the nation has so indebted itself as to implode??
If there is not money in the Treasury Dept, then what?
signed gloriapoole, RN and artist, Denver CO 80203
7:26 AM 9/27/2008
Update as of 7:37 am, MT:
This important quote:
“You were being asked to choose between financial meltdown on
the one hand and taxpayer bankruptcy and the road to socialism
on the other and you were told do it in 24 hours,” Representative
Jeb Hensarling of Texas, head of the conservative group, said.
“It was just never going to happen.” Read the entire article entitled
"Conservatives View Bailout Plan as Last Straw" [include me in that
opinion also] in the NY Times today at:
http://www.nytimes.com/2008/09/27/business/27repubs.html?_r=1&hp&oref=slogin
Update at 7:55am MT:
This quote from article entitled, "Wachovia Looking for Help, turns to Citigroup"
in the NY Times today:
“The Treasury Department plan will not prevent more bank failures,
” said Chip MacDonald, a lawyer who advises banks at the law firm
Jones Day. “The plan proposes to make purchases based on market
prices, which are likely to be at a loss to the sellers. Such losses will
deplete the sellers’ capital, which only strongly capitalized
institutions can absorb without
raising additional capital or a merging with a stronger bank.”
Read entire article at:
http://www.nytimes.com/2008/09/27/business/27bank.html?em
And this quote :[Senator McCain] then suggested an across-the-board
spending freeze except for defense, veterans’ care and entitlements.
“Senator Obama has the most liberal voting record in the United
States Senate,” he said. “It’s hard to reach across the aisle from
that far to the left.” in NY Times article entitled, "On Wall St, Rivals
Pivot to More Familiar Turf" at this :
http://www.nytimes.com/2008/09/27/us/politics/27economics.html/
8:06 AM 9/27/2008
Update as of 8:11am, MT:
This quote from British Prime Minister Gordon Brown per the BBC news
article entitled, "Brown Backs US Bank Bail-out Plan": "Mr Brown earlier called for an end to the "age of irresponsibility" in the global financial sector." [end quote]
Read article at:
http://news.bbc.co.uk/2/hi/uk_news/politics/7639031.stm
8:13 AM 9/27/2008
And about last evening's Presidential-candidate debates:
"But in the foreign policy section of the debate, it seemed to me John
McCain emerged a clear winner...", That quote from this article entitled
"McCain and Obama Spar in First Debate" in the BBC news today at:
http://news.bbc.co.uk/2/hi/americas/7639102.stm
8:26 AM 9/27/2008
Also I want to reiterate that I am absolutely opposed to any government forcing
any person in any occupation to participate in killing of innocents. There is no such right as the right to kill innocents in America* or anywhere, because GOD wrote in stone, 'thou shalt not kill', and those who believe in and adhere to the
words of GOD will not kill for jobs, for money, for political power or for any reason. Neither the US government as it exists or IF it becomes socialist-leaning-toward communist [the redistribution of assets is from The Communist Manifesto] nation, will have the power to force righteous people to kill innocents. Righteous people in health care will flee the system rather than participate in medical killing. Then the so-called health care industry will be left with those who kill for money. Does that sound appetising to you, because it turns my stomach!
*footnote: I am referring to the ongoing debate by the Health and Human Services about whether they 'should' force medical providers to provide abortion [a deliberate act of premeditated murder of an innocent human], refer for
it, participate in it, assist with it, or prescribe it; or prescribe abortifacients that kill fertilized eggs of human women, or withhold food and water from patients, or actively or passively assist with forced 'dying' of the sick, injured, elderly,
poor, minorities, 'unwanted', politically incorrect, Jews, Muslims, blacks, browns,
yellows, reds,ignorant, insane, immoral, or any other grouping intended to dehumanize humans for the purpose of gaining money or power from their blood or tissues, or cells, or body parts, or teeth, or bones, or gametes, or brains, or any tiny one cell of theirs, or their assets, or their name or whatever. I am absolutely
opposed to the killing of human people, by other humans if they are innocent [and babies are always innocent] of capital crimes as
defined in the US as murder, aggravated assault with intent to murder, kidnapping,etc, when tried in a Court of Law, and allowed defense and questioning their accusers, [all civil liberties]; and even then it is the government's duty to punish, not the individual humans'. But for medical professionals to kill?? -->HORROR! That is always a wrong, not a 'right'.

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