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that if the WAMU implosion had happened a year ago it would be in 48 point type on every paper and website.
But today the largest U.S. bank (ok, thrift) failure is only mentioned in passing.
After all, what's $2 billion (and $30 billion in immediate writeoffs) compared to $700 billion (or more?)
Anyone else curious about what the Feds had to promise J.P. Morgan to get them to take this stinker?
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It's frightening how quickly people can become inured to the worst sort of disaster as long as it doesn't directly effect them. I'm old enough to remember when people would be horrified at the very idea of this country having homeless families sleeping in the streets, we got over that and learned to live with it far to quickly.
Hell I can even remember when it was the bad guys in the black hats who tortured captive prisoners, we learned to live that as well.
Does that make us hopelessly adaptable?
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PS: JP Morgan picked up over 2000 brick and mortar locations and whatever number of WaMu customers it can hold onto for a song. They outbid Citibank and a few others for the rights to the carcass.
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I'm convinced it was caused because Washington Mutual made the fatal mistake of starting to officially call themselves "WA-MU", instead of their original, non-stupid sounding name, Washington Mutual.
Fatal. As a Washington State resident, I was powerless to stop it. I tried, but they unfortunately wouldn't listen to my warnings. They insisted on putting up all those signs, and changing their stationary, and everything.
