Sep 26

WOW! Bet no one saw this shyt coming. Well if yall didn’t know Washington Mutal, one of the largest lenders in the world, has been sold by the goverment to JP Morgan Chase.

In what is by far the largest bank failure in U.S. history, federal regulators seized Washington Mutual Inc. late Thursday and struck a deal to sell the bulk of its operations to J.P. Morgan Chase & Co.

On Friday, most financial stocks and the broader market slid as investors digested the WaMu news and the wrangling in Washington over a bailout plan. The financial sector was the second-worst performing part of the S&P 500 behind energy stocks, falling 4.1%. Wachovia, which like WaMu has a troubled mortgage portfolio and faces an uncertain, saw its shares fall 28%, while National City tumbled 41%.

Also Friday, J.P. Morgan priced the capital raising related to its WaMu deal and said it will sell $10 billion in stock — $2 billion more than expected. The public offering is for 246.9 million shares of its common stock at $40.50 a share, a 6.8% discount to its closing price Thursday.

J.P. Morgan Chase shares recently traded up 1.9% to $44.27, after falling 6.9% at one point.(Source)

Economy = Fail

Free world my ass! This unreal. Bush just tore this country apart. Well i don’t know about you guys but i am going to make some withdrawls quick. I can’t even trust the BANK with my money anymore.

Now the government is planning a $700 billion dollar financial bailout or they are saying the economy WILL fail. Well we can obviously see that happening!

Before yall start agreeing with this plan please keep in mind that YOU, the taxpayer, is going to be footing the money for this little bailout plan. JUST REMEBER THAT!

Question: Knowing that we as americans are going to be paying this $700 billion bailout, are you for it or against it? Do you see any other alternatives to this?

Please Voiz your opinions about this. Hence the name of this blog!

In the words of Young Jeezy ” Its a RECESSION, ERYBODY BROKE!”