Thursday, September 25, 2008

Washington Mutual Seized by the Feds

The largest bank failure in history occurred Thursday night as the Republican house members killed the $700 million bail out. Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was seized by federal regulators on Thursday night, in what is by far the largest bank failure in American history.

As the Republicans play politics and want to shock the markets back into submission with Freidmanite lassez faire capitalism the economic situation worsens. What are they thinking? It sure ain't country first.

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