Friday, September 26, 2008

WaMu Collapses After McCain Wrecks Bailout?

Photo from source, Wonkette

I'm writing this on Thursday night, so there is no way to know yet how this is going to play out tomorrow. It's anybody's guess how the happenings of Thursday will affect Friday. But, wow, what a tangle we've got. . .

- On Wednesday, John McCain claims (but doesn't quite follow through) that he will suspend his campaign, in order to go to Washington D.C. to save the country.

- On Thursday, while McCain is belatedly en route to D.C., it is announced that the House and Senate are about to approve a government bailout, to save the country.

- McCain and Barack Obama meet with (still) President Bush and others to hammer out the details at the White House.

- Republicans revolt, and claim they have a better plan to save the country.

- Nothing can be agreed upon, so the tired Senators and Representatives go home to bed.

- Washington Mutual collapses. Country un-saved.

So, if McCain hadn't swooped in to "save the day," would any of this have happened? Would both houses of Congress agreed upon a plan, bailing out WaMu in the 11th hour? And what will Wall Street--which rallied impressively, if not spectacularly on Thursday--do on Friday? I don't know enough about stocks and bonds to pretend to know. But I have a hunch that we're in for a bad closing bell.


Washington Mutual Collapses; McCain Destroys Bailout Deal

There are no more nights in politics or business — only the endless horrible grind of collapse and f**kery, 24 hours a day, including this newest chapter in our latest, greatest depression: Washington Mutual has collapsed, and was closed by the Federal Government late Thursday night. It’s the biggest bank failure in U.S. history. . .

Read more at: Wonkette

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