US Bailout in Chaos, WaMu Is Biggest Bank Failure

Reuters
Friday, Sept 26, 2008

U.S. congressional leaders will try again on Friday to save a $700 billion Wall Street rescue plan after talks broke down in acrimony against the backdrop of the nation’s biggest-ever bank failure.

As negotiations over the White House’s unprecedented bailout scheme degenerated into chaos when a rival Republican plan emerged, the U.S. authorities shut down Washington Mutual, the largest U.S. savings and loan bank, and sold its assets.

Democratic Rep. Barney Frank, who has played a key role in talks over the bailout plan, said negotiations would continue on Friday, but with no sign that Republicans in the House of Representatives would take part.

(Article continues below)

He said he hoped President George W. Bush and Republican presidential candidate John McCain could convince them to join the talks, where Senate and House Democrats, Senate Republicans and the Treasury Department were working together and “there aren’t huge differences.”

“I can’t believe that House Republicans are going to continue to defy George Bush or that John McCain isn’t going to try to help,” he said. “There is optimism.”

Full article here

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6 Responses to “US Bailout in Chaos, WaMu Is Biggest Bank Failure”

mythicShadow Says:
September 26th, 2008 at 4:10 am
this video is a summary of what’s going on and is going to happen

http://ca.youtube.com/watch?v=X4rD6muiCd4
The Victorians Says:
September 26th, 2008 at 5:29 am
If a nation is losing $2Billion a day, and is not addressing that, then what hope have you/we got?
rich Says:
September 26th, 2008 at 5:39 am
it will keep getting worse and worse as the giants fall like dominos !!!!!!!!!!!!!!!

http://www.youtube.com/watch?v=lM5xGLS6eUY
LR Says:
September 26th, 2008 at 7:08 am
If US citizens do what these bankers do, we would be seeing a judge, not congress…
K. Beck Says:
September 26th, 2008 at 7:19 am
LOL Money is like holding water in your hands.
"C" Says:
September 26th, 2008 at 8:48 am
The Circus of Stupidity is back in town! Oh Boy look at all the Clowns! riding the three-wheel word bike of lies! not to mention the high-lie-wire balancing act! Oh Look! here comes the LIAR TAMER and look he is pulling money out of the LIARS’ MOUTH…well there goes another Circus of Stupidity:sponsered by USAGOV.
ya know what? i didn’t get any Cotton CASH Candy? Oh well the Circus will come again…it always does. Ya know what! if we stop going to the Circus maybe it will stop coming back to town? and then we can eat our Cotton Cash Candy! Do ya “C” what i mean? (next year i am going to the Rodeo!)