CNN Reports that stocks plundged and then came back up after the S&P lowered WaMu’s stocks as Junk.  Holy crap.  This is of course one of the companies that has been marketing constantly this year, hell I’ve gotten a request to get a mortgage as well as a credit card through them at least once a week.

Seeking to reassure investors, the bank said late Thursday that it had sufficient capital and liquidity to see it through these tough times. It reported that it plans to set aside $4.5 billion in the quarter for loan losses, down from $5.9 billion in the prior period but more than two times expected charge-offs, or uncollectable loan losses.

See, these are things you say when you’re trying to shore up everything and make yourself look ‘not as bad’ as you could be so you can be bought by JP Morgan.  Food for thought.

And in case you were hoping that the Fed would cut the interest rate (thus drive up inflation even higher you dumbass) you’ll be disappointed because they didn’t.  Thank god.  The Fed can’t and shouldn’t consider cutting rates any more at this point or we risk watching the dollar sink lower.

Tags: fold, junk, mutual, wamu, washington
Posted in news |

This entry was posted on Tuesday, September 16th, 2008 at 2:09 pm and is filed under news. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.