The Blame Game Begins

Posted by Ray on September 26, 2008 under Main | Be the First to Comment

It was bound to happen, soon rather than later, that Washington would start the blame game. Senator Reid was just on and said that this is a Republican problem. That is simply not true, totally.

We are not partisan, at all, but we do give the Republicans more blame than the Democrat’s for one simple reason, they had control for 6 years. However, for the last 2 years, the Democrat’s have been in control of Congress. To lay blame is just plain dumb right now. Both parties took money from the financial services industry, so to say one party is guiltier than the other is dumb. They are all crooks.

On another note, WaMu is now bought by J.P. Morgan for $1.9B in one of the most necessary buyouts of our lifetime. What is amazing is that WaMu had $330B in total deposits and they were bought for $1.9B… do you think there was a problem there?

While this buyout averted one major bank failure there are more to come. We have had 12 banks fail this year, but there are a few big ones to watch, specifically Wachovia. This bailout and now the politicizing of this event is just ridiculous and it will make this not work. We hate the bailout, as you already now, but at this stage it is going to be passed so these people, our elected officials, need to make sure we get the most equitable deal possible.

The thing is a farce, but if they are going to do it then they need to do it right.