Update: 9/15...Looks like I should have put Lehman in the lead role. I don't think the FDIC can afford to allow WAMU to go down, they are a hot potato that can really
I spoke with a friend of mine who is a long time WAMU suit. He has been quietly shopping his resume' for the past year and a half and has found no lillipad to jump to as yet. Yesterday, he reached the "capitulation point." Time to surrender his beliefs in the Corporate talking points...he could deny reality no longer. When the truth is known, there are likely to be no survivors. His last statement to me was telling: "I don't know how long the charade will be able to go on, there's going to be a lot of blood!"
If you need to delude yourself by grasping at momentary blips of "positive news" have at it...housing starts, Dow rallies, etc--you will find yourself in good company! Just don't be surprised when the music stops.
UPDATE: Wachovia is shutting down Wholesale lending as of this week...earnings report on Tuesday...just some confirmation of the "blood." Wachovia and WAMU were left of the SEC's protected from "short-selling" list...I wonder why?
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