Although the WaMu deal was conducted quickly, there are some big questions to ask on Monday.
The biggest is will WaMu bondholders be made whole? If not, then we run the risk of bank issues bonds everywhere being immediately priced to zero, not good at all. We don't need a run on banks, or bank bonds on Monday.
From Gateway Pundit:
"On Friday, the US government stepped in and sold Washington Mutual after customers withdrew $16.7 billion from accounts since Sept. 16th leaving the Seattle-based bank "unsound." It was later announced that Washington Mutual Inc. bondholders were likely to lose most of their money. This was a HUGE mistake by the government and must be corrected quickly or it could have major consequences."
"More... There are already reports that the stock market could suffer a devastating crash with shares losing a third of their value this week if a concensus is not reached in Congress this weekend.
With tensions high and Speaker Pelosi calling GOP members unpatriotic for missing meetings they were not invited to, it may be impossible for this to happen.
Let's pray for a miracle."
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Steve I consider myself a conservative independent. I always keep up with politics and what is happening in the House and Congress but for the last several weeks I have keep C-SPAN 1, 2 and 3 going all day. I have to say that I am so sickened at the politicizing being conducted by Democrats and at least one Independent visa vi Bernie Sanders who has added nothing but Bush hate. Democrat after Democrat starting with Pelosi on through the lot has wasted their discussion time bashing Bush and McCain. It is utterly sickening. We need these power-bloated billy goats to shut-up and work to resolve this NOW. I don't know if many people have caught it but now the Democrats want the first 20% of profit from the sales of assets gained through the bailout to go to ACORN. ACORN????? This makes me so mad I would definitely be willing to support a total revolution if that happens. ACORN!!! Good God in heaven.