Today, Washington Mutual (WAMU) was shut down by the Feds and then acquired by JP Morgan/Chase. I saw this info on the TV at the gym (Club Med Gym, Montparnasse). The gym has many gorgeous, large flat screen TVs but they have no sound, so you have to read the sub-titles. So, I read about my bank, WAMU.
Since I had no ability to do anything, change anything, I just continued my workout, but with a little bit more tension in my neck.
When I got home, I checked the internet and it is true. It continues!
Where will it stop?
We went to our WICE conversation group in the afternoon and tried to explain it to the french.
Why did we have adjustable rate loans? Everyone knows this is stupid.
Why did people try to borrow more than they could pay back? Ditto.
Why did the banks sell, repackage and resell these loans, each time making money, but making the entire system weaker? Ditto
Why are Americans so interested in having so much stuff? Why can't they just enjoy their lives?
I can't justify it, I can only explain it.
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