abra cadabra.. poof!!!! WM becomes JPM!

Wow!! The FDIC did not even wait until the weekend to seize Washington Mutual(WM), the nation's largest savings bank and sell it to JP Morgan Chase (JPM). This will spare the taxpayers another bailout at the cost of shareholders and bond holders of WM. Hey!!! the people who took on more risk for more reward are left holding the bag, not the taxpayers and responsible mortgage holders!!! This is an event that should become a trend.
Just remember one thing. The root cause of this sub-prime lending crisis is the government's extension of credit (via Fannie Mae and Freddie Mac) to mortgage borrowers who could not handle the mortgage they were receiving. When Bill Clinton told Fannie Mae and Freddie Mac to lend money to people who could not handle the debt, that started the current sub-prime lending crisis. This occurred in 1995. In 1996 Bill Clinton became the first Democrat to be re-elected as President of the USA since FDR.
HHHMMMMMM!!!!
More to come.