robert99

WaMu and More: Uninsured Depositors Begging for Trouble

I have been reading Mish's Blog for over a year now, and one thing I can say about it is that Mish's articles most certainly do not lack substance. He has made many excellent calls on multiple companies, and I am convinced that he is one of the very few truly objective bloggers out there - hence his success. If he is short WM, then yes, he should disclose that information. However, if WM is in danger of going under, no amount of pollyannish tongue holding will prevent it from doing so. When times are bad, those companies which acted irresponsibly when times were good will be punished. That is the nature of the business cycle, and short of the abolition of the Federal Reserve and fractional banking, that will never change. If WM goes under, it will only be part of the natural cleansing process which should ALWAYS occur after a bubble. If the natural correction is not allowed to occur, another bubble will be built on top of the previous one, and when the big bubble pops, the resulting period of economic pain will be MUCH WORSE than it necessarily had to be. If you want to stop this process from occurring, get on board the wagon to create a new banking system. Otherwise, please refrain from making me sift through your ignorant comments to find the good ones. All of you who are falling for the 'blame the bloggers' BS should realize this: WM took on too many RMBS, and is now in danger of going under. If WM goes bankrupt, it will be no one's fault but management.