Quote:
Originally Posted by KSig RC
Yeah - that's very true, this was like the worst-kept secret in America over the last few weeks . . . the whole situation sucks, but this sort of rumor-mongering and news-by-whisper seems really bad to me. Isn't that the sort of thing that exacerbated the Great Depression?
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Weeks? Try months! WaMu is/was the nation's largest savings and loan bank, so when the mortgage crisis came to a head, it became pretty obvious what was going to happen to WaMu. The only strength it had still was its home banking/savings, which wasn't enough to outweigh all of the poor home lending decisions it made in recent years.