Journal CauseWithoutARebel's Journal: National City trades halted mid-session, WaMu down over 26% 1
M&T is off over 15% too.
Nothing wrong here, though. The economy has been "provided
And don't worry. Hank himself isn't too concerned about recession. He's just "not focused right now on what you call it".
I always liked flapper girls anyway...
Just as a fun number, it looks like the last time National City (National City is a super regional bank, incidentally, if you've never heard of it) traded this low was almost 25 years ago.
The *real* outcome ... (Score:2)
Fannie and Freddie can now borrow at the discount window ... using what as collateral? Oh, those worthless mortgages. Because let's face it, until prices fall back to historic income/price ratios, the mortgage is a ticking bomb.
What HAD to happen was that Fanne and Freddie had to be allowed to fail. That would have caused prices to drop like a stone, and attracted investment. Now? Ain't gonna happen.
If the weaker banks had been allowed to fail, people would have shifted their money to other, stronger b