Country First GOP?

Thanks, Barney Frank! — GIVE 'EM HELL!


Whine, Whine, Whine.. that is all those Republicans do. Either lead, follow or get out of the way! Obama is coming your way!

My bank is in trouble!

Wachovia Corp. is in trouble. It purchased a bank that had questionable lending practices in 2006 and is now paying the price.

At least two major banks were reportedly in talks Sunday to buy Wachovia Corp., the latest U.S. bank to be the focus of investor anxiety over mounting losses tied to toxic assets.

The New York Times reported on its Web site that Citigroup Inc. and Wells Fargo & Co. are bidding in a possible emergency takeover of Charlotte, N.C.-based Wachovia.

The Wall Street Journal also listed Spain's Banco Santander SA as a possible bidder.

Wachovia spokeswoman Christy Phillips-Brown declined to comment on the reports, as did Citigroup spokeswoman Christina Pretto. Wells Fargo spokesmen could not be immediately reached for comment.

Wachovia's shares fell 27 percent in regular-session trading on Friday, and shed another 15 percent in after-hours dealings to end the week at $8.50, as investor worries heightened.

Wachovia's current problems stem largely from its acquisition of mortgage lender Golden West Financial Corp. in 2006 for roughly $25 billion at the height of the nation's housing boom. With that purchase, Wachovia inherited a deteriorating $122 billion portfolio of Pick-A-Payment loans, Golden West's specialty, which let borrowers skip some payments

But like many other banks, Wachovia stands to benefit from the passage of the government's proposed $700 billion rescue plan — the details of which were emerging from Washington on Sunday.

This summer, Wachovia reported a $9.11 billion loss for the second quarter, announced plans to cut 11,350 jobs — mostly in its mortgage business — and slashed its dividend. Wachovia also boosted its provision for loan losses to $5.57 billion during the second quarter, up from $179 million in the year-ago period.

Earlier this month, Wachovia said it is on track to reduce securities and outstanding loans on its balance sheet by $20 billion this year, which will free up $1.5 billion in capital.

Additionally, Wachovia still expects to reduce expenses by $2 billion by the end of 2009.

However, the second-half expense benefit will be more than offset by $525 million to $650 million in severance and benefit costs related to previously announced job cuts, Wachovia said.

— AP Story via Yahoo! Business news

Bailout in chaos, feds seize WaMu

WASHINGTON (Reuters) - A rescue for the U.S. financial system unraveled on Thursday amid accusations Republican presidential candidate John McCain scuppered the deal, and Washington Mutual was closed by U.S. authorities and its assets sold in America's biggest ever bank failure.

As negotiations over an unprecedented $700 billion bailout to restore credit markets degenerated into chaos, the largest U.S. savings and loan bank was taken over by authorities and its deposits auctioned off. U.S. stock futures fell by more than 1 percent.

The third-largest U.S. bank JPMorgan Chase & Co said it bought the deposits of Washington Mutual Inc, which has seen its stock price virtually wiped out because of massive amounts of bad mortgages. The government said there would be no impact on WaMu's depositors and customers. JPMorgan said it would be business as usual on Friday morning.

Had a bailout deal been reached in Congress, it may have helped the savings and loan, founded in Seattle in 1889. Efforts to find a suitor to buy WaMu faltered in recent days over concerns about whether the government would reach a deal to buy its toxic mortgages.

— Full Story

Sometimes I wonder what goes through people's heads.

I watch Suze Orman every Saturday Night at 9:00pm on MSNBC.  About a couple of months ago, during her segment Can I Afford It?, I just howled. Some woman wanted to buy a "pet calf."

I just about split my side laughing. Just found the segment on YouTube to share it with you.

Suzy called her back about 2 weeks ago to see if she had purchased the calf anyway. I am happy to report that the woman came to her senses and did not. The woman says that when she starts thinking about having a pet calf, she goes to a local petting zoo.

I'm still chuckling about it.