The Wall Street Journal gave the federal seizure of Washington Mutual ($307B assets) its proper due today with a banner front-page headline about the “largest failure in U.S. banking history.” The rest of the media let out a collective yawn. USA Today, for instance, ran an item on the bottom of B-1 about JPMorgan scooping up the assets of WaMu for a measly $1.9B.What triggered WaMu’s fall? It was a run on the bank, reminiscent of the good old pre-Great Depression days. The WSJ says the Seattle-based bank’s collapse was “triggered by a wave of deposit withdrawals.” WaMu ranked as the biggest thrift. Imagine what is happening at smaller banks throughout the country.
Americans are flat-out scared and have little faith that the crew in Washington can restore order. One only has to look at the antics of John McCain, who has admitted that he knows little about the economy. Astonishingly, McCain demanded a seat at the bailout table so he could get his cheap little photo-op. He said nothing during the negotiations, but his campaign then had the nerve to blast Barack Obama for “political posturing.” Earth to Team McCain: Obama didn’t see the need to attend the talks in the first place.
In another desperate bid for attention, McCain has now decided to grace the country by appearing in tonight’s debate with Obama. The Arizona Senator is on the ropes these days since Sarah Palin mania has mercifully run its course.
Look for Team McCain to start carping on Katie Couric’s interview with Palin. The campaign has to re-stock those “media bias” fires. The pitbull in lipstick looked more like a clueless poodle during her conversation with Couric.
(Image: Michael Corey)