That's a classic... it's a hit piece and to a large degree a well deserved one. On the other hand it fails to mention why banks, obviously including WaMu were giving loans to people who didn't have the means to pay them back, and that was an order that came not only from Congress, but also from the President himself... a la, everyone has a right to own a house.
The bottom line is, all of the banks were pulling the same crap. That's why they're all being bailed out. It's easy to take the bait and look at WaMu as the child in the corner forced to wear the dunce cap...
But in reality, this is reflective of the ENTIRE banking industry that was told to give loans to anyone and everyone as a means of offsetting the dot com bubble of the late 90s.
WaMu shot themselves in the foot, heck... in the head with the bad loans. But so did every other bank. WaMu was taken out just prior to the bailout for a multitude of reasons, one of which is so that articles like this one can offset the obvious reality of how ridiculous and socialistic the entirety of the bailout actually is.
Lets be honest here. Without the bailout, we'd be seeing the same thing across the board. Bank after bank would have failed. And if that's not the case... then why are we giving said banks trillions of dollars?
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