But Phil Gramm and Republicans know economics. Decades of work by the GOP has led us right to this point. Their friends are long gone, living well off of the profits based on pure bullshit. Charles Prince, Stanley O'Neal and Angelo Mozilo are all doing just fine, thank you very much. Too bad everyone else is stuck with this mess, but the little people really don't count now, do they? Go ahead and tell me who the goddamn elitists are now. Like many Americans, I want to vomit looking at this GOP handy work. The people who led us down this path are nowhere to be seen because they're all a bunch of cowards.
Regional-banking shares led the decline in the financial-services sector on Monday. Among the biggest losers were National City Corp., Washington Mutual Inc., Zions Bancorp Inc., Sovereign Bancorp Inc., KeyCorp, First Horizon National Corp., M&T Bank Corp. and Regions Financial Corp.
Washington Mutual shares closed the session off nearly 35%. Lehman Brothers analysts in a report Monday said WaMu could be forced to "substantially" boost its reserves to cover an estimated $28 billion of losses on the balance sheet, with $21 billion coming from mortgages. They said home prices and mortgage credit are showing no signs of stabilizing.
Meanwhile, National City shares were briefly halted Monday amid a panic-driven plunge before the company in a statement tried to quell what it labeled market rumors. "National City is experiencing no unusual depositor or creditor activity," the Cleveland-based bank said. The stock rebounded from a low of $2.99 but still finished the day down almost 15%.
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