The Big Bailout: America as a Full-Spectrum Kleptocracy

Its name somewhat anachronistically means “assembly of old men.” George Washington famously – and, it must now be admitted, with excessive optimism – characterized it as an institutional saucer intended to cool legislation passed in the intemperate heat of the moment. Its members demand, with entirely unwarranted self-approval, to be called, collectively, the World’s Greatest Deliberative Body.

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WaMu has $3.33 bln loss, may be cut to “junk”

NEW YORK (Reuters) – Washington Mutual Inc, the largest U.S. savings and loan, posted a $3.33 billion second-quarter loss on Tuesday as souring mortgages forced it to set aside more money for loan losses.

The thrift’s deteriorating health prompted Moody’s Investors Service to say it may downgrade Washington Mutual to “junk” status. Shares of Washington Mutual fell in after-hours electronic trading.

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