The largest bank failure. Ever.
Federal regulators had been trying to broker a deal for Washington Mutual because a takeover by the F.D.I.C. would have dealt a crushing blow to the federal government’s deposit insurance fund. The fund, which stood at $45.2 billion at the end of June, has been severely depleted after suffering a loss from the sudden collapse of IndyMac Bank. Analysts say that a failure of Washington Mutual would have cost the fund as much as $30 billion or more. – NYT
That sucking sound you hear? That’s your standard-of-living being sucked down into a bottomless pit of debt corruption and corporate greed. This is probably what the prison shower feels like the second you accidentally drop the soap.