Happy Daze Are Here Again

We might as well start learning all of the pop hits from the early 1930s.

The FDIC is raising its insurance rates to banks because more and more of them are failing. At the end of the 2nd quarter of 2008, 6.41% of all mortgage loans are delinquent. So take a walk down your street, look at 15 houses; the owner of one of them is delinquent in their mortgage (on average).

John McCain has experience in this; he was involved in the implosion of the savings & loan industry in the 1980s, so he is well qualified to oversee the destruction of America's banks (as he sits in one of his many houses while Sarah Palin guns down critters from a helicopter).

(H/T to ShortWoman)

UPDATE: Washington Mutual's stock is now rated as "junk" by both Moody's and S&P. If you had $20 worth of WaMu stock a year ago, it is now worth a buck.