Friday, September 26, 2008

The Clearing Barrel

We woke up this morning to hear ..

"Washington Mutual in particular did a lot of mortgage lending in California and Florida — which are both states that have had a lot of foreclosures. The Office of Thrift Supervision, which regulates the banks, said Washington Mutual had lost more than $6 billion in the last three quarters," he says.

Well shit-oh-dear: WAMU fell to a good old-fashioned bank run.  Everyone panic!  But before you do ...

I think I've seen this before, on a small scale . . .

Lance Corporal P., against orders, inserted a magazine in his M1911 on guard duty.  When he was relieved, he hauled back on the slide, looked into the chamber, saw nothing, let go of the slide, poked the muzzle into the clearing barrel, pulled the trigger, and ignited a firestorm.

One does not do something dumb in front of the battalion C.O. and all his staff without consequences.  L/CPL P. was very soon a private, his COG and SOG lost their jobs, and everyone else got a stern talking-to and tedious lectures on not Doing Dumb Things with Firearms.

As the shit-storm was gathering force, Sergeant T. - himself out of the chain of command of the goat-rope - observed that everyone seemed to be overlooking something: the clearing barrel worked.

WAMU going under is, sure a big deal.  But the FDIC is in place, assets are protected.  Y'all can stop acting like this is the end of the world and the perfect time to either a) revamp the government or b) declare capitalism a done tom turkey.

The clearing barrel works.
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