Merrill Lynch is being sold; Lehman is being liquidated. AIG, my car insurer is asking the Fed for a $40 billion bridge loan. And next is probably Washington Mututal (WaMu).
But that’s good news for me. I mean WaMu owns my mortgage, so if they go under I won’t have to make any more payments, right?
I would think it would mean you would pay your mortgage to whichever Chinese bank lends the money to Uncle Sam for the bailout.
So yuan(‘t) be getting off that easily.