WaMu tries to lend $9,000 to Cliff105 at subprime

Robert Waldmann

notes a bit of financial news that must be read to be believed.

Cliff105 who is between jobs and reading about the financial crisis receives an interesting bit of junk mail.

a credit card offer from my recently failed bank, Washington Mutual.

Normally, I throw these credit card offers into the recycle bin un-opened. &As every school kid knows, the credit market is so tight in America right now millions of people are on the verge of losing their jobs because businesses can’t get any money from the “seized up” financial sector.

America faces a “once in a lifetime” major crisis of enormous dimensions, or so I’ve been led to believe.

For laughs and giggles I checked out what The Bank Formerly Known As Wamu had to offer: more than 9 grand at 1.99% APR until next August, with an upfront finance charge of $150 (about 1.6%).

Read the whole post. It is beyond belief.

Ah so that’s how bankrupt banks act during a credit crunch.