"You know what the news is-- in a minute, you're going to hear the rest of the story"- Paul Harvey

All I can say is history is our best teacher. For those of you who are not aware of Mr. Potter from the movie "It's a Wonderful Life", or the banking tycoon, J. P. Morgan, I suggest you educate yourself very quickly. I think I'll start calling J. P. Morgan, Mr. J."Potter" Morgan.

The Banker, Mr. Potter, from the movie "It's a Wonderful Life"

John Pierpont Morgan (J.P. Morgan) April 17, 1837 – March 31, 1913.

Do your homework.

This morning J.P. Morgan Chase bought what was left Washington Mutual's carcass. The buzzards have been circling over WM for a while.

Quotes of the Month on WaMu (Washington Mutual)

Friday September 12, 2008

"Washington Mutual declared that it has enough capital to survive"- Yahoo

"Goldman Sachs analyst Brian Foran upgraded the thrift to "neutral" from "sell," saying the projections "provide a glimmer of a silver lining that the worst may be seen".

"Howard Shapiro of Fox-Pitt Kelton Cochran Caronia Waller said the thrift's disclosures on credit, deposits, liquidity and fee income "should calm some of the hysteria surrounding the stock and the company's future."

J. Potter. Morgan trading up even after selling $10 billion in stock to pay for the write-downs it has to take for assuming WaMu's debt. I can't think of any company in the world that has that much influence and power. Is J. Potter. Morgan the Fed in disguise?