wamu didn't chase what matters

So here's some interesting info I rounded up on Washington Mutual before JP Morgan Chase took over

In 2007 WaMu's Stock was at $45 per share
After 2008 its stock feel to on $0.16
Since they were bought out by JP Morgan, they did not receive TARP funds.
WaMu was not only involved with subprime lending, but also failed with their "wholesale lending".
Their revenue in 2007 was just over $25.5 million, but after JP Morgan buying them out and 5 years later their latest reported revenue is:  "JPMorgan Chase & Co.'s $3.28 billion profit report carried a sobering message: Consumers are still struggling to pay off their loans, posing a threat to a strong economic recovery"
That was the title to a article I read that gave more detailed insight of Chase's financial gains and loses after buying WaMu, check it out =)
WaMu had sued FDIC after sale of it's banking operations to Chase for $13 billion! wtf? which of course, was unsuccessful.

So I think that as a whole, WaMu's situation was not as severe as AIG in the sense that they didn't take loans from the govt which is money coming out of our pockets. That's not to say that because JP bought them out that there was no down fall, tens of thousands of jobs were lost as well as homes. WaMu's slate was not clean due to that fact that their debts were bought out by a stronger financial institution, in fact we the consumers are the ones who are still in debt. WaMu simply went from being a big fish in the pond, to a bigger fish's dinner.

sources:
http://en.wikipedia.org/wiki/Washington_Mutual#Rise_and_fall
http://www.huffingtonpost.com/2010/01/15/jpmorgan-profit-4q-bank-p_n_424421.html

cheap labor expensive prices to pay

Sweatshop Shopping

Its hard for me to say that I'm going to change my consumer habits because I now know more about sweatshop conditions because its hard to buy affordable products that are 100% sweatshop proof. It definitely makes me a more conscious shopper and gives me more appreciation for the work put into making my name brand sweater. I don't agree with the conditions in which they have to work under and I don't believe that its okay but I also have a respect for the workers who suck it up and chose to work for the little they get rather than do nothing at all or beg. I feel blessed to have the opportunity and the option to go to school, just like some of those sweatshop workers feel like they are lucky enough to be able to make those few dollars a day to give themselves and their families a better future. Life isn't always fair, you deal with what you're given and its up to you to make it better. I think the article about the women of Bangladesh really helped me to see that its not ALL bad knowing that giving these women a place to make money of their own is changing their lives for the best. They're able to educate themselves, giving them more options in life and a way to better care for themselves and their families. Of course you take the good with the bad, they aren't working in the best environments, are working long hours, but its a sacrifice they are willing to make. Everyone has to make sacrifices at one point or another in life, some are just more fortunate than others when it comes down to what is being sacrificed.

Introduction

Hey everyone, my name is Vanessa and I've never blogged before so this is awkward : / My major is Justice Studies and my goal is to achieve my transfer to San Jose State within the next couple of years. In Eng-1A I hope to learn how to better compose an essay by working on getting my thoughts onto paper effectively. I tend to get off track quite a bit... How this blog will help I'm still not sure?
Today's class was pretty easy going, talking about our consumer worksheets and the pro's/con's of "free trade." To learn that sweatshop workers in China and Indonesia make less than 50 cents an hour was an eyeopener. I always knew sweatshop workers made little money, but not that little. I can't say this will change what and how I buy products 100%, but it's food for thought. Knowing that these huge multi-million dollar corporations are exploiting the outsourced workers is depressing... Maybe that's why a lot of people don't talk about it? You don't hear about it on the news, its not in the papers or magazines, its like an accepted offense towards the human rights of others, that we have no control over... so it just goes on unattended to, as we attend to our own needs...