WaMu, Pink Floyd, etc.

When I was a child I had a fever.
My hands felt just like two balloons.
Now I got that feeling once again.
I cant explain, you would not understand.
This is not how I am.
I have become comfortably numb.

        — "Comfortably Numb", Pink Floyd

If I had told you a year ago that the largest bank in U.S. history to fail would do so yesterday, how would you think the market would respond today? And by way of more facts, it would essentially be a bankruptcy, and while people knew things were bad, the actual event would happen so fast that the company’s CEO would apparently be on an airplane between Seattle in New York as the FDIC shit came down.

Right. Pretty much no reaction at all to the Washington Mutual bankruptcy last night. The market is officially comfortably numb, which doesn’t make things an iota less dangerous.

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