it's not a run, it's a very brisk walk.

from bloomberg, by way of my buddy nick:

July 24 (Bloomberg) -- Washington Mutual Inc. tumbled more than 20 percent for a second day as Gimme Credit LLC said unsecured creditors were ``pulling funds'' from the biggest U.S. savings and loan.

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``We won't use the phrase `run on the bank,' but we would be remiss if we did not observe that many creditors have quietly been pulling funds,'' wrote [gimme credit analyst kathleen] Shanley, based in Chicago. Their actions are ``presenting an increasing funding challenge,'' she wrote. Gimme Credit is an independent research firm serving corporate bond investors.

yeah, and i bet she's still not calling it a 'recession' either. just sprinkle a little bit of your magic wish dust, close your eyes, and count to 10, kathleen, and all your financial demons will go away.

link.