The Weekend Wrap: Tsunami Advisory, Bank Failure, 520 Follies

Ocean Shores, as of 12:30 p.m.

A tsunami advisory is in effect for the Washington coast, with larger waves expected Westport around 3 p.m. this afternoon.

A POWERFUL 8.8 MAGNITUDE EARTHQUAKE OCCURRED AT 1034 PM PDT FRIDAY NEAR THE CENTRAL COAST OF CHILE. IT HAS GENERATED A TSUNAMI WAVE...WHICH IS NOW SPREADING OUT ACROSS THE PACIFIC OCEAN.

It's an advisory, the National Weather Services emphasizes, not a watch or warning. The waves aren't expected to be large enough to cause coastal flooding. (Ocean Shores webcam)

Yesterday afternoon, Rainier Pacific Bank was seized by regulators and sold to Oregon's Umpqua Bank. The PSBJ also notes that Rainier Pacific foundered primarily on bad CDO investments, not real estate loans, as has been more often the case. Rainier Pacific operated for about 70 years as a credit union, and just nine as a bank. (That said, even credit unions are seeking merger shelter against the storm, and with 15 percent of area mortgages under water, more foreclosures are undoubtedly on the way.)

The economic climate and the prospect of natural disaster were forefront in Seattle this week, which began with Microsoft urging an ASAP replacement for the 520 bridge before it founders in a storm or quake, and a group of heavyweight politicos, summoned by their Montlake donors, pushing back against an A+ design option light on transit. The elderly Seattle Times op-ed page is so myopic all they can make out is Mayor McGinn in a gathering that includes Sen. Ed Murray, House Speaker Frank Chopp, and Rep. Jamie Pedersen.

MyBallard has the story on 36th District Rep. Reuven Carlyle (D) and his push to make "having a phone in your hand a primary offense subject to traffic stops and a $124 fine, with the sole exception of emergency use only." West Seattle Blog covered the new dock construction for the King County Water Taxi (its downtown departure will be different, too: from Pier 50). A horse and a goat, perhaps auditioning for a Disney movie, escaped into the wilds of Madison Valley. Bellevue might be voting on its light rail alignment option this Monday. (Speaking of Bellevue, they're also the home of TerraPower's nuclear option.)

On The SunBreak, Seth was excited about NBC's new reality TV show, the 2010 Olympics. On the plus side, the Mariners and Sounders are back in spring training. Jeremy has some things for you to do this weekend, Audrey went to see LaBute's Fat Pig, and Seth had a surprisingly good time at Legally Blonde, the musical. Roger and MvB had breakfast at the U Village Burgermaster.