WAMU

[STP]

So, JP Morgan acquired the investment house Bear Sterns and now has your deposit money from WAMU to gamble on the next round of speculative bets.

[tvashtarkatena]

Isn't the proposed bailout, going an extra $700B in debt, basically equivalent to printing more money?

 

Pretty much.

[prole]

Guess I now bank at JP Morgan. Hope they don't start charging for ATM use.........

 

Helllo! What are you, fucking Rip Van Winkle? What have you been doing for the last week and a half?

[Gotama]

sleeping I guess,

 

so prole, how did you know JP Morgan was buying WAMU if it was just announced tonight?

[prole]

Why are you writing on a message board when you should be making bank withdrawals?

[Hugh Conway]

sleeping I guess,

 

so prole, how did you know JP Morgan was buying WAMU if it was just announced tonight?

 

it's been rumoured for over a week...... see other posts on this very thread!

[Gotama]

FDIC up to 100K

 

since I spread things around, I'm not worried

[prole]

Take your Polaroid camera with you to the bank. For future generations.

[Gotama]

the sky is falling

the sky is falling

the sky is falling

 

guess I'll put all my money in my mattress, wait a minute, that's rented too so I had better not fall behind in those payments......

[Gary_Yngve]

Isn't the proposed bailout, going an extra $700B in debt, basically equivalent to printing more money?

 

Pretty much.

 

Cool, guess that means I'm as smart as Bush/Paulson, since I suggested it first.

[Hugh Conway]

Isn't the proposed bailout, going an extra $700B in debt, basically equivalent to printing more money?

 

Pretty much.

 

Cool, guess that means I'm as smart as Bush/Paulson, since I suggested it first.

 

No, they are smarter.

 

They pulled the $700 billion number out of their ass as well

[jon]

What will JPMorganChaseWaMuBoeingJackLinksJerkyTrojanCondoms buy next?

Edited September 26, 2008 by jon

[jon]

Hey is Boeing still on strike? Man has that been overshadowed by the economy ending or what!

[StevenSeagal]

WAMU is toast as of now, per CNBC. In FDIC hands ASAP.

 

 

Well since no one else has said it, I'll say it-

 

WOOHOO!!!!

[Hugh Conway]

WaMu (WM) depositors panicked on September 15, after Lehman Brothers failed. In the 10 days since, they have pulled out $16.7 billion of deposits , or 9% of WaMu's deposits as of June 30.

[Gary_Yngve]

when you say depositors, you mean FDIC-insured deposits? how many retards honestly think the sky is falling?

 

i'll move my WAMU money only of JPMorgan changes my CD rates and I can find better elsewhere

[STP]

Well, 16.7 billion is alot of money in that short a time. How many of those were depositors holding more than the $100,000 insured?

[Hugh Conway]

when you say depositors, you mean FDIC-insured deposits? how many retards honestly think the sky is falling?

 

There are plenty of businesses with balances over $100k that would not have been insured, several I know moved. I'll let them know they are "retards"

[JayB]

"Welcome to JP Morgan"

 

https://www.wamu.com/personal/default.asp

[Alpinfox]

 

 

I wanna know if they are gonna change the rate on that 12mo CD.

 

5% is pretty good!

[Crux]

"Welcome to JP Morgan"

 

https://www.wamu.com/personal/default.asp

Logon is the same. Account interface is the same. My direct deposit from payroll showed up today just the same. Hard to pay no attention to the predator behind the curtain though.

[Gary_Yngve]

when you say depositors, you mean FDIC-insured deposits? how many retards honestly think the sky is falling?

 

There are plenty of businesses with balances over $100k that would not have been insured, several I know moved. I'll let them know they are "retards"

 

I was referring to personal accounts within the FDIC limit.

[olyclimber]

Hard to pay no attention to the predator behind the curtain though.

 

Indeed. Seattle has weathered such an occurrence before...remember Seafirst bank? But the scale this time is much different.

[Gary_Yngve]

 

I wanna know if they are gonna change the rate on that 12mo CD.

 

5% is pretty good!

 

That current rate can do whatever it wants. If you have an existing CD locked down at a certain rate, then you should expect a letter in the mail from JP Morgan/FDIC soon explaining what will happen. You will keep accruing your ongoing interest, but JP Morgan can set a date upon which to change the terms/rate (lower it), and in turn, you would be able to withdraw the CD without penalty.

 

It's really an economics game for JP Morgan.. on how much they need capital now vs. what interest rate do they really want to pay.

 

The pain in the ass will be all the paperwork for transferring IRAs from one bank to another, especially making sure you don't lose your annual "free" transfer that few personal bankers understand.

[Gary_Yngve]

Best thing for the govt to do if there's no other choice than for FDIC not to pay is to print more currency.

Gary, you do know what that leads to, don't you? Germany, 1923 ring a bell? Israel in the early 1980s? Hell, Zimbabwe right now? The Fed has done a damned good job of keeping inflation as low as it is. Why would you want to fuck that up by printing more money that's not backed by anything?

 

Your solution to a few people losing their money is to wipe out everyones money? Is this a joke? High inflation decimates the middle class and business.

 

Currently inflation is >5% (annualized 5.7% in August I believe). Your "chunk" at 5% is losing money for you everyday adjusted for inflation.

 

Looks like we've been printing more money, that is, "quantitative easing."

 

http://money.cnn.com/2008/12/15/news/economy/credit_market/index.htm

 

btw, a great quote i heard the other day to describe our current practices: we're capitalizing the gains and socializing the losses

Edited December 16, 2008 by Gary_Yngve