Feds try to find a buyer for Washington mutual

[Nick89]

Link:http://www.nypost.com/seven/09172008...amu_129499.htm

So ALL of my money is in my bank, which is washington mutual...

what should I do? take out all my money?

[Kreij]

Unless you have more that 100K in the bank, don't worry.
Actully, don't worry anyway.
Having lots of money is highly overrated.

Where are you in Nevada ?

[yogurt_21]

personally I've got too much to worry about on my own, much less worrying about my bank going under or being bought out. I won't tell you what to do, but I will say that it's unlikely that Bank of America, Chase, or Wells Fargo will ever be in the same position as wamu is right now.

[Kreij]

Originally Posted by yogurt_21

personally I've got too much to worry about on my own, much less worrying about my bank going under or being bought out. I won't tell you what to do, but I will say that it's unlikely that Bank of America, Chase, or Wells Fargo will ever be in the same position as wamu is right now.

Depending on the way they have invested any one of those bank can end up in the dumper.
But why worry?
What are you going to do? Stuff cash in your matress?
Then you would be worrying about a fire in the house.
Quit worrying and go on with life as usual.

[Nick89]

I live in the biggest city in southern nevada. =] Las Vegas

well ok guys i'll leave my money where it is.

[AnomalouS]

FDIC insured up to $100k.
Only those who are fortunate enough to have more then $100k in the bank need to worry about this situation.

[KieranD]

if everyone panics and take out money the banks will get worse so just sit tight and hope for the best

change banks if you feel it gives more security just never do what append to Northern Rock in the UK they where going bust so everyone took thier money out and it made everything even more screwed up, the government had to bail them out it was bad

[candle_86]

thanks for the tip, me and my mother are going tomorrow to close our accounts and transfer the money

[JC316]

Fuck that man. Get your money out of the bank. I wasn't much of a history buff, but I do know what happened during the depression. People couldn't get their money out of the bank because they didn't have any left.

It's stupid to keep all of your money in the bank, if something happens, your money goes bye bye. If you have it at home, at least it's there.

[PP Mguire]

Did you know that just recently our stock dropped more than when it dropped in the depression? If you take everything out and everybody goes into a panic then we will be back in the depression days again.

[Nick89]

Arg, I'm going to wait till my dad gets home and then tell him about wamu which is also his bank and we'll discuss it together.

[Wile E]

Why exactly is WaMu in trouble?

[mep916]

Originally Posted by Wile E

Why exactly is WaMu in trouble?

They're another casuality of the "'mortgage crisis." Their stock is trading around 2$ a share, atm, which is down from their 52 week high of 39$....

Someone will purchase the bank, so I wouldn't be too concerned about your deposits. If they were filing for bankruptcy, then I would try to pull out my money. Even though everything 100K and under is federally insured, it's not like the government cuts you a check immediately.

[candle_86]

Originally Posted by PP Mguire

Did you know that just recently our stock dropped more than when it dropped in the depression? If you take everything out and everybody goes into a panic then we will be back in the depression days again.

and id rather not have to wait on the FDIC when wama goes under to get my money either. I'll be up there in an hour closing my checking account

[Kreij]

Originally Posted by JC316

It's stupid to keep all of your money in the bank, if something happens, your money goes bye bye. If you have it at home, at least it's there.

Unless your house is destroyed by fire or something. Then the FDIC will start to look like a good idea. Remember, insurance does not cover lost cash as there is no way to prove you had it.

Just something to ponder.

[candle_86]

thats why im moving mine to wells fargo, i already have a savings account with them, ill just open a checking

[Kreij]

Wells Fargo is sitting pretty good at the moment. Their shares are up 4.19%.
They are also considering purchasing other banks in distress.

[candle_86]

yea i look at it like this, wells fargo weathered out the depression are over 100 yrs old, they should be safe

[yogurt_21]

Originally Posted by candle_86

yea i look at it like this, wells fargo weathered out the depression are over 100 yrs old, they should be safe

lol therin lies the problem, so did wamu but now due to bad choices they're going under. after doing a bit of research is appears Krej is right, theres not really any bank that will be guaranteed. you can just watch the stocks and pay attention to make sure you're prepared when something happens.

I mean think about it wells fargo is doing good now, but if they buy another bank.......amd/ati anyone?

[Kreij]

The fact that a bank (or invenstment firm) has been around for a long time is no guarrentee that they will continue to be profitable. It all depends upon their investment strategies, the manner in which they go about approving loans and their ability to respond rapidly to changing markets.

This whole mess is due to banks offering sub-prime, high-risk mortgages to people who could not possibly repay them if there was a downturn in the economy.

Wells Fargo is sitting pretty well at the moment. They have the opportunity to buy out other banks' portfolios for pennies on the dollar. That is not a bad thing if they are not foolish and get dollar signs in their eyes.

Just my personal observations.

[thoughtdisorder]

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