Can you say J.P.Morgan - Chase?

Wamu is history. we're now gettyng all the platitudes about how your money is safe,the transition will be seamless, yada -yada.

I lived trough this back East when the biggest bank in the state folded. You couldn't get at your money for six months, you got no interest, and some people had to borrow money to survive.

I hope the Feds handle it better this time.

I transferred my checking and savings from WaMu to Wells Fargo exactly one week ago.

Whew!

Rob's Jacket wrote:I transferred my checking and savings from WaMu to Wells Fargo exactly one week ago.

Whew!

that should buy you a week....easy.

Thanks for the reassurance.

This is awful.

Google reported a record number of searches today on......gold.

I got my gold bars under my feet right now!

which brings up an interesting thought.

Your job just disappeared.
Your 401k just went to the bahamas in the account of a wall street dude on the lam.
You're 2 years past retirement.

Though of a new career?
I thought maybe baby sitting, or lawn maintenance.

I almost laughed at that last one, Geez, but it's really not funny. 'Cause it's a real scenario for many people. Just when you thought you would be enjoying your retirement, you have to go back to work.

Cruel is the word that comes to my mind. Is any one group responsible for all of this? Or is it just the inevitable downfall of a wealthy, spoiled country?

(Don't want this to get partisan. When that happens, people close minds and stop talking. EVERYONE is on the same sinking ship this time).

Can't believe I'm talking like it's doomsday! Don't think it's that bad - yet...

I believe this adequatly explains it (warning, may be offensive language at the end of the show):

The sub-prime primer

I saw that linked on another blog a month or so ago. It really is very good.

The creating new securities, then making up an offshore company to "own" them is very much like the hijinks Enron was pulling until they ran out of money. And this time, a lot more people are going to get hurt.

Lax oversight in the mortgage industry resulted in the biggest Ponzi scheme in the history of the United States. I know its hindsight but I remember all the talk about the Fed and what Ben Bernike was going to do to short term interest rates every two weeks, and it was all so myopic and small minded. The ramifications of all this are quite beyond me and frankly beyond either of the presidential candiates as neither seemed to want to really analyze the situation in tonight's debate.

Keeping this as apolitical as possible, I'm not entirely certain it's fair to judge either presidential candidate's reaction to the crisis based on tonight's debate for two reasons:

1.) Technically speaking, this was supposed to be a debate about foreign policy.
2.) It's tough for them to give their position on legislation that was being written as they were debating.

Personally, I'll be interested to hear what they have to say when they can actually focus an entire debate on domestic policy.

Good point, Rob's J. Really, I don't think anyone in the country has a full grasp of this monster right now. There's just too much that has yet to be uncovered in the rubble.

It may be a while before this gets sorted out.

In the meantime:

Ah, unbridled deregulation. Hopefully now we can say there will be rules and Wall St. must abide by them or pay serious consequences. Maybe now our new age of robber barons will cease. Well I just felt it needed to be said!

up7587 wrote:
I got my gold bars under my feet right now!

That's the big difference between you and me, up7587.

I got my chocolate bars under my feet right now!