I here WaMu is bound to be fucked. Am i safe banking with Wells Fargo?

(please say yes)

How about savings? Or 401k?

should keep everything as it is or should cash out and hide it in my underwear drawer?

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Jaded, old fart is me.

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Originally posted by diskodave It looks like the FED is going to give AIG $85 billion to save them from filing chapter 11.

well so much for free-market capitalism... i know they're trying to prevent a panic, but these government bail-outs stink of fascism. why is the taxpayer being punished for poorly-managed corporations? oh right, to preserve the illusion of investor confidence. what kind of message does this send to other corporations and to the public? "if you fuck up and your mistake is big enough, someone (the taxpayer) will be there to clean up your mess for you"? it's disgusting how the federal government and federal reserve bow to the house of cards on wall street.

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Originally posted by 72hrpartyanimal I here WaMu is bound to be fucked. Am i safe banking with Wells Fargo? (please say yes) How about savings? Or 401k? should keep everything as it is or should cash out and hide it in my underwear drawer?

I am worried too, but WaMu looks to be ok as of right now. Don't jump the gun.

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Originally posted by bas Dual exhaust tips on dual exhaust = QUAD EXHAUST = 300 gain in horsepower. Duh

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Originally posted by bas Undies with a dickhole aren't good for guys. Your balls can get caught in them. That's why I prefer to go over the gate instead of through the fence.

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Originally posted by ninetyninej Yeah, the Labor Department's September numbers that come out in the beginning of October are going to be ass fucked. Like 6.5% unemployment!

i wouldn't trust the unemployment rate as a measure of severity for anything in this country. that statistic has been abused and manipulated by politicians for decades to stay artificially low as possible and so the trending means almost nothing. most economists agree that if you double this figure today, you'd be closer to the actual unemployment rate. the government gets to define what "unemployment" is and redefining it has been a habit of many presidents. if you aren't "employed" or "unemployed" you are a "discouraged worker", "marginally attached worker", "part time for economic reasons" or "persons who completed temp jobs". now there's nothing wrong with having these alternative classifications, except that if you lost your full-time job and fall into one of these categories, you aren't part of the unemployment statistic!

only people who register with the unemployment office every 4 weeks or receive unemployment benefits are counted as unemployed. when you stop receiving unemployment checks or stop visiting the unemployment office for more than a month - regardless of your employment status - you are no longer considered unemployed or part of the labor force - you are a "discouraged worker". if you work part-time, as little as 1 hour a week, you are "part-time for economic reasons". if you found work below the poverty level, you are a "marginally attached worker". if you've worked as a substitute teacher once in the last month you are a "person who completed temp jobs". then there are people who have no address and aren't counted at all. all these people aren't considered part of the 6.5% unemployed and when you hear 6.5% the assumption is that 93.5% are employed.

it's not that the bureau of labor statistics keeps bad records, but the "official" figure cited by the media as the unemployment rate ignores a huge swath of citizens who want to work full-time, but can't find a full-time job. buried in footnote u-6 of table a-12 in the bls report's "alternative measure of labor underutilization" is a more accurate statistic. in august 2008 that number is 10.8% - it's more accurate than the official unemployment rate, but it still ignores those classified as "discouraged workers". it's interesting how none of the alternative measures in the bls takes a total count of the entire labor force, just different groupings of each type of classification.

another labor statistic that's deceptive is any job growth seen in the last 7-8 years. a trick used to hide the decline of the labor force is the creation of low-pay service jobs. when a state like tennessee loses 100k manufacturing jobs and creates 110k minimum wage service jobs that pay half the income, the white paper outlook is "job growth" when the truth is that people are becoming poorer. this isn't a hypothetical situation, it's been done. unless you compare wage and employment figures simultaneously, you would think the economy is on the rise when in fact the only thing on the rise today is poverty.

you can say the same for inflation, which is realistically somewhere between 7-10% today.

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Rich = SF's TA Geek!

Dave

fawk my bank is wamu! im putting my money in a swiss bank account

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Originally posted by revitalizedbeat fawk my bank is wamu! im putting my money in a swiss bank account

Good luck. Some Swiss banks are putting a stop to new foreign accounts.

AIG was only need a 20B bail out on Friday but the fed refused to help out, now there putting up 80 billion..T.A.R.D's

could'da saved a good sum of money there....

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Oct 29th: TORQ 18+ @ Ruby Skye (18+)

myspace.com/djconway

AIG heading towards being a penny stock, at least they didn't have to file bankruptcy... yet. DOW down another 450 pts. Can it go below 10K?

As for WAMU, let's see if they find a buyer.

Washington Mutual Begins Efforts to Sell Itself

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September 17, 2008 - Washington Mutual, the struggling savings and loan, has been working on several efforts to save itself, including a potential sale, people briefed on the matter said Wednesday. Goldman Sachs, which Washington Mutual has hired, started the process several days ago, these people said. Among the potential bidders that Goldman has talked to are Wells Fargo, JPMorgan Chase and HSBC. But no buyers may materialize. That could force the government to place Washington Mutual into conservatorship, like IndyMac, or find a bridge-bank solution, which was extended to thrifts in the new housing regulations. Citigroup is also considering an offer, but would likely be able to buy Washington Mutual only if it emerged from a receivership, according to a person close to the situation. JPMorgan is maintaining its posture that it will not bid unless it receives government support, according to another person briefed on the matter. The unsurprising announcement comes as the bank, which has suffered badly from losses on mortgages it had made, continues to stumble. Shares in Washington Mutual fell nearly 10 percent on Wednesday to $2.09; they have plunged 94 percent over the last 12 months. This week alone, investors have been frightened by Standard & Poor’s cutting of the bank’s debt rating to junk. TPG, the private equity firm that led a $7 billion cash injection into Washington Mutual in April, said Wednesday afternoon that it would waive its right to be compensated if the bank sold more shares to raise capital. “Our goal is to maximize the bank’s flexibility in this difficult market environment,” TPG said in a statement. The April deal gave the investing group roughly 822 million new shares, diluting existing shareholders by nearly 50 percent. TPG bought shares for roughly $8.75 each. Those shares have since fallen to $2.14 a share, meaning that the value of the investor group’s holdings at Tuesday’s close had declined 75.5 percent. While the bank has a strong deposit base, the uncertainty of the markets and the increasingly poor housing market have increased concerns about Washington Mutual’s outlook. The bank plunged into the option adjustable rate mortgage business.

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www.GenerationTrance.com

*Depeche Mode* Appreciation

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Originally posted by djGT AIG heading towards being a penny stock, at least they didn't have to file bankruptcy... yet. DOW down another 450 pts. Can it go below 10K? As for WAMU, let's see if they find a buyer. Washington Mutual Begins Efforts to Sell Itself

I bet Wells Fargo comes in and buys WaMu to compete with BofA... but it will really come down to how nasty WaMu's books are...

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"Ibiza will be Earth’s final refuge after Armageddon" -Nostradamus

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Originally posted by diskodave I bet Wells Fargo comes in and buys WaMu to compete with BofA... but it will really come down to how nasty WaMu's books are...

Yeah. Well whatever happens, I am already contemplating a switch. I hate wells with a passion. Worked there and dealt with their shit long enough.

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quote:

Originally posted by bas Dual exhaust tips on dual exhaust = QUAD EXHAUST = 300 gain in horsepower. Duh

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Originally posted by bas Undies with a dickhole aren't good for guys. Your balls can get caught in them. That's why I prefer to go over the gate instead of through the fence.