Interesting poll results also mentioned at FOXNews.com.
Poll: Most Americans Against Bush’s Bailout Plan
http://www.foxnews.com/story/0,2933,428921,00.html
I got a few bucks in WAMU. About to write a check and transfer it to my CU account. JP make regret this purchase if there’s a big run. FDIC may end up bailing JP out.
But yet the FDIC said that it did NOT have enough money to cover the $188 billion in deposits. That's why WaMU was sold so quickly to JP Morgan.
WEll we pulled most of our funds out and moved them to better accounts with better interest rates in banks that do not deal with subprime loans. We still have a couple of checking accounts to move and a IRA CD.
When we were in today asking about direct deposits and the routing number and account numbers they didn’t know anything or how the bank was going to be restructured.
I don’t like the Paulson plan, but doing nothing might be worse. It looks like there are no good options.
Sue the bank execs for whatever they can get. Class action lawsuit. The bank (or whoever bought it) aparently has enough money to write a multi million dollar check to the ex CEO.
Can I expect a delay in receiving my CC statement?
maybe time to move money to Canada?
Well, as a shareholder, at least I’ll have a nice capital loss on my taxes this year...and next.
That's where I am headed....
Please let me know....
But my wife's still emptying the safety deposit box, which isn't safe at all. Boxes are not insured, and if the bank goes under, they'll be in legal limbo.
Saw one elderly woman at a local Chase branch, very calm, just saying she wanted to discuss her WaMu account.
There will be no repeat of IndyMac insanity again.
If anything, we feel a great deal of relief now that it’s over. We moved out checking accounts out of WAMU years ago, and all we have left is our mortgage, which is in no danger of anything.
Frankly, I look forward to dealing with JPMC on our home mortgage, and I’m glad we don’t have to worry about what will happen to WAMU any longer.
>> Course, with interest rates on bank accounts and all being the insulting pittance that they are, keeping money in the mattress is not losing much.
I know you’re probably just kidding about the mattress. But just in case you aren’t kidding, consider that a fire or a burglary could wipe out that mattress stuffing in one fell swoop — with zero recourse.
IMHO, an FDIC insured bank account (savings, CD) is plenty safe, as long as you don’t exceed the insurance limit. And you can find pretty good rates — up to 4%. Admittedly, some of the 4% banks are a little dodgy, but they ARE insured.
If you’re nervous about banks, then before you stuff that mattress, open an online TreasuryDirect account and buy T-bills. Doesn’t pay much right now (for example, 4-week bill is about 0.3%), but it’s the gold standard for safety, literally the world over. And it’s quite convenient to maintain your T-bill account online.
Depositors have next to nothing to worry about, although it’s always a good idea to keep under the FDIC limits, and there was no run on our local branch yesterday, but share holders are a different story. It’s gone. There were several suicide threats on the Yahoo WAMU threads and lots of people that were ruined. Many had been speculating that the stock would see a big pop when a bailout came, but that isn’t the way it worked. The bank was cherry picked for value by JPM (the only way they’d consummate the deal) and the shares went to essentially zero. I talked to the local branch manager (being careful to avoid the stock issue) and I can imagine that many company 401Ks are wiped out. Never have more than a few percent in any one company including your own.