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After reading this morning about the government take over of Indy Mac, All of a sudden I have a sinking feeling in my gut about Wachovia. We have all of our profits from our NJ home sale in that bank. We need these for our downpayment on our new construction. Any other Wachovia customers taking their money out? Would you if your money was in there? If so where would you put it. I even entertained the thought of mattress stuffing.
That's what finishes off an ailing bank...a run.
Indymac depositors pulled out $1.3 billion in the weeks leading up to the shut down.
Indymac depositors pulled out $1.3 billion in the weeks leading up to the shut down.
there's going to be a run any way at some point. might as well be ahead of the mob and pull it now. I have no money in banks and no faith in our fiat currency. It's all a scam where the rich get richer by loaning out money that doesn't exist to begin with. I want no part of that and I certainly wouldn't want to empower this cartel with my own dollars. The immorality behind it all is utterly repulsive.
I had money in a failed bank once and had access thru anther bank quickly.Al kinds of rumors were floating around even then;mostly depresion and the doom and glomer pasted them around then.
Washington Mutual is even worse. Wacovia is doing very bad.
The rumor is that JP Morgan is taking over Washington Mutual so than it will be safe, but it happened yet.
After reading this morning about the government take over of Indy Mac, All of a sudden I have a sinking feeling in my gut about Wachovia. We have all of our profits from our NJ home sale in that bank. We need these for our downpayment on our new construction. Any other Wachovia customers taking their money out? Would you if your money was in there? If so where would you put it. I even entertained the thought of mattress stuffing.
I feel for ya'll who are biting your nails. I actually work for Wachovia and bank with them also. I haven't seen anything in my bank that would indicate panic (I worked today with the news of Indymac coming on every 30 min). I'm not really worried because i have very little money in that bank and i plan to move out of state next year so i have to stop working (and probably banking) with them anyway. Even if Wachovia goes belly-up, i have most of my savings in another (stable) bank and i have really no attachment to them. Again, i see no reason for total panic with Wachovia.
I feel for ya'll who are biting your nails. I actually work for Wachovia and bank with them also. I haven't seen anything in my bank that would indicate panic (I worked today with the news of Indymac coming on every 30 min).
Wachovia would have been better off without Ken Thompson. People working for the bank have walked the razor's edge ever since his bright idea to create a "merger of equals" between Wachovia and First Union Before that, Wachovia was a conservative, "old money" bank, concentrating on handling the money of affluent customers and financing stable businesses. Thank Bob that wretch got the boot. The new CEO has ties to the US Treasury and Goldman Sachs. You can read an interview here New CEO of Wachovia acknowledges difficulties though he hasn't really said more than fluff at this point.
While the talk on this board is about Wachovia in general, the bank's future is also of a concern to Winston-Salem Officials watching Wachovia That bank provides a significant number of well-paying jobs to the local economy
The whole financial system is a house of cards. Our Treasury Secretary Paulson and Fed Chairman Bernanke went before the House Financial Services Committee on Thursday and Bernanke was talking about greater powers to allow financial institutions to fail. They seemed to be floating the idea to let a few more go under.
The sad fact is that on Wednesday Jamie Dimon and a number of other "experts" were on their organized talking tour saying how things were improving. IMHO it was a pump and dump campaign allowing the big boys to get out and hoodwinking the retirement managers and average investors back into the market to orchestrate their exit. Then Dimon can come in and pick up another former venerable institution for "house on fire pricing." http://youtube.com/watch?v=N_3d07u3R9U
It appears that the Treasury Secretary and the Fed Chairman are in on the game and their behavior the next day indicated to me that they had little regard for the average Joe whose 401k, 403b, and 457 accounts are tied up in these securities that are getting decimated.
The government leaders (especially George W. Bush and crew) pushed companies and the American people out of defined benefit plans that were often backed locally by local real estate development, municipal bonds, small venture capital deals etc., into the global crap shoot where the only ones making any money have been the plan advisors, fund managers, and investment banks who keep churning the average Joe's money so that there is no real return.
To date our stock market has returned a dismal 0.65% annualized return under George W. Bush's 7 1/2 watch. This return isn't a whole lot better than the poor yielding 0.5% savings accounts that the big banks have been so generous in offering over the past several years while the inflation rate has been running far north of 6% despite the government lying to us with 3 to 4% figures.
Where's the outrage? Check out my blog for more background on the banking system and the stock market.
Sounds like it is not if, but when, Wachovia will be taken over by FDIC.
I'm financially quite ignorant, and need the help of some of y'all out there on a couple of things. FDIC-insured deposits are insured up to $100,000 - I got that part. What about married couples, though? Say, John and Mary Smith have two accounts in Wachovia at $100,000 each, and both names are on both accounts? Are both accounts fully FDIC-insured? And if they switched to two separate accounts, one with John's name and one with Mary's name, aren't they screwed if one should die? We've got just about $240,000 saved in Wachovia, so I'm getting nervous.
Also, what is Wachovia's Texas Ratio? It's climbing, right? Thanks in advanced for your help!
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Before that, Wachovia was a conservative, "old money" bank, concentrating on handling the money of affluent customers and financing stable businesses. Thank Bob that wretch got the boot. The new CEO has ties to the US Treasury and Goldman Sachs. You can read an interview here 
I'm also worried about Wachovia's status.
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