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Old 09-29-2008, 08:12 PM
 
74 posts, read 126,684 times
Reputation: 44

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Quote:
Originally Posted by BrianH1970 View Post
This thread needs a good ol'

pic.

I mean seriously....
Is that the future Charlotte? (Well, after the holocaust. ) If so, then damn, we sure did add quite a few buildings before the world ended. Economy must of diversified.
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Old 09-29-2008, 08:17 PM
 
Location: Some got six month some got one solid. But me and my buddies all got lifetime here
4,551 posts, read 9,276,201 times
Reputation: 2121
Quote:
Originally Posted by DGarth08 View Post
Is that the future Charlotte? (Well, after the holocaust. ) If so, then damn, we sure did add quite a few buildings before the world ended. Economy must of diversified.

I think the one off to the left is the BofA building. I can see the needly looking things still sticking up.
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Old 09-29-2008, 09:04 PM
 
Location: Crown Town
2,742 posts, read 5,986,999 times
Reputation: 1666
Quote:
Originally Posted by anifani821 View Post
That front porch swing sounds awfully nice. I should have done the same thing . . . instead of fretting in front of the TV.
Speaking of TV, I've always thought Charlotte's news crews have the worst business acumen. For example, today I heard the following statements regarding Wachovia...

1) On Channel 9 - "Charlotte losses a fortune 500 company"
Not true based on my caluculation. Wachovia Securities had 8 billion in revenues, which would put them well up into the Fortune 500

2) On Fox 11 - "The name of the Wachovia golf torunament will probably change".
Uhh, Why? Wachovia signed a contract, and they are still a company.
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Old 09-29-2008, 09:20 PM
 
Location: Noth Caccalacca
5,556 posts, read 6,673,544 times
Reputation: 4848
Quote:
Originally Posted by Carolina Blue View Post
Speaking of TV, I've always thought Charlotte's news crews have the worst business acumen. For example, today I heard the following statements regarding Wachovia...

1) On Channel 9 - "Charlotte losses a fortune 500 company"
Not true based on my caluculation. Wachovia Securities had 8 billion in revenues, which would put them well up into the Fortune 500

2) On Fox 11 - "The name of the Wachovia golf torunament will probably change".
Uhh, Why? Wachovia signed a contract, and they are still a company.
Warren Buffett has 56 billion. That means Wachovia Securities is only 1/7th as good as Warren!
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Old 09-29-2008, 11:15 PM
 
Location: The 12th State
22,974 posts, read 58,506,947 times
Reputation: 14918
Quote:
Originally Posted by amploud View Post
Of course they can persude them to stay: money talks! A few kajillion in tax credits ought to do the trick.
That isnt always the case though It might make them stay for a year or so but then they can move on no matter how long the tax breaks will be.

Prime example the new Dell Plant in Winston Salem
Winston-Salem's Dell plant on the selling block? | www.charlotteobserver.com
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Old 09-29-2008, 11:27 PM
 
140 posts, read 285,954 times
Reputation: 101
I wish too I had not stick to the news all day but how can you ignore all this. I have been very bearish among my former peers -former WB employee btw- and friends and was always almost laughed at when describing the potential tsunami doom and gloom scenario coming our way.

Even the proposed bailout will not be enough to stop this train wreck. The amounted losses to come should surpass trillions of dollars not just a mere 700 billion figure they came up with off their as*es, since the problem was not just limited to subprime and option arm products. It goes well beyond into prime paper loans beggining with alt-a soon to be kaput paper, reg/avg fnma and freddie ones, auto loans, student loans, credit cards, etc.

The bailout, although a bad program, is a necessary evil before everything crashes down. At best it could save the markets if a complete reform of the system -which I doubt will happen unfortunately due to the greedy nature of us humans. At its worst it will be the worst calamity in the hisory of mankind and god knows what sort of reprecusions will happen afterwards.

Ani, unfortunately I do not share your optimism. I worked in the Northeast a few years back and the sentiment towards WB wasn't the greatest, particularly b/c of the blunders First Union handled (the Money Store, the Corestates "merger").

Citi will likely wipe out Charlotte's high and mid level management but will keep some of its general bank people, which include retail banking, aboard. Corporate and investment banking jobs will surely go to NY now, and god help us if operation jobs are taken away as well. At the end when you sum all of these up IMHO this translates into thousands of job losses, at least 5,000 if we are to be optimistic. Worst of all the bulk of these job losses will be high paid positions and that will be a huge blow to our city. Even more worrisome are rumors I'm hearing that BoA is thinking about moving investment related jobs to NY as well to remain closer to Wall Street and since it will no longer have a local rival to compete with here.

Real estate in Uptown will suffer tremendously needless to say (it already had been limping the last few months) as employees will leave countless empty condos which will drive the inflated prices down and on going projects will likely stall.

Another worrisome theme I'm noticing here is the fact a lot of people are still ignoring this huge problem, not just Wachovia's but the overall economy's as I still saw countless people using plastic at the mall buying useless crap. People, you need to get ready, even if the bailout bill passes and it becomes successul it will take literally years before we see the effects. Meanwhile inflation -and god forbid hyperinflation- is guaranteed to happen because of the added extra liquidity. You think $4 a gallon of gas is expensive try $10 or more, economics 101. Please educate yourselves, be prepared but do not panic, start saving money, diversify your assets and investments, do not buy new cars, houses (if you do buy a house do not by any means go over budget and make sure you do not exceed 36% of your total debt to income, and only if your employment is secured -if there's such a thing nowdays- have a down payment, do your homework. Help your neighboor, let's star talking about these issues, most of us are the little people and not the big cats, so we are the only ones who can help ourselves.
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Old 09-30-2008, 02:56 AM
 
33 posts, read 111,782 times
Reputation: 19
I think the point that most people who are "ingoring the "problem"" are trying to make is that even if Wachovia does cut jobs in Charlotte it would hardly be the end of the world that some are trying to make it out to be. Don't get me wrong, I sympathize with anyone at risk of losing their job (of course, I think right now most of us are), but its not like banking is the only thing going on in Charlotte. Don't underestimate the city, sure its a set back, I'm not denying that, but nothing we couldn't recoup from, in time.

As far as the general economy goes, lets go ahead and face it, what's happening now really shouldn't be that much of a surprise. We had to know that a financial system almost exclusively based on spending money that you don't actually have would fail at some point. Just be smart, stick to buying things that you can actually afford, save when you can, and just wait it out.

Or keep convincing yourself that society as we know it will soon break down and stock the bomb shelter up with tuna and powdered milk (just not from China).

Life goes on people, go with it.
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Old 09-30-2008, 06:07 AM
 
Location: Charlotte, NC
7,041 posts, read 13,110,264 times
Reputation: 2323
Well, Chef has it exactly right. As far as I know, the WB employees know as much as most of us...which pretty much translates into nothing. They do know that their 401k money which had WB stock attached, is pretty much worthless and they know that their managers expect them to act as if nothing at all has happened. Everyone here has bandied about numbers of job losses. Let's translate those job losses into people....and the probability that those people would be able to get another job. Who is going to absorb 5-7k bankers? BOA? Not hardly. Yes, this is depressing, but, these are depressing times. People need to take this entire situation, not just the Citi thing, but, the entire economy seriously. Let me bring it all into perspective: If you had to, could you live on unemployment for an extended period of time? and, what about when that unemployment ends? How long could you survive then?

Those are serious questions that everyone needs to be asking themselves. A few months, the site leader where I work told us that there was a (figurative) hurricane looming and headed straight for us. She told us to prepare. I think that it has landed as a Cat 5 and most of us are not prepared. The devastation is wide and it is going to be severe. Hope that everyone has a backup plan.
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Old 09-30-2008, 06:38 AM
 
4,093 posts, read 10,154,343 times
Reputation: 1896
I actually think it is best to prep for worst case scenario and be pleasantly surprised if it doesn't happen. I would rather be prepared than to lose my house and not be able to feed my kids.

Dawn

Quote:
Originally Posted by chicagocubs View Post
Well, Chef has it exactly right. As far as I know, the WB employees know as much as most of us...which pretty much translates into nothing. They do know that their 401k money which had WB stock attached, is pretty much worthless and they know that their managers expect them to act as if nothing at all has happened. Everyone here has bandied about numbers of job losses. Let's translate those job losses into people....and the probability that those people would be able to get another job. Who is going to absorb 5-7k bankers? BOA? Not hardly. Yes, this is depressing, but, these are depressing times. People need to take this entire situation, not just the Citi thing, but, the entire economy seriously. Let me bring it all into perspective: If you had to, could you live on unemployment for an extended period of time? and, what about when that unemployment ends? How long could you survive then?

Those are serious questions that everyone needs to be asking themselves. A few months, the site leader where I work told us that there was a (figurative) hurricane looming and headed straight for us. She told us to prepare. I think that it has landed as a Cat 5 and most of us are not prepared. The devastation is wide and it is going to be severe. Hope that everyone has a backup plan.
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Old 09-30-2008, 07:19 AM
 
1,343 posts, read 2,915,851 times
Reputation: 976
Charlotte Observer this morning still had an ad for Wachovia CD... pays 4.25% ! I wonder why they didn't pull it?
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