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I guess you like to wait in line for hours in the cold and at night and then later screaming and yelling at people all day long... or you can drop by and pull out your money in five minutes... I guess you rather wait and let the bank fail and then go through all that... no thanks... many of us would rather not and I would NEVER advise them to go through that...
Idiots panicking and pulling their money out of banks are part of the problem. Way to go, Chicken Little.
you will definitely get your money back but it's pretty stressful. When IndyMac went down there was a line outside the branches miles long, people were storming the entrance in panic and security had to be called several times. Why deal with all that, withdraw from WaMu and put in Bank of America or something like that.
Unless you are getting some benefit or convenience from your WaMu account that you can't get elsewhere OR you're in love with the bank you should just be proactive transfer your money. In these times there are any number of banks that would love to have you as a customer, why do you want to subject yourself to potential stress, I don't get it.
And I find it funny when people say that you shouldn't withdraw because it will cause the bank to fail...WHO THE HELL CARES! Why in the world would you care about the welfare of the bank...good grief! These are the same guys who made millions and are being bailed out with your taxpayer money and you care about their welfare?
Perfectly said!!! I could care less about banks and what pulling money out will do to them. Do you think they ever sit around a table and really seriously talk about what impact their decisions will have on their customers????
Idiots panicking and pulling their money out of banks are part of the problem. Way to go, Chicken Little.
Maybe, but the real problem is GREED which is in ALL of these organizations!!! If the customer feels that they no longer have confidence in a particular company they have EVERY RIGHT to take their dollars and put them somewhere else --- if it is under their mattress so be it!! I'm tired of all these people tell everyone that the "chicken littles" are part of the problem. The problem is GREED and until this country gets a better handle on how we ALL spend money the fall-out will only continue.
For me, I'm just tired of bailing all these greedy people out!!!
Everyone is getting bailed out. I want a piece of the pie. I wonder if I go to Chase and offer to pay the balance of my mortgage for 50 cents on the dollar if they will take it. :-)
WAMU is strong and needs no buyer. All they have to do is wait out the storm. But the media is making it hard to do so. By causing a panic and persuading people to withdraw their money it really does strain WAMUs ability to stay afloat.
Ppl say Wamu is the next IndyMAc. Hogwash. WAMU is much bigger with 3 other lines of business. IndyMac was taken over when people took out more than the minimum from the $29billion in deposits. Wamu has over $143 billion in deposits. Not to mention IndyMac basically was a mortgage company and nothing more
Idiots panicking and pulling their money out of banks are part of the problem. Way to go, Chicken Little.
Agreed. And most of the ones that panic and pull their money out individually have small amounts to worry about, but collectively can cause these institutions to collapse. Those with significant funds know how to mange their money, where to put it and distribute it properly, don't panic, and more than likely comeout untouched by all the hoopla.
You can't blame the "Chicken Little's" for a banks demise
Originally Posted by SuSuSushi View Post
Quote:
Idiots panicking and pulling their money out of banks are part of the problem. Way to go, Chicken Little.
Let's be honest about this folks. WAMU and lots of other banks are on the ropes primarily because THEY MADE STUPID LOANS! They were blinded by greed in their headlong rush to profits and somehow completely forgot the fundamentals of sound lending practices. Let's review what really happened...
- WAMu made a practice of loaning lots of money to people based solely upon a a credit score and a signature (with NO verification of income),
- WAMU made negative amortization loans (loaned more money on a house than it was appraised for)
- WAMU likely engaged in risky loan offerings such as, "pick-a-payment" type loans where people could literally choose what payment they wanted to make while deferring true principle payments very far into the future.
Now that their bad lending decisions are coming back to haunt them and their debt has been downgraded to "junk bond" status by the major credit rating agencies (who are notoriously behind the curve when downgrading companies), people are naturally reassessing whether or not they want to risk inconvenience or possible loss of their funds (if they have over $100k in an account).
Those who blame the "chicken little's" are ignoring the true, fundamental cause for the banks demise - bad lending decisions based upon Pollyanna, pie-in-the-sky thinking. These people came to believe that "trees really do grow to the sky" while completely losing their common sense.
If WAMU winds up getting taken over by the Feds, you can't blame the Chicken Little's as the blame lies squarely upon bad management decisions at the very top. At its core, this is just another example of GREED gone wrong....
i totally agree that wamu is in trouble because of their own bad decision-making policies and people have every right to take their money out of a bank that has made poor decisions with their money. that is not being "chicken little", rather it is being proactive.
i totally agree that wamu is in trouble because of their own bad decision-making policies and people have every right to take their money out of a bank that has made poor decisions with their money. that is not being "chicken little", rather it is being proactive.
There is not ONE bank out there that did not make VERY bad decisions over the last several years - not ONE!!! True, Washington Mutual made many more than some institutions. So do we punish all banks withdrawl our money. Seriously, where /when does the madness end?
Quite frankly, I am more ticked off at American consumers than anyone!
WE are the driving force behind our economy and we have made a multitude of bad decisions as well. Let's not forget that. Are we going to continue? Are we learning from our mistakes? NO!
In the end, those that panic and start withdrawing THEIR money in protest and fear will be the biggest losers. This will be a prime example of how the rich get richer - first and foremost because they don't panic! It's just too easy for the average Joe / Joann to blame the rich, corporations, and the government for their problems!
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You can't blame the "Chicken Little's" for a banks demise
