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Location: Georgia, on the Florida line, right above Tallahassee
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Just figured I'd flip this out there if anyone has more than $100,000 in saving in Washington Mutual. They just got downgraded from Baa3 from Baa2. Which is one step above "junk".
Interesting u post that. I moved every penny and housing loan out of Wamu due to the lack of service. It took one hour to report a stolen credit card. Then I saw the ratings coming in. Good post!!
WAMU closed our account for us last year. For some odd reason, they sent our statements to an address that was 4 years and 2 states old... no explanation given. I went to use the card (it was the account we kept emergency funds in) and imagine my surprise and embarassment when it got refused. I used my cell to call real quick and found out the account had been closed when the statements were returned (the address didn't exist any longer, military housing closed). It took me 3 months to track down the money in that account. They offered to open a new account with the money but I refused. Glad I did.
Other than that situation, I had previously had WONDERFUL customer service with them... which is why we kept our money there while moving around with the Navy.
Now we're with USAA... IMO, safest bank in the world, thanks to their SSA accounts (not social security) and member limitations.
Except for gold hoarders and Marxists, who would want hyperinflation?
Debtors. Inflation wipes out debt. Hyperinflation wipes it out faster.
Who is the world's largest debtor? US.
The coming combination of the deflated assets with inflated currency has the potential to blast US into orbit or into a deep, deep hole. If all the debts are wiped out by inflation, and the assets (such as housing) become cheap again, a lot of folks come out ok.
While no one on the international scene will trust US dollars again for the next 50 to 100 years, that is not such a bad thing, either, as it will prevent this level of debt, again.
Hard part will be surviving the ride. Food and energy can get real pricey and real precious.
Interesting u post that. I moved every penny and housing loan out of Wamu due to the lack of service. It took one hour to report a stolen credit card. Then I saw the ratings coming in. Good post!!
They "Lost" a EFT for a mortgage payoff last year!--Well took a few days to track it down, WaMu is the worst!
As a bank, I do like them and have an account with them. I wish I had 100K that I had to worry about and take them out. Good 'ol FDIC will cover my pocket change.
Debtors. Inflation wipes out debt. Hyperinflation wipes it out faster.
Who is the world's largest debtor? US.
The coming combination of the deflated assets with inflated currency has the potential to blast US into orbit or into a deep, deep hole. If all the debts are wiped out by inflation, and the assets (such as housing) become cheap again, a lot of folks come out ok.
While no one on the international scene will trust US dollars again for the next 50 to 100 years, that is not such a bad thing, either, as it will prevent this level of debt, again.
Hard part will be surviving the ride. Food and energy can get real pricey and real precious.
Like CW said -- it is garden time.
Very good point.
Pension holders and social security recipients are screwed royally. I see a resurgence in baby boomer employment
The hyperinflation scenario in Hungary during 1945-1946 was blamed on Marxists wanting to destroy the middle and upper income caste system and usher in dependency on the gobbermint. Hyperinflation definitely enslaves people into relying on government handouts.
While debts will be wiped out, so will purchasing power and overall lifestyle. I personally prefer deflation where cash is king.
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