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I think a year is too optomisitc, a month is too pessimistic. My prediction earlier this year was Spring of 09. I warned a few people that had 100k+ in their accounts there, and they diversified their holdings a few months ago.
Right now I don't know... the hard hits to financial stocks and lack of new capital might make them toast before the year is out. Their portfolio is rocky, I know Long Beach used to do some junk loans that I would never touch and then the whole Option ARM thing.
I keep hearing Chase is considering purchasing them for their west coast footprint. Even with all that waste on their books, that is a lot of customers to cross sell products to, and would pretty much put Chase nationwide. Plus, I'm pulling for Chase to buy them and not Wachovia. While I work for a different bank, I live in Charlotte, and I would be worried if Chase bought Wachovia they would relocate the headquarters. That would be horrible for the QC.
if I have under $100,000 in Wamu will the FDIC guarantee it when Wamu goes under?
Yes, that's the theory. The federal government buys the accounts.
But thanks to the federal government spending how many billions? per day on the Iraq war, it's China who's been lending the U.S. the money to conduct the war in Iraq, so wouldn't it be China who bails out your accounts?...
If I were you, I'd switch my account(s) to BOA. They just offered today to buy Merrill Lynch. BOA is strong -- unlike WaMu, BOA is a commercial bank, not a thrift, and hasn't loaded itself in home loans. Another poster mentioned Chase -- that's another possibility into which to switch your accounts.
i give WaMu until february, 2009... yes, the fdic will probably take over WaMu, but with what money? the FDIC only has $45 billion left in its reserves.
WaMu, AIG, and others won't be allowed to fester very long. We'll probably have some type of decision regarding their status going forward by the end of this week.
The credit ratings companies are now jumping on the feeding frenzy accelerating the decline.
No one is mentioning the end of the quarter. Of course banks can go under at any time, but when it gets close to the end of the quarter like right now - you tend to see the big action. There will be at least another before October 1st, probably AIG but WaMu could be in there too, with who else?
Should be some fireworks by the end of December 2008. The elections will be over with, the Christmas season will have flopped (or not?), and who knows what the stock market will do. I sense it will be ugly, and scary. This is not over with yet, not even close.
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