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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!
For me, I'd just feel better to have my money in an institution (s) that isn't up for sale or wanting a govt. bailout. That is just common sense in my opinion. So, if I have money in a bank such as Wa Mutual how is it panicking to take money from there and depositing it into another financial institution that "feels" like they have a better chance of weathering out this mess? Why is that so bad? It is our money that we've earned afterall. Why do we want to shelter these banks from the consequences of their actions which have caused some of their customers to no longer trust their ability to be solvent?
I do agree with the shared blame for the state of our economy falling on SOME of the American people ---- BUT remember those people were only able to borrow funds from banks, get too many credit cards, extend credit lines BECAUSE someone approved their request to borrow it. Now, the very people who approved them are in a mess, those borrowers are in a mess, and guess who gets to bail them all out????? Unfortunately the consequences for their bad choices keep getting put on the back burner the longer the govt. tries to "fix" the mess. Unless and until one lives through the consequences of bad choices they will never learn!!!
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!
Um, you just answered your own question. WaMu made MANY more mistakes, so why should we trust them? Just for the sake of not letting them fall apart? If they can't handle their affairs right, then you're allowed to switch to someone who can. You're not stuck with the bank you chose for life; you're allowed to switch, and you should if you feel they're not doing an adequate job.
Um, you just answered your own question. WaMu made MANY more mistakes, so why should we trust them? Just for the sake of not letting them fall apart? If they can't handle their affairs right, then you're allowed to switch to someone who can. You're not stuck with the bank you chose for life; you're allowed to switch, and you should if you feel they're not doing an adequate job.
The problem is this should not be your ONLY bank. I have money in WAMU myself - and I am NOT pulling out a penny of it! We move money around all the time - and that's the point. Americans have been asleep at the wheel and have not managed their finances properly and now their all in panic mode. In fact I have some funds in another institution that was huge in subprime - but again I am not going to clean out my account because of it!
People don't seem to understand... its not a matter of IF WaMu is going under... its a matter of when and it is SOON... do you REALLY want to stand in line since 3 AM for five hours to withdraw your money? I guess people have nothing better to do with their time... or you can pull it all out NOW and put it in a bank that will be here next week... takes 5 minutes... lets see 5 hours or 5 minutes... hmm....
LMAO this sooo reminds of me of when I was a bank teller in 1999. The mounds of people that came into the bank to withdraw all their money because of Y2K was hilarious. The line was beyond long and I spent so much time trying to calm people down. Mind you I was only 19 trying to comfort people 3x's my age. And some of these people took out like $30k and was demanding cash instead of cashier checks
I see... just coincidence huh.... I rather put it into a credit union... unless its purely savings then I would opt for a corporate bank...
It actually was. My g/f signed up for BofA last week after dropping some bank that was far from her house. WAMU is around the corner from my house, but I only use the ATM. I wanted the MLB Cubs check card BofA offers and figured why not switch to the bigger bank. It works out because if WAMU does go under I will be good. WAMU has never done me wrong though, so I can't fault them. I have a credit union, but don't touch the money, same with scottrade. Got stock in Us Bancorp actually...making money with it too.
Um, you just answered your own question. WaMu made MANY more mistakes, so why should we trust them? Just for the sake of not letting them fall apart? If they can't handle their affairs right, then you're allowed to switch to someone who can. You're not stuck with the bank you chose for life; you're allowed to switch, and you should if you feel they're not doing an adequate job.
name one bank that did not make mistakes. did Wamu make more mistakes than other banks? could be....did they make the most mistakes? no
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.
the entire banking industry has taken a piece of this crap pie. Not just wamu so to single out wamu is just asinine
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