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Old 09-17-2008, 04:16 PM
 
3,853 posts, read 12,086,681 times
Reputation: 2522

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As soon as you read this go to wamu and take all your money out!!!! They are going up for auction. That means they probably have liquidity problems.

http://www.marketwatch.com/news/stor...-D302430FE9BB}
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Old 09-17-2008, 06:00 PM
 
Location: Charleston, SC
5,615 posts, read 13,560,824 times
Reputation: 2541
Calm down. You'll be fine if you're under the FDIC limits. If everyone goes and pulls their money out the company will go under for sure. Now is not the time for irrational behavior.
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Old 09-17-2008, 06:22 PM
 
1,493 posts, read 4,342,545 times
Reputation: 991
Wamu is solvent and strong, but people need to stop panicking. Money in the back is safe.
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Old 09-17-2008, 06:31 PM
 
20,194 posts, read 21,674,290 times
Reputation: 9242
Hahaha.. it is until they tell you they are going to bankrupt... point is... the more money people withdraw from WaMu (and they ARE withdrawing)... the likely they are going to go bankrupt (probably this weekend)... people WILL panic and withdraw... so NO, your money is NOT safe... better to withdraw NOW then to wait in line for a week to get it.. that is unless you think not paying bills that are due soon is not important...
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Old 09-17-2008, 06:39 PM
 
Location: state of enlightenment
2,404 posts, read 4,872,754 times
Reputation: 2482
Do yourselves a favor and read up on Paul Mladjanovic. I won't post a website because I don't want to be accused of spamming. All I can say is he's been right on the money about the dot com bubble, credit crisis, housing bubble, commodities, inflation. I've been following him since I took his Learning Annex (NYC) course about 5 years ago. I was a doubting Thomas but I'm converted. He's been right 100%! He is my investment advisor but I have nothing to gain by promoting him. He's not one of these slick Willie types with fancy $1000. seminars (they cost about $100) or $500 "courses" (they cost about $15.) or 100 secretaries you can never get thru. He lives in a modest house in Fort Lee. He's a humble, dorky (in a nice way) guy who's easily accessible and gives personal service. He must have sent about 10 "relax, don't panic" emails and called several times in the last month advising me to stay the course including today as he was picking up his kid from school. Another one who's been on target is Stephen Leeb. Fearless predictions: commodities are coming back with a vengence (in fact they will be one of the few things left standing), oil at $200. near term, $500. medium term. Horde gold & esp. silver now. Or you can just hide your head in the sand. That might work.
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Old 09-17-2008, 07:27 PM
 
105 posts, read 203,722 times
Reputation: 33
Quote:
Originally Posted by scuba steve View Post
calm down. You'll be fine if you're under the fdic limits. If everyone goes and pulls their money out the company will go under for sure. Now is not the time for irrational behavior.

+1
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Old 09-17-2008, 07:42 PM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,474 posts, read 14,584,595 times
Reputation: 6379
Quote:
Originally Posted by Gematria View Post
+1
I disagree. If my bank goes under...it causes me stress. That stress leads me to find out where my money is. That finding leads to a loss of time while I find out where and how to get my money.

"Oh! It's covered by the FDIC!"

"What does that mean?"

Oh, you don't know what that means for my bank? ME NEITHER! Now, I have to find out. Which takes time. My wife is asking me, "Where is our money? Can the children eat school lunch tomorrow, or should I pack a sack lunch? Does our debit/credit card work? What if they say they "Didn't get our deposit?......No one is asnwering the phones!! They say they haven't got the money!! Our credit is going to be ruined!!!"

I see this will take no time from your life. I estimate it would take multiple hours from mine. I estimate my time at $100 bucks an hour. What is your time worth?

A dollar? 2 dollars? 25 dollars? I have about 35 years or so left on this planet. I hate when someone wastes my time.

They are wasting someone's time. Not mine..I don't bank with WAMU. But they are definitely wasting someone's time.
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Old 09-17-2008, 07:46 PM
 
20,194 posts, read 21,674,290 times
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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....
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Old 09-17-2008, 08:12 PM
 
371 posts, read 1,471,740 times
Reputation: 184
The problem is if you withdraw it-what bank will be there tomorrow?? You just don't know.
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Old 09-17-2008, 08:17 PM
 
939 posts, read 3,193,087 times
Reputation: 619
Quote:
Originally Posted by evilnewbie View Post
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....
If I am under the insurance limits why would I have to withdraw the money? If WaMu goes under the FDIC will shut it down on a Friday and it will open up Monday under control of the FDIC or another bank. Thats what happened with Indymac and the other banks that were taken over by the FDIC. People are seriously overreacting.
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