WaMu :(

[thorne]

Another one bites the dust.

 

13 banks this year

[HAOLE]

more to come

[thorne]

indeed there is. scary times we live in.

[Cordell]

Anyone remember history class in high school? Black tuesday the great stock market crash at the start of the great depression. Just waiting for the big event that will trigger it now.

[thorne]

Yes if they declare a banking holiday shit ur pants.

Heres the scary part. IF say 100 of us all went to the bank at once right now and created a line going out the door and kept saying we herd they were running out of money and fdic could not cover it and shit.

 

a small group of people could create a bank run and cause more banks to fail. WOW.. scary anit it

[Pedro1647545510]

Yes if they declare a banking holiday shit ur pants.

Heres the scary part. IF say 100 of us all went to the bank at once right now and created a line going out the door and kept saying we herd they were running out of money and fdic could not cover it and shit.

 

a small group of people could create a bank run and cause more banks to fail. WOW.. scary anit it

Yep, that say that is one of the things that caused IndyMac to fail, a run on the bank.

[Scotty2Hotty]

Chase will be bigger than King Kong.

[2highpsi]

Bank of America is still bigger. For now.......

 

The thing that bugs me the most is that the FDIC was glad Chase bought it because if not they would be dangerously low on funds. If that's the case, what the fuck will they do if BOA or Chase go belly up?

[LJ]

Bank of America is still bigger. For now.......

 

The thing that bugs me the most is that the FDIC was glad Chase bought it because if not they would be dangerously low on funds. If that's the case, what the fuck will they do if BOA or Chase go belly up?

 

 

operating funds, not insurance funds

[2highpsi]

operating funds, not insurance funds

 

I hope you're right but this is what Yahoo finance wrote :

 

One positive is that the sale of WaMu's assets to JPMorgan Chase prevents the thrift's collapse from depleting the FDIC's insurance fund.

[LJ]

I hope you're right but this is what Yahoo finance wrote :

 

 

Yeah the news media keeps saying that and the FDIC keeps coming back after every article and basically saying "no, we are running low on OPERATING funds, not insurance funds". They say they have enough to cover the banks on their watch lists. With the bank failures many employees are having to work overtime etc. etc. so they are running low on funds to pay their employees.

[2highpsi]

Cool, I must have missed the correction. That makes me a feel a little better.

[kshymkiw83]

Not true. FDIC is has no insurance funds and it has been this way for YEARS:

 

 

When I became Chairman of the FDIC in 1981, the FDIC's financial statement showed a

balance at the U.S. Treasury of some $11 billion. I decided it would be a real treat to see all of

that money, so I placed a call to Treasury Secretary Don Regan:

 

Isaac: Don, I'd like to come over to look at the money.

 

Regan: What money?

 

Isaac: You know . . . the $11 billion the FDIC has in the vault at Treasury.

 

Regan: Uh, well you see Bill, ah, that's a bit of a problem.

 

Isaac: I know you're busy. I don't need to do it right away.

 

Regan: Well . . . it's not a question of timing . . . I don't know quite how to put this,but we don't have the money.

 

Isaac: Right . . . ha ha.

 

Regan: No, really. The banks have been paying money to the FDIC, the FDIC hasbeen turning the money over to the Treasury, and the Treasury has been

spending it on missiles, school lunches, water projects, and the like. The

money's gone.

 

Isaac: But it says right here on this financial statement that we have over $11 billionat the Treasury.

 

Regan: In a sense, you do. You see, we owe that money to the FDIC, and we pay interest on it.

 

Isaac: I know this might sound pretty far-fetched, but what would happen if we should need a few billion to handle a bank failure?

 

Regan: That's easy – we'd go right out and borrow it. You'd have the money in no time . . . same day service most days.

 

Isaac: Let me see if I've got this straight. The money the banks thought they were storing up for the past half century – sort of saving it for a rainy day – is gone. If a storm begins brewing and we need the money, Treasury will have to borrow it. Is that about it?

 

Regan: Yep.

Isaac: Just one more thing, while I've got you. Why do we bother pretending there's a fund?

 

Regan: I'm sorry, Bill, but the President's on the other line. I'll have to get back to you on that.

 

Once upon a time, there was indeed a segregated FDIC fund. During the Johnson Administration, someone had the bright idea to put the FDIC into the federal budget as a way to reduce the deficit. This was in the good old days when the FDIC always produced a surplus. Putting the FDIC on budget reduced the deficits being created by spending on the Great Society

programs in tandem with the war in Vietnam.

 

Actual excerpts from an interview with the ex-head of the FDIC

 

http://halturnershow.com/FDICFundsDoNotExist.pdf

[LJ]

Not true. FDIC is has no insurance funds and it has been this way for YEARS:

 

 

When I became Chairman of the FDIC in 1981, the FDIC's financial statement showed a

balance at the U.S. Treasury of some $11 billion. I decided it would be a real treat to see all of

that money, so I placed a call to Treasury Secretary Don Regan:

 

Isaac: Don, I'd like to come over to look at the money.

 

Regan: What money?

 

Isaac: You know . . . the $11 billion the FDIC has in the vault at Treasury.

 

Regan: Uh, well you see Bill, ah, that's a bit of a problem.

 

Isaac: I know you're busy. I don't need to do it right away.

 

Regan: Well . . . it's not a question of timing . . . I don't know quite how to put this,but we don't have the money.

 

Isaac: Right . . . ha ha.

 

Regan: No, really. The banks have been paying money to the FDIC, the FDIC hasbeen turning the money over to the Treasury, and the Treasury has been

spending it on missiles, school lunches, water projects, and the like. The

money's gone.

 

Isaac: But it says right here on this financial statement that we have over $11 billionat the Treasury.

 

Regan: In a sense, you do. You see, we owe that money to the FDIC, and we pay interest on it.

 

Isaac: I know this might sound pretty far-fetched, but what would happen if we should need a few billion to handle a bank failure?

 

Regan: That's easy – we'd go right out and borrow it. You'd have the money in no time . . . same day service most days.

 

Isaac: Let me see if I've got this straight. The money the banks thought they were storing up for the past half century – sort of saving it for a rainy day – is gone. If a storm begins brewing and we need the money, Treasury will have to borrow it. Is that about it?

 

Regan: Yep.

Isaac: Just one more thing, while I've got you. Why do we bother pretending there's a fund?

 

Regan: I'm sorry, Bill, but the President's on the other line. I'll have to get back to you on that.

 

Once upon a time, there was indeed a segregated FDIC fund. During the Johnson Administration, someone had the bright idea to put the FDIC into the federal budget as a way to reduce the deficit. This was in the good old days when the FDIC always produced a surplus. Putting the FDIC on budget reduced the deficits being created by spending on the Great Society

programs in tandem with the war in Vietnam.

 

Actual excerpts from an interview with the ex-head of the FDIC

 

http://halturnershow.com/FDICFundsDoNotExist.pdf

 

 

I read it, it's called an appropriation, which is how all gov't accounting and budgets work.

[HAOLE]

The whole point of this "problem" we have is to make the banking industry more powerful. They will consolidate until there are only a couple of banks left then they have an even stronger hold on the dollar and this country.

 

I remember Kirks5oh busting my chops saying I was paranoid of banks, seems like my predictions so far have been spot on.

[ImUrOBGYN]

Never trusted banks. Rarely even used them. I remember problems back when I was a kid and they needed help. It's always sat with me and added to my distrust.

[Conesmasher]

Wamu is still having no troubles taking my fucking money!!

[ImUrOBGYN]

Chase is still having no troubles taking my fucking money!!

Fixed.

 

My best friend in Texas manages a WaMu branch in Houston. He entertained thoughts of moving up here but found there were no major banks other than Chase to work out and he didn't want to work for them. I told him today he should've moved up here a long time ago. He's working for Chase now, anyway.

[SpaceGhost]

Guys the JPMorgan buyout of WaMU, has been in the works for well over a year, I have a friend that works for WaMU and he told me about the buyout More than 6 months ago. Remember when Chase bought Bank one? I don't believe that was because of failure, banks buy other banks, it's what they do.

[V8 Beast]

Did America make it out of the great depression... yes. Save your money, have a back up plan, be smart, and when the zombies come save a bullet for yourself.

[Conesmasher]

Guys the JPMorgan buyout of WaMU, has been in the works for well over a year, I have a friend that works for WaMU and he told me about the buyout More than 6 months ago. Remember when Chase bought Bank one? I don't believe that was because of failure, banks buy other banks, it's what they do.

 

Banks buy other banks until they grab too much market share, become too big too fail and then FAIL. There needs to be a cap on market share, or some type of legislation that changes the reserve ratio.

[Smokey]

Bank of America is still bigger. For now.......

 

The thing that bugs me the most is that the FDIC was glad Chase bought it because if not they would be dangerously low on funds. If that's the case, what the fuck will they do if BOA or Chase go belly up?

 

if BOA or Chase are falling, then you better look around because the whole country will be imploding at that point.

[Smokey]

Banks buy other banks until they grab too much market share, become too big too fail and then FAIL. There needs to be a cap on market share, or some type of legislation that changes the reserve ratio.

 

if they make proper acquisitions then buying banks won't cause them to fail. Plus, current federal regulations mandate that a bank cannot buy itself into more than 10% of the deposit base in the country. This is why BOA can't buy any more banks after the LaSalle purchase and has instead moved on to finance companies.

[Smokey]

triple cause it's early and nobody's on here.

 

 

the worst little secret about the FDIC is that yes, your $100K is insured, but according to their policies, the FDIC has 99 years to pay it back to you!!!!

[SLOWLX]

Yeah my wife Works for Chase so she has alot more work to do