Originally Posted By Mr X If you are within the insurance requirements, you have nothing to worry about (short of the U.S. government defaulting on you). If you have more, though, move it or lose it as they say.
Originally Posted By Mr X According to this guy, they're all doomed. <a href="http://market-ticker.denninger.net/" target="_blank">http://market-ticker.denninger.net/</a> Granted, he's just a blogger and a negative Nellie at that, but I've been following him for a while and he has been spot on with all the other events that have transpired. Yikes.
Originally Posted By fkurucz And the worst thing is that we are still in the 1st quarter (to use American Football language). Its not even half time yet. Later this year a 2nd tsunami of mortgage defaults foreclosures will hit as the "Alt-A" mortgages begin to reset from their teaser rate values (I think this may be why Freddie and Fannie were nationalized: it was a preemptive move). Some are predicting that Alt-A will dwarf sub-prime. As SportGoofy mentioned, at what point will foreign powers simply say to heck with the US, we aren't pouring any more money down that rat hole? If it does come to that we will be in a world of hurt not seen since the great depression.
Originally Posted By DyGDisney Sorry for asking again, Mr X. It was this statement which had me wonder: >>WaMu is breaching its FDIC requirements.<< I know the feds cover up to 100,000. >>If you have more, though, move it or lose it as they say. << I wish this was my situation!!!!
Originally Posted By Mr X Well, I don't think it matters to the consumer if a bank is breaching the requirements, since the insurance part of it is for your protection, not theirs. I could be wrong, but that's how I understand it. I think you should be fine.
Originally Posted By mawnck >>Hold on to your hats - it is going to be a bumpy ride.<< Watch out for that first drop - it's a lulu.
Originally Posted By Mr X Merrill got the stick save. BoA is going to become a monopoly before this is all done (assuming somehow they didn't make the same mistakes everyone else did). First Countrywide, now this!
Originally Posted By EdisYoda MSNBC is now reporting that the Wall Street Journal is reporting that BofA has reached an agreement to purchase Merill Lynch: <a href="http://www.msnbc.msn.com/id/26708958/" target="_blank">http://www.msnbc.msn.com/id/26708958/</a> An interesting paragraph is this: "And Bank of America's own finances are far from robust. As consumer credit deteriorates, the bank has seen its profits decline, and the company is still in the midst of absorbing the embattled mortgage lender Countrywide Financial, which it acquired in January."
Originally Posted By mawnck Schadenfreude: <a href="http://online.wsj.com/article/SB122143874240834469.html?mod=hpp_us_whats_news" target="_blank">http://online.wsj.com/article/...ats_news</a> >>The regulator of Fannie Mae and Freddie Mac said Sunday that it won't allow the companies to make "golden parachute" severance payments to the mortgage companies' ousted chief executive officers. In a statement, the Federal Housing Finance Agency said such payments wouldn't be made to Daniel Mudd and Richard Syron, despite provisions in their contracts.<< >>Spokesmen for Fannie and Freddie declined to comment on the pay decision. Messrs. Syron and Mudd couldn't be reached immediately for comment.<<
Originally Posted By Mr X I think other companies should be thinking outside the box on this one. Instead of ailing banks swallowing up even worse banks, why not have Exxon or Microsoft jump into the game. Obviously the "professional" bankers have no clue..time for a shakeup from actually successful folks.
Originally Posted By mawnck >>Instead of ailing banks swallowing up even worse banks, why not have Exxon or Microsoft jump into the game.<< Why would Exxon or Microsoft want to do that?
Originally Posted By mawnck Look at the bright side. Something tells me we won't be hearing much about lipstick on pigs in the news tomorrow.
Originally Posted By Mr X Clean em up and have a cash cow in future? Why would Bank of America want to buy Countrywide and Merrill? Same difference, except BoA is an "expert" and I don't really think that proves much of anything these days.
Originally Posted By mawnck >>Clean em up and have a cash cow in future?<< Beating a dead cow is just as useless as beating a dead horse.
Originally Posted By Mrs ElderP As I understand it my bank, Wells Fargo, is fairly solid. So, that makes Wells Fargo and B of A standing at the end of this. However, I could be wrong, this is by no means my area of expertise.
Originally Posted By mawnck My credit union wishes to reassure me. <a href="http://www.orangecountyscu.org/index.php?/aboutus/news_events/financiallysound/" target="_blank">http://www.orangecountyscu.org...lysound/</a>
Originally Posted By SingleParkPassholder <a href="http://money.cnn.com/2008/09/14/news/companies/lehman_brothers/index.htm?cnn=yes" target="_blank">http://money.cnn.com/2008/09/1...?cnn=yes</a>
Originally Posted By Mr X Market futures look nasty. Dow could open 300 points down or more. I wonder if the Fed has any more magic bullets left for the opening bell.
