For the love of god leave your money in the bank!

[bisonaudit]

In the 8 business days leading up to the failure of Washington Mutual, customers withdrew $16.7 billion from deposit accounts. The reserve rate in the US is 10% which means that $150.3 billion in liquidity was destroyed by the irrational actions of individual depositors.

WaMu held about $188 billion in deposits, again at 10% their reserves were reduced to effectively zero in two weeks time by the irrational behavior of ordinary citizens, which necessitated a takeover.

Your money is federally insurred up to $100,000. The safest place for your money is in the bank. Putting it under the matress doesn't solve your problem, It compounds everyone's problem including your own.

[bisonmike2]

In the 8 business days leading up to the failure of Washington Mutual, customers withdrew $16.7 billion from deposit accounts. The reserve rate in the US is 10% which means that $150.3 billion in liquidity was destroyed by the irrational actions of individual depositors.

WaMu held about $188 billion in deposits, again at 10% their reserves were reduced to effectively zero in two weeks time by the irrational behavior of ordinary citizens, which necessitated a takeover.

Your money is federally insurred up to $100,000. The safest place for you money is in the bank. Putting it under the matress doesn't solve your problem, It compounds everyone's problem including your own.

amen to that. but it's not the customers that cause Wamu to fail. The buzzard were circling well before the last business days but everyone got spooked because you couldn't read a business section in the last couple months and not read about how Wamu was in serious trouble. I really thought Wells Fargo was going to jump in and buy them. There were rumors that WF wanted Wamu when I used to work there 5 years ago. As much as I hate Wells, I'm still a customer and they are still holding very steady in this time of uncertainty. I remember when I was a banker over 5 years ago people were coming in with these ridiculous loan offers and rates and asking us to match them. 99% of the time we didn't. I remember thinking at the time that "how are we going to compete against these guys when there are throwing out ridiculous loan term and cond.?" Turns out they are going to compete because they are going to be one of the few large banks still standing after this ordeal.

[X-Factor]

S&P down 106 today. Probably more selling tomorrow and throughout the week unless congress pulls something out of their a$$ after the bailout failed by 11 votes this afternoon. I'm looking at this market licking my chops at the buying opportunities in the next couple days after another massive drop. People are simply selling on fear and not paying any attention to fundamentals.

I bought some PUTS today. Hopefully can sell them tomorrow for a new plasma TV in the living room.

[A1pigskin]

In the 8 business days leading up to the failure of Washington Mutual, customers withdrew $16.7 billion from deposit accounts. The reserve rate in the US is 10% which means that $150.3 billion in liquidity was destroyed by the irrational actions of individual depositors.

WaMu held about $188 billion in deposits, again at 10% their reserves were reduced to effectively zero in two weeks time by the irrational behavior of ordinary citizens, which necessitated a takeover.

Your money is federally insurred up to $100,000. The safest place for you money is in the bank. Putting it under the matress doesn't solve your problem, It compounds everyone's problem including your own.



I don't think it helps when congress is out there saying everything is going to fall apart if the bill does not pass.

It will be interesting to see what the next two days are like for DJ. Bargain stocks will be there for the taking.

[tony]

Easy to say, hard to do. All people are susceptible to hysteria... and, unfortunately, a lot of times the hysteria causes more damage than the catalyst.

[mebisonII]

Easy to say, hard to do. All people are susceptible to hysteria... and, unfortunately, a lot of times the hysteria causes more damage than the catalyst.

ooooh, look who can use big words! :blush:


j/k, I agree.

[met1990]

I'm pulling all of my money out of the bank and sending it to this poor Nigerian prince that e-mailed last week. It seemed like the right thing to do.

[bisonaudit]

I'm pulling all of my money out of the bank and sending it to this poor Nigerian prince that e-mailed last week. It seemed like the right thing to do.


LOL LOL

[bisonaudit]

S&P down 106 today. Probably more selling tomorrow and throughout the week unless congress pulls something out of their a$$ after the bailout failed by 11 votes this afternoon. I'm looking at this market licking my chops at the buying opportunities in the next couple days after another massive drop. People are simply selling on fear and not paying any attention to fundamentals.

I bought some PUTS today. Hopefully can sell them tomorrow for a new plasma TV in the living room.


Whoops, market's up 3% in early trading. Hope you picked the right companies to bet against.

[bisonmike2]

I'm pulling all of my money out of the bank and sending it to this poor Nigerian prince that e-mailed last week. It seemed like the right thing to do.

the smart moneys in beepers. I'm putting all my money into a beeper selling business. Cell phones have too much crap on them, they're too distracting. Beepers are simple and effective and are about to enjoy a huge comeback:)

[TheBisonator]

"The fed's gonna be lowering rates, so get your money out of T-bills and put it in (**WHACKED IN THE HEAD WITH GOLF BALL**) WAFFLES!! Tasty waffles, with lots of syrup!!"

"WAFFLES!!! WAFFLES!!! BUY WAFFLES!!!"

(Sorry, Family Guy fan here.)

(And I'm not concerned about this, cause all my money's in a regular checking account.)