OMG! Wachovia folds!?

[ftwildernessguy]

Technically they didn't fold but were acquired by Citi. My Son-In-Law works there so I'm not particularly thrilled about this.

Now that the bail out package failed, we're in uncharted waters. Lord only knows what will happen now. The market is free-falling quite predictably, but the real consequences won't be apparent for weeks.

THE ROOT CAUSE OF THE WACHOVIA FAILURE WAS THE ACQUISITION OF GOLDEN WEST BACK IN 2006 WHO HAD HUGE SUB-PRIME PORTFOLIO

And actually, I've been waiting for Wachovia to go down since then, so this really is no surprise. At this point, the upheaval is taking down the weak, which overall could prove to make for a much more solid American economy. The problem is going to be putting on the brakes before everything follows down the crapper. I can't believe this bailout package didn't pass. The market still isn't as bad as it was after Black Monday, however. And I see oil prices are dropping, so there's a good thing.

 

[vick]

Shouldn't they just divide the 700 billion with us taxpayers? Everyone could pay off their mortgages.

 

[AuburnJen92]

Shouldn't they just divide the 700 billion with us taxpayers? Everyone could pay off their mortgages.

Hey, that is the best thing I have heard yet. Horray for Vickie!

 

[RvUsa]

I wish that would work, but it is only about 2000 each.... I think if my math is right ..... lol

 

[des1954]

I wish that would work, but it is only about 2000 each.... I think if my math is right ..... lol

The operative word in that statement was taxpayers, not citizens or illegals! That might make it oh...$2500!!

 

[big kahuna1]

Only if you have a mortgage. Renters do not count. That may get up there a little more. I might be able to make a monthly payment.

 

[Shan-man]

I wonder if this day will be remembered as Black Rosh Hashanah? A 777 point loss, that's gotta get a name! Sure, percentage-of-value-wise this pales in comparison to Black Monday of '87, but it was still a major event. BTW Deb, my IRA is 10% below it's value when I opened it!

 

[RvUsa]

Ok, I will try some new math, I say we take the number of SINGLE FAMILY home mortgages under, oh say $600,000 and pay them off, that would be what, around 100,000,000 of them. Now divide 700billion by 100 million that works out to $7000. So that doesn't work either, and then you would have every special interest group crying that we are forgetting them. "we are poor and underprivileged, we can't afford a house so we didn't get any money.....

I hate to sound like chicken little, but if this WHOLE country doesn't get it's collective head out of it's butt, we are all going down the toilet.





Oh, and by the way, good morning!!! LOL

 

[DisneyBishops]

Oil prices down, gas prices up or unchanged. How is that for economics 101.So much for true capitalism. Heck I need someone to bail me out, I am spending all my money on gas. LOL I bet GW don't need bailing out. Or any of them sorry a## politicians for that matter. I think I complained enough for today.

 

[ntsammy5]

Oil prices down, gas prices up or unchanged. .

Actually, gas prices are down significantly here - $0.20 in a week. I think the problem in the SE was back-to-back hurricanes which disrupted supply and raised prices.

 

[Louisianafive]

I keep tell'n folk the best investment you can make make is a big ole mattress with small easy open zipper on the side,,,stuff that sucker fulla green !

Safe keeping,,thats what it's all about.

I thouhght we were the only ones that did this! Seriously ~ we don't have bank accounts. DH does have a 401 K, though...............

Oh, the Prez is fixing to speak...........

 

[RvUsa]

What happened, this got moved, and then moved back???

 

[rapriebe]

What happened, this got moved, and then moved back???

Yea, I was wondering the same thing. First it was here, then moved to the Community Board and now it's back again? Must be a different mod lurking!! Rhonda probably fixed it.

 

[Rhonda]

Yea, I was wondering the same thing. First it was here, then moved to the Community Board and now it's back again? Must be a different mod lurking!! Rhonda probably fixed it.