Comments on: Chase Acquires Parts Of WaMu, Bullet Dodged http://www.webomatica.com/wordpress/2008/09/25/chase-acquires-parts-of-wamu-bullet-dodged/ Entertainment and Tech Digest Wed, 08 Feb 2012 16:18:38 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Hope For The Best, But Prepare For The Worst » Webomatica - Technology and Entertainment Digest http://www.webomatica.com/wordpress/2008/09/25/chase-acquires-parts-of-wamu-bullet-dodged/comment-page-1/#comment-28139 Hope For The Best, But Prepare For The Worst » Webomatica - Technology and Entertainment Digest Tue, 30 Sep 2008 23:39:10 +0000 http://www.webomatica.com/wordpress/2008/09/25/chase-acquires-parts-of-wamu-bullet-dodged/#comment-28139 [...] It may seem from recent posts that I’m a pessimist, but I follow the old adage of “hope for the best, but prepare for the worst.” This is not a doom-and-gloom perspective - I don’t hope the financial world collapses into chaos and we all run for the hills, gold and shotguns in hand. Rather, I find it empowering to research the worst-case scenario, and comforting to be prepared so you’re ready for anything. And then when the “best” or even the “average” happens - you can appreciate it that much more. [...] […] It may seem from recent posts that I’m a pessimist, but I follow the old adage of “hope for the best, but prepare for the worst.” This is not a doom-and-gloom perspective — I don’t hope the financial world collapses into chaos and we all run for the hills, gold and shotguns in hand. Rather, I find it empowering to research the worst-case scenario, and comforting to be prepared so you’re ready for anything. And then when the “best” or even the “average” happens — you can appreciate it that much more. […]

]]> By: I Want My Stuff Back » Webomatica - Technology and Entertainment Digest http://www.webomatica.com/wordpress/2008/09/25/chase-acquires-parts-of-wamu-bullet-dodged/comment-page-1/#comment-28111 I Want My Stuff Back » Webomatica - Technology and Entertainment Digest Mon, 29 Sep 2008 01:49:07 +0000 http://www.webomatica.com/wordpress/2008/09/25/chase-acquires-parts-of-wamu-bullet-dodged/#comment-28111 [...] an retarded ostrich could ignore the financial crap raining down, and due to my WaMu scare I’ve been pondering my dependencies on corporations in general. Things are unwinding quickly, [...] […] an retarded ostrich could ignore the financial crap raining down, and due to my WaMu scare I’ve been pondering my dependencies on corporations in general. Things are unwinding quickly, […]

]]> By: webomatica http://www.webomatica.com/wordpress/2008/09/25/chase-acquires-parts-of-wamu-bullet-dodged/comment-page-1/#comment-28106 webomatica Fri, 26 Sep 2008 23:38:25 +0000 http://www.webomatica.com/wordpress/2008/09/25/chase-acquires-parts-of-wamu-bullet-dodged/#comment-28106 Yeah, luckily chase stepped in, which should mean a smooth transition. But<br>the thing I was nervous about was the bank failing and the FDIC taking over.<br>Not loss of money (we had much less than 100K in there) but just the hassle<br>of deposits being frozen for a few days or even just people lining up<br>outside their local branch to get their money out as was the case with<br>IndyMac.<br>Although all of that may not have happened, I still think it was good to be<br>proactive rather than reactive in this case. Yeah, luckily chase stepped in, which should mean a smooth transition. But
the thing I was nervous about was the bank failing and the FDIC taking over.
Not loss of money (we had much less than 100K in there) but just the hassle
of deposits being frozen for a few days or even just people lining up
outside their local branch to get their money out as was the case with
IndyMac.
Although all of that may not have happened, I still think it was good to be
proactive rather than reactive in this case.

]]> By: papa http://www.webomatica.com/wordpress/2008/09/25/chase-acquires-parts-of-wamu-bullet-dodged/comment-page-1/#comment-28105 papa Fri, 26 Sep 2008 18:39:23 +0000 http://www.webomatica.com/wordpress/2008/09/25/chase-acquires-parts-of-wamu-bullet-dodged/#comment-28105 My sister called last night somewhat panicky -- b/c she has a lot of funds at WaMu. Fortunately, I told her, JPMorgan had stepped in to assume the deposits, and even then she would've been FDIC insured (knock on wood that the feds don't shirk on that ever!). <br><br>Still...it made me think back to your prior post about removing the money. I personally would've removed my money as well. Even if the bank run caused the ultimate collapse, the fact of the matter is that confidence in WaMu was shattered in the marketplace and among its account holders. If you've lost confidence in your bank, you gotta do something! As so much of the current financial crisis reveals -- ain't nobody gonna help you out in these scenarios. The small guy will get screwed regardless (the fat cats of course will get bailed out). My sister called last night somewhat panicky — b/c she has a lot of funds at WaMu. Fortunately, I told her, JPMorgan had stepped in to assume the deposits, and even then she would’ve been FDIC insured (knock on wood that the feds don’t shirk on that ever!).

Still…it made me think back to your prior post about removing the money. I personally would’ve removed my money as well. Even if the bank run caused the ultimate collapse, the fact of the matter is that confidence in WaMu was shattered in the marketplace and among its account holders. If you’ve lost confidence in your bank, you gotta do something! As so much of the current financial crisis reveals — ain’t nobody gonna help you out in these scenarios. The small guy will get screwed regardless (the fat cats of course will get bailed out).

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