NOT. WB= Wachovia. it dropped 90% to .94 cents this morning. I love how the FDIC loves to rape my asshole. :unamused::squint:
eww, sorry man. I bank with them, looks like I might be getting a debit card with a different name on it in the near future.
They just got bought by Citigroup in a federally brokered deal. Plus, unless you have over $100k, you are covered by FDIC.
I'd imagine he's talking about the loss one would make if invested in their stock, not just having an account with them.
well, wachovia went in on bad real estate, and didn't come out. Also, fail for panicking investors in the stocks over the weekend.
Good to hear citi bought them... i figured this would happen, and your money would be paid by citigroup way before FDIC (the FDIC technically has 99yrs to pay back "lost" savings - and technically WACH didn't fail, it just got bought, like it was by first union) Operations on the consumer side should go unaffected.
nope, it will all stay the same as before. Just a technicality so way behind the scenes some things will get changed. Normal operations for me and you will not change at all.
Actually, if i were you ... i would buy a few hundred. Remember, wachovia didn't fail. Its still public.
so tempting to buy stocks right now...I'm waiting for everything to bottom before I decide something.
so I mean, this stock will likely rebound right? Since it got bought, the stocks will still remain out there, they're just under citigroup now? I've had a a good bit of money just sitting in my ameritrade account for a while now and am definitely looking for something to do with it. Edit: Wait, I'm looking at the stock right now and it's $10.00. Was the original post was off by a decimal?
No, wachovia didnt get sold ALL the way. Its still got securities and such. So its still a public traded company And that was pre- hour trading.
yeah like Dave Ramsey said this really has to be thought out otherwise we will revisit this REAL soon. Insure that shit for 1/10th the price, why should be pay for it...better yet why give the money back to those who messed up to begin with. Crazy dems
Don't forget the original two and a half page proposal Bush first announced. Last time I checked he was a Republican.
^ actually there were plenty of Reps that voted against it (and no, i'm not a fan). the representatives are having a real hard time passing this when their constituents are clogging their in-boxes with hate mail regarding this bailout. re: investing... look at other banks who are taking an "industry beating" but have little to no tie-up in the "bad paper" area, like National City Corp. please... do your homework before putting money in.
from cspan The House defeated the $700 billion financial intervention bill by a vote of 205 to 228. 140 Democrats & 65 Republicans voted "Aye"; 95 Democrats and 133 Republicans voted "Nay."
Ok, so Bush proposed, and yet the repubs voted against? Tells you something right there...also same with the number of Dems for it as well. I wonder what McCain thinks of the Bailout? I wonder what Obama thinks of the Bailout?
Something is necessary but certainly not what they were proposing. Bernanke admitted that they don't really even understand the problem yet so how the hell can they fix it? They need to take a breath and identify the true problems and not try to cure the symptoms. BTW the that 700 billion number was something they just pulled out of the air. They have no idea of how much they really need.
Lets be clear. All this panic are the short-sell investors. These are short term traders who are not in the long run like banks, and actual substantial companies. These are the primary cause of the panic right now and they try to liquidate. Think of those investors as the 'front line' but not the 'core' of the market. within 5 minutes, the damn market bounced from -700 to -500. 200 point moves in that short a time range are not a function of the main guts of the economy. wachovia is almost back up to $2. The market, long term, has always proven to be a healthy place to work. People want capitalism's growth, but never ready to eat it when capitalism contracts, they get squirrelly.
well those that are responsible or atleast care what their constituants think voted Nay. I don't think bush proposed this bill he encouraged action to be taken...Action needs to be taken but a bailout that is 4 times the military budget is not it. My problem is to hear House leader Pilosi sp? speak on this as the be all end all and not calling it a bailout which it was. On the otherhand the Republicans started the fight to begin with otherwise this bill in its original proposed format was simply crazy...hence my comment earlier on the crazy dems. Virtually NO taxpayer protection, the current bill was not much better. both McCain and Obama are pandering! Obama ALWAYS panders just look at the dudes voting record and you will see. Yeah he is for the middle class but have voted to raise their taxes. McCain as much as he hates to he MUST as this is an economy thing and that is what Kills him in this race. Did you see the debate??? It started off with the economy and Johnny boy got bitch slapped by Obama at the start on the economy he had to be slapped one too many times before he started to fight back and simply did not perform in that area.IMO once he warmed up he made a fool of Obama but the polls show an Obama win why because they care about the economy. Personally I care about a nuke setting off in the states cause none of this will matter then. Oh and yes something needs to be done and it will be done but this piece of crap bill was not it. Lets think along the lines of removing what got us in this mess to begin with...Kill Mark to Market, suspend the Cap gains tax, these are some of the things that will stimulate this economy not TAXING. /rant
You big shot investors aren't the only ones feeling the burn. People cut discretionary spending first when the market drops. That means no new cars, no big screen tvs and most of all no more eating out. I'm a server, FUCK!
yeap, i do not go out to eat anymore... i don't drink anymore, and i don't take road trips anymore. Saves ~500 a month, hey everything helps
I eat at Dicks or Larry's giant subs every day...O'Charleys every friday. I should cut back...but Dicks and Larrys are right next door...aka walk for 2 mins and WHAMO you're there.
lets not forget, this is not one thing, either. This is a snowball on antsy behavior that was set in motion by housing. While there is no 'one thing' that is responsible, we can point out the people who did nothing. McCain has been barking about the housing/lending problem since 2 years ago and nothing went thru. and believe it or not, while discretionary spending drops, typically entertainment industries still whether bad markets pretty good.
I'm glad to see this community has so many folks that know the bailout is a joke to keep the criminals in business. I think the crooked bankers should be prosecuted. Watch for a false flag opp or martial law. And i am one of those constituents that notified my rep and told him to vote no. This Phony Game is Bull. Notice how all the media try to tell you the bailout is a good thing, but if you talk to anybody on the street w/ comon sense they say they are against it. Interesting don't you think? Sorry if I come off to raw; i'm just gettin fed up w/ all the Bull. Ron Pauls my hero. Infowars.com for relevant news. Just my .02
For those wondering why a bailout is necessary. http://www.economist.com/finance/displaystory.cfm?story_id=12305746 the trouble is in the details of the bailout, what price do we pay for bad mortgages which are hard to value, do we get equity in the companies we bailout, blah blah blah... and then there are the politicians with their eye on november instead of 2 years from now.
^ the fact that paulson wants this 700b with "no review" is very disconcerting to say the least. Here's a quote from the actual draft: Sec. 8. Review. Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency. and this is interesting... Sec. 6. Maximum Amount of Authorized Purchases. The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding at any one time ... does that mean there can be a continual 700B dumped into this bad paper as other part of the initial bailout make profit... in short, is it a revolving credit line?
either way. the money has to come from somewhere. so by taking our money that we need to pay back these mortgages they are in essence worsening the effect. if it doesn't come from the taxpayers, then they print it. then we got inflation, weakening of the dollar. the economy is fucked either way you look at it.
^^ this is true same deal with gas. i went home (savannah) this weekend. there is gas everywhere between macon and savannah AND its at least $1.00 cheaper! its only the metro atlanta area that is sucking.