BF2S Forums WaMu: What should i do?...

They're going to be bought out by Chase I think.. I wouldn't really worry about it, remember your money is federally insured. But that doesn't mean they won't start fucking you on Fees.

internet bank only.

/thread

/welcome

Last edited by usmarine (2008-09-19 09:28:41)

Wamu should fold. They were a bad apple in the rotten barrel of subprime bandits.

While the stock has rebounded a little look at the trend.  It can only go so low.

http://tools.morningstar.com/charts/Mch … p;sLevel=A

I just pulled out of WaMu and went to BoA not but an hour ago.

chittydog wrote:

Unstable doesn't mean it will go up. It means the normal unpredictibility of the stock market has drastically increased. Be very careful where you decide to throw away your money. Even in a bull market, most investors lose in the end.

.

Because most investors throw a lot of money at half a dozen investments. Take a little money, $5,000 or so at the most and buy as many $5- $10 shares as you can of a lot of different companies. You have to go at it knowing some will tank but at least you don't lose your shirt plus, you will have volume which is key for long term investing. Most investors are in it for a quick buck, but I do remember mentioning in this thread it was a 20 year plan.

deeznutz1245 wrote:

chittydog wrote:

Unstable doesn't mean it will go up. It means the normal unpredictibility of the stock market has drastically increased. Be very careful where you decide to throw away your money. Even in a bull market, most investors lose in the end.

Because most investors throw a lot of money at half a dozen investments. Take a little money, $5,000 or so at the most and buy as many $5- $10 shares as you can of a lot of different companies. You have to go at it knowing some will tank but at least you don't lose your shirt plus, you will have volume which is key for long term investing. Most investors are in it for a quick buck, but I do remember mentioning in this thread it was a 20 year plan.

Agreed. But for that matter, it's easier to invest in mutual funds. It's basically the same thing, except a fund manager has already done all the legwork for you.

deeznutz1245 wrote:

chittydog wrote:

deeznutz1245 wrote:

Because most investors throw a lot of money at half a dozen investments. Take a little money, $5,000 or so at the most and buy as many $5- $10 shares as you can of a lot of different companies. You have to go at it knowing some will tank but at least you don't lose your shirt plus, you will have volume which is key for long term investing. Most investors are in it for a quick buck, but I do remember mentioning in this thread it was a 20 year plan.

Agreed. But for that matter, it's easier to invest in mutual funds. It's basically the same thing, except a fund manager has already done all the legwork for you.

Mutual Funds are for moderate investors. They are a good pick for those who are diligent with their savings, have a little money to invest and don't want their investment to consume their free time. I mean, thats all a 401k really is, a glorified mutual fund with aggressive, moderate and conservative plans. I on the other hand trust only myself so I guess it's a culmination of preference and knowledge which would determine how you invest.

Agreed again on all points. I recommended them as I believe that most investors are not nearly as financially savvy as they think they are.

Its insured to a 100k. If you had a 100k, I doubt you would be asking the internet what to do with your money.

edit: Having said that the "bank of jsnipy" will hold your money.

Last edited by jsnipy (2008-09-19 15:36:54)

OrangeHound wrote:

<SS>SonderKommando wrote:

FDIC only isures 100k.. If u have more than that its pretty much gone. So if u got more than 100k in the bank I'd get the hell outta WaMu

You can get up to $600,000 insured per bank if you are married (and know how to set up the accounts as individual accounts, joint accounts, and revocable trusts).

Regardless, what jsnipy said above puts this issue to rest.

Yep.  Virtually any regular bank account is insured for $100k per name on the account.  Either way as was previously said, it's people that panic and take their money out of the bank that often leads to the demise of the bank.

Last edited by KEN-JENNINGS (2008-09-19 18:00:49)

A run on a bank, no matter how crappy that bank is, helps nobody.

Reciprocity wrote:

A run on a bank, no matter how crappy that bank is, helps nobody.

ROFL EXCEPT YOURSELF.

There is a very real possibility that the dollar will collapse in the next 3-5 years. If so, you need to be out of our banks and dollars, and you need to have access to markets that aren't dollar dependent (ie, where's the nearest arable land? Is it irrigated naturally? Are you capable of providing any real services in that market? Are any of your assets directly productive or sustainable?). Statistically speaking, unless you are supported by the corporations that bought most of our country during the last depression, you don't have a chance. Good luck urban America. Water management in the US and its elaborate transportation is dependent on the buying power of our money. If California wasn't going 10 to 1 economically for all these years it could never have afforded to put 18 million people in a desert. Now that it's the case, we just have to pray that the free lunches (okay, drinks) keep coming.

I think it's hilarious how secure many of you sound. I guess it's really no surprise considering the bankers have waited about a lifetime since their last big market crash (read: repossession), and probably none of you were allowed to learn about why that happened in school.

kthx

CloakedStarship wrote:

chittydog wrote:

CloakedStarship wrote:

I just pulled out of WaMu and went to BoA not but an hour ago.

Why? As mentioned above, your money is FDIC insured and isn't going anywhere. It's frightened, knee-jerk responses like this that cause the Great Depression.

Its not like I'm hiding my money under my mattress, its in a bank.  I've lost confidence in WaMu, its as simple as that.

And wasn't the cause of the great depression more like unbelievably poor use of credit (Among other things)?

The market-based capitalist economy thrives on optimism about the future, and is harmed by pessimism about the future ... this effect can be seen both with individual companies and with the economy as a whole.

Simply, the Great Depression was caused by wide-spread pessimism and "acting" on that pessimism.  On the one hand, consumers became pessimistic and moved into self-protectionism:  withdrawing money from banks at depressed rates and lowering of spending.  On the other hand, financial institutions became pessimistic and restricted capital lending.  This meant that businesses didn't have access to capital for survival (and many failed) or expansion (assuming they wanted to expand, and few did).

This pessimism resulted in the widespread poverty and unemployment that characterize the Great Depression.  What caused the pessimism is widely debated, but the US Government frequently takes steps to temper pessimism, or put mechanisms in place that moderate actions during times of pessimism.

This is why the FDIC insurance is in place:   to prevent consumers from acting on their pessimism by withdrawing money from banks.   This is also why the US Treasury, Federal Reserve, and Congress have been doing so much over the last two weeks with financial institutions:  to keep financial markets from acting on their pessimism (restricting capital lending).