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124 Comments
- Timdegreat, on 09/16/2008, -2/+66Capitalism without financial failure is not capitalism at all, but a kind of socialism for the rich.
- babaganush, on 09/15/2008, -4/+38I don't know about you guys, but this makes me very nervous...
- inactive, on 09/15/2008, -2/+36Up next....Washington Mutual.
- inactive, on 09/16/2008, -0/+22i got $10 in my wamu checking account, should i speak to my wealth management adviser?
- inactive, on 09/16/2008, -4/+25PLENTY of people saw it coming. Plenty of realistic sane people. We call them the "conspiracy theorists". Now who's the one living in Reality??? bitches!!! I saw it coming 3 years ago.
- NewsFeed, on 09/15/2008, -3/+24Bankruptcy seems to be the trend of the year.. grrr
- VivaLaUndead, on 09/16/2008, -1/+21way to stay timely Digg
- hectord27, on 09/15/2008, -3/+22R.I.P.
- RealmDown, on 09/16/2008, -0/+19Oh, I don't know -- AIG is coming up fast on the outside turn.
- Hetman, on 09/16/2008, -1/+18Anyone with any economic experience could see it comming. It has nothing to do with a conspiracy. It has to do with bad banking policies, and bad over sight by the government. I was hearing about how bad the housing market was going to crash by my economic teachers when I graduated college three years ago. I guess you can call them conspiracy theorists if you like.
- darnoux13, on 09/16/2008, -1/+16AIG next?
- kotrin, on 09/16/2008, -2/+15Credit unions ftw?
- MCA2142, on 09/16/2008, -10/+21All part of the corporate elite's plan to consume competing companies.
"Bank failures now days do not happen by accident, but are calculated."
Charles Lindbergh - brettg102, on 09/16/2008, -1/+10Thank god the government didn't bail them out and just let them fail. Capitalism without bankruptcy is just welfare for the ultra-rich.
- whorunbartertwn, on 09/16/2008, -1/+10Lehmen Bros was the epitome of the corporate elite.
Maybe they didn't get the memo about the calculated plan. - executorzz, on 09/16/2008, -0/+7well for one they shouldn't have their 401k and life saving in their own companies stock.
- inactive, on 09/16/2008, -3/+10they did it for the lulz
- morpheus83, on 09/16/2008, -1/+8Aig, Washington Mutual next? Surprisingly no bad news from Goldman and Morgan.
- phorty40, on 09/16/2008, -0/+6a member is a shareholder and most dont get involved in high risk mortgages so , yeah
- thickape, on 09/16/2008, -1/+7yesterday was a great day in capitalism. Failing organizations deserve to fail completely. I am supposed to send my tax money to sustain jobs for a few jerks earning 200 grand a year? I think not.
- Makisupa, on 09/16/2008, -0/+5Love the digg economists. You do realize that Lehman isn't a retail bank right?
- jojopumpkin, on 09/16/2008, -0/+5This is the end result of the Bush administration's illusion of a booming economy. Give anyone credit and ***** mortgages and this is what you get. I blame the morons that signed mortgages they knew they'd never be able to keep up with after 5 years and the banks for tempting these idiots. Read the fine print before you sign and have a good lawyer. If you can't afford a lawyer you can't afford the mortgage.
- executorzz, on 09/16/2008, -0/+5why should it? the quicker we let the ailing giants die the quicker we'll sort out this mess.
- inactive, on 09/16/2008, -1/+6Banks got greedy in too many directions. As loan revenue shrinks or becomes a liability those financial institutions who cannot generate profits in the form of fees will go under first. Look for customer fees to come out of every corner the legal think tanks can find. The $2 Teller fee may be coming soon.
- Abbeygargoyle, on 09/16/2008, -0/+4Have you any idea how many hours they grind out of new grads? It ends up being less than minimum wage on an hourly basis.
- inactive, on 09/16/2008, -0/+4mom?
- Bluezdood, on 09/16/2008, -0/+4This only happened like what, two days ago?
- whorunbartertwn, on 09/16/2008, -0/+4Smart employees don't have all their life savings tied to a single company's stock, especially if it's the one they rely on for income stream via employment.
- Burento, on 09/15/2008, -0/+4It makes you wonder if we have even seen the worst of the economic cloud that seems to keep getting darker.. :(
- danswim393, on 09/17/2008, -0/+4These guys should be shot ... starting in the knees. Their insatiable greed is wrecking havoc with our USA.
- phorty40, on 09/16/2008, -0/+4AIG had to borrow $75 billion (with a B ) through Goldman Sachs Group Inc. and JPMorgan Chase & Co. because the Federal Reserve laughed at their request for aid in funding .
thats my friends, is trouble. - phorty40, on 09/16/2008, -0/+4Goldman Sachs Group Inc. and JPMorgan Chase & Co. are granting AIG a 75 billion dollar loan in the near future to keep AIG alive , so take that as you may.
- illt, on 09/16/2008, -0/+3most financial corps and consultanting firms pay over 100 grand for starting salary. even some undergraduates.
but they do work you hard. Work hard play hard. - Lsvpa, on 09/16/2008, -1/+4Yes, this is old news. They have been on the path towards this 2003, when the SEC fined them for what is the equivalent of insider trading in the investment world. Since then they have spiraled downwards, no doubt due to the fact that their incredible ascent previously was due to their influence on return rates that they invested in. The tumble of the markets is directly tied to this group of companies, which is claiming a debt of $155 billion in bonds, and $639 billion in assets.
But wait, there's more!
The conglomerate of corporations that is all under this umbrella is not all falling, rather, only 1 of the many companies are taking the hit, no doubt following a transfer of debt from subsidiaries. All subsidiary companies will continue business as usual. Talk about a loophole. So far only the Australian Securities Exchange (ASX, aka Australian Stock Market) has had the balls to see whats really going on, and they have barred the subsidiaries from participating in their market. In other markets, however, business as usual.
This was not caused by the subprime crisis. What it came down to, is a company that dealt with fixing investment returns in order to try to guarantee greater and greater investment for their own profit got eventually stuck with a whole lot of bad investments, and it bit them in the ass. They then transferred all the debt to one of the many companies, and are letting that one take the fall, not having to repay. In the mean time, a lot of people got filthy rich. Over $700 billion dollars unaccounted for. - colettemr, on 09/16/2008, -0/+3I totally agree!
This guy here at work is having a NEW house built that cost much more that his current NEW home because he doesnt like the HS his children will have to attend. I'm like...Are you serious! With the financial situation of the companies how can you risk that? He then tells me that I too can afford to buy a house. I am like, NO I CANT. My credit sucks and I am not getting a mortgage that I alone cant afford and I need my husband to help pay. - johnhummel, on 09/16/2008, -0/+3I'm opening up an account at a local credit union anticipating that my WAMU account is about to die. I'm not exactly heartbroken, but it was convenient.
- mugupo, on 09/16/2008, -0/+3Fed didn't step up because their didn't do enough favor for them.
- kingmanic, on 09/16/2008, -0/+3stealthc: I had a verbose response but my office internet failed. Essentially PURE capitalism would fail as the most profitable mode of any corporation is "monopoly" and without some regulation to prevent monopoly an existing monopoly can simply bludgeon competition into the ground. So at least a little regulation is needed. Lack of safety regulation as well is auto correcting (people stop buying that product) but only after enough people have suffered the consequences to raise an alarm. Complex Causative and correlative factors can delay that even more and without some oversight by non vested parties you may never see those products stop.
There is no ideal system because of human factors. Humans have problems identifying what is in their best interest and markets can be manipulated. thus you need some oversight. A nanny state is undesirable but neither is a complete free for all. - mcquitty, on 09/16/2008, -0/+3If the list is secret, how do you know about it?
- inactive, on 09/16/2008, -0/+3Wamu has popular branch assets. They'll be purchased before they go under.
- mcquitty, on 09/16/2008, -0/+3That's part of your problem right there. You will get a higher mortgage payment because your credit sucks. Who's fault is that?
Now, being financially responsible, that's a good thing.
My inlaws are morons. They have 100K in credit card debt. They owe more on their house than it is worth. He bought a $37,000 motorcycle after getting a small raise. They are putting groceries on credit cards. But, somehow he can afford to spend money on a motorcycle he doesn't ride using what little cash they actually have.
He had a credit card company call him up and offer him a deal. Pay a nice fee (slightly more than the current payment) for 5 years and they would consider the card paid off. He has since stopped paying on the card.
Yet, he can afford Starbucks daily. He believes his 100K/year salary allows him to live like a king.
That is the problem right there. They had no business getting into their house. However, everyone wanted to lend him money. Money for the house, cars, motorcycle, credit cards.
Who is at fault? You can't just blame the banks. You can't just blame the system. You can put the blame straight on his shoulders. The rest were simply complicit.
Bank bailouts should not happen. You are delaying the inevitable. Pain now, or more later. You decide. - BloodWenis, on 09/16/2008, -1/+4Rightfully so, and if it wasn't for the government bailouts everything would correct itself nicely. It's their own fault and they are getting what they deserved; it's just unfortunate for the shareholders and the clients.
- stealthc, on 09/16/2008, -1/+4I like how this gets 571 diggs, but a video about a kitten got 12,000+
- phorty40, on 09/16/2008, -0/+3lets see , wamu lives off of its members deposits , which they in turn use to fund a large percentage of high risk mortgages.
(WaMu expects up to $19 billion in losses over the next 2 1/2 years.)
high member anxiety and fear over the current (albeit recent ) trend can cause a small percentage to migrate , which over time can snowball. (granted most wamu members are well below the 100k insured threshold)
most likely candidate for the purchase would be Chase. - oldhick, on 09/16/2008, -0/+3Things can get a LOT worse.
- moduc, on 09/16/2008, -1/+4Pick your company to work for. Don't invest in a single company. Diversify. There are other companies and other jobs.
Or:
get lost! - AndrewMoyer, on 09/16/2008, -0/+3Can I borrow $75 billion? I'd buy a country and a military to defend the remaining money I don't plan on paying back.
- twoboxen, on 09/16/2008, -1/+4Guess that means the bug I was fixing for them isn't such a high priority anymore...
- inactive, on 09/17/2008, -0/+2Now's the right time to open a Totally Free Checking Account at Bank of Fleabag Mattress
- Hangly, on 09/17/2008, -0/+2...at least another week.
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