Economic Crisis with Banks and Wall Street
By yparson
@yparson (581)
United States
September 27, 2008 6:03pm CST
If you watch the news lately regarding the crisis with the banks and investing firms which inclued wall street, there's alot going on in a negative way. Washington Mutal was or is being brought by JP Morgan. I know any deposits up to $100k is insured but is it really? The Investment companies are in jepordy too.
A friend of mines has her retirement and social security checks being direct deposited into Washington Mutual and I asked her what was she going to do about it. Her reply: Nothing she can do for now.
I suggest that she not closed the account but she should make a withdrawal and put it into the credit union and this was when WAMU was facing bankruptcy. People are encourage to leave their money into their accounts including the stock market.
What would you do with your savings and direct deposits if they were tied up with a distressed financial institues?
1 person likes this
2 responses
@cobrateacher (8432)
• United States
28 Sep 08
My paychecks are direct-deposited to them, too. I did a lot of checking, and found out there is no effect at all on depositors unless they have more than $100,000 in an account. Investors are the ones with the problem!
Why are our legislators even considering a bail-out? I want a bail-out to wipe out my mortgage and all my credit cards! Then my meagre pay will feel like big bucks, and I can feel as if I'm one of those foolish Wall Street high-rollers who are being paid for their irresponsibilities, and the money to pay them is going to come out of my pocket and yours.
No, Washington! Don't do it! Make them pay for their bad behavior,as we normal people have to! 
@cobrateacher (8432)
• United States
30 Sep 08
Hmmm... Legislators decided this morning not to pass the bail-out bill. Could it be they're actually responsive to their constituencies? Of course, something will come along that lets Wall Street off the hook, but at least they're noticing that we don't want them to loot our little savings if we even have any left, just to help the fat-cats be happy! Too many of them are up for re-election in November!
Thanks for the "best". I wish we voters had a bit more clout, so we could get things back on track without hurting all but the millionaires.
@danishcanadian (28954)
• Canada
28 Sep 08
First thing I would do would be to get them out of there. I'd contact the people who are doing the direct deposits, and have them send me checks, or give them new banking information. I would not keep my money in an unsafe bank. I am in Canada, so I am not worried right now, but I do have a little bit of money in the American banking system.
