Shopping at Amazon?
Wait! If you click on the Amazon banner link at the top of the page first, HCN will get a percentage of anything you purchase for 24 hours!
Open predictions
Our local book authors
User login
Who's online
There are currently 3 members and 137 guests online.
Currently online
Recent Recommendations
Bank running is going to be the new american sport?
Preznit gibs me baleoot.
You know, it's probably bad news for a bank when there are headlines (or posts here) proclaiming that a bank run hasn't started yet.
Theme from Chariots of Fire.....
PR Line:
WaMu Retains Customer Loyality in tough times!
Wamu also has an online banking system.
assuming people aren't blatantly lying, i'm reading a few reports of lines at WaMu branches at finance.google.com
So it is now news that at one specific branch at a perticular time there was no evidence of bank run ?
Go BB go!
In America bank runs happen only AFTER the FDIC swoops in.
The only time I stand in line at a WAMU is to make a large deposit. Otherwise all of my transactions between my accounts are done online.
I'm going to drive by a Wamu branch in a few minutes that's located in a retirement community. We'll see if anyone has remembered the last depression.
Is anyone concerned about the online savings banks like Emigrant Direct? What's their exposure?
CR it's your fault if there's no line.
Why didn't you get out of the car and set up camp with a lawn chair? (Ignoring the pleas of bankers just to come in and get your money.)
My BIL everything from Wamu to Wells Fargo a week or so ago after being a Wamu customer for more than 10 years.
I wonder if Emigrant has noticed an increase in jumper activity.
anyone know of a WaMu near an Apple store, I'd love to kill two birds with one stone....
...............
My BIL everything from Wamu to Wells Fargo a week or so ago
yeah, my thesis is that WFC and BAC are going to end up drinking wamu, suntrust, and the other S&L's milkshakes.
Re: counted a total of four customers at the teller windows.
That's about how many people are still using WaMu at each branch (though)
ades, funny you mention that - they are right across the street from each other here. I didn't go in, but I bet the Apple store was much more crowded (it's always crazy in there).
Best Wishes.
My started my kid's savings fund at wamu. I have checking there, but have linked savings with ING. I've been wondering if I should move money out of Wamu for awhile now. I ony have a small amount here and there, so I'm sure it would still be FDIC insured. But I would hate to deal with a bank problem with my checking account.
I know that Wamu has been having problems for a while, since their name has always come up in connection to these bad home loans. But what banks are safe now? Seems ING has held up better than some of the rest. Any thoughts?
Wells Fargo. They were fairly conservative with the home loans... but went nuts with the construction loans and multifamily/commercial. Not to mention they will probably be takinga a huge hit on their auto loan business right about...... now.
Just at the WaMu in Fountain Valley (Orange County) and found nothing unusual.
Except for the 20 or so flyers on the window begging for CD deposits.
Yal, I just wanted to see for myself. I know others will do the same over the next hour. There are plenty of problems in the banking industry, but there is no need to borrow trouble.
Best Wishes.
All your Wamu are belong to us.
I just drove by our local WM branch and all I saw was a GREAT BUYING OPPORTUNITY FOR SMALL INVESTORS!!
Hmm... what kind of rates are the asian banks offering on their cd's?
I didn't go in, but I bet the Apple store was much more crowded
OMG. It's a run on Apple.
"My BIL everything from Wamu to Wells Fargo a week or so ago after being a Wamu customer for more than 10 years."
crazy - i just did the exact same thing 2 weeks ago, but only after 6 years @ wamu. was figuring i might need a relationship mortgage down the road, and didn't have faith that wamu would be able to do it in 1-3 years.
Slartibartfast?
I...laughed...out...loud
Ahhhhhhh
666 Visitors Online
Is this an omen?
660 Visitors Online
Keep it up and we'll have a new record.
679 now. Do I hear 700?
I left WaMu 2 years ago because I was worried how long of this world they were going to be. I went to Citibank thinking they'll be too big to fail. WaMu's customer service was awesome. Citibank has the teller lines we used to see in Cold War video from the 1980s and the Soviet Eastern Bloc breadlines.
Looks like I picked the wrong week to work for WaMu.
Heck, WM stock is only down 34% today. THAT's a haircut, but my cutter calls it a buzzcut.
I'm frankly amazed that after more than 12 months of housing woes (involving banks) that people don't seem to connect that a bank stock down more than 50% YTD is maybe sending messages to their depositors that maybe something is not working so well for them - and that their deposits risk being tied up in FDIC matters (especially since FDIC is going to have to go back to Congress for some more water/money real soon now).
Of course, the depositors will wail: why wasn't there any signs of this debacle visible before the bank closure?
When they insert the chip will it hurt?
"I know that Wamu has been having problems for a while, since their name has always come up in connection to these bad home loans. But what banks are safe now? Seems ING has held up better than some of the rest. Any thoughts?"
ING's parent company in the Netherlands announced its apparent good overall health in the media several months ago, claiming that it had avoided investing heavily in asset-backed securities. I don't know what that says about its U.S. subsidiary.
I would also second the guy who said that online banking changes the nature of bank lines; many people may have used them to set up automated money transfer links to ING and other online banks.
Of course, these transfers usually take X amount of days, and I wouldn't put it past a bank to arbitrarily up the wait time, so that you're still "in line" for your money.
tg: It's nanotech. It'll be in the vaccine and won't hurt much.
714 Visitors Online
Remind me again, what's the record?
Same question as above: Is ING safe? How can you tell what a bank has invested "your" money in?
The run isn't official until Chucky says so.
No bank lines, Whoo Hoo!
Guys, have your digital camera handy and take some photos, I will check my area this afternoon.
perhaps....if the IndyMac mob is a sign of demographics...
Are WaMu customers not as retiring?
When I lived in Seattle, WaMu was the choice among the hipster crowd. Why? Free checking, free out of network ATM access, Free, Free, Free!
I am in WellsFargo myself but looking toward a credit union. WellsFargo has been placing lengthy holds on deposits lately and their fees have been going up up up.
Dow up 21 @3:32 PM EST!!!
There is no WAMU in Taos..can i send in pictures from the lines at the liquor store instead?
Wasn't the visitor count over 800 for the BSC bailout weekend extravaganza?
Makes sense to me that after IndyMac went down a lot of people with more than 100K in WAMU are going move their money out to limit exposure.
Can't...let..dow...finish.....negative!
as fallon notes, holds on deposits seem very strange. Bank of America held a check from TDAmeritrade (to me) for almost 10 days about a year ago. Doesn't the FED clear bank to bank checks in about 3 days?
Citi doesn't have the depositor base to withstand a run, that's why they've been cleaving productive assets.
699 guest?
hoo boy
Luckily in Pamplona the bull slaughter just ended.
Booo! Let's start a line the local WaMu!
Good thing the Federal government is raking in the money for all of these bailouts.
Oh, maybe not:
-- June '08 Treasury receipts are 6% below June '07.
-- Jan.-Jun. '08 receipts are 3.2% below Jan.-Jun. '07.
here
@Why didn't you get out of the car and set up camp with a lawn chair? (Ignoring the pleas of bankers just to come in and get your money.)
LOL!
Please, I'm not dumb for believing Bush, Cheney, Paulson, and Bernanke were sent from the heavens. Anyway, I'm just curious if Apple is FDIC insured.
747 Visitors Online
New record yet?
For what its worth, I was a customer at NetBank when it went under last Fal, and the transition to ING, which bought them out, was rather painless. If I had $$ at WaMu right now I probably wouldn't waste my tiume running over to withdraw unless I had over $100k.
745, time for another O-Joe bottom call before that ATH rally!
what is the High/Low on number of bank failures this week?
Must... prop... DOW... up... till... the... last... drop
"Compassionate Conservative Bus writes:
Please, I'm not dumb for believing Bush, Cheney, Paulson, and Bernanke were sent from the heavens."
They were: as punishment.
just bought some UYG (ultralong financials) at $16.14. Am I crazy?
Dow is up. Unbelievable.
I'm going to check the WaMu branch in San Francisco, but my guess is this is conflation of the real lines at IndyMac.
762
we really need a little widget that gives a running plot of CR visitors, updated continuously, with 1d, 7d, 1m, 6m etc graphing options, of course.
"Wamu also has an online banking system."
Exactly. I'd have to seriously paranoid to drive down to WaMu right now to move out my checking account cash into another bank.
However, it turns out I'm only mildly paranoid so the 30 seconds it took to log on to hsbc.com and initiate the transfer of half of the money was well worth the time. I mean, why not? I can transfer it back in 3 days if I need to, and I have an ATM card for that account too. The interest rate difference is tiny.
It doesn't matter how far under the FDIC deposit insurance limit you are. If it's a question of being slightly more at peace, then why not spend 30 seconds to transfer the money?
What made the Dow pop?
Howard Milstein, the chairman of Emigrant, has many times stated that his bank (and EmigrantDirect) never invested in any toxic investments. I'm not sure what that is worth.
Shoes for "Bank Running" $100
Gas for car to get to "Bank Run" $85
Lawn chair to sit in at "Bank Run" $10
Having to wait in line for hours while everyone whines and prays their money is still there at the "Bank"
PRICELESS!
Wow, money supply growth is tanking:
FRB: H.6 Release--Money Stock and Debt Measures--December 3, 2009
Month-to-month annualized increases peaked at 18% in Feb., and moved down to 13% in Mar., 2% in Apr., 1% in May, and 0% in Jun.
Deflation is here.
Until the Chinese, Japanese, and sheikhs repatriate their two ply Treasuries.
Speed writes:
Dow is up. Unbelievable.
Heh the last hour pump. And the DOLLAR is amazingly resilient. Still higher than last friday. Speechless.
Tg,
Inserting the chip only hurts at the beginning, but then you don't remember nor feel any pain after that
"There is no WAMU in Taos..can i send in pictures from the lines at the liquor store instead?"
LOL... send one from Monday morning... some of those poor bastards haven't had a drink since Saturday night.
for lovers of irony:
Waiting in line: That was then... This is now. | L.A. Land | Los Angeles Times
"I probably wouldn't waste my tiume running over to withdraw unless I had over $100k."
I don't think I've seen this but a graph of the percent of deposits vs amount would interesting.
My gut feeling is that a large enough percentage of a banks money is in accounts with more than 100k that a run on those accounts would cause the bank a lot of trouble.
727 Visitors Online
Tell me when it's a new record.
I have my doubts about ING. It looks like they've built themselves an intergalactic noah's arc:
http://en.wikipedia.org/wiki/Image:INGHouse1.jpg
Was it something I said? What do I win? A Pink Pony? WaMu parking lot Camarillo, normal at noon.
WM is a dead stock. The company will either be bought out or FDIC'd.
FNM & FRE are also dead stocks unless nationalized.
I wouldn't have believed on Friday there'd be this many visitors today.
ING headquarters looks like a wierd and very large metal and glass sneaker to me
758
CurlyDan,
unless UYG is only JPM, BAC, GS & WFG, then the answer is no.
The pain for regionals and wannabe mationals like Wachovia & WaMu hasn't even started.
Only way WFG can take under anybody(save a regional like SunTrust) is if the have check 2+ approval.
Is it me or is watching the government try and handle this system like a slow motion katrina...but with a lot more to lose? One question: why does Ben Bernanke still have a job. the probelm is ocnfidence and he needs to go yesterday. let hom go back to the ivory covered walls and continue the inquiry into the 1930s. we don't need an academic, we need Patton, to include smacking a few people around. Instead we'll get the congressional hydra of Dodd and frank. Sad.
Has anybody noticed that anytime we get one of these crises in the US, the emerging markets begin to rally just as some Latin American market gets its debt upgraded:
Peru lands investment grade rating from S&PM
Isn't this a bit like upgrading some individual's credit rating because the value of their house went up?
Isn't this just a slight variation on the whole ponzi-finance thing? Hot money flows -> increased credit rating -> more hot money flows?
Q: What do liquor stores and banks have in common? A: Both are nominally regulated by the Feds and if they run out they can always make more.
It's the ING "Mother Ship"!
Why can't my Dow stay green?!?!
CR: "There are plenty of problems in the banking industry, but there is no need to borrow trouble."
You're joking, right?
Peru is an argentina like commodity upgrade. if copper rolls over buy the cds!
ac,
I'll believe hot money's flowing back to EM when I see it.
In other news, today's market action is abysmal. The SPX couldn't even make it to the 1256 I was looking for, nor the 1260 0.318 Fib retrace. It just fails once it gets near any swing or Fib.
XLF new lows, new closing lows, lighter volume but still strong. I keep hearing/reading market analysts I (once) respected SCREAMING the financials are a buy!! I have no idea how deluded some of these people can be. Yes they're oversold, but they're also broke - and that takes precedence.
JimPortlandOR,
I had an account in BofA and they put a 10 day hold on a cashiers check issued directly from another bank. That really surprised me and made me wonder: are they not one of those banks that is supposed to be able to clear a deposit johnny-on-the-spot? So quit banking with them.
BTW: I reside in the Rose City as well.
So cheers my fellow PDXer
peru is a commodity economy like australia sorry
No lines here. I went to three branches...Mr. Mortgage is full of crap!
Note to self: Excellent profits to be made installing webcams across from financial institutions and charging for internet access.
Can someone tell me what happens to stocks, mutual funds, etc. held in a failed institution?
One last point: if you had believed the rally last Tuesday was the beginning of a stock recovery and bought shares of UYG (Proshares Ultra-Financial Select Sector) the following morning, you'd be down over 20% as I type. And I know more than a few people who bought UYG even higher.
ac,
I'll believe hot money's flowing back to EM when I see it.
Hmmmm.... in the past I've noticed a correlation between dollar rallies and sell-offs and reverse reactions in emerging market stocks, especially in Latin America.
Maybe it's just a coincidence, or I'm misreading what's happening.
Why would there be a bank run at WaMu yet? Just look at those people lined up at IndyMac after the FDIC took it over.
WHAHAHHHHHHHHHHHHAAAAAAAAAAAAAAAAAAAA
mY DOW IS ALL RED NOW!!!!!!!
Wow, the pump is NOT holding! Only six minutes left, schmucks!
Buy, buy, buy, schmucks!
"No lines here. I went to three branches...Mr. Mortgage is full of crap!"
I am sending MR. Mortgage a bill for the $5 worth of gas I burned!
UYG now down 25% from last Wednesday! In just 5 minutes I had to update my figure. XLF is a disaster - it's never been this low since it began trading. We have to look at each individual financial company and their % in XLF to determine price levels.
Citi at 52-week low.
Bob Dobbs -- In my experience wamu is very slow with the transfers. I've ended up with several overdrafts recently because I didn't estimate the speed of the tranfer. There is always an extra day lag on the wamu side. Overdraft fee is $33 now. So wamu makes a bit of money off those slow tranfers.
Should have known I couldn't get the drop on CR! I went to my WAMU and no line whatsoever. 1 guy waiting for the teller. Nobody waiting for the ATM at all
Oh, and SKF less than 10 bucks from my prediction in May for $200 SKF before 11/04/08.
peru is a commodity economy like australia sorry
And it seems like there's a strong correlation between the dollar selling off, and commodities and emerging market stocks rallying. Again, it looks suspiciously like yet another cluster of hot money targets IMO.
Left to itself I think the dollar would become another carry currency alongside the Yen pumping more and more money into these commodity based economies.
Nice last-minute pukage on the big indices. Hank couldn't afford a few million more SPYs and QQQQs?
Just love seeing the bulls (and knife-catchers) get reamed. Ugly turnaround before the close.
DFW WAMU calm.
I just drove by the stand-alone WAMU
by Texas Stadium nothing going on.
I went in the WAMU on Beltline@76020
and there was no line at tellers or the ATM. This place always has a line at the tellers.
DOW closed. Final score: -50.31
Thank god all my money is in Precious Herbs.
Wamu bank run post closed!
No bank run...only rumors...stock down 36% for some other reason...
I'm way late, but I have to reply to CR's comment above about Apple store always being busy...
The Apple store in Los Gatos always LOOKS crowded. That's because they have a staff of about 20 people. When I take a quick count, I generally count between 10-20 actual customers. The 20 Apple employees wear various colored shirts (orange, light-blue and navy blue), so it's easy to under-count them.
Seems like an expensive way to hype your products and create the appearance of excitement.
OT WFC has a very large exposure to second mortgages/Helocs.Lots of piggybacks.
Hooray for another failed pump!
Keep 'em coming, schmucks!
Accelerate that move to BK, shysters!
Currently smoking cannabis
you are without a doubt one of the funniest people (you are a person arent you?) on this blog
thanks
love it
Seems like an expensive way to hype your products and create the appearance of excitement
AAPL cleared $3.5B in profit for its last FY. Every sku it sells at its retail outlet is 20% of markup that some other retailer doesn't get.
Shortcourage: same principle in play here at CR. There are only 27 regular commenters, but they change their names every 10 minutes.
Tomorrow's headline: "Dow Down, Run on Bank, Multiple Banks Stocks Tank"
I think the sheeple and holdout money managers may have a wakeup call tomorrow morning.
For instance... Mock Turtle and Currently Smoking Cannabis are the same person.
Just got back from errands. No lines (that is, no unusually long lines) at WaMu.
Currently smoking,
Did you see this new update?
YouTube -
The stocks and mutual funds are OK IF they are not an annuity, or stocks in the institution itself. I checked on this with my husband's 401k, which is in Wachovia. Had to push them some to find out that their "conservative" investment portfolio lists a majority going into a Wachovia "fund". Turns out these are stocks in various financials.....so far all of them are solvent. This is a horrible investment option and I have encouraged him to stop having money deducted from his paycheck into this 401k. So far, he has done nothing. For myself, I've cashed in a bunch of stocks (financials all last year, thanks to this blog and Mish's blog), put money in local banks rated four or five stars by bankrate.com, under the FDIC limit. And I've bought stocks which should do well in a peak oil environment (oil and commodity related...as well as some MERKX). Boy am I glad I paid attention. Thanks to the folks on this blog.
I'm sure mock's posts will reflect some kind of actual economic knowledge. Mine, however, will not.
Although my strategy of never keeping more than my ATM limit in my bank is looking pretty smart these days.
Oh, I went to the nearby IndyMac and there was a line, although not apocalyptic. 40-50 people were milling around outside looking for shade. I thought about going up and asking them why they were in line since IndyMac is now the safest bank in the country but decided not to.
A little while ago, there was a line all the way around the block here at Calculated Risk.
Re: here are only 27 regular commenters, but they change their names every 10 minutes.
Not only is CSC funny, he/she is a commodities genius:
YouTube - Cannabis Cup Weed Expo Amsterdam 2006
Can you imagine what the 2008 convention looks like?
On the bright side, crude barely moved.
...depends on how my answer will affect the markets :
Not much going on at WaMu in Calabasas. Pretty normal lines.
Cheers,
CR: "There are plenty of problems in the banking industry, but there is no need to borrow trouble."
Oh I don't know. What's the interest rate? Could I repackage that into a SIV?
"AAPL cleared $3.5B in profit for its last FY. Every sku it sells at its retail outlet is 20% of markup that some other retailer doesn't get."
They've done well in part by eating their independent dealer network in major metro areas. The last good independent died here a couple of years ago.
I could actually drive 22 miles to that Los Gatos store, but it's on the other side of a mountain range, so the heck with it.
Re: Can you imagine what the 2008 convention looks like?
I thought this was 2008?
FYI: You no longer have to go to Amsterdam. There is a Los Angeles Cannabis Cup every year. Just tell your doc you have anxiety, insomnia, and back pain. See ya there!
Uncle Billy Vs. Mt. Pelerin writes:
Wells Fargo. They were fairly conservative with the home loans...
I recall the Times reporting last year that Wells Fargo had the largest share of the subprime market. Not true? Geez - all these months I've been waiting for the shoe to drop.
Good one dude!
No lines here. I moved 106K from WF to BofA Saturday morning for obvious reasons. When I was in the BofA branch, one old guy came in and was also asking to move money around to ensure FDIC protection. Other than that it was business as usual.
My feeling is that if WF and BofA both go down in flames, I won't be worrying about my cash in accounts over 100K - because there won't be a USA anymore.
Zarathustra writes:
Looks like I picked the wrong week to work for WaMu.
You're not Zarathustra! But you are funny.
As for Apple, they just informed me that there is no way that I can transfer the music I purchased over the years to a new account from the one that's in my ex-wife's name.
The main problem with Wells Fargo is Warren B, who will be screwed with Level Three QSPEs and valuation problems relating to his Goodwill writeoffs, i.e, he may be like or friends at sperm bank that are running short
Keep It Simple, I'm Stupid writes:
As for Apple, they just informed me that there is no way that I can transfer the music I purchased over the years to a new account from the one that's in my ex-wife's name
Sure there is. Burn to CD, rip to MP3, load MP3s in wife's account...
Maybe WaMu will charge a Bank Run Prevention fee on their free (woo hoo) checking...
WaMu is about free checking; the people involved in bank runs (with deposits over 100K), probably haven't been depositing money in WaMu (it does have good rates on its savings accounts though).
A while back, when Bank of America said it was taking over Countrywide, I moved my money from there to WaMu; but that was personal. I'm not an over-100K person, so I'm not really worried. There are lots of other banking options in my area and I'm sure the FDIC will take good care of me. I've dealt with them before.
It's people with lines of credit from WaMu that need to be worried.
.
[WM] WaMu has national franchise of $150 bln retail deposits
4:23 p.m.
[WM] Washington Mutual late-traded shares up 8.4% at $3.50
4:22 p.m.
[WM] WaMu to provide more details on July 22 earnings call
but it's on the other side of a mountain range, so the heck with it
heh, I made that drive every day, in fact I bought my car (Miata with ABS) for that drive.
downtown branch office in san diego QUIET. and i got prompt assistance from an assitant manager...
9 minutes ago \tWaMu says it 'significantly exceeds' mandated capital levels - MarketWatch
9 minutes ago \tWaMu has excess liquidity of more than $40 billion - MarketWatch
Dude, this isn't 1929. We have the Internet now. There is no need to physically go to the bank branch to make a withdrawal.
Anonymous, re: wells fargo and subprime:
The post below provides some clarity. A comment mentions that they didn't do any brokered subprime to speak of, but that supposedly they originated a bunch in house and serviced a ton of it in house.
Calculated Risk: Wells Fargo and Subprime Loans
As for their current exposure...? CR? Tanta?
Anecdotal story:
My business partners brother's money is at Wamu. Significantly over the FDIC limit. Finally convinced him to get it out today, so the bro went to what is likely the San Ramon, NoCal branch, and there was a line out the door. It sounds like the run has indeed started!
I'm more worried about long lines at my local gas stations...
fallon writes:
When I lived in Seattle, WaMu was the choice among the hipster crowd. Why? Free checking, free out of network ATM access, Free, Free, Free!
My college roommate liked to bank there because the ATM dispensed $5 bills - you know, for when you have less than $10 in checking and need to pick up a nickel bag.
WAMU branch: no money, no line.
WaMu should have its neck stretched, if for no other reason than they pestered my sweet old M-i-l so much on the phone that she agreed to a completely unnecessary re-fi just to get them to stop calling her.
Burn in Hell, Bastards!
I bought these Stan Smith Slick 'bank running' shoes after seeing them advertised in GQ...
adidas: Search for
I bet it will take couple of days and intensive media coverage of Indy's lines for Wamu customers to catch in.
I better order checking book from my brokers account.
P.s. anyone else shorted WamU over the weekend, haven't seen opportunities like that since what, tech bubble.
"Thank god all my money is in Precious Herbs.
Currently Smoking Cannabis "
Time to legalize weed. We need a new futures market.
OT-Any thoughts on the Foreclosure bill that advanced in senate last week and seems like a lock to advance from the house according to comments in here..
Republicans Seek Delay on Fannie, Freddie Rescue Plan (Update1) - Bloomberg.com
Is it possible to stop this slap in the face to citizens who do follow the rules?
No lines in Sugar Land, TX Wamu. We have a bank on every street corner around here.
Just transferred $50k from wamu to vanguard.
Some numbers from a 3/31 WFC presentation I dug off their website:
The Home Equity Portfolio is $83.6B
$11.5B is a liquidating portfolio (wholesale, I believe) with a 5.58% annualized Q1 loss rate, and 63% has a CLTV > 90% (oops)
$72.1B is the core portfolio, 1.56% annualized Q1 loss rate, and 30% has a CLTV > 90%
Wells Fargo Financial (subprime) has $25B in debt consolidation loans, 96% is first lien, no interest only, no neg ams, etc., with full documentation and income verification. 56 bps in annualized losses in Q108 (damn, not bad). This sounds like Tanta's description of "good" subprime before things got crazy.
No lines in the downtown SF bank beyond the normal insane traffic, and no signs of panic.
My guess is the currently lousy news conflated with the IndyMac stories to produce the rumor.
The stock is awful however. Gonna be a tough week.
My guess is WaMu can limp along until someone buys them, but by now a buyout is a given.
Corus is offering 3.62% APY for all you IndyMac and WaMu refugees.
I just pulled $400k out of WaMu today, the account was structured to provide full FDIC coverage, but I still moved the cash.
Corus is in bad shape also though aren't they?
I heard about a run at WAMU too. No proof though.
Isn't it amazing that if someone here had told a friend or acquaintance in 2004, 2005, 2006 that in the summer of 2008 that things would be where they are now and that people would even have to think about how FDIC insurance applies to their accounts, that friend or acquaintance would likely have laughed condescendingly--remember all those "well, they're not making any more land!!!! HAHAHAHA" comments--or just think that you are from another planet. Kind of makes me sorry I never read ==Popular Delusions and the Madness of Crowds== I mean people have recently on two occasions actually thought that what goes up cannot come down--i.e. tech stocks and housing. And it was fairly obvious that those were bubbles. what happens if this economy actually runs into some truly unanticipated and complex difficulties??? Or maybe we are getting there now. Glad to know that we are going in as a nation of THINKERS--e.g. "So why did you vote for Schwarzenegger? I like his movies!"
Good luck with THAT!!!
I see some people are moving cash out of Wamu. If this is happening a lot under the radar (online, no lines in front of branches), then I wouldn't be surprised if Wamu collapsed this week. I wonder if they will have news for us tomorrow.
Just spoke with my business partner's bro, who took his sizable account down today well below FDIC limits at the San Ramon Wamu branch. From what he told me, the line was out the door, and there were no smiles on the faces of the tellers or the customers. A grim visit. When he took the cashier's check to Schwab he asked the guy there if they were getting a lot of transfers from Wamu or Indymac, the guy smiled and said, "a few."
Interesting, to say the least.
Just got some cash from the ATM at one of the downtown Seattle branches. Seemed quiet. Only a couple of people in line. Nothing unusual happening that I could see.
Do we really expect to see Bank Runs of the kind in the olden days? Surely not with electronic banking. Yeah, you will see the oldies and the like, but the majority will be busy clicking away.
Rumors of a WAMU bank run have been greatly exaggerated. Some of the above stories are likely fabrications by people who hope to contribute to an actual run and thereby profit.
All was quiet, orderly, friendly at the Portland, OR branch today when I visited to conduct some ordinary business transactiuons.
Good luck, WAMU. I, for one, am rooting for you (and I have no market positions either way).
true, the electronic transfer might make everything worse, just let the first victim of those be visible in the the news and people will start clicking.
Also, I am not a bak expert however I keep wondering how long will "48bln" of WaMu liquid assets will last. Especially given the fact WaMu does not have the freedom of using those any way they want, Etc.
I just took a look at the stockholders of Washington Mutual. It seems that some funds were buying heavily in the first quarter of this year. Utterly incredible and a good eyeopener why it is stupid to put your money into a mutual fund where it is likely as not to be squandered by fools.
The stock quote is a good indicator of how a bank will fare. Looking at the WM quote and recent stock performance, I'd say it's toast. If depositors aren't fleeing investors are. Investors first, depositors later.
What if?
Many banks fail (its possible)
will the fdic insure all of them.
I read somewhere that the fdic could take up to 20 years to pay you back. Can you imagine the fed telling you sir well give your money in a lump sum in 20 years, or you could op for a yearly payment. Screw that keep the money and give me one of those mcmansions and call it even lol.
What happens to safety deposit boxes in failed institutions? Nothing?
I counted a total of four customers at the teller windows.
Does WaMu have more than four savers?