Rolling US Economy Into The Shitbin Thread

xp, retail banks like BoA, etc.

The ones that give checking accounts to the kind of person who posts on ILX.

The FDIC limit for personal accounts is $10,000, yes? Time to open more high interest internet savings accounts and move shit into cds (thanks remy)

no it's 100k

i don't think very many people are stupid enough to have $100k sitting in a wamu account or are going to lose their money. i'm just worried about interruption of service.

Yea, internet savings accounts may not be the best choice in that case… In that case I'll be drinking at bars that take credit cards only ^_^

My own personal perspective on the US economy has been being fired from a food service job i held down for a solid 2 1/2 years without any notice. Its a 24-hour diner that makes its bread and butter from the late-night hipster/drunkard/crackhead crowd and I was working 2nd shift, which has always operated in near-ghost town conditions. Anyways at the beginning of summer when everyone started freaking out about corn and food costs, etc. the owner went through two price hikes, some dramatic changes to the daily workings of the restaurant, and gave up a planned refurbishing. When I was let go - 2 hours before I was supposed to come in for a shift - I was told that he had been "looking at my sales". I actually felt like we were doing ok for a slow summer..

Anyways its been hell trying to find a fucking job since then. If I hadn't been in a very lucky and fortunate position I would definitely be homeless right now.

Thank God I've saved about 8 months of salary for my retirement.

so, i should, like, get my money out of wamu quick, huh

only if you are worried about the administrative hassles of getting it back from the FDIC or not having access for a couple of weeks

your money is technically safe.

I had about 3 months saved w/ING and it all got eaten up this summer with stupid car shit. Now I ain't got shit in savings and I'm worried.

When a bank goes into receivership, individual accounts are guaranteed up to $100,000. The problem then becomes how soon the affected funds will become available. In the past there have been delays, but that may (or may not) be less of a worry nowadays.

xpost - like bell labs said

everybody should take their money out of whatever bank it's in, so we can really have a Black Monday

these fools think they're undercapitalized now, wait until gr8080 and J-Mod liquidate them checkin' accounts

tombot i would agree with you to not pile out of wamu, but. it is pretty inevitable they are going down at this point and it is not seeming as certain that they will be bought out, though i still think there is a good chance chase will pick them up.

i am not actually transferring money out, just no longer depositing anything more there.

i dont have a lot of money there and i was going to close the account anyway

so much for free checking for life ;-)

i'm gonna need a bigger mattress

does the FDIC even have very much capital these days?

About $50 billion, apparently:

That "run" could accelerate as people realize the FDIC fund has about $50 billion to "insure" about $1 trillion in assets at the nation's financial institutions, says Roubini. "They're going to run out of money" unless Congress acts soon to recapitalize the FDIC.

http://finance.yahoo.com/tech-ticker/article/56994/Top-Economist-Americans-Should-Worry-About-Bank-Deposits-if-Congress-Doesn%27t-Act?tickers=LEH,MER,BAC,AIG,WM,%5EDJI,%5EGSPC

Maybe it's time to move to Chase lol

I'm investing all my money in the Committee To Re-Elect

Holy crap.

AIG down 62%.

Fun times:

Many employees toyed with their résumés in full view of colleagues. Others perused job-listing Web sites – Wharton’s alumni page was popular – and compared notes about headhunters.

“What have you heard?” was a common question, mostly met with shrugs and silence. No one seemed to know their specific fate. No staff meetings had been announced, and cries went up whenever media outlets posted a new tidbit about the firm’s liquidation.

Some desks had already been cleaned out, a hive of screens gone dark above tabletops bereft of personal items. The foreign exchange trading floor, on the third floor of Lehman’s all-glass Seventh Avenue skyscraper, was only about two-thirds full. Empty pizza boxes sat stacked in one corner; suit jackets hung on hangers at the end of cubicles.

Pairs of traders, their brows furrowed, whispered to one another at the ends of aisles. Some perused the bankruptcy papers that their superiors had filed just hours earlier. One trader examined the Wikipedia entry for “conservatorship.”

“I’ll have to figure something out before I run into money problems. What about you?” one man asked a colleague, who sat slumped in his chair, sneakers kicked up on a table. Packets of potato chips and a 12-pack of Aquafina water bottles sat untouched next to him.

“What will you do then?” one woman asked another. “I guess, go back to school … ?” came the uncertain reply.

yeah, getting into b school this year will be fun.

naw, they will all decide to become lawyers

that would give them another year, i guess

i wonder if the fallout of this is actually going to be the thing to bring down housing costs in nyc. i read that they are estimating 100,000 jobs cut on wall street this year. empty condo town usa.

I can haz plan

http://www.cockeyed.com/citizen/check_cashing/check_cashing01.jpg

lol

i don't think very many people are stupid enough to have $100k sitting in a wamu account or are going to lose their money. i'm just worried about interruption of service.

I just deposited a check written on a WaMu account and my credit union warned me that it could take a couple extra days for it to clear.

Reminder to self: do not check IRA Roth account
Reminder to self: do not check IRA Roth account
Reminder to self: do not check IRA Roth account

i wonder if the fallout of this is actually going to be the thing to bring down housing costs in nyc. i read that they are estimating 100,000 jobs cut on wall street this year. empty condo town usa.

― bell_labs, Monday, September 15, 2008 5:12 PM (52 minutes ago) Bookmark Suggest Ban Permalink

who is going to live in the MYNT and other such ugly ass locations now?????

My OMGWTF money is in a (non-FDIC) Vanguard money market fund -- one of those where if it breaks the buck then yes we will have bigger problems than worrying about whether the fund has "broken the buck." As in, "pass me the drumstick for that rat we're frying up here, Tom Joad." that said, these funds may be safer -- or more liquid -- than funds in some banks these days.

Also, for the next few months I may have front-row seats to this Chernobyl-style bank fuck-up. Good times indeed ;_;

http://graphics8.nytimes.com/images/2008/09/15/business/lehman.531.jpg

(As found outside Lehman offices this morning, sez the NYT)

I am Spartacus!

I sent some of my friends at Lehman emails, wondering what was up. Then I read in Dealbook or some shit that the bank shut down their email yesterday. CAN YOU IMAGINE THOUSANDS OF IB ASSHOLES WITHOUT THEIR BLACKBERRIES??!!?!?!?!

Paulson has been pretty good in this.

omg want (xpost)

i wonder if the fallout of this is actually going to be the thing to bring down housing costs in nyc. i read that they are estimating 100,000 jobs cut on wall street this year. empty condo town usa

No.

NYT: "Nonetheless, he argued that the city remained in relatively strong economic shape. The city unemployment rate is at 5 percent, well below the national average of 6.1 percent. The vacancy rate for Manhattan office space is 5.4 percent, less than half the national average. Real estate values, which have plummeted nationwide, have held fairly steady in New York — in part because of international interest."

although with Restaurant Week getting extended for what, a month, it seems like at least some sectors are being hit.

Fallacy of hasn't happened so far = won't happen

yeah, the Eurotrash demographic is still buying Manhattan real estate. The party may be over for parts of Brooklyn, Queens, and Hudson County NJ

Even rich, property-buying eurotrash have finance jobs, use credit, have money in equities, etc.

given that LEH employees are getting 6-9 months severance packages, I really don't see a huge majority breaking their leases. And eurotrash still get a nice deal on the exchange rate.

Also, Black Swan to thread, pls.

No, Black Swan needs to stay where it is, please, puddling around in an unwritten Tom Robbins book.

Rich, property-buying eurotrash don't have "jobs" as you or I know them

I'm referring to this already written book called The Black Swan, which is awesome, and unfortunately, goes unread by the vast majority of IB/HF/PE asswipes out there.

that book is so badly written