Washington Mutual is Largest Banking Failure Ever

[NFD]

Re: Washington Mutual is Largest Banking Failure Ever

I'm moving to Canada in 2011 so I'm okay, except for the next few years.

[MrRubix]

Re: Washington Mutual is Largest Banking Failure Ever

I was infinitely more shocked at the demise of Lehman Brothers (I mean, its stock has been going down for a while now, and many people predicted that something bad would happen, but not nearly this soon and not of this sort of magnitude) and the near-death experience we had with AIG... that would have caused some serious, serious global financial crises. You have no idea how close we were to getting insanely ass-rammed there.

I mean, Bear Stearns getting shanked was bad enough. But then Lehman Brothers?! And Merrill Lynch getting bought by Bank of America... then AIG, now Washington Mutual... and now Goldman Sachs and Morgan Stanley have agreed to go into a different regulatory structure by becoming holding banks. And then WaMu and then the stuff going on with Wachovia... We're seriously living through history right now.

[foilman8805]

Re: Washington Mutual is Largest Banking Failure Ever

No, I mean, we'll have more money instead of spending almost $2 billion a day, that will be money that we actually have.

But you understand that there is no money at all, right? It's all on credit 'loaned' to us from the Fed? We've been bankrupt for decades?

@MooMoo, we need to spend less money.

[Bynary Fission]

Re: Washington Mutual is Largest Banking Failure Ever

What foil said - we haven't had a budget surplus since the 50s.

Hell, the dollar hasn't even deflated since that time. And the funny part is - none of it will ever be payed back. Hence why we owe nearly 10 trillion dollars in debt, and it grows each day.

The fact that the government is trying to pay off all these bad loans and mortgages and bailing out each failing bank is tantamount to financial suicide.


~Bynary Fission

[MooMoo_Cowfreak]

Re: Washington Mutual is Largest Banking Failure Ever

@MooMoo, we need to spend less money.

hey look another edit popped up. these things are coming out of nowhere in this thread.

Thanks for answering my question by the way. I semi-agree. I think we need to spend the same amount of money, just put in better places, which would in turn make us more money. I know that's a hard thing to actually follow up on, but if it happened, we'd be super happy.

Of course, if my plan didn't work, we'd be ****ed. But we gotta take risks, right?

@binary too bad deflation won't ever happen no matter what.

[MrRubix]

Re: Washington Mutual is Largest Banking Failure Ever

You *do* realize that it would be far more expensive to the American people if the government didn't bail out Wall Street, right?

Also, whoever suggested that people should take their money out of the bank -- that's probably one of the worst things you could do. Remember the Great Depression?

[foilman8805]

Re: Washington Mutual is Largest Banking Failure Ever

I don't know how many people are aware, but the Fed buys money from the U.S. Treasury for a few cents and then turns around and sells it to the government at face value. I **** you not.

We'll see it soon enough that the Federal Reserve is a sham.

[MooMoo_Cowfreak]

Re: Washington Mutual is Largest Banking Failure Ever

You *do* realize that it would be far more expensive to the American people if the government didn't bail out Wall Street, right?

Who you addressing here?

[MooMoo_Cowfreak]

Re: Washington Mutual is Largest Banking Failure Ever

The 50s? We've had the biggest budget surplus under Clinton. How can you not remember that?

How can you remember that?

Your 15 man... it's not like you were in your teens when Clinton was around.

[MooMoo_Cowfreak]

Re: Washington Mutual is Largest Banking Failure Ever

damn i was hoping this would be similar to the obama vs. mccain thread.

but no it was made by football so it's terrible.

[foilman8805]

Re: Washington Mutual is Largest Banking Failure Ever

Terrible by default, lmao.

[iceefudgesickle]

Re: Washington Mutual is Largest Banking Failure Ever

I'll give it until 2010. If Obama/McCain hasn't fixed anything by then, I'm getting the **** out of here. 2010 just happens to be the year I graduate, so, yeah...

Yes, but doesn't the economy take a while to fluctuate? Correct me if I'm wrong because I don't want to pretend to be an expert on this, but even if Obama/McCain does something good for the economy, it might not show for a while down the road.

[lord_carbo]

Re: Washington Mutual is Largest Banking Failure Ever

I'll give it until 2010. If Obama/McCain hasn't fixed anything by then, I'm getting the **** out of here. 2010 just happens to be the year I graduate, so, yeah...

lol @ you thinking that the President can/will do ****. At most the president is a puppet to his economic advisers and would do the same thing regardless of who's in control so it's a stretch to say that they're actually doing anything.

Also lol @ everyone who is making this so goddamn political. Obama would do this McCain would do that blah blah be quiet.

Also double lol @ everyone who says they're moving to Canada. Yeah have fun with that.

Also triple lol @ foilman for thinking the Fed "is a sham." Bernanke is a goddamn smart economist and as of now he holds more information out of single every person in the world about the crisis. Collective wisdom is another story, but if you compare him with every other economist one on one, he knows more because he's the Fed chairman.

How can you remember that?

Your 15 man... it's not like you were in your teens when Clinton was around.

Owned.

[Bynary Fission]

Re: Washington Mutual is Largest Banking Failure Ever

How can you remember that?

Your 15 man... it's not like you were in your teens when Clinton was around.

Oops...I confused deflation with the budget (bear with me, I was so tired I nearly fell asleep in my chair at the time). Though you are correct in saying I don't remember the Clinton era all that well.


On another note, who do you think has to assume the debt for all the bailouts they are doing? The taxpayers, of course...at least if it fails (most notably, the 700 billion dollar one). Too bad the Fed never learned to control their spending under the Bush administration.


~Bynary Fission

[lord_carbo]

Re: Washington Mutual is Largest Banking Failure Ever

Too bad the Fed never learned to control their spending under the Bush administration.

Hahaha do you even know the role of the Federal Reserve in the economy and its connection or lack thereof to the president? If you want to really know how the economy works, you're not going to find out by listening to your parents' (and peers') uninformed diatribes.