forums : General Discussion

Those with money in IndyMac, Downey Savings or WaMu

I'd get it out now while you still can!!!


yea, all accounts are backed by the feds up to 100k, but there is not insurance on when your money will be available after Fed take over....

just thought i'd throw that out there..

Re: Those with money in IndyMac, Downey Savings or WaMu

what you kidding?

Jungle owes me money!

Re: Those with money in IndyMac, Downey Savings or WaMu

links? i thought i heard wamu was okay in this mess....?

Re: Those with money in IndyMac, Downey Savings or WaMu

ive been paying attention to trends...

wamu is set to let go of another 2k employees soon, same thing as indymac. stocks are tanking.

Feds just Busted Wachovia for bad practices....

www.mortgageimplode.com

good reading on that site!

Re: Those with money in IndyMac, Downey Savings or WaMu

i think with all of these financial institution failures i should just stick my money under my mattress. i don't think your money is necessarily safe anywhere else.

Re: Those with money in IndyMac, Downey Savings or WaMu

bank with someone who isnt tied to all this mess.

bank of america, sucks, but they arnt going anywhere.

citibank has always been a conservative lender, and they are safe..

Re: Those with money in IndyMac, Downey Savings or WaMu

didn't b of a buy countrywide? doesn't sound like much of a sound investment.

citibank seems a viable alternative. wamu had been around forever, i was kinda surprised...and everything i'm reading online is kinda mixed. probably a good observation regardless.

Re: Those with money in IndyMac, Downey Savings or WaMu

bofa didnt 'buy' countrywide, just invested a lot of money so it can gain interest in what they do...

it wasnt a buy in the common term. but yeah..pretty much

Re: Those with money in IndyMac, Downey Savings or WaMu

In all things money diversity is key. Be smart. Don't put all your money in one bank. Spread it around a little. If everyone stuck their money under their mattress we'd be looking at 1929. If you spread it around it'll just be 1934 haha

Re: Those with money in IndyMac, Downey Savings or WaMu

This is the process of all banks being taken over and going federal.

Soon we will have the Amero, looks like.

But till then, invest in commodities. Dollar's flat-out tanking. Get your worth out of it while you can.

Re: Those with money in IndyMac, Downey Savings or WaMu

Son of a bitch. I love my downey savings accounts. I have 3 of them actually.

What exactly is happening? I'm afraid that I haven't heard anything about this.

But I'm glad I have my money in multiple places. I have Citibank, Downey, ING and cash money in my home Safe.

Re: Those with money in IndyMac, Downey Savings or WaMu

your citi and ING are good....
downey is set to fire 1k people in the next month... and its just following trend of IMB and everyone else thats gone under in the last year

**********
According to djaware ...

Son of a bitch. I love my downey savings accounts. I have 3 of them actually.

What exactly is happening? I'm afraid that I haven't heard anything about this.

But I'm glad I have my money in multiple places. I have Citibank, Downey, ING and cash money in my home Safe.
**********

Re: Those with money in IndyMac, Downey Savings or WaMu

This isn't a government takeover this is due to people being greedy and corporations preying on that greed.

If you can't afford a mortgage don't buy a house.
If someone doesn't qualify for a traditional loan don't give them money.
If you aren't stable make sure you have enough liquid accets to cover your client's withdrawls.

For once we should be HAPPY the government can step in. Without them we would be working without a net and some people would lose everything they have. I am all for division of private banks and the Fed but I thank my lucky stars that I live in a place where I don't have to sit outside of a bank for 3 days with a shotgun to make sure I get my money back.

Re: Those with money in IndyMac, Downey Savings or WaMu

hahaha yeah... I'd better run and go get my $14.23 out of my bank account asap before I get screwed!!




*ah the life of check to check....


**********
According to u.n.i.t ...

I'd get it out now while you still can!!!


yea, all accounts are backed by the feds up to 100k, but there is not insurance on when your money will be available after Fed take over....

just thought i'd throw that out there..
**********

Re: Those with money in IndyMac, Downey Savings or WaMu

personally i think ur money is safe, just don't try to pull out $75K in one stint. Thank goodness in college i invested in gold (the only 'real' money out there...maybe diamonds also and soon oil).

U hear that Zimbabewee's inflation is 200 million percent. That is CRAZY.

Re: Those with money in IndyMac, Downey Savings or WaMu

btw i just tried to get a mortgage with wa mu...that was a bad move

Re: Those with money in IndyMac, Downey Savings or WaMu

the money is safe, up to 100k...

but there just isnt any assurance that you will have it immedialy accessable.

Re: Those with money in IndyMac, Downey Savings or WaMu

You are way off base. This is about the government bailing out our economy.
**********
According to 4_.phrantek._4 ...

This is the process of all banks being taken over and going federal.

Soon we will have the Amero, looks like.

But till then, invest in commodities. Dollar's flat-out tanking. Get your worth out of it while you can.
**********

Re: Those with money in IndyMac, Downey Savings or WaMu

xy's on the money literally...buy gold buollion. hit me up w/ a jsm bro..i wanna know how u did that.

dunno if anyone else has noticed, but there's been more commercials for "we'll buy yur gold for cash"

they don't want u to have it imho

i keep most of my funds in an ing orange account.

Re: Those with money in IndyMac, Downey Savings or WaMu

Funniest s**t ever was standing in line at Respect (like 3 weeks ago) a girl in line (someone i know who will remain nameless) said/bragged "I just got this 100% gold chain off of EBay for only $60".

Now mind u the chain was phat and heavy and i told her...dood if this is 100% real u have about $20K around u neck and in that case 'run yo s**t'. The security guard laughed cause he was like 'girl that ain't 100% real gold cause u would be buying a car with it'. OWNED, ha!

Re: Those with money in IndyMac, Downey Savings or WaMu

One of my greatest financial regrets is not buying gold a few years back when my financial advisor told me too.

It was still at just under $400 an ounce, but at almost $1000 it would have been worth it.

Joey, go buy South American Krugerrands. They are 1 ounce gold coins and one of the easier way to invest in gold. They are the cheapest of the gold coins.


Growing up is a motha huh? Years ago on these forums and other ones we all were talking about beer, drugs, and girls and now we are talking about investments and gold bullion.

Oh how times have changed....

Re: Those with money in IndyMac, Downey Savings or WaMu

I LIKE IT!!!!!!!!

I am proud of us

Re: Those with money in IndyMac, Downey Savings or WaMu

my grandfather had 3 gold bars that are 98%. he got them decades ago from a war or something to that effect...when he passed he left them to me and my brother...now at the time when we were 10 we had no clue, but since then i have moved them into an insured lock box and there they sit..

that is my retirement right there pretty much... for now anyways.. the dollar isnt getting any better, and wont for many years... 5 years ago we were at like 1.3 - 1 with the GB Pound. we are now at 1.9 - 1.....

Re: Those with money in IndyMac, Downey Savings or WaMu

On a surface level I would agree with you... but the government got us into this too, which smacks of either terrible or unethical financial planning. And Bernanke's stance on the failing economy was pretty clear when he said (paraphrasing) "The poor exchange rate only matters if you buy non-American goods". So I kinda wonder on what authority they're be able to help us...

The SEC designates NRSROs (nationally recognized securities ratings organizations) which determine the creditworthiness of firms... it's what makes them either investment- or lower-grade stocks. It's just been discovered that these NRSROs have been giving really high grades to structured finance products they've had a hand in developing... this is part of what caused the housing bubble.

So what I see is:

- Bush telling us "we need to be an ownership culture - buy a home!"
- Government organization unethically promoting structured finance tools that relate to housing market
- People buying into these structured finance tools and giving up assets as collateral
- Banks own these assets until their investment is paid back
- People refinancing to get more s**t, banks still own their assets
- Banks are allowed to loan out 10 dollars for every 1 they actually have in the bank... this is a big deal for giving out loans when people have refinanced and have a lot of extra cash in the bank
- Housing market tanks, people owe more on their houses than they're worth due to refinancing
- Banks collapse
- Federal government comes in to "save the banks"
- Federal government now controls the assets of the bank, which include peoples' collateral

Whether they're actually trying to bail out the economy or not, I worry a lot about them becoming owners of many peoples' assets. Especially since they have managed THEIR assets so irresponsibly - i.e. by keeping us on the goddamn Federal Reserve system, for which there is NEVER enough money circulating to pay back principal + interest. Not to mention that little war we're still conducting in Iraq (and Iran, potentially).

Does that seem so off base? Happy to debate, but that's what I see...

Is IndyMac supposed to revert to a private bank again at some point?

**********
According to broken_records ...

You are way off base. This is about the government bailing out our economy.

[ 4_.phrantek._4 - 18 Jul 2008 09:47 ]

Re: Those with money in IndyMac, Downey Savings or WaMu

you do know that the FBI is about to investigate 21 banks for unethical lending processes and that california and illinois are suing countrywide?

our government is full of checks and balances and differing agendas it is just completely illogical for me to buy into some unseen force manipulating the WHOLE economy

traders manipulate the stock exchange and go to jail

lenders manipulate the housing market and they will go to jail

if a government agency helps to structure financial tools of course it is going to trust in those tools

the government is made up of humans it is not infallible people make mistakes at their jobs everyday


we created the FDIC to escape some of the horrors of the great depression

so tell me andy you prefer that these banks collapse without government intervenition? sounds saddistic to me...

in a social contract we give up certain freedoms for protection in this case i am sure that people that had their money in failed banks are glad the FDIC to step in





**********
According to 4_.phrantek._4 ...

On a surface level I would agree with you... but the government got us into this too, which smacks of either terrible or unethical financial planning. And Bernanke's stance on the failing economy was pretty clear when he said (paraphrasing) "The poor exchange rate only matters if you buy non-American goods". So I kinda wonder on what authority they're be able to help us...

The SEC designates NRSROs (nationally recognized securities ratings organizations) which determine the creditworthiness of firms... it's what makes them either investment- or lower-grade stocks. It's just been discovered that these NRSROs have been giving really high grades to structured finance products they've had a hand in developing... this is part of what caused the housing bubble.

So what I see is:

- Bush telling us "we need to be an ownership culture - buy a home!"
- Government organization unethically promoting structured finance tools that relate to housing market
- People buying into these structured finance tools and giving up assets as collateral
- Banks own these assets until their investment is paid back
- People refinancing to get more s**t, banks still own their assets
- Banks are allowed to loan out 10 dollars for every 1 they actually have in the bank... this is a big deal for giving out loans when people have refinanced and have a lot of extra cash in the bank
- Housing market tanks, people owe more on their houses than they're worth due to refinancing
- Banks collapse
- Federal government comes in to "save the banks"
- Federal government now controls the assets of the bank, which include peoples' collateral

Whether they're actually trying to bail out the economy or not, I worry a lot about them becoming owners of many peoples' assets. Especially since they have managed THEIR assets so irresponsibly - i.e. by keeping us on the goddamn Federal Reserve system, for which there is NEVER enough money circulating to pay back principal + interest. Not to mention that little war we're still conducting in Iraq (and Iran, potentially).

Does that seem so off base? Happy to debate, but that's what I see...

Is IndyMac supposed to revert to a private bank again at some point?

**********
According to broken_records ...

You are way off base. This is about the government bailing out our economy.

**********

Re: Those with money in IndyMac, Downey Savings or WaMu

LOL i would say less than .1% of the people on the boards have more than $100k in any of those banks

Re: Those with money in IndyMac, Downey Savings or WaMu

oo the scare tactics! the world is going to end!~! run & hide

Re: Those with money in IndyMac, Downey Savings or WaMu

100% gold..




plated..



**********
According to mc.xyz ...

Now mind u the chain was phat and heavy and i told her...dood if this is 100% real u have about $20K around u neck and in that case 'run yo s**t'. The security guard laughed cause he was like 'girl that ain't 100% real gold cause u would be buying a car with it'. OWNED, ha!
**********

Re: Those with money in IndyMac, Downey Savings or WaMu

it was about 2.10 last year when i was in the uk

*edit 2.10
**********
that is my retirement right there pretty much... for now anyways.. the dollar isnt getting any better, and wont for many years... 5 years ago we were at like 1.3 - 1 with the GB Pound. we are now at 1.9 - 1.....
**********

[ mainframe - 18 Jul 2008 12:13 ]

Re: Those with money in IndyMac, Downey Savings or WaMu

its not about the amount of money

if you have any money in those banks, there is no guarantee that your money will be available for immediate access...

so if you have to pay rent, your money will not be available immediately in the time of a take over..nor will your checks be any good because that bank no longer exhists...

that was the purpose of this thread..

**********
According to unifire ...

LOL i would say less than .1% of the people on the boards have more than $100k in any of those banks
**********

Re: Those with money in IndyMac, Downey Savings or WaMu

I wouldn't prefer that they collapse, no... But there are no good solutions apparent to me. The government tends to runs things piss-poorly, including the economy, and I see no reason that this would be different.

Hell, they've been applying band-aids to monetary policy for years by manipulating interest rates, among other things. This crisis is the result of treating symptoms and not the root of the problem. What we need is new monetary policy based on sound currency - sound currency would provide checks and balances to runaway inflation and bad spending policies.

If a government agency designs structured finance tools and grades them highly even when they f**k stuff up (i.e. the recent wave of subprime crap), I think there's an ethical issue at stake here that needs to be dealt with.

I think the basis of the unethical lending process is that for every dollar a bank has, it can lend ten. These imaginary dollars are never printed but are still counted as assets of the bank. If we keep making financial tools to support something that doesn't exist, of course we're going to see some negative impacts. And I think the disappearance of all these peoples' money (anything in excess of 100k) is one of those negative impacts.

So it looks like the government is just trying to keep justifying a system that has collapse inherently built in. Maybe you're right, Riccardo, and they're not. In fact, I hope you ARE right. Still, it doesn't change the fact that they're not doing anything to fix the system.

**********
According to broken_records ...

you do know that the FBI is about to investigate 21 banks for unethical lending processes and that california and illinois are suing countrywide?

our government is full of checks and balances and differing agendas it is just completely illogical for me to buy into some unseen force manipulating the WHOLE economy

traders manipulate the stock exchange and go to jail

lenders manipulate the housing market and they will go to jail

if a government agency helps to structure financial tools of course it is going to trust in those tools

the government is made up of humans it is not infallible people make mistakes at their jobs everyday


we created the FDIC to escape some of the horrors of the great depression

so tell me andy you prefer that these banks collapse without government intervenition? sounds saddistic to me...

in a social contract we give up certain freedoms for protection in this case i am sure that people that had their money in failed banks are glad the FDIC to step in

Re: Those with money in IndyMac, Downey Savings or WaMu

i'd like to see some expert discussions on this (ie. sources to the information) rather than all these armchair economists.

telling people to take their money out of wamu due to them laying off 2k employees seems a bit crazy to me. in the spite of their financial problems had they hired 2k employees THAT would be a problem.

Re: Those with money in IndyMac, Downey Savings or WaMu

www.mortageimplode.com

they have links to anything you would want to read about this stuff...

im not armchair at all..
i work in the industry, i get all the gossip on these things

Re: Those with money in IndyMac, Downey Savings or WaMu

andy the forces that be juggle our economy because it maximizes production and efficiency going backwards to a time where we didn't manipulate the economy is not the answer in my opinion

responsibility is the answer

i bet your basis for a sound currency would absolutely destroy growth




**********
According to 4_.phrantek._4 ...

I wouldn't prefer that they collapse, no... But there are no good solutions apparent to me. The government tends to runs things piss-poorly, including the economy, and I see no reason that this would be different.

Hell, they've been applying band-aids to monetary policy for years by manipulating interest rates, among other things. This crisis is the result of treating symptoms and not the root of the problem. What we need is new monetary policy based on sound currency - sound currency would provide checks and balances to runaway inflation and bad spending policies.

If a government agency designs structured finance tools and grades them highly even when they f**k stuff up (i.e. the recent wave of subprime crap), I think there's an ethical issue at stake here that needs to be dealt with.

I think the basis of the unethical lending process is that for every dollar a bank has, it can lend ten. These imaginary dollars are never printed but are still counted as assets of the bank. If we keep making financial tools to support something that doesn't exist, of course we're going to see some negative impacts. And I think the disappearance of all these peoples' money (anything in excess of 100k) is one of those negative impacts.

So it looks like the government is just trying to keep justifying a system that has collapse inherently built in. Maybe you're right, Riccardo, and they're not. In fact, I hope you ARE right. Still, it doesn't change the fact that they're not doing anything to fix the system.

**********
According to broken_records ...

you do know that the FBI is about to investigate 21 banks for unethical lending processes and that california and illinois are suing countrywide?

our government is full of checks and balances and differing agendas it is just completely illogical for me to buy into some unseen force manipulating the WHOLE economy

traders manipulate the stock exchange and go to jail

lenders manipulate the housing market and they will go to jail

if a government agency helps to structure financial tools of course it is going to trust in those tools

the government is made up of humans it is not infallible people make mistakes at their jobs everyday


we created the FDIC to escape some of the horrors of the great depression

so tell me andy you prefer that these banks collapse without government intervenition? sounds saddistic to me...

in a social contract we give up certain freedoms for protection in this case i am sure that people that had their money in failed banks are glad the FDIC to step in
**********

Re: Those with money in IndyMac, Downey Savings or WaMu

Do we have an approximate date on when this might be happening?

I need to know if/when I should move my cash around.

Re: Those with money in IndyMac, Downey Savings or WaMu

I would question the viability and legitimacy of a lot of what we consider growth. Especially when it's financed strictly with debt.

I do agree that responsibility would help - but how do we undo the irresponsibility that's gotten us into this mess?

Furthermore, what responsibility has the government shown with respect to monetary policy? Obviously this floating currency system isn't working out all that well... our dollar is worth nothing as inflation continues to outrun us. American wealth is rooted in debt, not production.

It doesn't take an economics expert to tell you that financing growth with debt is a bad option...

In a greater context, I think all of this turmoil is expressive of the idea that we've simply outgrown our old systems but we keep trying to cling to them. IMO we could use a new system of commerce that isn't based on inequity.

**********
According to broken_records ...

andy the forces that be juggle our economy because it maximizes production and efficiency going backwards to a time where we didn't manipulate the economy is not the answer in my opinion

responsibility is the answer

i bet your basis for a sound currency would absolutely destroy growth

Re: Those with money in IndyMac, Downey Savings or WaMu

with in the next month or two i would say...
they are following the same trend as IMB...

unless they can convince BOFA to invest in them as well...thats what i would count on..

**********
According to djaware ...

Do we have an approximate date on when this might be happening?

I need to know if/when I should move my cash around.
**********

Re: Those with money in IndyMac, Downey Savings or WaMu

your wealth is not safe in the form of papper


get into gold or silver

fiatt money system crashing

Re: Those with money in IndyMac, Downey Savings or WaMu

you guys advising everyone to shift their money to gold are going to ruin lives when the gold market crashes
**********
According to flinch ...

your wealth is not safe in the form of papper


get into gold or silver

fiatt money system crashing
**********

Re: Those with money in IndyMac, Downey Savings or WaMu




what are people gonna do when it drops back down to 400 and your friends lose 50% of their money

show a little responsibility

Re: Those with money in IndyMac, Downey Savings or WaMu

im sticking to silver
www.apmex.com

Re: Those with money in IndyMac, Downey Savings or WaMu

Re: Those with money in IndyMac, Downey Savings or WaMu

that's more great advise...i count almost 20 years of 0 f**king return on your investment

Re: Those with money in IndyMac, Downey Savings or WaMu



oh look its the dowjones for 80 years

always going up i wonder what i should do with my money

Re: Those with money in IndyMac, Downey Savings or WaMu

"what goes up........"

we know the rest..

Re: Those with money in IndyMac, Downey Savings or WaMu

here's even better advice, don't seek financial advise on js

Re: Those with money in IndyMac, Downey Savings or WaMu

I agree, Gold is a volatile market. You never know when it going to drop again. Over 100 years it deffinitely goes up, but short term it is too unstable to work with.

Had I bought it when I was informed to, I would have deffinitely sold it by now I think.

It's also a lot more difficult to get into than Silver. Look at the price differences over time. This table is a little outdated, but shows a good view over time.



The large spike in 1980 was a result of the Hunt brothers failure to corner the market and Silver Thursday.

Source: WikiPedia

Right now you can buy about 55oz of Silver for $1000, or 1oz of Gold.

A certificate of ownership can be held by silver investors instead of storing the actual silver bullion. Silver certificates allow investors to buy and sell the security without the difficulties associated with the transfer of actual physical silver. The Perth Mint Certificate Program (PMCP) is the only government-guaranteed silver-certificate program in the world.



But I wonder if thats a bad thing because you are then involved with the government again, which I guess makes holding precious metals defeating the purpose?

Re: Those with money in IndyMac, Downey Savings or WaMu

I agree, Gold is a volatile market. You never know when it going to drop again. Over 100 years it deffinitely goes up, but short term it is too unstable to work with.

-------------------------

True but if u diversify ur portfolio and esp. if u are younger u should have more investments in 'risk' then someone like 50+. I think it is worth the risk also because at the end of the day GOLD has been the currency of the WORLD since its discovery. From the ancient Egyptians to Romans to Midevil times to now. You could always get something for gold. As great as the Roman Empire was could u get anything for their coinage now? No. (not arguing 'collectors items'). Gold is always the standard. Our currency is weighted and valued internally against the about of gold we hold in Fort Knox.

Re: Those with money in IndyMac, Downey Savings or WaMu

personally i've been investing in lettuce and computer hardware. also furbys

-dave

Re: Those with money in IndyMac, Downey Savings or WaMu

Screw banks. I've been saying this for years.I keep my money in my pocket where it belongs. You know how much you have .You get better deals when you have cash in hand.And you will never have to pay any fees. Also, didn't the american people learn anything from the great depression? It is on it's way back.History is known to repeat itself it's not a question of if, it is a question of when.