Wachovia Quarterly Losses Near $9 Billion.

[Edible Napalm]

http://youtube.com/watch?v=lGJW_lAMUCQ

Wachovia reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well.

[Three Hole Puncher]

Another domino prepares to fall.

[Treat_Yourself]

I wonder if the American taxpayer will be called upon to bail them out?

[nataskaos]

my chick wroks for a bank and she keeps telling me all of these stories about people who are pulling out huge savings accounts out of the place, "just in case".
Mostly older people, but I totally understand.

Lucky for me though, medical bills and gas prices have eaten all of savings up.

huzzah!

[BaLZaC~308]

Sucks for them, hopefully this doesnt effect their securities dept. since they bought out AG Edwards, who I have all my money invested with

[Voss's Tumor]

BofA's in the process of acquiring Countrywide for a bid that borders on hostile takeover too, and both legs plan to lay off about 10,000 each.

Keep telling us it's all in our heads economic optimists. Maybe if you say it enough it might just be true! :rolleyes:

[Buds Spuckley]

I have stated numerous times that we are in a recession and many more banks will fail.

People with less knowledge on here have debated me. Time has proven me correct again.

Wamu is failing, Wachovia is failing, Fannie and Freddie are failing.

Socialism is alive and well, we have about 2 more years before this mess has stabilized..

[WaddleDoodle]

Good thing got under the FDIC max in Commerce.

[jackjack]

my chick wroks for a bank and she keeps telling me all of these stories about people who are pulling out huge savings accounts out of the place, "just in case".
Mostly older people, but I totally understand.


People are starting to wise up to the fact that only 100k is insured at each bank. Why leave 200k in one bank where half is insured when you can move 100 of it to another bank and all of it is insured.
Ask her if there are a bunch of new customers coming in opening CDs or money markets..

[UCFGavin]

Keep telling us it's all in our heads economic optimists. Maybe if you say it enough it might just be true! :rolleyes:

the longer people buy what they say, the longer they can make money off of us

[Buds Spuckley]

the longer people buy what they say, the longer they can make money off of us

Dont worry! Vyce said we arent in a recession so we arent, ignore what Buffett says as well as many other analysts and believe him.

[Schmed]

Dont worry! Vyce said we arent in a recession so we arent, ignore what Buffett says as well as many other analysts and believe him.

Thursday, July 17th, a friend of mine finished packing her car to start IT job at Wachovia in NC on Monday, July 21.

Friday, July 18th 5:30PM, friend received call from Wachovia that said position has been "closed".

[Schmed]

People are starting to wise up to the fact that only 100k is insured at each bank. Why leave 200k in one bank where half is insured when you can move 100 of it to another bank and all of it is insured.
Ask her if there are a bunch of new customers coming in opening CDs or money markets..


100K per depositor.

"Gold, Guns and Granola, the 3Gs is the way to go" - Anthony Cumia, Economic Analyst.

[JimsInfectedEye]

How the fuck are they posting a loss? Every time I looked at my bank account, they were pounding me for some kind of fee. I'm surprised they don't charge you for walking in the door.

[Schmed]

How the fuck are they posting a loss? Every time I looked at my bank account, they were pounding me for some kind of fee. I'm surprised they don't charge you for walking in the door.


I'm really considering buying gold bullion or coinage, buying one of those safes to attach to my wall and letting it sit until I retire. Gold is at the $950 spot though, not sure if it is heading up or down in the short term, markets are too volatile.

[ADD Theater]

Thursday, July 17th, a friend of mine finished packing her car to start IT job at Wachovia in NC on Monday, July 21.

Friday, July 18th 5:30PM, friend received call from Wachovia that said position has been "closed".

She's not missing anything, believe me.

[d0uche_n0zzle]

I'm really considering buying gold bullion or coinage, buying one of those safes to attach to my wall and letting it sit until I retire. Gold is at the $950 spot though, not sure if it is heading up or down in the short term, markets are too volatile.

Some believe gold is undervalued at this point in time, sir.

However, I still prefer harder assets, such as guns, and AMMO. ;)

[Schmed]

Some believe gold is undervalued at this point in time, sir.

However, I still prefer harder assets, such as guns, and AMMO. ;)

Have the guns and ammo already, would like to get a handgun license though, but for now I'll stick with the long arms.