View Full Version : What does this mean?
Washington Mutual was recently shut down and its remaining assets were bought out by JP Morgan. My wife has a credit card with them, does this mean she doesn't need to pay it any more?
http://news.yahoo.com/s/ap/20080926/ap_on_bi_ge/washington_mutual_future
It means she will be paying to Chase or the government, whoever owns her debt now.
Damn. Wishful thinking, I guess. If it went bankrupt, it'd be a different story though, right?
Damn. Wishful thinking, I guess. If it went bankrupt, it'd be a different story though, right?
No, that would just protect the company from paying other people, you would have to pay it though. You would have to declare bankruptcy to not pay them.
t-homo
09-26-2008, 09:15 AM
Stock market has been insane lately with the takeover, bailout plan, banks closing, etc. Warren Buffett is going to invest 5 billion in Goldman Sachs in the next couple of days. Guess we will see what that does.
BobTheBiker
09-26-2008, 09:53 AM
the short of it is, we're fucked as a country. I'm not going to sugarcoat it cause I'm 99% positive that we're gonna hit another depression.
where to pin the blame though, is a VERY complicated issue and I'm not even going there, cause theres a LOT of people to blame.
OneSickPsycho
09-26-2008, 10:02 AM
Fuck me... WaMu is my bank and I had NO IDEA this shit happened... and I'm usually up on current events.
z06boy
09-26-2008, 10:04 AM
the short of it is, we're fucked as a country. I'm not going to sugarcoat it cause I'm 99% positive that we're gonna hit another depression.
where to pin the blame though, is a VERY complicated issue and I'm not even going there, cause theres a LOT of people to blame.
I don't agree with the "hit another depression" part but yes it is bad. Just an opinion...we all have one. :idk:
I do agree with the "where to pin the blame" part...plenty of "blame" to go around. Most want to blame Bush and the Republicans...which should bear part of the blame...BUT they may want to look a little further back too. :whistle:
OneSickPsycho
09-26-2008, 10:05 AM
the short of it is, we're fucked as a country. I'm not going to sugarcoat it cause I'm 99% positive that we're gonna hit another depression.
where to pin the blame though, is a VERY complicated issue and I'm not even going there, cause theres a LOT of people to blame.
It's simple... The government solves a small problem, while creating a larger problem... the general public is retarded so they don't realize the source of this shit came from 15 years ago... so the cycle goes...
Rider
09-26-2008, 10:06 AM
Fuck me... WaMu is my bank and I had NO IDEA this shit happened... and I'm usually up on current events.
Dont worry, Chase is a good bank. I used to be a WaMu when I lived in Seattle and now with Chase. Chase is bigger but very comparable in service.
OneSickPsycho
09-26-2008, 10:10 AM
I don't agree with the "hit another depression" part but yes it is bad. Just an opinion...we all have one. :idk:
I do agree with the "where to pin the blame" part...plenty of "blame" to go around. Most want to blame Bush and the Republicans...which should bear part of the blame...BUT they may want to look a little further back too. :whistle:
People are damn quick to throw out the recession/depression card... Fuck, three weeks into an economic slowdown, people are saying recession, recession, recession... The media exacerbated the call... I guess it's so hard to understand that things are NOT THAT BAD. Depression is SCARY shit... People would lose their minds if we actually fell that far...
Gas Man
09-26-2008, 10:14 AM
Not bankrupcy... but this would rock for US
http://www.twowheelfix.com/showthread.php?p=73834#post73834
Crazy
09-26-2008, 10:15 AM
its all semantics... what exactly defines a depression or a recession?
z06boy
09-26-2008, 10:16 AM
People are damn quick to throw out the recession/depression card... Fuck, three weeks into an economic slowdown, people are saying recession, recession, recession... The media exacerbated the call... I guess it's so hard to understand that things are NOT THAT BAD. Depression is SCARY shit... People would lose their minds if we actually fell that far...
Agreed 100 % He11 around here we have a gas shortage...several stations with NO fuel and some people are losing their minds while waiting in a freakin' gas line...fights starting and people going to jail..couldn't imagine if it was something really bad. :no:
Time to buy more ammo. :lol:
Rider
09-26-2008, 10:17 AM
Agreed 100 % He11 around here we have a gas shortage...several stations with NO fuel and some people are losing their minds while waiting in a freakin' gas line...fights starting and people going to jail..couldn't imagine if it was something really bad. :no:
Time to buy more ammo. :lol:
I was thinking the same thing yesterday..... Shotguns are on sale right now and I could use a couple more. :whistle:
z06boy
09-26-2008, 10:19 AM
Not bankrupcy... but this would rock for US
http://www.twowheelfix.com/showthread.php?p=73834#post73834
Ok that would work for me and the wife. We could let those 250 shares of AIG stock go that we bought the other day in exchange for a piece of that pie !! :rockout: :lol:
z06boy
09-26-2008, 10:20 AM
I was thinking the same thing yesterday..... Shotguns are on sale right now and I could use a couple more. :whistle:
Like they say..."I'd rather have it and not need it than need it and not have it" !! :dthumb:
Gas Man
09-26-2008, 10:21 AM
its all semantics... what exactly defines a depression or a recession?
Exactly... people need to wake the fuck up. We are not that far from depression... it could go there real easy from here. If saying depression is coming "unless..." is the only way to make things happen... I call that STRAIGHT TALK!!
Agreed 100 % He11 around here we have a gas shortage...several stations with NO fuel and some people are losing their minds while waiting in a freakin' gas line...fights starting and people going to jail..couldn't imagine if it was something really bad. :no:
Time to buy more ammo. :lol:
AMEN... I think I should increase my ammo supply cause I just burned off a bunch...
OneSickPsycho
09-26-2008, 10:21 AM
Ok, just checked some facts... We are NOT in a recession. A recession is defined as two consecutive quarters of negative economic growth... The 2nd quarter of '08 we saw a 1.6% growth... Since we are on the cusp of the 4th quarter, we are not in a recession.
Crazy
09-26-2008, 10:30 AM
"A depression is any economic downturn where real GDP declines by more than 10 percent. A recession is an economic downturn that is less severe.
By this yardstick, the last depression in the United States was from May 1937 to June 1938, where real GDP declined by 18.2 percent. If we use this method then the Great Depression of the 1930s can be seen as two separate events: an incredibly severe depression lasting from August 1929 to March 1933 where real GDP declined by almost 33 percent, a period of recovery, then another less severe depression of 1937-38. The United States hasn’t had anything even close to a depression in the post-war period. The worst recession in the last 60 years was from November 1973 to March 1975, where real GDP fell by 4.9 percent. Countries such as Finland and Indonesia have suffered depressions in recent memory using this definition."
but really it doesnt matter if the GDP is 9.9% down or 10.1% down, so using these terms that the media keeps talking about is not very useful. looking at the numbers makes more sense.
OneSickPsycho
09-26-2008, 10:38 AM
its all semantics... what exactly defines a depression or a recession?
Recession - two or more consecutive quarters of negative economic growth.
Depression - (kinda vague) a sustained recession.
smileyman
09-26-2008, 10:47 AM
Ok that would work for me and the wife. We could let those 250 shares of AIG stock go that we bought the other day in exchange for a piece of that pie !! :rockout: :lol:
See my post in the AIG thread...
The only problem with these corporations going broke is that alot of peoples money, their real money for retirement ect. was tied up in these companies stocks. This isn't a case of these folks debt disappearing, but their savings and funds they should have been using to pay their home down, payoff those credit cards were tied up with these companies stock. Some people obviously forgot that there was risk in the stock market...
smileyman
09-26-2008, 11:09 AM
http://money.cnn.com/?cnn=yes
Captain Morgan
09-26-2008, 12:25 PM
Fuck me... WaMu is my bank and I had NO IDEA this shit happened... and I'm usually up on current events.
Well, this JUST happened last night...
It's simple... The government solves a small problem, while creating a larger problem... the general public is retarded so they don't realize the source of this shit came from 15 years ago... so the cycle goes...
Agreed. This has been mentioned before. Our society only wants to blame the current administration, rather than looking to the true source of the problem. I'm not saying the current administration hasn't made mistakes, but the mess we're in right now isn't due solely to anything Bush has done.
See my post in the AIG thread...
The only problem with these corporations going broke is that alot of peoples money, their real money for retirement ect. was tied up in these companies stocks. This isn't a case of these folks debt disappearing, but their savings and funds they should have been using to pay their home down, payoff those credit cards were tied up with these companies stock. Some people obviously forgot that there was risk in the stock market...
First of all, retirement money should not be so heavily invested in one companies stock that the one company would make a big difference to the portfolio. Diversification is taught for a reason. Yes, there are two schools of thought:
1. Diversify and protect yourself so you don't have to watch your portfolio all the time.
2. Put all your eggs in one basket and keep a VERY close eye on that basket. Move it to another basket if things start to go against you.
The first school of thought will keep your money fairly safe over the long term. You won't necessarily have big dollar gains, but you'll make a steady amount of money over the years. Yes, there will be downturns in the market from time to time, but if you're properly invested and follow the principals of long term asset allocation, moving your money to more conservative investments as you get closer to the time when you'll need it, you should be fine in the long run.
The second school of thought can make you the most money, the fastest. But it's also much more risky. You have to do tons of research on the company you choose to put all of your money into and you have to watch it like a hawk, staying up on current events in the company and looking for any changes that can negatively affect your investment. You have to be ready to pull the plug at any time. I've seen people make a boatload of money this way. I've also seen them lose it.
BobTheBiker
09-26-2008, 12:25 PM
so its not a good time to invest my money in enron?
In any event, things arent exactly at their best in our nation. I just REALLY REALLY hope things get better soon, I dont think we can handle this kind of thing too much longer.
smileyman
09-26-2008, 12:59 PM
I agree Captain, the lack of diversification, the overwhelming reliance of people on the assumption that stocks are a safe, consistent , and reliable return are a big part of why we are in this shape.
The greed of the banks and investment companies are why they are so overburdened with crappy asset value and going bankrupt.
z06boy
09-26-2008, 02:08 PM
See my post in the AIG thread...
The only problem with these corporations going broke is that alot of peoples money, their real money for retirement ect. was tied up in these companies stocks. This isn't a case of these folks debt disappearing, but their savings and funds they should have been using to pay their home down, payoff those credit cards were tied up with these companies stock. Some people obviously forgot that there was risk in the stock market...
Yeah I know...that's why I put the :lol:...I was just being sarcastic. Alot of people would suffer if they failed. They already are due to the stock price but it would be worse...much...for them.
Since we just bought some AIG at around $2.00 a share the other day... according to Gas Man's math the wife and I would get a few hundred thousand dollars handed to us and all I'd lose would be the $500 that we invested...good return for us. :drool:
However with that plan...the AIG investors would be getting this payout as well...most would be happy about that I'm sure. :idk:
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