October 1, 2008

  • Financial crisis

    I wake up today and find out that Wachovia has melted down. I don't want to get too graphic, but I swear, I thought I'd find bricks in my underpants. WTF is going on? I mean, I have a CD in Wachovia, not a big one, mind you. I am a man of modest means, but geez, do the freakin' fat cats exemplified by those on Wall Street and in the current administration have to take this away from me, too? By having allowed less regulation and oversight in order to scheme new ways to get even richer? Think sub-prime loans, derivatives, et al..

    Thank God for Citicorp. They bought out Wachovia and absorbed billions of dollars in losses, but it kept little guys like me from jumping out windows. I mean, I live pay check to pay check, saving virtually nothing because prices continue to go up while my salary remains static. I'm trying to figure out which part of the economy is strong. I must be in the wrong place because I don't see it anywhere near me.

    Who said the fundamentals of the economy are strong anyway? Who said that we are a nation of whiners? Who said that the person she supports--McCain--could never run a corporation like HP?

    I swear, who doesn't think we need a change?

Comments (12)

  • In my opinion everyone must browse on this.
    here | this site | this site

  • I believe that the financial situation will get alot worse before it gets better. The scary thing is that it is an "inside job." I have a documented timeline of banking intrigue in my recrent Xanga article "Barreling Towards Babylon." It shows those who are actually hoping the meltdown will be terrible and why they want it.

  • Eh... it may very well get pretty rough in the coming years. But the fundamentals of our economy are strong! We just need to redefine what those fundamentals are. Or the meaning of the word "fundamental". KF

  • When America sneezes, the rest of the world would catch a cold; an old adage is reappearing.

    日本は何とかバブル経済崩壊後の不況から脱して、ここ数年、中国や他の新興国への好調な輸出にも助けられて“いい時代”を迎えていたのに・・・何ということを。

    おにぎりまんのこと、怒っているわけではないですからね。

  • http://www.youtube.com/watch?v=l-1Jj6YPYkQ

    http://www.youtube.com/watch?v=S7aC7CyOP0Q

    http://www.youtube.com/watch?v=R3iimehONPc

  • it just seems like the whole financial crisis is just snowballing...

  • These are scary times. Fortunately, my husband and I haven't been affected (knock on wood) but the mood in Manhattan has changed drastically over the past few weeks.

    I'm angry for the "little people" like educators (like you), policemen, those who work in non-profit (like me), or your average middle-class citizens (like my parents) who are, to put it bluntly, getting screwed over for the mistakes of the government and the Fat Cats of Wall Street.

    At the same time, I'm also hopeful and a bit grateful that a correction is in motion...if this isn't the time for change, I don't know what is.

  • The reason most banks are failing is due in part to the new reporting regulations put forth by the Sarbanes Oxley Act which made most lending companies have to put most of their mortgages down due to foreclosures and fire sales on their sub-prime loans. They didn't really lose all the money overnight but more precisely could no longer report them as assets, instead they all became liabilities. At least that's what I got from it, but I may be wrong since I fell asleep many times while reading about it.

    It'd be interesting to see the Wachovia Center down Philly turn into Citi Center :)

    Also, I think they're talking about strength because every great civilization before us crashed after such economical and internal issues and we're still here, going to work every day... for now.

  • I hope I can get a job in such bad times. Many of us feel insecure here too.

  • Not just you sir, we're all suffering from a bad economy wondering where it's all going. I'm scared of a time when people do start jumping out of windows...

  • WAIT, WAIT, WAIT. What happened to Wachovia? They've been bought out, meaning that everything they handled (loans, investments, banking) is okay, right? I have a loan out with them right now so I'm kind of scared, especially with hearing about all these banks just dying off like flies.

    I'm really terrified, even with the bank I have now (which is small and I think only in San Jose), there's still this possibly that even that tiny little bank--while not as big as some of the failing ones--could go out. I can't even begin to understand what this economical mess is and the only words I can understand are "government" and "bailout". How did this all start? Where did all that money go? It couldn't have possibly disappeared.

  • Well said. I'm hoping that I won't be hit too hard. Even though I'm leaving the country, I'll still have assets (that could turn into huge liabilities) here in the states and that makes me nervous. Change, please! XD

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