Whatever You're doing inside of me
It feels like chaos, but somehow there's peace...
...It's hard to surrender to something I can't see,
but I'm giving in to something Heavenly.
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Original: 9/26/2008 11:30 AM
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Friday, September 26, 2008

And now I'm not even a WaMu customer anymore?

 

So, apparently WaMu was doing very poorly (what institute isn't doing poorly these days?) and has been gobbled up by JP Morgan Chase.  As of today, I'm no longer a WaMu customer (though things will look the same for a while, according to Chase's website).  Have I mentioned lately that I hate change?  Sigh.  I liked Washington Mutual.  They were easy to work with and their fees were reasonable and all that junk (maybe that's why they weren't doing as well as other banks?).  I've had a bad experience with Chase regarding our Mortgage, so I'm hoping that isn't a sign of things to come regarding my checking and savings accounts.

¤

And so that this post isn't all completely boring and/or negative...

I'm getting a date nite with my husband tonite.  We're going on a DOUBLE date even.  Ha!
A fancy italian/french restaurant with a couple who shall be married in less than a month.
Should be fun!

I've been decorating the house for Fall.  I.Love.Fall.
We don't get a lot of color change and all that here in Texas,
but that just means it's up to me to make it LOOK like Fall.  Muwahahah.  Seriously.I.Love.Fall.

Then, tomorrow Power FM is having a 4-hour staff meeting.  This is in leiu of our yearly retreat.
That makes me sad 'cause the retreats are so much fun, but alas, it's not happening (stupid economy!).
But anyway, it should be good to get to see the entire staff together - it just doesn't happen very often.
So, believe it or not, I'm looking forward to the meeting.  Even if it is a Saturday morning!

We are also busy in preparations for a garage sale we'll be having on Oct. 4th and 5th.
I've got so much junk to go through and no where to store it between now and then, but oh well.
I pray that after the garage sale it'll all be long gone and I won't have to find new homes for it all.  Heh.

Have a lovely weekend, ya'll! 

Currently Listening
While Broken Hearts Prevail (EP)
By Emery
Ten Talents
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 Posted 9/26/2008 11:30 AM - 45 views - 3 comments

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3 Comments

Visit yourheadiselectric's Xanga Site!
I like fall too.
Posted 9/26/2008 3:16 PM by yourheadiselectric - reply

Visit paygethepirate's Xanga Site!
I know, we bank with Wamu too, I was like, what is going on here??
Posted 9/27/2008 10:31 AM by paygethepirate - reply

Visit sublibrarian's Xanga Site!

RE:  WaMu -- actually, if anything WaMu was in 'over their heads' with a tremendous amount of loan risk & very little in assets to back it up.  WaMu might've been OK at the bank-branch level, but the company as a whole was badly managed.  You don't have to worry, though, because your deposits (your checking & savings) have not gone away, and in theory they are insured by the FDIC if, for some reason, they should 'disappear' in the near future.

Chase actually was not up to its scuppers in bad loans, like WaMu was.  So, while your local Chase branches might be poorly managed or charge high fees, etc., actually the company as a whole is much safer/better off than WaMu ever was.  To be honest, I hated WaMu (among other things, they refused to refund their overdraft fees when my employer screwed up & deposited only half my paycheck -- WaMu insisted that my employer should pay me back the sum of WaMu's fees, and my employer refused, so I ended up paying the overdraft fee).

Chase has somehow worked it out with the government, so that they are only buying the deposits (savings & checking) and the bank branches from WaMu.  In other words, Chase is only buying the parts of WaMu that still have some value.  All of WaMu's bad loan debts (low or even negative value) will likely be taken up by the federal gov't, meaning that you and I as taxpayers will (ultimately) be covering WaMu's losses due to risky mortgages & the like.  Chase can afford to buy WaMu because Chase (and Bank of America, and Citigroup) is among the few mega-banks that still have significant good assets they can use for backing mortgages and loans (and the purchases of failing banks, incidentally).

So you should be fine -- barring a complete market collapse & the onset of the Second Great Depression, that is; in which case everyone's up a creek & it won't matter what bank you are/were doing business with.  Oh, and keep an eye on inflation.  It is very possible that the gov't bailout, while it may help dispense with the bad debt/mortgages out there, could yet help cause inflation to skyrocket, in which case, welcome to Jimmy Carter days, horrible unemployment, lines at the gas pump, etc., but maybe not a full-on Depression.

Hope your date went well, too, BTW.

Posted 9/29/2008 8:10 AM by sublibrarian - reply


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