Comments on: Let’s Stop Promoting Washington Mutual

By: WiseMoneyMatters

WiseMoneyMatters — Tue, 16 Sep 2008 13:19:41 +0000

I’m glad I learned about all of this a few days ago. I was seriously considering opening a savings account with WaMu. I think I’ll go with FNBO or ING instead.

By: Strabo

Strabo — Tue, 16 Sep 2008 07:48:49 +0000

@Aorora111:
Directly most likely nothing – you will have to pay your CC bills like always.
But generally if WaMu goes down:
The FDIC only has about 50 billion dollar left – WaMu has assets over 300 billion dollar. Granted, not all of this assets are FDIC-insured, but if the FDIC needs more money than it haa it has to turn to the Fed. The Fed only has one option to raise this money: printing more dollars, increasing inflation.

By: Mr. ToughMoneyLove

Mr. ToughMoneyLove — Tue, 16 Sep 2008 03:51:20 +0000

Laura – AIG and WaMu are both in the target zone right now.

Aorora111 – In my opinion the average person who is looking for a place to deposit funds, WaMu should be off the list – they don’t deserve your business. As a credit card holder, it should not affect you as that business will survive and probably be quickly sold in the event of a bank failure. Thanks for visiting.

By: Aorora111

Aorora111 — Tue, 16 Sep 2008 03:37:41 +0000

My question is this: what does this mean to the average person? Many financial stories don’t quite break it down to that level. I don’t follow stocks and financial news as well as I should, though I’m trying to remedy that. However, as a credit card holder, how would that impact me?

By: Laura

Laura — Tue, 16 Sep 2008 01:37:03 +0000

The news has definitely jittered some people today. I couldn’t get away from hearing some speculations on who is next. After reading several articles on WaMu, I’m little leery. Thanks for your report!