Chase went under!

[KnickNut3]

Originally posted by: boomerang

Originally posted by: KnickNut3
And Boomerang--any accounts you have with them are FDIC insured. Secondly, "derivatives" (generically) aren't what got banks into this mess. Thirdly, JPM isn't close to going down. Your local bank is much more likely to due to its potential concentrated exposure to leveraged investments. It's frustrating when misinformation by the media leads to inefficient financial understanding and actions by the public.

You're overreacting to my post. I made no reference to what is currently going on, I closed and moved my accounts in July of 2006 well before any of these financial problems had started to rear their ugly heads. I moved my money because of the nature of derivatives.

My local bank offers everything I need from a bank.

This is the lack of understanding of finance that I was alluding to. These advocacy educational initiatives usually scare the public into doing things they don't need to.

As I said, your local bank is far more likely to go down than Chase, and even if either do, you won't lose anything, assuming your holdings either are FDIC insured or represent equity in other investments.

 

[Red Squirrel]

They're down and they probably don't have backups since they used raid 5 as backups, now the controller is dead.

It's usually what happens. 😛

 

[IEC]

Chase sucks. Too bad I have a CC with them.

 

[boomerang]

Originally posted by: KnickNut3

Originally posted by: boomerang

Originally posted by: KnickNut3
And Boomerang--any accounts you have with them are FDIC insured. Secondly, "derivatives" (generically) aren't what got banks into this mess. Thirdly, JPM isn't close to going down. Your local bank is much more likely to due to its potential concentrated exposure to leveraged investments. It's frustrating when misinformation by the media leads to inefficient financial understanding and actions by the public.

You're overreacting to my post. I made no reference to what is currently going on, I closed and moved my accounts in July of 2006 well before any of these financial problems had started to rear their ugly heads. I moved my money because of the nature of derivatives.

My local bank offers everything I need from a bank.

This is the lack of understanding of finance that I was alluding to. These advocacy educational initiatives usually scare the public into doing things they don't need to.

As I said, your local bank is far more likely to go down than Chase, and even if either do, you won't lose anything, assuming your holdings either are FDIC insured or represent equity in other investments.

Got the broken record thing going on today eh? You've told me twice my local bank is more likely to go under than Chase, the second time after I explained that was not why I moved my money.

Explain derivatives and why they are a good investment choice. Educate us.

You might want to read this first. It's about the opinions of this guy in the midwest that's worth a little bit of money.

http://seekingalpha.com/articl...ivatives-a-fool-s-game

His name is Warren Buffett.

 

[NFS4]

Originally posted by: alkemyst
I will say this about Chase...if you have any WAMU cards, they are getting rolled over now to chase.

Any fixed rate cards are getting moved to a variable rate. Any adjustable rate cards seem to be getting pushed up in APR. Read anything they send to you. My package came in a plain white envelope looking like junk mail. I closed the account....my rate went to 24.49%

Did it affect your existing balances or purchases from here on out?

 

[zinfamous]

Just kidding. Is chase.com down for you also? Should be.

You would make an excellent living writing headlines for The Enquirer and The Globe.

 

[Twista]

Its back up =]

 

[aceO07]

Speaking of Chase/Wamu. I just noticed today that their online savings rate has dropped to 1%...

 

[Muse]

Originally posted by: aceO07
Speaking of Chase/Wamu. I just noticed today that their online savings rate has dropped to 1%...

I went online the other day to see my recent Wamu checking statement and it said there would be a $5 charge. :Q I went Fuck You and bailed. 🙁 I don't have any credit cards with them, only an ATM card. I do have all my capital in a couple of mutual funds through them but figure that's safe, well as safe as the funds are. Also a HELOC, but I have no balance.

 

[imported_Lothar]

Originally posted by: boomerang

Originally posted by: KnickNut3

Originally posted by: boomerang

Originally posted by: KnickNut3
And Boomerang--any accounts you have with them are FDIC insured. Secondly, "derivatives" (generically) aren't what got banks into this mess. Thirdly, JPM isn't close to going down. Your local bank is much more likely to due to its potential concentrated exposure to leveraged investments. It's frustrating when misinformation by the media leads to inefficient financial understanding and actions by the public.

You're overreacting to my post. I made no reference to what is currently going on, I closed and moved my accounts in July of 2006 well before any of these financial problems had started to rear their ugly heads. I moved my money because of the nature of derivatives.

My local bank offers everything I need from a bank.

This is the lack of understanding of finance that I was alluding to. These advocacy educational initiatives usually scare the public into doing things they don't need to.

As I said, your local bank is far more likely to go down than Chase, and even if either do, you won't lose anything, assuming your holdings either are FDIC insured or represent equity in other investments.

Got the broken record thing going on today eh? You've told me twice my local bank is more likely to go under than Chase, the second time after I explained that was not why I moved my money.

Explain derivatives and why they are a good investment choice. Educate us.

You might want to read this first. It's about the opinions of this guy in the midwest that's worth a little bit of money.

http://seekingalpha.com/articl...ivatives-a-fool-s-game

His name is Warren Buffett.

Berkshire has it's own share of derivatives.