Thursday, September 25, 2008

Now It's Personal

OK, maybe it's not really that big of an impact on me. But it is kind of eerie to be watching TV and see someone announce breaking news that the bank where I have my checking account and a credit card has collapsed and been seized by the federal regulators.

I imagine, with so many Seattle people reading (and writing) this blog, and that Wamu was the biggest bank in the country, I'm not the only one here who finds this a little unsettling.

I do tend to believe that right now my money and credit are safe, the creation of the FDIC after the Great Depression (thank god for one regulation not being struck down by Phil Gramm) is exactly for this things like this. And JP Morgan Chase has snatched the assets right up, they are saying that there won't even be a service disruption and branches will be open as normal tomorrow.

But still, is it possible that we may actually see something like a run on the banks, something that our whole lives has lived in the realm of our grandparents stories?

The ramifications of the current situation are becoming mind-boggling.

5 comments:

the beige one said...

The government, running our banks. Now I shudder. Let's think about the notion that the gummint now has access to all of our monies.

Now let's imagine some future theoretical where the neocons control all arms of the government.

Deni said...

What makes you think the gov't hasn't had access to our money all along?

The whole "free market" thing is a fraud. The gov't is very socialist, it's just that they prop up the most fortunate rather than the less fortunate.

the beige one said...

Yes, I am aware of the world around me, and yes I assumed that the government did. However, I'm not comfortable with having that wall become thinner is all. I have issues.

momentofchoice said...

LOL it is a full time job keeping up with all of your posts but i remain committed. :)

thelyamhound said...

I've never been so happy to be broke. I mean, I'd pull all my money out of WaMu, but . . . well, WHAT money? Joke's on them.