The fed isn't going to let aig go down, will it? It'll rip into financial stability if it lets it go, which means further illness to the overall health of the economy.... on the other hand, the potential to open a pandora’s box of corporations who will look to the Feds for funding is frightening!
If you do your banking with WaMu (checking and savings) would you start looking to move to another bank?
they got downgraded by the other 2 agencies. which apparently means they need a buttload more capital right now, which apparently isn't going to happen. does anyone know how the downgrades work? is there any wiggle room? could s&p look at the same numbers and issue a downgrade or not just depending on their feel, or does each agency have a "set in stone" way of doing these. i mean if waiting a day to see what AIG does could potentially save them from collapse, why not wait? and will the fed really let something as big as AIG fail? oh man tomorrow is going to be a bad day.
I thought they got the OK from Dinallo to borrow from their subs to meet the downgrade earlier today.
they need a hell of a lot more than what new york is offering. who even knows how much money aig needs. it starts off with them needing a $40b bridge then it goes to $70b to $75b and now it is possibly up to $100b if you listen to some rumors.
via TPM -- Just Thinking Let me get this straight. John McCain's top economic advisor, former Sen. Phil Gramm, is the guy who authored the deregulation law that most agree is the ultimate cause of today's financial meltdown. Tomorrow's and probably next week's too. But let's not get ahead of ourselves. John Thain, CEO of Merrill Lynch, which swirled into brokerage oblivion today, is one of McCain's top economic advisors too. And now McCain says he's going to clean up the mess by putting in tighter regulations and oversight even though he's always supported lax oversight and his top economics guy is the one who loosened the rules in the first place. --Josh Marshall http://www.talkingpointsmemo.com/
I'm trying to figure out what would happen if the arm of AIG that handled the subprime CDS (UK-based IIRC?) just refused to pay/provide collateral while the holding company refused to file for bankruptcy - how would that affect operations at their subsidiaries such as National Union, ICSOP, Translatlantic Re etc?
rip on phil gramm all you like but don't rip on thain. marshall's analysis is incredibly shallow if he for a second thinks merrill's fate has been decided because of thain. thain has done a very good job with the bag of crap he has been given at merrill.
If you have more than 100K in the bank, I would get out since it won't be FDIC insured past that point. If less, when and if WaMu fails- the government takes over and will make available your funds. When IndyMac was taken over a month or so ago, customers with under 100K were able to withdraw their money the very next day.
It's D&D, and someone's gotta take the blame. McCain continuing to make completely out-of-touch comments like "the fundamentals of the economy are sound" don't help either.
your question is clearly an attack on obama's war record. please take your gun toting racist liberal pig message elsewhere. hope that clears things up!
Can you have several accounts with 100k in them? Like what if you have 100k in savings, 100k in checking, 100k for your kids etc.... Is each account protected, or do you need to spread it among different banks, anyone know? DD
