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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Bear Stearns Buyout by JP Morgan Chase...
Posted by vegalady
this economy is becoming very very scary. DH is very nervous about it and so am I. We are going to have to stash money.
Why stash your money?
If you are in a FDIC insured bank, you have nothing to worry about.
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Posted 3/17/08 2:16 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Bear Stearns Buyout by JP Morgan Chase...
Posted by Goobster
Posted by vegalady
this economy is becoming very very scary. DH is very nervous about it and so am I. We are going to have to stash money.
Why stash your money?
If you are in a FDIC insured bank, you have nothing to worry about.
yes, nobody lost their money. It usually takes 2-3 days to get your money if it is FDIC insured.
People who lost money are the employees who had an ESOP and lost their retirement.
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| Posted 3/17/08 2:20 PM |
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Lucky09
2017!
Member since 1/06 7537 total posts
Name:
DW
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Re: Bear Stearns Buyout by JP Morgan Chase...
It does remind me of Enron (which I read numberous case studies about in grad school)... So scary! 
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| Posted 3/17/08 2:39 PM |
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Bellaocchi
Hope Faith Love
Member since 2/07 5694 total posts
Name:
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Re: Bear Stearns Buyout by JP Morgan Chase...
Posted by Lucky09
Posted by Meaghan729
Posted by Lucky09
Am I the only one who wants to start hiding cash under their mattress in the event that the banks can't present the cash when I want to make a withdrawal?
I am so scared of this economy!
as long as you put your money in a bank that is FDIC insured, you have nothing to worry about (unless you have more than $100,000 in one bank).
I don't have the $100,000 issue to worry about but thank g0d I am with Chase! 
well what about HSBC?? Are they FDIC insured? What about the banks we have our mortgage with?? What about them?
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| Posted 3/17/08 3:26 PM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: Bear Stearns Buyout by JP Morgan Chase...
Posted by ToriaRae
Posted by Lucky09
Posted by Meaghan729
Posted by Lucky09
Am I the only one who wants to start hiding cash under their mattress in the event that the banks can't present the cash when I want to make a withdrawal?
I am so scared of this economy!
as long as you put your money in a bank that is FDIC insured, you have nothing to worry about (unless you have more than $100,000 in one bank).
I don't have the $100,000 issue to worry about but thank g0d I am with Chase!
well what about HSBC?? Are they FDIC insured? What about the banks we have our mortgage with?? What about them?
Yes, HSBC is FDIC insured. What bank is your mortgage with?
You might want to check out FDIC.gov and do some research. FDIC doesn't have enough money to pay out the money that they claim they will pay out.
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| Posted 3/17/08 7:39 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Bear Stearns Buyout by JP Morgan Chase...
Posted by charon54
Yes, HSBC is FDIC insured. What bank is your mortgage with?
You might want to check out FDIC.gov and do some research. FDIC doesn't have enough money to pay out the money that they claim they will pay out.
So what then? People just get screwed despite FDIC's guarantees of a payback"? Can this really happen?
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| Posted 3/17/08 7:56 PM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: Bear Stearns Buyout by JP Morgan Chase...
most banks you seeing everywhere (major name) are FDIC insured..you have nothing to worry about. The banking market is not in trouble. The mortage market is horrible. The bank that is taking a hit at the moment is CitiBank..but they arent going anywhere because they have many different lines of buisness.
Chased saved/brought Bear Steins to stop the bleeding. Things could of gotten so much worse for mortage/investment lending if this should of happen. This is the reason reason the gov't helped out. Without the gov't, Chase wouldn't of brought the company.
People that lost money were the shareholders as there stock plummetted which they invested in 401k and other savings...
Enron, they were doing bad practices and lead to there failure. This was just the the ecomony catching up to them.
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| Posted 3/17/08 8:04 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Bear Stearns Buyout by JP Morgan Chase...
I think the mass hysteria has to stop. If your money is in an FDIC insured bank account, your money is fine. We don't need massive bank runs and we don't need people pulling all their money out of the economy. The only thing that will do is lengthen the downturn in the economy.
I'd love the white papers saying that the FDIC can't cover the insurance.
Regardless, it honestly will never happen that you would need the FDIC to repay your deposits. Long before a bank would go belly up, another institution (or the government) would step in, as is the case with Bear Stearns.
I think people need to calm down, do some factual research, and stop freaking out. The sky is NOT falling. You will not lose your bank deposits.
Consumer confidence is a huge part of our economy. If we all panic and stop putting money in banks or back into the economy, then we are making the economy worse.
Are we going through a downturn? Yes. Is it cause for all out panic? Absolutely not.
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| Posted 3/17/08 8:06 PM |
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roxygrl8
......
Member since 6/06 2987 total posts
Name:
Nicole
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Re: Bear Stearns Buyout by JP Morgan Chase...
Posted by Jessica
so what is the impact of bear employees because of this?
will there be lay offs?
My dad's company does should say did alot of business with bear stearns. I talked to my dad today and he said it's not good about 1,00 people are going to loose their jobs. He's talked to some already that have lost their jobs. It's very sad!
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| Posted 3/17/08 8:08 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Bear Stearns Buyout by JP Morgan Chase...
Posted by roxygrl8
Posted by Jessica
so what is the impact of bear employees because of this?
will there be lay offs?
My dad's company does should say did alot of business with bear stearns. I talked to my dad today and he said it's not good about 1,00 people are going to loose their jobs. He's talked to some already that have lost their jobs. It's very sad!
Actually it's going to be a ot more.
Of the 14,000, they were told today anywhere from 1/3 to 1/3 of them will lose their job.
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| Posted 3/17/08 9:04 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Bear Stearns Buyout by JP Morgan Chase...
Posted by BabyBoy
People that lost money were the shareholders as there stock plummetted which they invested in 401k and other savings...
Enron, they were doing bad practices and lead to there failure. This was just the the ecomony catching up to them.
Employees lost money and lots of it too, not just people who had a 401K.
They had an ESOP/Stock ownership program which a lot of them banked on for retirement. So at $2 a share.... they lost it all. Just like Enrom in that perspective.
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| Posted 3/17/08 9:09 PM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: Bear Stearns Buyout by JP Morgan Chase...
Posted by smdl
Posted by BabyBoy
People that lost money were the shareholders as there stock plummetted which they invested in 401k and other savings...
Enron, they were doing bad practices and lead to there failure. This was just the the ecomony catching up to them.
Employees lost money and lots of it too, not just people who had a 401K.
They had an ESOP/Stock ownership program which a lot of them banked on for retirement. So at $2 a share.... they lost it all. Just like Enrom in that perspective.
I interpurted the converison differently as the reason for the fall of Enron vs. Bear Stein. Yes, the employees did lose pretty much everything similar to Enron...
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| Posted 3/17/08 9:16 PM |
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stickydust
Now a mommy of 2!!!
Member since 4/06 3164 total posts
Name:
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Re: Bear Stearns Buyout by JP Morgan Chase...
Posted by Kara
I think the mass hysteria has to stop. If your money is in an FDIC insured bank account, your money is fine. We don't need massive bank runs and we don't need people pulling all their money out of the economy. The only thing that will do is lengthen the downturn in the economy.
I'd love the white papers saying that the FDIC can't cover the insurance.
Regardless, it honestly will never happen that you would need the FDIC to repay your deposits. Long before a bank would go belly up, another institution (or the government) would step in, as is the case with Bear Stearns.
I think people need to calm down, do some factual research, and stop freaking out. The sky is NOT falling. You will not lose your bank deposits.
Consumer confidence is a huge part of our economy. If we all panic and stop putting money in banks or back into the economy, then we are making the economy worse.
Are we going through a downturn? Yes. Is it cause for all out panic? Absolutely not.
Completely agree! This is not a doomsday scenario. One of Bear's main issues was all of its securitizations with respect to subprime loans. They were essentially in a liquidity crunch because of the shear number of these securitizations they had and thus had not way to raise money cheaply.
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| Posted 3/17/08 9:35 PM |
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pmpkn087
Life is good...
Member since 9/05 18504 total posts
Name:
Stephanie
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Re: Bear Stearns Buyout by JP Morgan Chase...
Posted by Kara
I think the mass hysteria has to stop. If your money is in an FDIC insured bank account, your money is fine. We don't need massive bank runs and we don't need people pulling all their money out of the economy. The only thing that will do is lengthen the downturn in the economy.
I'd love the white papers saying that the FDIC can't cover the insurance.
Regardless, it honestly will never happen that you would need the FDIC to repay your deposits. Long before a bank would go belly up, another institution (or the government) would step in, as is the case with Bear Stearns.
I think people need to calm down, do some factual research, and stop freaking out. The sky is NOT falling. You will not lose your bank deposits.
Consumer confidence is a huge part of our economy. If we all panic and stop putting money in banks or back into the economy, then we are making the economy worse.
Are we going through a downturn? Yes. Is it cause for all out panic? Absolutely not.
While I agree with this somewhat, we DO have something to worry about.
Anyone who invest their money,whether it be in Hedge Funds, stock portfolios, or anything, then you are effected by this. While we shouldn't be worried about our liquid assetts, you really should be worried about your investments. However, that is not to say you should take all of your money out ofyour investments. Diversify. Don't have all of your money in one sector.
Like many mentioned, it is like Enron all over. People please realize that if you have stock options or a 401k do not use it as your ONLY means for retirement. Because when things like this happen, a nice nest egg can turn into nothing.
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| Posted 3/17/08 10:04 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Bear Stearns Buyout by JP Morgan Chase...
Posted by Kara
I think the mass hysteria has to stop. If your money is in an FDIC insured bank account, your money is fine. We don't need massive bank runs and we don't need people pulling all their money out of the economy. The only thing that will do is lengthen the downturn in the economy.
I'd love the white papers saying that the FDIC can't cover the insurance.
Regardless, it honestly will never happen that you would need the FDIC to repay your deposits. Long before a bank would go belly up, another institution (or the government) would step in, as is the case with Bear Stearns.
I think people need to calm down, do some factual research, and stop freaking out. The sky is NOT falling. You will not lose your bank deposits.
Consumer confidence is a huge part of our economy. If we all panic and stop putting money in banks or back into the economy, then we are making the economy worse.
Are we going through a downturn? Yes. Is it cause for all out panic? Absolutely not.
Great post, thanks. I feel better.
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| Posted 3/17/08 11:26 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Bear Stearns Buyout by JP Morgan Chase...
Posted by pmpkn087
Posted by Kara
I think the mass hysteria has to stop. If your money is in an FDIC insured bank account, your money is fine. We don't need massive bank runs and we don't need people pulling all their money out of the economy. The only thing that will do is lengthen the downturn in the economy.
I'd love the white papers saying that the FDIC can't cover the insurance.
Regardless, it honestly will never happen that you would need the FDIC to repay your deposits. Long before a bank would go belly up, another institution (or the government) would step in, as is the case with Bear Stearns.
I think people need to calm down, do some factual research, and stop freaking out. The sky is NOT falling. You will not lose your bank deposits.
Consumer confidence is a huge part of our economy. If we all panic and stop putting money in banks or back into the economy, then we are making the economy worse.
Are we going through a downturn? Yes. Is it cause for all out panic? Absolutely not.
While I agree with this somewhat, we DO have something to worry about.
Anyone who invest their money,whether it be in Hedge Funds, stock portfolios, or anything, then you are effected by this. While we shouldn't be worried about our liquid assetts, you really should be worried about your investments. However, that is not to say you should take all of your money out ofyour investments. Diversify. Don't have all of your money in one sector.
Like many mentioned, it is like Enron all over. People please realize that if you have stock options or a 401k do not use it as your ONLY means for retirement. Because when things like this happen, a nice nest egg can turn into nothing.
Nowhere in my post did I say everything was fine. I said that the mass hysteria has to stop (and it does). There is no need for people to freak out over their cash deposits (which are perfectly safe). I understand as much as most people that there is *short-term* cause for concern regarding investments in the stock market, mutual funds, etc. However, these are generally not short-term investments and always should be diversified.
We're talking about two totally different things, and I agree with you.
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| Posted 3/18/08 8:17 AM |
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JenniferEver
The Disney Lady
Member since 5/05 18163 total posts
Name:
Jennifer
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Re: Bear Stearns Buyout by JP Morgan Chase...
This whole thing makes me SO angry.
The same people who are all about the free market and won't bail out thousands of people who are losing their homes are fine with the gov't spending $30B to bail out a company.
They played the capitalism game and they lost. Do you know what the taxpayers and our nation could do with $30B? That's a lot of mortgae bailouts, our schools, or national healthcare.
It's all an illusion that the people have any real power in his country.
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| Posted 3/18/08 6:18 PM |
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