ftwildernessguy
<font color=green>I have a linen closet at home fu
- Joined
- Mar 16, 2003
Technically they didn't fold but were acquired by Citi. My Son-In-Law works there so I'm not particularly thrilled about this.
Now that the bail out package failed, we're in uncharted waters. Lord only knows what will happen now. The market is free-falling quite predictably, but the real consequences won't be apparent for weeks.
THE ROOT CAUSE OF THE WACHOVIA FAILURE WAS THE ACQUISITION OF GOLDEN WEST BACK IN 2006 WHO HAD HUGE SUB-PRIME PORTFOLIO
And actually, I've been waiting for Wachovia to go down since then, so this really is no surprise. At this point, the upheaval is taking down the weak, which overall could prove to make for a much more solid American economy. The problem is going to be putting on the brakes before everything follows down the crapper. I can't believe this bailout package didn't pass. The market still isn't as bad as it was after Black Monday, however. And I see oil prices are dropping, so there's a good thing.