The Financial Apocalypse is Pending

[bjarvis]

Now that Washington Mutual has been sold off, the next three major targets are Fifth Third, National City and Wachovia.

Fifth Third is the home bank of a number of my Ohio friends, including I believe our dear co-trailer trash.

National City has our mortgage.

Wachovia has our checking accounts, savings accounts and equity line of credit.

I'm not at all worried since we're well within the FDIC insurance limits in case of outright failures; it's more likely the bank would be bought out by someone with deep pockets, such as Citi, Bank of America or Wells Fargo.

In an odd way, it's nice to have some participation in the Great Financial Apocalypse of 2008 besides being a taxpayer and through my employment with a particular gov't sponsored enterprise in the mortgage sector. I'd hate to be left out of the fun.

And if things get really bad, we have money in a Canadian bank and enough candles & food in storage at home to last a while. We could even hide out at the trailer in West Virginia until the riots are over and martial law restores order. :-^

EDIT: And the winner is... Citibank! They've bought out the retail operation of Wachovia.

Comments

[zipperbear]

I'm just glad I do most of my banking at a credit union. I dumped BofA about 15 years ago, and would never do business with Wells Fargo (my mom, as an ex-bookkeeper, closed her accounts when Wells Fargo took over the local Barclays branches).

I think the credit unions will be the only thing left standing. The Savings & Loans are gone (in the previous scandal, but that may not have been so newsworthy in Canada). The banks got too greedy. The credit unions are often unprofessionally run, but they're not inherently evil or grasping.