Tuesday, January 22, 2008

If you doubted that the mortgage crisis was serious...

...check out this article.

http://apnews.myway.com/article/20080122/D8UAU89G1.html

Bank of American and Wachovia, two of the largest banks in the USA, saw their profits down by 95 to 98%! I am expecting the bank I work for did much better in the same time period, but we'll know soon. Expect this kind of news to push the Economy to the top of the Presidential debate. Say it with me again, "It's the economy, stupid!"

5 comments:

"Nick" said...

And I use Wachovia... urg.

Nomad said...

Fear not. Your deposits are insured up to $100K. But Wachovia might be bought out, if they can't bring their stock price up.

quizwedge said...

I said before, I wish I had the problem of needing to worry about having so much saved that it wasn't all insured. :)

"Nick" said...

Me to!

shadowmom1 said...

If you had that much money, you would not have it all in one bank. You spread it around so that each $100,00.00 is insured. Of course, most of it would be in some other forms of investment anyway.