Friday, September 26, 2008
Yesterday our bank failed and was bought by Chase. I am very frustrated about the fact that every time something starts to look a little bit down, people freak out and withdraw everything they have from that thing (i.e. their bank). That is the sole reason that WaMu failed: everyone withdrew their accounts and they lost tons of money. We did not withdraw our money. We did not participate in helping WaMu fail. Our money is now safe and secured by Chase (as well as the Federal Government). If your money is FDIC insured, there is no chance that you will lose it. The worst case scenario is that you may have to go without it for 24 hours or so. I feel like talking to all of the people in the United States and urging them to not freak out at the drop of a stock, because that only causes it to drop further. In the Great Depression, everyone freaked out, and that caused a gigantic snowball effect on banks. I personally do not want to live through the Great Depression II, because that would suck. So unless all banks are beginning to fail and the government is no longer going to insure our money, my money stays at the bank (now Chase).