Dow Jones largest drop ever

777.68:eek:

Not good. Looks like the elected officials could see how they are killing us.

Hmmm biggest drop since 1987 the last I'd heard. Thatr's what a gentlemen I'd spoke to from another bank was saying earlier today when I spoke to him at work.

Hmmm biggest drop since 1987 the last I'd heard. Thatr's what a gentlemen I'd spoke to from another bank was saying earlier today when I spoke to him at work.

This is actually the largest single day drop ever. On a side note, Wachovia Bank is the one that failed today. My grandson's father works for them.

Edited September 29, 200817 yr by nWo

I thought it would be worse actually. Close to 7% and some were predicting upwards of 25%

If anyone has anything with National City I would suggest changing Banks. IMO they are on the verge of shutting their doors. They asked for someone to buy them and no one has come to the table. Fifth Third took a HUGE drop today as well. The worst thing people could do is start taking all their money out of secure Banks. FDIC is there a reason and pulling all the banks assets will just make things worse. Now pulling them from Nat City is a different story.

If anyone has anything with National City I would suggest changing Banks. IMO they are on the verge of shutting their doors. They asked for someone to buy them and no one has come to the table. Fifth Third took a HUGE drop today as well. The worst thing people could do is start taking all their money out of secure Banks. FDIC is there a reason and pulling all the banks assets will just make things worse. Now pulling them from Nat City is a different story.

I haven't heard anything about this. My mortgage is with National City.

It would just get sold.

It would just get sold.

Everyone's account at National City Bank should be ok unless they have over $100,000. National City is a member of the FDIC.

Everyone's account at National City Bank should be ok unless they have over $100,000. National City is a member of the FDIC.

Correct and there a way to structure account types to where you are insured for more than that.

National City should be ok as long as there is not a bunch of depositors who panic and pull their money out.

Here is an excerpt from an article on CNNMoney.com

Wagner Amen adds that National City's capital, funding and liquidity "remain ample," and that the bank is operating "from a position of strength." She says National City has a large core deposit base of 4 million household customers, and that base gives the bank the strength to say that it has "no plan, intention or need to raise new capital" or otherwise take unusual action.

One factor that weighs in National City's favor is the modest rate it's currently paying on 12-month certificates of deposits. The bank is offering 3% for one-year CDs - compared with a recent 4.1% at Wachovia and 4.9% at WaMu.

Read the whole article

What people don't realize is the FDIC can take 99 years to give you your money back and they are only guaranteed to give you 7 cents on the Dollar but that is very very very very very unlikely to happen.

National City should be ok as long as there is not a bunch of depositors who panic and pull their money out.

 

Here is an excerpt from an article on CNNMoney.com

 

Wagner Amen adds that National City's capital, funding and liquidity "remain ample," and that the bank is operating "from a position of strength." She says National City has a large core deposit base of 4 million household customers, and that base gives the bank the strength to say that it has "no plan, intention or need to raise new capital" or otherwise take unusual action.

 

One factor that weighs in National City's favor is the modest rate it's currently paying on 12-month certificates of deposits. The bank is offering 3% for one-year CDs - compared with a recent 4.1% at Wachovia and 4.9% at WaMu.

 

Read the whole article

It would just be a hassel if they did close was all I mean by what I said. Pretty much sums up every Bank not just Nat City.

I thought it was a little short of the biggest drop ever?

Falling just short of the drop following September 11. At least that is what I read, a few minutes before the markets closed for the day.

As long as nobody panics, things will rebound...at some point. The worst thing that could happen (and what probably will happen) is that everyone will panic and pull their $$$.

I thought it was a little short of the biggest drop ever?

 

Falling just short of the drop following September 11. At least that is what I read, a few minutes before the markets closed for the day.

 

As long as nobody panics, things will rebound...at some point. The worst thing that could happen (and what probably will happen) is that everyone will panic and pull their $$$.

It is happening at Banks already.