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Economic Wrap-Up

Friday, September 12, 2008

Daniel Gross, columnist for Slate and Newsweek, forecasts a bleak future for banking giant Washington Mutual, and talks about other top stories in economic news.

Guests:

Daniel Gross
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Comments [11]

Yuri Nazarov from Brooklyn, New York

Folks, please have a follow-up segment, focusing on the details of FDIC insurance and how one should structure one's accounts, in order to minimize the risk of losing one's deposits if the bank goes under.

Perhaps invite a guest from FDIC, if possible.

Sep. 14 2008 12:12 PM
Brett Barndt from NYC

"...75 year track record"

yeah, but what about the Black Swan guys?

What about the long tail and the slim probability that a lot of big banks blow up at the same time.

That hasn't happened in 75 yrs and never would have.

Get Nassim Nicholas Taleb on the show to comment about what is going on in this market.

Sep. 12 2008 11:21 AM
likeemunee

you guys are focusing on the fear angle of the story, ie will i lose my money.

please focus on the OPPORTUNITIES too

(NPR has a habit of playing gloomy economist rather than person)

Sep. 12 2008 11:20 AM
cece from nj

re: question 4 a bit further - what about long-term home loans at a fixed rate, can those be altered by a buyer of the bank any? do the rules change when a banking institution is purchased as opposed to a non-regulated institution like bearSterns?

Sep. 12 2008 11:18 AM
Jean Harvey from Brooklyn

WAMU Accounts Question: I am involved in some real estate investment properties for which WAMU holds the mortgages. What implications does the bank's situation have for those mortgages?

I ask because, until last year the underlying mortgage on the coop in which I live was held by Independence Bank, which was acquired by Sovereign Bank. Several serious problems developed when the bigger bank took over.

Sep. 12 2008 11:17 AM
MichaelB from UWS Manhattan

What happens to mortgages and other loans one might have with WAMU?

Sep. 12 2008 11:17 AM
Mary from Manhattan

How do you find out if your bank is in trouble, and when looking for a new back, how do you go about finding one that's not going to go under in six months?

Sep. 12 2008 11:12 AM
Matthew from NYC

How does the recent news about Wamu affect people who have home loans through them?

Sep. 12 2008 11:11 AM
Tony from San Jose, CA

Will the FDIC be able to survive? They are talking about raising the insurance premiums and there is talk that FDIC is not safe:

http://www.economist.com/finance/displaystory.cfm?story_id=12010642

Sep. 12 2008 11:10 AM
mmmpho

i happen to love vietnamese noodle soup. what is the chance that most of the wamus and citibanks might convert to shops selling vietnamese noodle soup? (by winter pls)

Sep. 12 2008 11:09 AM
levine

So is this THE week (of the decade)? Smart money day traded the heck out of FNM last wk and shorted bank stocks. What is left?

Sep. 12 2008 10:31 AM

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