Wells Fargo acquiring Wachovia

In an abrupt change, Wachovia said Friday it agreed to be acquired by Wells Fargo & Co. Read more
Less Taxes

Northampton, PA

#1 Oct 3, 2008
Now that these banks are buying each other up, can we now lower our taxes by cutting police and judges?

Since: Mar 07

Allentown, PA

#2 Oct 3, 2008
This is one gleaming example of why the "bailout" is not needed!

THE ECONOMY WORKS.

The weak, corrupt, and stupid will die, or be eaten-up by the strong.

Forget the $700 Billion, just let the nature of a healthy economy sort-out and cure it's own illness.
Republicrat

Philadelphia, PA

#3 Oct 3, 2008
I feel much better about this, than the citi deal. I still think that the fallout issue with this who financial crisis will be the challange of breaking down these superbanks once they grasp the control of debt.
jibbittyflibbitt

UK

#4 Oct 3, 2008
"That would have allowed Citigroup to sell Wachovia's distressed mortgage-related assets to the government for a profit"

WTF? profit while taxpayers get sattled with 700B debt? good thing it didnt go thru. another reason to not support the bailout.

Since: Mar 07

Allentown, PA

#5 Oct 3, 2008
The government plans use OUR MONEY to buy-up worthless mortgage notes - with the anticipation that SOMEDAY, they'll be worth SOMETHING.

Does this sound like a "business plan" to anyone?

Imagine asking the government for a subsidy loan, based on a business plan like that?

NO BAILOUT !!!

I hope the House kills this bill again, and again, and again.
Republicrat

Philadelphia, PA

#6 Oct 3, 2008
Dennis Mac wrote:
The government plans use OUR MONEY to buy-up worthless mortgage notes - with the anticipation that SOMEDAY, they'll be worth SOMETHING.
Does this sound like a "business plan" to anyone?
Imagine asking the government for a subsidy loan, based on a business plan like that?
NO BAILOUT !!!
I hope the House kills this bill again, and again, and again.
Hey.. not that I like this as much as anyone, especially those conservatives who have a total different view, but this is affecting a lot more than just the bad businesses if case you haven't noticed.. now with that said.. back t your first comment on buyin homes.. this worked during the depression didnt it?
GladAboutWachovi a

United States

#7 Oct 3, 2008
I worked for Wachovia, and they pulled a move on me, in Charlotte, years ago. Glad they are getting their due. Bunch of idiots.
Willie from West Virgina

Blandon, PA

#8 Oct 3, 2008
what's a stagecoach company gonna do with a bank?

Since: Mar 07

Allentown, PA

#9 Oct 3, 2008
Republicrat wrote:
<quoted text>
Hey.. not that I like this as much as anyone, especially those conservatives who have a total different view, but this is affecting a lot more than just the bad businesses if case you haven't noticed.. now with that said.. back t your first comment on buyin homes.. this worked during the depression didnt it?

You lost me, Republicrat.

I don't recall any government-sponsored program during the Great Depression that assisted people in purchasing homes. The programs of that era were geared towards putting people to work on huge public-works projects to build our infrastructure (WPA, TVA, etc.).

To what Depression-era program(s) are you referring?
Palmetto Jack

Columbia, SC

#10 Oct 3, 2008
Good news for the people of Charlotte and for all the stockholders, many who have held this stock for over 60 years. Article is not written correctly...Wachovia is not San Fransciso based !
tired of the B S

United States

#11 Oct 3, 2008
Palmetto,
Read it again. It clearly states that Wachovia is based in NC and Wells Fargo is based is SF.

Since: Mar 07

Allentown, PA

#12 Oct 3, 2008
Palmetto Jack wrote:
Good news for the people of Charlotte and for all the stockholders, many who have held this stock for over 60 years. Article is not written correctly...Wachovia is not San Fransciso based !

The article does not say that Wachovia is based in SF.

Read it again.
RonMania

Easton, PA

#13 Oct 3, 2008
And through the magic af our enlightened commentators we have decided that both banks are based somewhere!!
Max

Houston, TX

#14 Oct 3, 2008
I don't knwo about the Depression, but there are much more recent examples in Japan and Sweden. Sweden's example in the early 1990's was nearly identical to ours, bank crisis caused by collapsing housing bubble and irrational and risky banking practices.

Sweden tried to let the market work it out and the result was huge inflation rates and a quadrupling of the unemployment rate. The government fianlly stepped in with a bailout plan that was similar to what is proposed here, it was about the same % of their GDP though it had more teeth than what is proposed here. Their economy then recovered quickly and in the long run they made back most if not all of the taxpayer's money.

Good article describing it at: http://www.nytimes.com/2008/09/23/business/wo...

I hope they do the bailout here but extract more from the banks.... at least those that are left.
Republicrat wrote:
<quoted text>
Hey.. not that I like this as much as anyone, especially those conservatives who have a total different view, but this is affecting a lot more than just the bad businesses if case you haven't noticed.. now with that said.. back t your first comment on buyin homes.. this worked during the depression didnt it?
Republicrat

Philadelphia, PA

#15 Oct 3, 2008
Dennis Mac wrote:
<quoted text>
You lost me, Republicrat.
I don't recall any government-sponsored program during the Great Depression that assisted people in purchasing homes. The programs of that era were geared towards putting people to work on huge public-works projects to build our infrastructure (WPA, TVA, etc.).
To what Depression-era program(s) are you referring?
No problem.. we all get confused now and again.

The housing cycle of the 1920s and early 1930s, focused on the growth of
mortgage debt and the subsequent sharp increase in mortgage defaults and foreclosures during the
Depression. There were federal initiatives to reduce foreclosures and reform mortgage market practices. Our government at that time used (not sure if they created this or not.. I forget. either way, it was their vehicle to control the issue) the Home Owners’ Loan Corporation
(HOLC) to acquire and refinance one million delinquent mortgages between 1933 and 1936

This was my point.. which is that this isnt as new and shocking as it might seem.
boyd amloy

Elgin, IL

#16 Oct 3, 2008
And Citigroup is crying foul. This whole situation is foul!
Republicrat

Philadelphia, PA

#17 Oct 3, 2008
boyd amloy wrote:
And Citigroup is crying foul. This whole situation is foul!
yeah.. i was just reading about that.. I wonder what will happen.. I still say stick with Wells.. Citi's majority shareholder is a Saudi prince.. for some reason.. that doesnt sit well with me.
I BOOTLEG DVDS

Pittston, PA

#18 Oct 3, 2008
Willie from West Virgina wrote:
what's a stagecoach company gonna do with a bank?
weird, ain't it?

the two men, wells and fargo, also started...american express!

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