Comments on: Is this the point where I withdraw all my savings and stuff them in my mattress? http://icelandweatherreport.com/2008/09/is-this-the-point-where-i-withdraw-all-my-savings-and-stuff-them-in-my-mattress.html Thu, 17 May 2012 15:30:33 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Rozanne http://icelandweatherreport.com/2008/09/is-this-the-point-where-i-withdraw-all-my-savings-and-stuff-them-in-my-mattress.html/comment-page-1#comment-2688 Rozanne Wed, 01 Oct 2008 00:20:56 +0000 http://icelandweatherreport.com/?p=990#comment-2688 Scary, isn't it? I'm glad your money is safe. Guess where I banked until a couple of weeks ago? Washington Mutual. I make no claim to be a financial crystal gazer, but I am very glad I closed my accounts just before leaving for vacation. I knew the bank was on thin ice, but my reasons had more to do with the bank branch I used tearing down a perfectly good branch to build one that is extremely difficult to access and has this weird unpleasant overall vibe. Seriously. Anyway, I feel like I got out just in time, even though supposedly all savings in WaMu is safe--I'm glad I don't have to deal with all the bother. I'm not really qualified to make any comment on the bailout, but I think that the top brass at WaMu and these other institutions were making OBSCENE amounts of money and I think they should have to donate it all toward the bailout. Scary, isn’t it? I’m glad your money is safe.

Guess where I banked until a couple of weeks ago? Washington Mutual. I make no claim to be a financial crystal gazer, but I am very glad I closed my accounts just before leaving for vacation. I knew the bank was on thin ice, but my reasons had more to do with the bank branch I used tearing down a perfectly good branch to build one that is extremely difficult to access and has this weird unpleasant overall vibe. Seriously.

Anyway, I feel like I got out just in time, even though supposedly all savings in WaMu is safe–I’m glad I don’t have to deal with all the bother.

I’m not really qualified to make any comment on the bailout, but I think that the top brass at WaMu and these other institutions were making OBSCENE amounts of money and I think they should have to donate it all toward the bailout.

]]> By: PhilippeP http://icelandweatherreport.com/2008/09/is-this-the-point-where-i-withdraw-all-my-savings-and-stuff-them-in-my-mattress.html/comment-page-1#comment-2676 PhilippeP Tue, 30 Sep 2008 08:17:33 +0000 http://icelandweatherreport.com/?p=990#comment-2676 alda > Thanks , then ... :) alda > Thanks , then … :)

]]> By: Sirry http://icelandweatherreport.com/2008/09/is-this-the-point-where-i-withdraw-all-my-savings-and-stuff-them-in-my-mattress.html/comment-page-1#comment-2673 Sirry Tue, 30 Sep 2008 05:55:15 +0000 http://icelandweatherreport.com/?p=990#comment-2673 I agree with Annie Rhiannon, that red logo is hideous and nobody in their right mind, knowing psychology/art/design/consumerism would have agreed on that logo. I didn't know about the change from Islandsbanki to Glitnir (that's how long I've been away) but I honestly think this change years back couldn't have been a good one. Their old logo was quite nice, with sea, land and the sun, if I remember correctly. Red....*ugh* :( I agree with Annie Rhiannon, that red logo is hideous and nobody in their right mind, knowing psychology/art/design/consumerism would have agreed on that logo.
I didn’t know about the change from Islandsbanki to Glitnir (that’s how long I’ve been away) but I honestly think this change years back couldn’t have been a good one. Their old logo was quite nice, with sea, land and the sun, if I remember correctly.
Red….*ugh* :(

]]> By: alda http://icelandweatherreport.com/2008/09/is-this-the-point-where-i-withdraw-all-my-savings-and-stuff-them-in-my-mattress.html/comment-page-1#comment-2661 alda Mon, 29 Sep 2008 22:19:54 +0000 http://icelandweatherreport.com/?p=990#comment-2661 Very interesting everyone, thank you. Philippe - yes, that's precisely what it means. And please note that 1/315,000th of that T-shirt is from ME. ;) Keera, meloukhia - ah, yes, in that case Iceland does have something similar to the FDIC. Very interesting everyone, thank you.

Philippe – yes, that’s precisely what it means. And please note that 1/315,000th of that T-shirt is from ME. ;)

Keera, meloukhia – ah, yes, in that case Iceland does have something similar to the FDIC.

]]> By: meloukhia http://icelandweatherreport.com/2008/09/is-this-the-point-where-i-withdraw-all-my-savings-and-stuff-them-in-my-mattress.html/comment-page-1#comment-2658 meloukhia Mon, 29 Sep 2008 19:08:50 +0000 http://icelandweatherreport.com/?p=990#comment-2658 Alda, the FDIC (Federal Deposit Insurance Corporation) is the government corporation which insures deposits in member banks in the United States up to $100,000 per depositor per bank. It was created in 1933, after the Great Depression, to assure Americans that their funds would be safe, even in the event of a bank failure. Of course, when Washington Mutual went under, the amount of funds on deposit there exceeded the FDIC fund by over 400%, which was why the government was so delighted that Chase agreed to take over WaMu's commercial banking branches. Someone I suspect that your bailout didn't provide basically unlimited powers to the very people who caused the problem, unlike ours. My mattress is looking like a pretty appealing spot for banking at the moment. Alda, the FDIC (Federal Deposit Insurance Corporation) is the government corporation which insures deposits in member banks in the United States up to $100,000 per depositor per bank. It was created in 1933, after the Great Depression, to assure Americans that their funds would be safe, even in the event of a bank failure. Of course, when Washington Mutual went under, the amount of funds on deposit there exceeded the FDIC fund by over 400%, which was why the government was so delighted that Chase agreed to take over WaMu’s commercial banking branches.

Someone I suspect that your bailout didn’t provide basically unlimited powers to the very people who caused the problem, unlike ours. My mattress is looking like a pretty appealing spot for banking at the moment.

]]> By: PhilippeP http://icelandweatherreport.com/2008/09/is-this-the-point-where-i-withdraw-all-my-savings-and-stuff-them-in-my-mattress.html/comment-page-1#comment-2657 PhilippeP Mon, 29 Sep 2008 19:01:03 +0000 http://icelandweatherreport.com/?p=990#comment-2657 Does that mean that 75% of my Glitnir Marathon T-Shirt is now a gift from the Icelandic people ?? ;) Well , I just returned from a week end from the south of France to hear the same kind of news in Belgium , Fortis a local bank (formely known as "Caisse Générale d'épargne et de Retraite" & "Générale de Banque") has just been saved by our governement which has taken 49.9% of it (also without asking the people). It's not my bank , and if it was , I think I have more of their money that they have of mine, so no worry :) Does that mean that 75% of my Glitnir Marathon T-Shirt is now a gift from the Icelandic people ?? ;)

Well , I just returned from a week end from the south of France to hear the same kind of news in Belgium , Fortis a local bank (formely known as “Caisse Générale d’épargne et de Retraite” & “Générale de Banque”) has just been saved by our governement which has taken 49.9% of it (also without asking the people).
It’s not my bank , and if it was , I think I have more of their money that they have of mine, so no worry :)

]]> By: The Other Chris http://icelandweatherreport.com/2008/09/is-this-the-point-where-i-withdraw-all-my-savings-and-stuff-them-in-my-mattress.html/comment-page-1#comment-2656 The Other Chris Mon, 29 Sep 2008 17:52:20 +0000 http://icelandweatherreport.com/?p=990#comment-2656 I don't blame the banks directly, simply because of moral hazard. If there would be a free market, interest rates would be fair and accurate and no bank on earth would have taken these mortgages. Unfortunately the US Government and the privately owned and not elected Fed did two things. They had the interest rates artificially low to hide risks from banks and investors… they also forced banks to give mortgages even when no reasonably thinking person would accept these liabilities. To blame this all on the banks and exclude the government and especially the federal reserve from all involvment in this is pretty scary… to demand even more regulation on the market and bailing out the special interests with taxpayer money is criminal… that's my last word on this, bæbæ :D p.s. my mom hates rebrandings of all kinds too :P I don’t blame the banks directly, simply because of moral hazard.
If there would be a free market, interest rates would be fair and accurate and no bank on earth would have taken these mortgages.

Unfortunately the US Government and the privately owned and not elected Fed did two things. They had the interest rates artificially low to hide risks from banks and investors… they also forced banks to give mortgages even when no reasonably thinking person would accept these liabilities.

To blame this all on the banks and exclude the government and especially the federal reserve from all involvment in this is pretty scary… to demand even more regulation on the market and bailing out the special interests with taxpayer money is criminal…

that’s my last word on this, bæbæ :D

p.s. my mom hates rebrandings of all kinds too :P

]]> By: alda http://icelandweatherreport.com/2008/09/is-this-the-point-where-i-withdraw-all-my-savings-and-stuff-them-in-my-mattress.html/comment-page-1#comment-2655 alda Mon, 29 Sep 2008 17:18:51 +0000 http://icelandweatherreport.com/?p=990#comment-2655 Annie - my sentiments exactly. Had they stuck with blue they wouldn't be where they are today. Annie – my sentiments exactly. Had they stuck with blue they wouldn’t be where they are today.

]]> By: Annie Rhiannon http://icelandweatherreport.com/2008/09/is-this-the-point-where-i-withdraw-all-my-savings-and-stuff-them-in-my-mattress.html/comment-page-1#comment-2654 Annie Rhiannon Mon, 29 Sep 2008 17:07:15 +0000 http://icelandweatherreport.com/?p=990#comment-2654 I remember that re-brand well. I was working at an ad agency at the time and we were all appalled that not only did they (rival ad agency) feel a need to change it but they decided to change it for the worse. God, all that plasticky red shit all over town. I blame their collapse entirely on that ugly logo. I bank with Glitnir but I guess I shouldn't be worried because I've only had about 2000 kr in there for the past year. I remember that re-brand well. I was working at an ad agency at the time and we were all appalled that not only did they (rival ad agency) feel a need to change it but they decided to change it for the worse. God, all that plasticky red shit all over town. I blame their collapse entirely on that ugly logo.

I bank with Glitnir but I guess I shouldn’t be worried because I’ve only had about 2000 kr in there for the past year.

]]> By: alda http://icelandweatherreport.com/2008/09/is-this-the-point-where-i-withdraw-all-my-savings-and-stuff-them-in-my-mattress.html/comment-page-1#comment-2653 alda Mon, 29 Sep 2008 16:33:39 +0000 http://icelandweatherreport.com/?p=990#comment-2653 Chris - yes I agree, the state of the króna is very worrying. Just when you think it can't go any lower, it hits a new low. Free fall is really the only way to describe it. Jon - lol! yes, me too. meloukhia - your banks can't be held accountable for everything. There are lots of people here who have made bad decisions too. As for the shareholder part ... I was being facetious, of course we're not proper shareholders as such, it's just that the state bailed out the bank and now owns 75%. Keera - what is the FDIC? Chris – yes I agree, the state of the króna is very worrying. Just when you think it can’t go any lower, it hits a new low. Free fall is really the only way to describe it.

Jon – lol! yes, me too.

meloukhia – your banks can’t be held accountable for everything. There are lots of people here who have made bad decisions too. As for the shareholder part … I was being facetious, of course we’re not proper shareholders as such, it’s just that the state bailed out the bank and now owns 75%.

Keera – what is the FDIC?

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