Seriously. I know it doesnt seem like it doesnt affect us - but with all these banking firms going out of business we should all be really nervous about what going on right now. The entire financial system that the WORLD is predicated on is teetering. For months people have warned us that this was going to get worse while the firms told us they were fine. We'll there not fine. They were lying. These banks tried to get rich by hedging their bets on bad loans and now that the loans are defaulting they are screwed!
As for me I am personally worried. a year ago my bank (Washington Mutual) was valued at 46 dollars a share. Now - its a just over 2 dollars. Many are expecting it to be the next major bank to fall and if it does then IT IS ON! Wa Mu is the nation's largest thrift bank which means that this Wall Street crisis is going to hit home real soon with lots of working class and poor folks.
for those of you who dont remember me posting Jim Cramer's rant a few months back. Well he is back. I urge you to listen to what he has to say this time.
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