Wachovia Corp. (WB)

All Comments on WB

  • commenter
    alajac
    Aug 29 04:52 PM
    My Website
    The Facts Behind the Coming Congressional Mortgage Bailout Bill [view article]
    Anybody who thinks that the Federal Reserve or government regulators are ``on their side``, also probably believed that `dot com` and housing prices were going to keep `going up` forever.


    I won`t say anything about the government regulators except that `by their fruit you will know them`, but the Federal Reserve is owned by the banks, so get a clue. The banks have a virtual `call option` on a hefty chunk of our labor and wealth provided to them by the Federal Reserve. In other words, even if they lose money, their downside is limited, just like it was for the income-challenged people who took out low-up-front-cost loans for housing that they couldn`t otherwise afford, people who could live in a nice house for at least awhile and maybe even make a bunch of money on the deal `down the road`. It would be the fiduciary duty of anyone offered a deal like that to grab it and run, especially if they had children who had never had a chance `to live in a nice house in nice neighborhood`.


    And who can blame the banks for taking us up on a similar deal? If the deal goes well, then they get `filthy rich`, if not, they get time to spend all the money OUR SYSTEM has tossed into their laps. Tough choice.


    As we learned in `Quality Improvement Process 101`, the problem is never `the people`. The problem is always THE SYSTEM. Unless (and until) we fix THE SYSTEM, the same bad things will keep happening, over and over. The fault lies not with the borrowers and the banks wo profit from THE SYSTEM, but with our ancestors for letting this SYSTEM get set up, and with ourselves for letting a SYSTEM continue which incentivizes activities that lead to our own destruction.


    First thing we need for our NEW SYSTEM is our own, debt-free U.S. Government currency, backed by all the real estate within the nation`s borders (of which property the U.S. government is the actual owner...`legal` owners are granted `legal exclusive right of use` by an `actual` owner, valid until such time as the actual owner changes its mind or becomes unable to defend its ownership claim). Since banks will no longer be able to print the our new currency to cover their losses, and since we will no longer be dependent upon banks to maintain a flow of credit, banks should become more conservative in their lending and speculation. We should also get rid of FDIC insurance to further encourage such a change.


    While we are at it, we should replace all income-related taxes with a 1/2% electronic transfer (aka debit) tax which will be avoidable by the use of cash. This will not only rid us of the IRS (saving us the billions of dollars currently spent on `tax reporting`), it will also end the current system`s penalization of work and entrepreneurism, and release for investment purposes untold billions currently spent on `tax avoidance`. This debit tax will not only be more of a tax on wealth than labor and be (arguably) voluntarily-paid, it will also act to discourage excessive short-term market speculation and will raise enough revenue to begin paying off the National Debt, a debt which will no longer be growing once we have switched over to our own debt-free currency. We will also apply any Federal Reserve dollars that are swapped for our new currency toward paying off the National Debt.


    Since the U.S. government has, by granting `exclusive rights of use`, denied everyone free access to all of its property, and since the U.S. government has not compensated everyone for that `taking`, we should elect a Congress that will pay every legal U.S. resident `Adequate and Equal Just Compensation for Denial of Free Access to U.S. Property`, compensation which WILL FUNCTIONALLY REPLACE ALL FORMS OF PERSONAL AND CORPORATE WELFARE, SUBSIDIES AND BOONDOGGLES, including the rescindance of Federal Minimum Wage laws and a phase-out of the Social Security system. (Once everyone is getting `Denial of Free Access` compensation their whole lives, it would seem arguable that the vast majority of people will be able to save enough to be able to comfortably cease working at some point in their lives.)


    As a starting point, $1000 per month (of the new, non-Federal-Reserve, non-Debt-Money, as described above) should be paid to every legal adult resident (compensation of minors should, of course, be held `in trust` to avoid incentivizing baby factories). Since everyone gets the same amount, this compensation plan is not wealth redistributive, but will give the least wealthy the biggest advantage (in terms of monthly percentage increase of wealth) and a better chance to `catch up` than the current system that keeps the rich getting relatively richer through good times and bad.


    Once this NEW SYSTEM gets going, we should expect people in other countries to insist that their governments either emulate our NEW SYSTEM, or else apply for U.S. statehood as The Republic of Texas did in 1845.


    Benefits of the new system should include better childcare, less poverty, less crime, cheaper government and a safer world. All in favor, help spread the word.     Reply
  • commenter
    enviro111
    Aug 29 10:56 AM
    10 Financial Entities On the Brink [view article]
    Shedlock,
    Thanks for the insight into some of these financial black holes. Some or all of them may fail in the future - who knows?

    The key point is: this type of commentary and information - if you read the links should keep the uniformed investor (most of the commentators on this story) from bottom fishing in these dangerous waters.

    If the poster here this this is all bull ... then fine. Buy these little gems now! See what happens.

    The FED may come and bail you out and destroy the dollar in the process. However, the sensible thing might be is to let some of them fail. Corporate recklessness like this should not be rewarded with bailouts.
    Reply
  • commenter
    Mr. Math
    Aug 28 04:18 PM
    10 Financial Entities On the Brink [view article]
    8/22 MBIA's on the brink - great call! Up 50% on the week. Reply
  • commenter
    Kinabalu
    Aug 28 01:12 AM
    Wells Fargo Is Not Interested in Others' Junk...Surprised? [view article]
    I don't usually like this author's points but he's correct here. People who think WM's salvation is from an acquisition are kidding themselves. WM has a fine branch franchise but they did a very poor job on the lending side. There's no way WFC would consider acquiring them, but an even bigger problem is that the new investors in WM wouldn't consider a sale. They have all kinds of protections built into their investment agreement. Reply
  • commenter
    originator
    12 years
    Aug 27 04:58 PM
    Wachovia/Golden West: The 'True Story' [view article]
    World Savings is the last of the legends and well run management team. Reply
  • commenter
    jarco
    Aug 27 04:50 PM
    Why Does Wachovia Have to Pay Up for CDs? [view article]
    Not being familiar with Commerce, I gather Vernon's antics described here were not enough to get he and his spouse imprisoned. Or was it?

    What era are we talking about here? For NJ/Penn events, why didn't Sen. Spector investigate instead of trying to chop up the Kraft family over Patriot-gate. Or did he?     Reply
  • commenter
    Ranni
    Aug 27 01:16 PM
    Wells Fargo Is Not Interested in Others' Junk...Surprised? [view article]
    wsigler: correct! Reply
  • commenter
    wsigler
    Aug 27 12:35 PM
    Wells Fargo Is Not Interested in Others' Junk...Surprised? [view article]
    Wells won't buy any junk because they ALREADY have more junk than they can swallow...it's just hidden to the casual observer... Reply
  • commenter
    User 218405
    Aug 27 10:13 AM
    Wells Fargo Is Not Interested in Others' Junk...Surprised? [view article]
    Wells Fargo is a well managed bank. I'm hoping WM survives and I would like to see the financials pick themselves off the floor as they are killing the market. It seems so simple to look at a persons occupation, his income, his debts, his monthly payments etc. to see if he qualifies for the loan on a home.
    Daniel Kowkabany     Reply
  • commenter
    Former WSEC
    Guy
    Aug 26 10:18 PM
    Why Does Wachovia Have to Pay Up for CDs? [view article]
    Bank retailing footprints are cannot be simplified to location by location decisions. Having a downtown presence says to potential customers that the bank is investing in long term relationships with customers. They may transact face to face in a variety of locations. These retail spots are also client meeting sites for wealth management discussions. Wachovia's strength is it's ability to use it's financial centers (branches) to cross-sell brokerage and loan products. Ken T went overboard on aquisitions, but the retail strategy of the bank has always been its strength. Reply
  • commenter
    notsosmart
    Aug 26 09:09 PM
    My Website
    Best and Worst Performing Stocks of the Current Bear Market [view article]
    ever check out FRO. just declared a $3.00 dividend.well run & the ceo does not get paid.only dividends Reply
  • commenter
    User 44928
    Aug 26 05:05 PM
    Best and Worst Performing Stocks of the Current Bear Market [view article]
    HK is a great little stock...lots of smiles in my portfolio. Reply
  • commenter
    nilogram
    Aug 26 05:04 PM
    Why Does Wachovia Have to Pay Up for CDs? [view article]
    I live near Philadelphia and they did not offer me anything near 5.85%. Are you sure of that rate? Reply
  • commenter
    User 199792
    Aug 26 02:55 PM
    Best and Worst Performing Stocks of the Current Bear Market [view article]
    Actually stocks will eventually correct 70%. If at the bottom, the ones that do not go out of business will be great buys. Which ones? Only the Shadow knows Reply
  • commenter
    Snagit
    Aug 26 02:20 PM
    My Website
    Why Does Wachovia Have to Pay Up for CDs? [view article]

    Vernon....Mr. Steele had a chance to evaluated the job offer from Wachovia and he made a rational
    decision based on his own research, Then, after accepting the position and becoming privy to every
    aspect of the company, he went out and bought 16 million dollars in common stock.
    What was it again that you did with position of power? You have a lot if nerve old sport.
    Reply

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