Bye Bye Banks and Wall Street

[innerSpaceman]

Perhaps bank employees and stockbrokers are feeling it. I'm sure tons of investors are not happy. But that's not the same as widespread unemployment and starvation. Everyone's deposits are insured up to $100K per institution, and I'm sure those with more than that in the bank had the wisdom to spread it out over many banks (though, heheh, I don't know what happens when those 3 banks are now one bank due to buy-outs and forced mergers).


Meanwhile, investors have lost money ... ON PAPER, in abstract. And aside from stock brokers, there haven't even been job losses among bankers ... yet.


I'm not saying a major slowdown of the economy due to credit tightness won't lead to wider job losses ... just that the public at large is noticing NADA in their everyday lives right now ... while the government is claiming they need $2,300 right now from every single American or the Sky Will Fall.




ETA: zapppop, I am much relieved. I know you work for Dealer Services, but wasn't sure if your job would be duplicated by a similar CitiBank service. Whew.

Meanwhile, I was finally getting used to seeing WACHOVIA everywhere, and now it will be going away? I used to tease zapppop about the unwieldy name ... but even though the bank's new to L.A., it's been around for centuries. So this is rather sad. Wachovia is, apparently, not a Polish word ... but an American Indian word ... and the bank is finally going the way of the American Indians.