A whole bank company shut down by govt?

[ZetaNine]

People are just too damn paranoid.

Sometimes, I wonder why I watch the news when I walk in the room with it on... 

...or does the news watch you? 

[Baitman]

Walmart and the large box stores hire people for very small wages import most of their goods from the far east and the best Union man's wife will buy it all up. Even thought the stuff will not last very long it is cheap. Strong Union people are very bad for this as they will not buy quality goods from a reputable supplier even though they may work for one. Just shipping more dollars offshore to build their economy rather than ours.

Heck even Cessna is getting their new aircraft the 162 built in China WTF. Goodbye more jobs, I guess that is ok we are slowly becoming just consumers anyway, let them do all the work. Don't know where we are supposed to get the money to buy the products but they will be cheap.

[angelsandair]

Walmart and the large box stores hire people for very small wages import most of their goods from the far east and the best Union man's wife will buy it all up. Even thought the stuff will not last very long it is cheap. Strong Union people are very bad for this as they will not buy quality goods from a reputable supplier even though they may work for one. Just shipping more dollars offshore to build their economy rather than ours.

Heck even Cessna is getting their new aircraft the 162 built in China WTF. Goodbye more jobs, I guess that is ok we are slowly becoming just consumers anyway, let them do all the work. Don't know where we are supposed to get the money to buy the products but they will be cheap.

China needs to get 25 million new Jobs a year. Things will probably get worse for us.

But WalMart help keeps middle-class famlies out of the dump.

[Baitman]

China needs to get 25 million new Jobs a year. Things will probably get worse for us.

But WalMart help keeps middle-class famlies out of the dump.

It is a catch 22 they have us in now we can't live with out them. Yet we should be

[angelsandair]

It is a catch 22 they have us in now we can't live with out them. Yet we should be

Ehh, if they give us any crud, we can just make our own things...

[Gunslinger]

walmart is the laragest non-govt employer in the US.  If your "DO NOT BUY FROM THEM" campaign succeedes the us is in alot of trouble!


and no these aren't just low paying jobs walmart's average pay starts above $9/hour

[Baitman]

Ehh, if they give us any crud, we can just make our own things...

We can't make anything anymore we have scrapped many of our factories and the others have to pay their employees a decent wage rather than pennies in China.

I am not against buying from Walmart just buy North American products. That way the money stay here doesn't go East.

just low paying jobs walmart's average pay starts above $9/hour

If you think these are are good paying jobs at a $9 start WOW Minimum wage in my part is $8.75. Try and raise your family on that wage can't do it sorry. These are low low low paying jobs.

40 hours x $10 = $400 per week

[Gunslinger]

We can't make anything anymore we have scrapped many of our factories and the others have to pay their employees a decent wage rather than pennies in China.

I am not against buying from Walmart just buy North American products. That way the money stay here doesn't go East.

If you think these are are good paying jobs at a $9 start WOW Minimum wage in my part is $8.75. Try and raise your family on that wage can't do it sorry. These are low low low paying jobs.

40 hours x $10 = $400 per week

well that does beat $5+ an hour of minimum wage at other places.  Not to mention benifits....not to mention HAVING A JOB TO BEGIN WITH!  YEA TRY RAISING A FAMILY ON NO JOB AT ALL!

[SD67]

Damn, I earn $16/hour as a lowly mechanic...

[Baitman]

well that does beat $5+ an hour of minimum wage at other places.  Not to mention benifits....not to mention HAVING A JOB TO BEGIN WITH!  YEA TRY RAISING A FAMILY ON NO JOB AT ALL!

There are places in north america that are needing workers (drug free) and considering bringing in Chinese. WTF I know you must live in a beautiful place, I do, but if there is no jobs, like where I live, move or go away to work. You don't have to be treated like that. Most of the work my company does is 800 miles away where no one wants to live.

[Baitman]

My Buddy just sent me this:

Friday, July 11, 2008



IndyMac Bancorp Is Seized


It's all over for IndyMac. IndyMac Bancorp Is Seized By Federal Regulators.


IndyMac Bancorp Inc. became the second-biggest federally insured financial company to fail today after a run by depositors left the California mortgage lender short on cash.

The Pasadena, California-based bank specialized in so-called Alt-A mortgages, which didn't require borrowers to provide documentation on their incomes. Its home state has been among the hardest hit by foreclosures.

"Given their focus on Alt-A and a heavy concentration in California, they would have suffered meaningful losses in almost any scenario," Brian Horey, president of Aurelian Management LLC in New York, said before the seizure was announced. Aurelian is short-selling IndyMac shares to gain from declines.

IndyMac becomes the largest OTS-regulated savings and loan to fail and second-biggest financial institution to close behind Continental Illinois in 1984, according to the FDIC.

Liar Loans At Heart Of The Matter

Anyone over the FDIC limit at IndyMac can kiss it goodbye. There has been ample warning. Alt-A loans (AKA Liar Loans) and ridiculous lending policies did this company in.

Wachovia (WB) and Washington Mutual (WM) are both heavily at risk over Alt-A . It is debatable either survives. I talked about Alt-A loans recently in Fannie and Freddie Waterfalls Are Too Big to Bail. Inquiring minds will want to take a look.

We are very close to the point where any bank can fail at any time. If you are over the FDIC limit at Wachovia or Washington Mutual (or for that matter anywhere), do something about it immediately if not sooner.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com



It is only going to get worse and where is the money going to come from to bail out these people.... Print it.... drive the dollar down.

[CAP1]

walmart is the laragest non-govt employer in the US.  If your "DO NOT BUY FROM THEM" campaign succeedes the us is in alot of trouble!


and no these aren't just low paying jobs walmart's average pay starts above $9/hour

$9 an hour, huh?  ultiply by 40..........$360. now take out taxes....not sure what the percentage is, but we'll be generous, and say $50. they unemployment....anohter $20 or so. now we're down to $290. if there's any benifits, there's a copay.....say maybe $10 a week. now we're down to $280.

 $when did $280/week bring home become decent pay? did i miss something?
crap!! i was bringing home $300 a week, back in 1979.

obviously more than that now, and i would sit home and collect unemployment before i'd even get up in the morning for $9/hour.

 not meaning to sound cocky, but walmart, at that pay rate does not pay their employees well.

[CAP1]

well that does beat $5+ an hour of minimum wage at other places.  Not to mention benifits....not to mention HAVING A JOB TO BEGIN WITH!  YEA TRY RAISING A FAMILY ON NO JOB AT ALL!

flipping burgers at mcdonalds starts at 8/hour i believe

[CAP1]

Damn, I earn $16/hour as a lowly mechanic...

you good at your job? seriously? and are you flat rate, or hourly? if hourly, i and good, with decent experience, you/re underpaid.

 not bein a wise ass, just sayin.....

[SD67]

It's the award wage. I get $16/hour for 38 hours and time+1/2 ($24/hour) for the next 4 hours and double time ($36/hour) after that. I usually do a minimum of 40 hours per week, I do 4 about 4 hours every 2nd Saturday.
I am very good at what I do. Sure I'd like to get more but with the current state of affairs I'm looking for ways to help the people I work for to cut costs rather than lay off staff.
Things going the way they are I'm quite happy to have a secure job that pays enough to get us by than become a statistic.