Wamu takes a dive: that’s NYSE:WM
Wachovia takes a dive: that’s NYSE:WB
Other NYSE:W* to watch
NYSE:WF Woori Finance (off 20% today)
NYSE:WG Willbros Group (Off 16%)
NYSE:WL Wilmington trust (Off 14%)
But honestly.. following the basic pattern the next victim of collapse would be:
NYSE:VQ Venoco, Inc (Oil and energy company off 8% today to $12)
Though if we simply look at Investment/Banking between VQ abd WB we find:
NYSE:VT Vanguard Total World (Off 7.5%)
NYSE:VV Vanguarg Large Cap (Off 4%)
Have fun 🙂
I’m just glad that Wells Fargo is doing fine, since that’s where my IRA lives. (It did my heart good to hear that their IRAs are still Triple-A rated and that they were in the running to buy out Wachovia.)
Your IRA is insured up to $600,000 under SPIC insurance, which functions the same as the FDIC, but for securities.
Assuming, of course, your IRA doesn’t contain Wells Fargo stock.
My IRA is in a money market fund. I didn’t have time to review the different mutual funds available when I did my rollover a few months ago, so I had them drop it in a money market until I was ready to make a decision. Turns out to be a lucky choice!
No kidding. I have a chunk of change I took out of some stock options that I dropped into a money market savings account getting 3.5%, and was about to drop it into a mutual fund–but then I got lazy and forgot to roll the money over.
*whew*!
Had that discussion today
Our holdings were with A.G. Edwards which a few months ago became Wachovia Securities. Our Investment Counsellor (who as of yet has not taken a dive out a window) explained the SPIC insurance to us. (What a politically incorrect acronym!) and said that our investments are totally safe (barring the market treatment of our investments)
Now granted… We have a lot in Apple which utterly tanked today. But the impression I get and from look at historical numbers is:
Industries that take the brunt of major economic bashing that they themselves aren’t directly involved in will show some horrendous numbers during the economic issue but then tend to come back 15-25% up from their height before the crash.
So.. this suggests that Apple is due to come back to $230-$250 once this all shakes out.
Re: Had that discussion today
If we are going into another Great Depression–and my feeling is, if we do not do something to restore confidence in the markets and make sure things are sufficiently liquid it’s where we’re going–the “efficient” economic players will be the ones where you want your stock.
That includes Apple–which is running counter to the market, and is selling product people will probably want to buy as they have less disposable income. That also includes Target (I went and bought some sweats for Puja: they had a sale on sweat shirts for $5 each), WalMart, and other bargain shopping chains.
Failure knows no alphabets. WaMu deserved to go down, and it did.
Just when you finally have the play book memorized, they go and change the locks on ya, every time!