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When WAMU stock first tanked from 60 bucks to 3 bucks, that’s when I started to get a notice… thinking “ah crap, bank failure, here we come” I’m not afraid of banks failing… but what I afraid of is the damn herding effect. It’s not the actual event, but the response from the masses.

If I watch a movie and someone screams out fire, I’m not really afraid of the fire. I’m afraid of the idiots screaming and running, trampling all over me and whoever I’m with. The only reason I would run is to make sure I don’t get run over.

When the stock tanked to $3, I wasn’t worried about getting my money out more so I was worried about what the masses would do. In my branch, i was the second person that month to ask for entire balance of account. Sure, though it’d be measly tiny (for now), but shoot, it was MY money. The dude asked me why I’m taking it out. I should’ve replied “sex change operation” so they don’t give me a whole slew of sales pitches on why I should stay. Never knew taking money out of a failing bank could be so rough.

I still had 19 bucks in my account (thanks to stupid PayPal and their delayed everything, but that’s another post) so I figured, shoot, it’s not life savings but I want to eat lunch today. So I went. The branch I go to is really tiny (maybe 500 sq. ft or so) and it was JAM packed. I waited at least 15 minutes, when usually, the wait is about 1-3 minutes. And it wasn’t over. When I was ahead of the line, the line behind me got LONGER. People were nervously filling out withdrawal forms or what not. Then the dreaded words from the teller

Sorry. There’s a stop on withdrawals.

I am not sure if he meant a stop on that particular person’s account … or stop on 100% (or some significant) withdrawals.. but those words made people stop what they were doing and look at that teller.

I’m guessing it’s probably nothing since I did get my 18 bucks (I wanted to leave $1 so I can keep my free WAMU account open) but damn, the line got longer and longer.

I don’t know what’s wiser: being calm + patient or predicting trends and acting on it when the eye of the storm is scaring the herd. Maybe I’ll spend $18 bucks printing + mailing flyers to other WAMU customers to leave while they can. *muahahha* (evil grin)

I am not sure if this is already floating on internet, but i got an email, so here it is:

Subject: The Birk Economic Recovery Plan

Hi Pals,

I’m against the $85,000,000.00 bailout of AIG.

Instead, I’m in favor of giving $85,000,000,000 to America in a We Deserve It Dividend.

To make the math simple, let’s assume there are 200,000,000 bonafide U.S. Citizens 18+.

Our population is about 301,000,000 +/- counting every man, woman and child.. So 200,000,000 might be a fair stab at adults 18 and up..

So divide 200 million adults 18+ into $85 billion that equals $425,000.00.

My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend..

Of course, it would NOT be tax free.

So let’s assume a tax rate of 30%.

Every individual 18+ has to pay $127,500.00 in taxes.

That sends $25,500,000,000 right back to Uncle Sam.

But it means that every adult 18+ has $297,500.00 in their pocket.

A husband and wife has $595,000.00.

What would you do with $297,500.00 to $595,000.00 in your family?

Pay off your mortgage - housing crisis solved.

Repay college loans - what a great boost to new grads

Put away money for college - it’ll be there

Save in a bank - create money to loan to entrepreneurs.

Buy a new car - create jobs

Invest in the market - capital drives growth

Pay for your parent’s medical insurance - health care improves

Enable Deadbeat Dads to come clean - or else

Remember this is for every adult U S Citizen 18+ including the folks who lost their jobs at Lehman Brothers and every other company that is cutting back. And of course, for those serving in our Armed Forces.

If we’re going to re-distribute wealth let’s really do it…instead of trickling out a puny $1000.00 ( “vote buy” ) economic incentive that is being proposed
by one of our candidates for President.

If we’re going to do an $85 billion bailout, let’s bail out every adult U S Citizen 18+!

As for AIG - liquidate it.

Sell off its parts.

Let American General go back to being American General.

Sell off the real estate.

Let the private sector bargain hunters cut it up and clean it up.

Here’s my rationale. We deserve it and AIG doesn’t.

Sure it’s a crazy idea that can “never work.”

But can you imagine the Coast-To-Coast Block Party!

How do you spell Economic Boom?

I trust my fellow adult Americans to know how to use the $85 Billion

We Deserve It Dividend more than I do the geniuses at AIG or in Washington DC .

And remember, The Birk plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.

Ahhh…I feel so much better getting that off my chest.

Kindest personal regards,

Birk

T. J. Birkenmeier, A Creative Guy & Citizen of the Republic

PS: Feel free to pass this along to your pals as it’s either good for a laugh or a tear or a very sobering thought on how to best use $85 Billion!!

 

I would classify myself as libertarian: if it doesn’t affect me, then I don’t spend my energy thinking about it. When it comes to economics, I would say i’m way more so.

The thing that bothers me about the AIG bailout is this: would i rather live through the next great depression or live in pain for the next 10 years? I do not know. Of course, nothing is certain. My argument presumes that the AIG is the backbone of the US, and hence, world economy. Is it? Maybe, maybe not. But those damn wall street people think it is.

It’s an interesting dilemma, even from the point of view of the voters. Would i rather have a quick death or a slow, painful torturing with a very faint hope of survival? It’s an interesting dilemma. I guess this is why people who are in veggie state (i.e. coma) and their families have such hard time deciding whether or not to pull the plug.

If I were Bernanke, I would probably lean towards bailout even though I’m a libertarian. Why? Cuz, the problem is beyond any human control now. Sure you may have the strongest boat with a shitload of crew rowing your boat, but the boat is heading towards the cliff of Niagara falls. What shall I do? Row harder or just give up? The latter seems to me, more “humane”, because at least the crew will have time to accept God or whatever they believe in… make amends with their ex-wives or what not. The first, however, does seem more heroic b/c you gave your best. Can you imagine (if he were real…) Rocky Balboa giving up at the 11th round in the fight against the Russian? Man, that would suck. There would be no movie about Rocky if he did that.

That’s how I view Bernanke/FOMC/US trying to throw the last punch against this economic meltdown crisis. It’s a bad thing, sure. It’s not a bad thing, sure. But at least, they’re trying.

I don’t know if I’ll ever become a politician b/c

1. I’m too blunt - I would tell people to f*ck off if they piss me off, especially when I’m running for office
2. My standards are too high - I would expect all my underlings to get up @ 5:00 AM and do a 5 mile run every morning while chanting brain washing slogans about life, health, happines, etc. Gov’t employees tend to be exact opposite of what I’m striving to be.
3. I’m too positive - I think being pessimistic is a requirement to have a job with Uncle Sam
4. I hate inefficienty - I can’t even stand fax. Email people… EMAIL.

But if I were a politician, this would be a very very interesting problem to encounter.

Good thing I have 3 dogs. They present more problems than the national debt crisis anyway.