Bush Speaks; Dow Drops another 350

[Craig]

Posted: 10/10/08 at 11:25am

http://biz.yahoo.com/ap/081010/meltdown_bush.html

[Calvin]

Posted: 10/10/08 at 11:32am

This week's New Yorker has a great article about how even the people of Crawford don't like him all that much anymore. Of course, he's not moving back there when he leaves office. He's moving to Dallas. The ranch backdrop (that he just bought in 1999) has served its purpose.

If he has any class whatsoever, he'll be more reclusive than Nixon.

[Mamie]

Posted: 10/10/08 at 11:33am

Just got a reassuring note from my bank this morning:

In these distressing times, we want to assure you that NWFCU remains safe and sound and able to meet your financial needs. As the President/CEO of NWFCU, I would like to reassure you that we are in sound financial condition. Our capital reserves remain very strong and well above the regulatory requirements classifying us as “well capitalized”. These reserves are used to weather storms if and when they arise. We have millions of dollars to fund loans and provide for all of your financial needs. We continue to operate in the cooperative spirit under which credit unions were founded – not for profit but for service to our members – and have never participated in sub-prime lending, investments in mortgage backed securities, or other questionable practices.

While other financial institutions may not have money to lend, NWFCU has ample funds to lend. We are not part of the credit crunch problem and want to assure our members that responsible lending remains our priority at NWFCU. NWFCU invests in our member/owners by making loans to you. Over 97% of deposits are loaned to you in the form of traditional mortgages, equity products, consumer loans and credit cards. The other investments NWFCU makes are in conservative financial products such as government agency securities. These conservative and prudent lending and investment practices, which have been our foundation for over 60 years, have kept us safe, sound and a leader in the credit union industry.


GOD BLESS THE CREDIT UNION!

[Calvin]

Posted: 10/10/08 at 11:36am

Indeed, Mamie. I'm glad I kept my old credit union account from when I lived in Texas for rainy day funds.

[Luscious]

Posted: 10/10/08 at 11:57am

I wish he would keep his damn mouth shut.

WORST. PRESIDENT. EVER.

[KrissySim]

Posted: 10/10/08 at 12:59pm

My Credit Union sent out a similar letter.

[Yawper]

Posted: 10/10/08 at 1:51pm

Most local credit unions and banks are doing ok. It's just these stupid, overgrown nationals that are the problem.

What's really sad is that the states tried to find ways to regulate the mortgage subsidiaries of these companies but the Bush Administration, with the Supreme Court's backing, stopped them.

[wexy]

Posted: 10/10/08 at 2:16pm

My gym by City Hall which is always crowded has been becoming less and less crowded, Today it was almost scary how few people there were. I think that a lot of people are losing their jobs.

[javero]

Posted: 10/10/08 at 6:19pm

Throughout this whole financial sector meltdown, a loan officer from my credit union has been begging me non-stop to apply for an increase to my personal line of credit.

I'm like "why?"...

[LePetiteFromage]

Posted: 10/10/08 at 6:27pm

Updated On: 1/12/09 at 06:27 PM

[DottieD'Luscia]

Posted: 10/10/08 at 6:37pm

Priceless - I was just watching the news where they interviewed a trader on the floor of the stock market and he said, "Bush needs to stop speaking. He just makes matters worse."

[papalovesmambo]

Posted: 2/24/09 at 8:54am

percentage wise does that make the reaction to geither's speech of two weeks ago when the dow dropped the same amount better or worse? maybe he should just not speak, huh?