Word: mutuals
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...decent chance you haven't even felt it. Why, you may be asking yourself, does everyone think there's such a big a problem when you're still being offered credit cards in the mail and 0% financing at the car dealership? Maybe you used to bank with Washington Mutual or Wachovia and overnight you've become a Chase or Wells Fargo customer, but if your money's still there, why does the rest matter...
...including many of your constituents. The $1.2 trillion - let's spell that out as $1,200,000,000,000 - that disappeared from the stock market on Monday didn't go down a black hole in lower Manhattan. It came out of America's 401(k)s, mutual funds, pension funds and personal portfolios. We've got $17.6 trillion in retirement assets invested as of 2007. There is some $12 trillion invested in mutual funds alone (well, at least before yesterday); about 44% of all U.S. households hold these accounts, according to the Investment Company Institute...
...Government has clearly defined that authorities take them over, merge them out of existence or shut them down - whereas it had to make things up as it went along with investment banks Bear Stearns and Lehman Brothers and insurer AIG. That's why the demise of giant banks Washington Mutual and Wachovia, arranged over the past week by the FDIC, occurred in a far more orderly fashion than the non-bank meltdowns...
...weeks as a series of financial shocks have hit Wall Street, including the failure of Lehman Brothers, the government takeover of mortgage giants Fannie Mae and Freddie Mac, the largest government bailout to date, an $85-billion loan to the American Insurance Group, and most recently, the failure Washington Mutual and its subsequent takeover by federal officials in the largest bank failure in U.S. history. Amid concern that the crisis could prompt a severe recession if left unchecked, Congress is preparing to pass an unprecedented $700 billion bailout plan intended to bolster confidence in faltering U.S. financial institutions...
...aisle and is now expected to be passed Monday by both houses of Congress. The plan follows a slew of financial shocks in recent weeks, including the bankruptcy of Lehman Brothers, the government takeover of mortgage giants Fannie Mae and Freddie Mac, and most recently, the failure of Washington Mutual and its subsequent seizure by federal regulators, the largest bank failure in American history. While the initial response to Paulson’s plan was favorable, and key lawmakers had signaled their support, it has taken flack from academic economists and the media in recent days. And despite support from...