Something is fishy here. The middle class cannot pay for every mistake some greedy financier makes. No one pays for mine. Contact your congressmen now and let them know before we are all robbed blind. There is no way that the banks made that many bad loans. Where was Greenspan when all this was happening, the most brilliant economic mind of our time. They robbed us during the savings and loan debacle, will let them do it again? I guess so At least send in the IRS and find out what really happened.

I agree with Doug.

This situation is to be expected. The deck is stacked much more today with 35,000 lobbyists and the top 1% having twice the wealth share of 40 yrs. ago.

Public funding of elections and 2 time term limits may hepl.

I am glad that Wachovia is getting what they deserve. They are theives and greedy leeches who steal from their customers on a daily basis. I went online to Wachovia Sucks, Wachovia Ripoffs, Wachovia Complaints, and found tens of thouseands of complaints against them. I HATE WACHOVIA!!! I was a customer for 28 years and finally had enough. They thought they could get away with banking malfeasance and now they just might sink. THANK GOD!!!

This is so right on target. American top heavy execs. and ceos dream of excessive gluttony and greed have finally revealed themselves. Tsk, Tsk, Tsk...!

Osama must be laughing uncontrollably. The virus of financial gluttony is doing from within what he tried to do externally.

Well said, Doug and Chris..When Paulson recently said things would get worse, he was putting us on notice that the fix would require picking our pockets.

WARNING to all everyone invested in oil or oil stocks. The bubble is about to burst. Many analysts are saying oil will be under $100 a barrel by the first week in August. Get out NOW before you lose your shirts.

How does this posting or any like it matter? No information about the Wachovia or its financial state - just a scary comment asking how long it will last. Who needs it?

Happy to see that Wachovia is taking a hit. Although I don't see how they could have lost that much when they charge their customers $35 a pop for small debit purchases when a customer makes a $2 mistake and has the money in their account to cover most of the items. The "paying the largest item first" policy is flat out THEFT of my hard earned dollars. I am so glad to see them losing big as they have robbed so many in the past because of this policy. Karma is a wonderful thing!

Sure hope the new CEO can turn things around, all the banks I've dealt with over the years this bank has had the best Customer Service in the industry. Just the nuts who go into the sub-prime and made the deals to buy out losers. A long needed house cleaning has been in order for some time.

If anyone wishes to be spiteful - get the correct party(s) - please - do it for yourself and every other citizen and taxpayer.
The bankers were greedy and had a willing public. The public wanted all they could get - NOW. Now, it's later, and we, the middle class that did not participate in this orgy of greed, get to cry, along with all the fools that started this mess. They deserve to, we don't.
I place all blame squarely on those responsbile to regulate. Greenspan and Bernanke and the rest of the Fed do not regulate the mortgage industry. Congress does, specifically, the House and Senate finance committees. How that many knowledgible people could miss a catastrophe in marking of this magnitude is beyone my comprehension. Worse yet is the arrogance of our elected officials. I tried sending an alarm to Barney Franks, chairman of the House Finance Committee, at least 6 months ago. No dice, he does not take messages. On the Senate side, Gramm thinks there is nothing wrong and Schumer was, at least in part, responsible for the collapse of IndyMac. Good for him that he is from N.Y and not Cal. as there is no chance that he would win re-election there. Going back to the blog - Is this the end? You have to be kidding!! HSBC is raising cap. That's foreign, H.Q.'s in London, U.K. So is Barclays and the Royal Bank of Scotland. The list of banks that have some problems is long and it is not confined to the U.S. Wait - in 6 months of so the thousands upon thousands of commerical investments in multi unit condo's
are going to start into default.
No. It's not over and winter is coming.
Washington needs a house cleaning.

WATCH OUT -- you heard it here first -- the banks are right now plotting to eliminate all cash and go all plastic and electronic transactions and accounting. The banks are going to be talking how it will make them more efficient, save American consumers billions of dollars, eliminate crime. Then they will CONTROL everything. The banks, the Comptroller of the Currency, and the Fed want to do away completely with coins and currency.Big banks, Fannie Mae, and Freddie Mac are the root of the current credit crisis. The CEO and Presidents and boards of once strong banks which are now on the brink of failure are still going to get their million dollar pay days while thousands of employees loose their jobs and their retirements.

Frankly, I'm feeling nervous about Wachovia.
Should I get my money out of there ASAP?