New bank commercials are evidence that banks are changing the way they sell themselves. Instead of urging consumers to spend by advertising things like home equity loans, banks are now trying to attract customers by promoting savings accounts and retirement plans. It's a good thing banks are adjusting their messages to reflect consumer consciousness, but do you even pay attention to bank commercials?
Hogan
Miss Selfridge
Energie
I loved the other day when WaMu began offering very competitive rates to keep customers from withdrawing and closing accounts, only to be forced by the FDIC to close up shop and ditch everything for $1.9B. JPM ended up buying everything, excluding stock, for $1.9B. The value of all accounts, including mortgages, credit cards, autos, buildings, light bulbs, toilet paper, and whatever, is something like $134B. Even if 75% of all outstanding loans default, JPM still comes up $30B. JPM legally stole WaMu! JPM hit a new 52-week high, while the rest of the market, and many many financials, are making 52-week lows daily, and some going to zero.
What are we going to call the Final Four? JPMorgan, Bank of America, Wells Fargo, US Bancorp
1i don't really pay attention to bank commercials since i'm pretty happy with the bank that i currently use. i'm actually tired of seeing all the competing offers since i don't know what's better for me in the long run and i'm not about to start moving my money around to get one offer just to have another one come by sooner than i know.
2I couldn't believe WaMu was still RUNNING ads when there were rumors that it was going to fail for weeks now.
3I don't pay any attention at all, nor do I pay attention to all the investment firm ads.
4Commercials never tell you the whole story. What is the point of paying attention.
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