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Old 09-15-2008, 06:39 PM
 
28,906 posts, read 45,227,864 times
Reputation: 45815

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Quote:
Originally Posted by Movie Lover View Post
That isn't peoples faults, they weren't the greedy ones, that was the managers and rich people.
It's everybody's fault. Anybody who signed a mortgage after having all the terms explained to them shouldn't be surprised when it's more than they can afford.

Somebody who takes the equity out of their house to finance a cruise or a new kitchen is as big of an idiot.

Sorry.
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Old 09-15-2008, 06:39 PM
 
Location: Apple Valley Calif
7,475 posts, read 19,577,244 times
Reputation: 5580
A very stupid move for several reasons. He isn't as smart as he thinks he is because, if the country is as unsafe and he thinks, then his money will have no value anyway. Just like after the civil war, the southern money was valueless.....! After this huge collapse he is imaging happens, his mattress will be worthless. Oops....!
Look at History. If all of the guys, like your friend, who jumped out the window in the 1929 market crash, would have left their money where it was, they would have become fabulously wealthy, because all of the stock not only came back, but multiplied many fold.
My 401k had dropped like a stone. I just don't look at it. By the time I need it, it will have come back and be larger than ever. People panic out of ignorance, same reason people vote Democratic...
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Old 09-15-2008, 06:43 PM
 
1,651 posts, read 2,703,822 times
Reputation: 283
Everyone will be putting money into their homes when banks and building societies don't give you account interest. The only reason my money is in the bank is that it gains interest. Thats the incentive, and for years now I have been making a pittance upon the thousands stashed away.
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Old 09-15-2008, 06:44 PM
 
Location: Apple Valley Calif
7,475 posts, read 19,577,244 times
Reputation: 5580
Quote:
Originally Posted by cpg35223 View Post
Actually with all the money laundering laws, it is.
Actually, it's illegal even before all of the new laws that came about because of 9/11.
It has always been illegal to take money out of circulation..!
That goes for Safety Deposit boxes, or the can of pennies in your closet.
I don't think there are a lot of Police raids looking for such violations, but technically it is illegal.....
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Old 09-15-2008, 06:45 PM
 
1,651 posts, read 2,703,822 times
Reputation: 283
Quote:
Originally Posted by Donn2390 View Post
A very stupid move for several reasons. He isn't as smart as he thinks he is because, if the country is as unsafe and he thinks, then his money will have no value anyway. Just like after the civil war, the southern money was valueless.....! After this huge collapse he is imaging happens, his mattress will be worthless. Oops....!
Look at History. If all of the guys, like your friend, who jumped out the window in the 1929 market crash, would have left their money where it was, they would have become fabulously wealthy, because all of the stock not only came back, but multiplied many fold.
My 401k had dropped like a stone. I just don't look at it. By the time I need it, it will have come back and be larger than ever. People panic out of ignorance, same reason people vote Democratic...
You leabe money in the bank and it gains more. So during the crisis when interest is being lost, you'll get it all back later. So wheres the extra for keeping it in the bank? All your getting back is the money you lost?
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Old 09-15-2008, 06:45 PM
 
1,956 posts, read 4,678,902 times
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Quote:
Originally Posted by cpg35223 View Post
Actually with all the money laundering laws, it is.
Assuming that money was never taxed, yes, but if somebody closes a bank account and withdraws the money - which was presumably taxed at one point - the money is his to do what he likes with. Sitting under a mattress it won't be earning interest that will be subject to further taxation.
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Old 09-15-2008, 06:47 PM
 
3,413 posts, read 6,316,691 times
Reputation: 1410
I don't think it's stupid that he took it out and put it in his house. I think it's stupid that he told anyone about it. People kill for a lot less cash then that.
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Old 09-15-2008, 06:58 PM
 
Location: where you sip the tea of the breasts of the spinsters of Utica
8,305 posts, read 11,815,250 times
Reputation: 8038
It's not stupid to take half the money out, put some into silver or gold, at least until you see which way the wind blows. Preserve capital until you see which industries come out of this intact or ahead.
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Old 09-15-2008, 07:04 PM
 
Location: Cosmic Consciousness
3,871 posts, read 15,214,198 times
Reputation: 2615
Refugee:
Until he decides what to do with the cash --
MATTRESSES BURN. Have him put it in a couple of sealed ziplock plastic bags, at the BACK OF HIS FREEZER.

Ever notice on the news when there are house/apartment fires that when everything burns, the refrigerator stands there, untouched...
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Old 09-15-2008, 07:50 PM
 
Location: Somewhere in northern Alabama
16,852 posts, read 51,350,636 times
Reputation: 27730
I gotta say that anyone putting all of their eggs in one basket has a screw loose. Here's a fun idea for mattress stuffers - withdraw and hide that money under your mattress and Joe Bank Manager tells Jim Sheriff at the local (insert name of civic club here) meeting. Jim Sheriff suspects drugs are involved, gets a search warrant, and takes that money under the mattress without due process. It is gone. Bye bye. Good luck getting it back.

At least the oldsters had the sense to bury their money in cans in various flower beds, where it was safe from fire and casual burglars.

If the banking system fails completely (which IMO is unlikely) that cash won't be worth anything anyway. You would be better off to buy jewelry, gold coins, or other items with intrinsic value if you are that paranoid. It has been done since the dawn of civilization, and saved numbers of butts during revolutions and coups.
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