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Old 09-15-2008, 08:59 PM
 
26,941 posts, read 38,191,714 times
Reputation: 34888

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One of my clients related to me that he had a crew in working on his windows. He was staying in the room they were working in to keep an eye on them. The supervisor said he was going to look at a window in a different room and left. He called to my client to come look at something which he did.

After they left he discovered $8,000.00 missing out of a drawer. He wanted me to commiserate and I just wanted to tell him he was stupid for a number of different reasons.

What were you thinking!?
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Old 09-15-2008, 11:44 PM
 
Location: Tucson
42,837 posts, read 77,173,331 times
Reputation: 22814
Quote:
Originally Posted by cpg35223 View Post
Actually with all the money laundering laws, it is.

Back to your relative. Tell him not to be an idiot. Tell him to go online to bauerfinancial.com and check out the bank ratings for relative safety. At the very least, he needs to rent a safe deposit box and put the money in that.

But keeping that much in his house?

On second thought, DM his address to me, and I'll drive over there and talk sense to him.
He may very well not be an idiot, cpg. Let's count our chickens when they hatch and they're hatching pretty darn fast. When the sheeple are being calmed down with headlines THIS big, there's usually a good reason to worry, a lot.

Paulson: Americans Should Remain Confident in U.S. Financial System- AP

I for one am very happy to listen to the tin-foil heads and get out of the market last Sep (not that the raging inflation won't eat up our last pennies anyway, but still...) Unfortunately didn't listen to them when I bought the falling knife, aka my house.
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Old 09-16-2008, 01:16 AM
 
Location: Heartland Florida
9,324 posts, read 23,251,727 times
Reputation: 4895
Unless the money is in silver gold or something real it will continue to lose value. I am going to convert my savings to either direct investment in business or things of real value like tools and materials I can barter if things get really bad. Federal Reserve notes will be worthless if the system collapses, remember that the money has nothing to back it up anymore but paper.
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Old 09-16-2008, 02:10 AM
 
1,567 posts, read 2,694,283 times
Reputation: 1262
Quote:
Originally Posted by cpg35223 View Post
Actually with all the money laundering laws, it is.

Back to your relative. Tell him not to be an idiot. Tell him to go online to bauerfinancial.com and check out the bank ratings for relative safety. At the very least, he needs to rent a safe deposit box and put the money in that.

But keeping that much in his house?

On second thought, DM his address to me, and I'll drive over there and talk sense to him.
no its not
the bank would h ave to fill out a ctr for a transaction of over 10 grand in cash but it is in no way illegal
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Old 09-16-2008, 02:11 AM
 
1,567 posts, read 2,694,283 times
Reputation: 1262
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...
both parties are full of con artists
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Old 09-16-2008, 02:15 AM
 
702 posts, read 2,017,988 times
Reputation: 649
Quote:
Originally Posted by tamitrail View Post
Actually, I believe it is illegal to keep your money under your mattress.
"Illegal" ??? Uh, ok.

I haven't used banks for years, other than to cash my paycheck. I get my money and run. With everything being electronic, identity theft, Big Brother watching your account balance - no thanks.
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Old 09-16-2008, 06:56 AM
 
1,824 posts, read 5,147,839 times
Reputation: 927
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 almost had rep points from me until the last statement. On the contrary, I think Democratic is the only way to vote this time around.
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Old 09-16-2008, 07:06 AM
 
3,639 posts, read 9,244,577 times
Reputation: 6394
We had a woman in Indy more than a decade ago who had over 5 million in cash in her house. The reason we all knew about it was she was killed by those stealing her money.
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Old 09-16-2008, 07:15 AM
 
485 posts, read 1,628,611 times
Reputation: 383
He does not believe any of the banks are safe or does he have much faith in the FDIC. Not in a country that is trillions in debt and yesterdays success is today's liquidation.
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Old 09-16-2008, 08:02 AM
 
Location: Londonderry, NH
41,505 posts, read 49,604,613 times
Reputation: 24548
Think Kruggerands or Maple leaves. Place in rusty tool box in your cellar behind the half empty paint cans. Remove one coin at a time as needed.

I do not have very much in my 401 so I am just going to leave it there and hope I get really old so it will be worth something.
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