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Old 09-29-2008, 01:49 PM
 
1,788 posts, read 3,469,270 times
Reputation: 1039

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Seriously people. I just called my bank and the line was backed up 30 minutes. Usually I get through in 2 minutes. I aked why. The clerk told me people are calling off the hook wanting to know about pulling all their cash out.

So, is our cash safe? Yes or no? It seems as though a preliminary run on the bank is under way?

How much money do you have in banks and investment firms and what do you plan to do?

I have $88,000 in a small local credit union and $89,000 in Scottrade. Lets hear what you got and what you plan to do.
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Old 09-29-2008, 01:52 PM
 
Location: Seattle, WA
209 posts, read 530,105 times
Reputation: 85
Quote:
Originally Posted by CarolinaCowboy View Post
Seriously people. I just called my bank and the line was backed up 30 minutes. Usually I get through in 2 minutes. I aked why. The clerk told me people are calling off the hook wanting to know about pulling all their cash out.

So, is our cash safe? Yes or no? It seems as though a preliminary run on the bank is under way?

How much money do you have in banks and investment firms and what do you plan to do?

I have $88,000 in a small local credit union and $89,000 in Scottrade. Lets hear what you got and what you plan to do.
Your call, do what make you feel comfortable. Personally I would have 6 months of cash available just in case something unintended comes along.
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Old 09-29-2008, 01:54 PM
 
Location: Texas
4,911 posts, read 6,576,063 times
Reputation: 5441
Hell no. Don't be a sucker. Get your dollars out now and spend them while they still have value. Any money you get back from the FDIC will be printed and depreciated in value. Buy assets are fire sale prices while this brief deflationary period unfolds. America is insolvent!!!
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Old 09-29-2008, 01:56 PM
 
Location: Austin TX
1,584 posts, read 4,016,553 times
Reputation: 429
Quote:
Originally Posted by CarolinaCowboy View Post
Seriously people. I just called my bank and the line was backed up 30 minutes. Usually I get through in 2 minutes. I aked why. The clerk told me people are calling off the hook wanting to know about pulling all their cash out.

So, is our cash safe? Yes or no? It seems as though a preliminary run on the bank is under way?

How much money do you have in banks and investment firms and what do you plan to do?

I have $88,000 in a small local credit union and $89,000 in Scottrade. Lets hear what you got and what you plan to do.
Leave it! please don't be a fool!
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Old 09-29-2008, 01:56 PM
 
Location: State of Being
35,885 posts, read 65,242,129 times
Reputation: 22270
If people start a run on the banks, things will only get worse! That is partially what happened to WaMu just a few days ago!!! People panicked and pulled out funds.

Take a deep breath . . . and let's just stay calm.
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Old 09-29-2008, 01:57 PM
 
Location: Hope, AR
1,505 posts, read 2,757,518 times
Reputation: 242
I can't believe you guys are serious. (Are you?) If everyone makes a run on the bank now, things are just going to get worse. Where would you put the money anyway, in your mattress?
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Old 09-29-2008, 01:57 PM
 
Location: Austin TX
1,584 posts, read 4,016,553 times
Reputation: 429
Quote:
Originally Posted by TexianPatriot View Post
Hell no. Don't be a sucker. Get your dollars out now and spend them while they still have value. Any money you get back from the FDIC will be printed and depreciated in value. Buy assets are fire sale prices while this brief deflationary period unfolds. America is insolvent!!!
That is silly talk bud...what are you smoking!
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Old 09-29-2008, 01:58 PM
 
Location: Albemarle, NC
7,730 posts, read 12,445,614 times
Reputation: 1489
Quote:
Originally Posted by Lulu101 View Post
I can't believe you guys are serious. (Are you?) If everyone makes a run on the bank now, things are just going to get worse. Where would you put the money anyway, in your mattress?
We don't teach people about our own history. Runs on the bank exacerbated the problem of the Depression. You are covered if insured by FDIC. Inflation may take a hit on it, but it's better than a total collapse.

Remember, most of America isn't paying attention to this. Many are going about their business.
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Old 09-29-2008, 01:59 PM
 
Location: 27609
525 posts, read 1,113,093 times
Reputation: 541
This is why I was for the bailout. I KNOW it doesn't fix the underlying problem, and I know there would be hard times to come regardless, but as PAINFUL as a slow bleed would be, it would not spark the panic that this is causing.
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Old 09-29-2008, 01:59 PM
 
Location: Texas
4,911 posts, read 6,576,063 times
Reputation: 5441
Quote:
Originally Posted by anifani821 View Post
If people start a run on the banks, things will only get worse! That is partially what happened to WaMu just a few days ago!!! People panicked and pulled out funds.

Take a deep breath . . . and let's just stay calm.
you stay calm. I'll get my cash while you are waiting for the government to emburse your deposits.
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