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Let’s not frighten people unnecessarily. The repo market will sort itself out. I read multiple forums on this. But this is CD, do you understand that FDIC means? it means you will get your money back up to $250k. This is why you have to split your CDs to different banks or types of account.
I just look at it as accounting preservation. In reality if a given bank is cash crunched to the brink, they won't be able to give you your cash even if you ask, but they will keep the numbers in your account maintained to show that that's how much you have - regardless of whomever takes over the account due to bank failures.
Let’s not frighten people unnecessarily. The repo market will sort itself out. I read multiple forums on this. But this is CD, do you understand that FDIC means? it means you will get your money back up to $250k. This is why you have to split your CDs to different banks or types of account.
I strongly disagree. People should be very frightened of what the underlying causes of the repo crisis mean for the system. I think by this time next year we will have had multiple bank failures and bailouts. Time will tell.......
I strongly disagree. People should be very frightened of what the underlying causes of the repo crisis mean for the system. I think by this time next year we will have had multiple bank failures and bailouts. Time will tell.......
If you believe in it so strongly, there’s a way to make money about it.
Just want to be careful we don't encourage everyone to run to the banks to pull their money out because I have news for you.........MOST of the "money" (currency notes) of the USA isn't in physical form. The vast majority of it is just numbers on a screen. Your physical money isn't sitting in some vault somewhere.
Yes, I've been worried about this since before the meltdown. I've been moving pixels (representing cash) from my brokerage account to a conservative hometown bank.
I'm also working on a scheme where I take the money and bury it in the ground and it pays 1.84 - 2.97% interest! The catch is I can't dig it up until 2035 or 2039. Ha ha the joke is these are muni bonds for water projects. I've been buying other munis as well but I do have a special place in my heart for the underground bonds.
Went to the atm today and someone had left their receipt. $1000 withdrawal and $79 left in the account. Some people are accumulating cash on hand just in case.
Just want to be careful we don't encourage everyone to run to the banks to pull their money out because I have news for you.........MOST of the "money" (currency notes) of the USA isn't in physical form. The vast majority of it is just numbers on a screen. Your physical money isn't sitting in some vault somewhere.
Do you think that if you would have said on the city data forum a month or so ago "we should be careful and not encourage everyone to buy all the toilet paper" you could have prevented the surge in toilet paper buying? We don't decide what other people do so the best thing is to be prepared for what they will do. I'd rather be an idiot with a bunch of toilet paper than someone insulting idiots who bought toilet paper that is running low on stuff to wipe his butt with.
Do you think that if you would have said on the city data forum a month or so ago "we should be careful and not encourage everyone to buy all the toilet paper" you could have prevented the surge in toilet paper buying? We don't decide what other people do so the best thing is to be prepared for what they will do. I'd rather be an idiot with a bunch of toilet paper than someone insulting idiots who bought toilet paper that is running low on stuff to wipe his butt with.
So look at this way.......
You have folks running and stacking up on toilet paper, water, and pulling cash out of the bank. They are doing this because supposedly the US might collapse.
But if you stop and think, if the US collapses, what good is your toilet paper, water, and cash going to do for you, when there's:
- Anarchy in the streets
- The S&P 500 goes to zero
- All of the Banks have failed
- Most likely some foreign power has seized control over everyone
It'll be the end of the world lol. It's why I really don't understand the doomsday people who stack up on toilet paper, water, gold, guns, and pull cash out of ATMs because the world is going to end? If the world is going to end, don't you realize that you are going to end with it ?
You have folks running and stacking up on toilet paper, water, and pulling cash out of the bank. They are doing this because supposedly the US might collapse.
But if you stop and think, if the US collapses, what good is your toilet paper, water, and cash going to do for you, when there's:
- Anarchy in the streets
- The S&P 500 goes to zero
- All of the Banks have failed
- Most likely some foreign power has seized control over everyone
It'll be the end of the world lol. It's why I really don't understand the doomsday people who stack up on toilet paper, water, gold, guns, and pull cash out of ATMs because the world is going to end? If the world is going to end, don't you realize that you are going to end with it ?
well we are on the verge of being forced in to total isolation here and i would not be surprised to see national guard here by next week only allowing people out when its your turn .....
all these things people stocked up on are now in very short supply ... aspirin , NyQuil , masks , toilet paper , sanitizer , certain nonperishable foods are all like gold now.
i never thought i would see the day chef boyardee aisles are empty
I really don't understand the doomsday people who stack up on toilet paper,
Because....no matter WHO is in charge, and whatever the crime and unemployment rates are......people still need toilette paper to wipe their ..... that's why.
I "really don't understand" what people don't get about that.
And of course, well in this case, maybe not.....you do realize buying reasonable amounts of an essential item is quite different from stocking up during times of panic.
And I say this as someone who for decades has always had at least one year supply of TP.
I always HAVE stock up years' amounts of things: TP, paper towels, toothpaste, trash bags, aluminum foil, plastic wrap, etc. If it's non-perishable household good I likely have plenty of it.
And I think lots of people do that. Lots of people just normally keep some things stocked. WE are not the ones now who can't find what they need.
(Obviously, not everyone has the storage space for stocking up on multiple items.)
Last edited by selhars; 04-03-2020 at 04:15 AM..
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