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Old 09-29-2008, 01:58 PM
 
Location: Texas
4,935 posts, read 6,773,140 times
Reputation: 5489

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I don't know if this is political or not, but I'm not willing to risk getting paid back in depreciated dollars from the government printing press (FDIC is insolvent. Our nation is insolvent). I'd suggest getting your money out now while it still has value. Only a sucker would put faith in the system that is clearly bankrupt and broken. Just don't be the idiot that gets caught with his pants down. People are already lining up at banks all over the country.
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Old 09-29-2008, 02:01 PM
 
Location: Albemarle, NC
7,730 posts, read 12,689,324 times
Reputation: 1504
Where's the link. Don't make these sorts of claims if you can't prove it. They aren't even running on Wachovia branches here.
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Old 09-29-2008, 02:03 PM
 
Location: Southern New Jersey
1,723 posts, read 2,832,691 times
Reputation: 339
I took a lot of my money out over the weekend...

It doesn't matter if it's in the bank or under your mattress, it will continue to lose value unless it's placed in fixed value like gold. On Friday Gold was $884, today it's $911.
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Old 09-29-2008, 02:04 PM
 
Location: Wantagh NY
690 posts, read 909,400 times
Reputation: 142
I am keeping just under 100K in a solid(?) bank now and I am not liking the idea of having that amount of cash not is some place safe!
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Old 09-29-2008, 02:07 PM
 
Location: Texas
4,935 posts, read 6,773,140 times
Reputation: 5489
Quote:
Originally Posted by MamaBee View Post
I took a lot of my money out over the weekend...

It doesn't matter if it's in the bank or under your mattress, it will continue to lose value unless it's placed in fixed value like gold. On Friday Gold was $884, today it's $911.
we're gunna see a brief deflationary period where real assets will be sold off at fire sale prices due to lack of liquidity in the system and massive withdraws from the system. From there, the government will get the printing presses running, signifying the begginging of hyper inflation. Get ready!!!
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Old 09-29-2008, 02:10 PM
 
Location: At my computador
2,057 posts, read 3,084,235 times
Reputation: 510
Quote:
Originally Posted by TexianPatriot View Post
I don't know if this is political or not, but I'm not willing to risk getting paid back in depreciated dollars from the government printing press (FDIC is insolvent. Our nation is insolvent).
Good idea! Trade those flimsy greenbacks in for sea shells. Sea shells are about to get hhhhhhhot!

Quote:
Originally Posted by Cleanmaxx Brian View Post
I am keeping just under 100K in a solid(?) bank now and I am not liking the idea of having that amount of cash not is some place safe!
By "100K" are you referring to "100,000 half pennies?"
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Old 09-29-2008, 02:14 PM
 
Location: Wantagh NY
690 posts, read 909,400 times
Reputation: 142
Quote:
Originally Posted by One Thousand View Post
By "100K" are you referring to "100,000 half pennies?"
Well if it was in dow it may have looked somewhat like that!

I think a lot of people are going to draw money from the banks and that may make things much worse. Yet I can't blame them! My problem is what do you do with that kind of cash at your home...which could get robbed, catch fire etc!!!

I know I am protected under FDIC but if all the banks fail, that insurance will run out!
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Old 09-29-2008, 02:26 PM
 
Location: Texas
4,935 posts, read 6,773,140 times
Reputation: 5489
people are lining up at the Wells Fargo across the street. stock market down nearly 800 points. S is HTF right now. It's crazy.
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Old 09-29-2008, 02:27 PM
 
Location: Dublin, OH
2,364 posts, read 3,411,572 times
Reputation: 1473
If people panic, that will lead to major problems. Your money is guarenteed up to $100K, so I wouldn't make a run on the banks. Again, that will cause more problems than we already have. Then, this would be a repeat of 1929. Don't panic people.
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Old 09-29-2008, 02:28 PM
 
Location: Wantagh NY
690 posts, read 909,400 times
Reputation: 142
Quote:
Originally Posted by TexianPatriot View Post
people are lining up at the Wells Fargo across the street. stock market down nearly 800 points. S is HTF right now. It's crazy.

Really!?!?! Well people are going in full panic mode. I just posted how Glen Back is wigging out on CNN!
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