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Old 07-15-2008, 07:35 PM
 
483 posts, read 1,414,135 times
Reputation: 196

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Quote:
Originally Posted by chuck22b View Post

The abhorrible part is how the media instead of quelling their fears is reveling in it and boosting more panic.

-chuck22b

That's what the media does best!!
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Old 07-15-2008, 08:52 PM
 
Location: Great State of Texas
86,068 posts, read 74,627,262 times
Reputation: 27602
Quote:
Originally Posted by chuck22b View Post
I think it's mainly the older folks who are retired and rely heavily on their fixed incomes and interest that are panicking the most. It's understandable, since some faced incredible down turns and lost in the past.

The abhorrible part is how the media instead of quelling their fears is reveling in it and boosting more panic.

-chuck22b
Actually Chuck22b the older folks have their money spread around because they know about the FDIC insurance. My parents for example had their money spread around in about 5 banks and it would take them the good part of a morning to go around and do all their business with renewing CD's and depositing checks and such.

Younger folks that didn't live through any crisis have a warm fuzzy that nothing can go wrong.
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Old 07-16-2008, 05:12 AM
 
3,853 posts, read 11,846,987 times
Reputation: 2521
I've liquidating my bank accounts and moving into gold and silver. I don't want to risk anything!
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Old 07-16-2008, 05:55 AM
 
Location: Charleston, SC
5,615 posts, read 13,140,454 times
Reputation: 2539
Except for a massive downturn in gold, 1980s style?
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Old 07-16-2008, 07:21 AM
 
Location: Forests of Maine
31,490 posts, read 51,059,849 times
Reputation: 20479
Quote:
Originally Posted by chuck22b View Post
I think it's mainly the older folks who are retired and rely heavily on their fixed incomes and interest that are panicking the most. It's understandable, since some faced incredible down turns and lost in the past.

The abhorrible part is how the media instead of quelling their fears is reveling in it and boosting more panic.

-chuck22b
I don't see that.

My parents have lost money before, when banks have gone under.

Older folks do not store large amounts of money in banks.

It is not safe.

Anyone who has lost their savings previously, is it going to do it again.

Only younger folks who have never experienced the depression, would do such a foolish thing.
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Old 07-16-2008, 07:23 AM
 
5,090 posts, read 10,037,427 times
Reputation: 3961
Quote:
Originally Posted by chuck22b View Post

The abhorrible part is how the media instead of quelling their fears is reveling in it and boosting more panic.

-chuck22b
I guess we probably watch different source media, but I had noticed that the generic corporate media abcnbccbs, etc., had totally seemed to ignore the rising storm as it has been building for years. Oh well, cannot let a profitable build-to-a-crash disturb profits, yunno.

]
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Old 07-16-2008, 07:26 AM
 
Location: Florida
20,968 posts, read 21,051,917 times
Reputation: 25175
Hey, we are older people......of course we have our money in banks!
That much cash makes lumps in the matteress that makes sleeping
uncomfortable.
Older these days, does not mean we were around in 1929
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Old 07-16-2008, 07:42 AM
 
Location: Sitting on a bar stool. Guinness in hand.
4,429 posts, read 5,802,008 times
Reputation: 1708
Quote:
Originally Posted by old_cold View Post
Hey, we are older people......of course we have our money in banks!
That much cash makes lumps in the matteress that makes sleeping
uncomfortable.
Older these days, does not mean we were around in 1929
Lol. Beat me to the mattress comment.
I'll be honest after watching Paulson testify yesterday. I'm not very confident in much this administration can do to help the mortgage/credit crisis. The guy, even though he has a good background for his job, sounded like a complete buffoon. The guy got little credibility in my eyes and I think a lot of the world's investors all so watched and saw what I saw. A stumbling, bumbling, half confused looking, Treasury Secretary. Paulson didn't help us yesterday and wished he just stayed doing short press conferences.
As for Bernake even though he had to go back on his last Fed statements yesterday. I'm not going to hammer him. In fact he is still ok by me, for now. As others have said he stuck right now. And I owe his predicament to that A-hole Allan Greenspan. Btw Greenspan can take the fed speak and shove it.
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Old 07-16-2008, 08:05 AM
 
943 posts, read 2,967,233 times
Reputation: 501
Quote:
Originally Posted by Mircea View Post
I just can't feel sorry for someone with a $200,000 account that's walking away with $150,000.

I'm not sure what part of "deposits are insured up to $100,000" people didn't understand.

People just don't take the time to educate themselves the FDIC policy. Each account type is insured for up to 100,000, but if a customer has more in the bank all he/she needs is to have more than one accounts with different titles (ex. a joint account with spouse, a beneificiary account, etc.) that way they can guarantee their money being secured..
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Old 07-16-2008, 08:18 AM
 
Location: Forests of Maine
31,490 posts, read 51,059,849 times
Reputation: 20479
Quote:
Originally Posted by old_cold View Post
Hey, we are older people......of course we have our money in banks!
That much cash makes lumps in the matteress that makes sleeping
uncomfortable.
Older these days, does not mean we were around in 1929
My parents and their friends were 'around' befroe the Great Depression.

I grew up among adults who insisted that banks were not safe.

So I tend to assume that anyone in the generation ahead of me is of that mind set.
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