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This Freddie and Fannie are the last straw...oh and Indymac. I went to my safety deposit box and got out all my jewelry. I know, I'm ahead of the times.
For the longest time now I've seen disaster on the horizon. It's here now. This is not to encourage a run on the banks, as I'll be speading my portfolio around to at least four or five institutions in CDs. Even the most conservative outfits like Fidelity are heavily invested in mutual funds (read Freddy and Fannie). The *** is up. Between Iran, the macs and everything else, I can confidently say we are screwed - in public. I've been saying it for months around my kitchen.
I keep a checking account active, but I only deposit funds right before monthly bills are due. I closed my savings account a couple months back. I'm in the process of transfering my IRA from fidelity to zecco to take advantage of the 10 free trades a month. If major brokerages go bust, I'll be out a few thousand dollars, but that few thousand wont have much value anyway if the government starts up the printing presses. I've got about a $1000 liquid cash on me, and I'm saving up for a nice gun safe. I'm also buying silver bullion. This week, I'm going to work on getting a student loan before rates sky rocket. Paying back long term debt with depreciated dollars is the way to go.
This Freddie and Fannie are the last straw...oh and Indymac. I went to my safety deposit box and got out all my jewelry. I know, I'm ahead of the times.
For the longest time now I've seen disaster on the horizon. It's here now. This is not to encourage a run on the banks, as I'll be speading my portfolio around to at least four or five institutions in CDs. Even the most conservative outfits like Fidelity are heavily invested in mutual funds (read Freddy and Fannie). The *** is up. Between Iran, the macs and everything else, I can confidently say we are screwed - in public. I've been saying it for months around my kitchen.
So who is doing what now?
You are in a panic that facts do not justify.
Banks that fail do not keep the contents of safe deposit boxes.
Bank accounts under $100,000 are insured by the FDIC and you will recover those funds quickly.
Fidelity creates mutual funds which are primarily ownership in public corporations most of which are not mortgage companies. There is risk in ownership but no crash is expected.
The economy is not in good shape but there is no reason for panic.
Banks that fail do not keep the contents of safe deposit boxes.
Bank accounts under $100,000 are insured by the FDIC and you will recover those funds quickly.
Fidelity creates mutual funds which are primarily ownership in public corporations most of which are not mortgage companies. There is risk in ownership but no crash is expected.
The economy is not in good shape but there is no reason for panic.
Iran is moving to the bourse this week. I think it's time to panic. You do know what that means, right? The U.S will not stand for it. No, it's not a nuclear strike, just a deadly one to the dollar. I've been feeling this way for a long time and I'd be willing to wager a HUGE bet I am right.
The oil bomb | Pakistan | News | Newspaper | Daily | English | Online (http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/Opinions/Columns/13-Jul-2008/The-oil-bomb - broken link)
I keep a checking account active, but I only deposit funds right before monthly bills are due. I closed my savings account a couple months back. I'm in the process of transfering my IRA from fidelity to zecco to take advantage of the 10 free trades a month. If major brokerages go bust, I'll be out a few thousand dollars, but that few thousand wont have much value anyway if the government starts up the printing presses. I've got about a $1000 liquid cash on me, and I'm saving up for a nice gun safe. I'm also buying silver bullion. This week, I'm going to work on getting a student loan before rates sky rocket. Paying back long term debt with depreciated dollars is the way to go.
I have a lot of money to lose. I am not comfortable. I think it's the right time to move. Good on you that you are taking the approach that you are.
the other thing I can't understand is why so many new banking centers are being build in our area that is very hard by the housing market. Every new building you see being build is a new banking center and every time I drive by I only see traffic by the once who were here for the last couple of years. We had 3 banking centers for the last couple of years and now 5 opened recently in an area not bigger than 5 miles!
By God, it's time to invest in shotguns and canned beans!
You may be joking, but I hear a LOT of conversation from people I know about firearms and ammo - and they are serious. Unfortunately, I only have a couple of shotguns I don't know how to use - but I plan to change that real soon.
I don't see how someone can joke about this. We invaded Iraq after Saddam said he was going to start trading in the bourse in 2002. And pulease do NOT even insult our intelligence (or mine as least) with that liberator crap.
I don't really like canned beans, but I can do tuna fish. Or ramen noodles better yet.
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Or ramen noodles better yet.
