[Pops]

This board is about bad stuff happening and at least in my mind, mostly about how to best prepare strategical to deal with the long term bad stuff.

As well, each of our plans should include tactics to deal with short term problems such as what is happening now.

But the deal is to...
v
v
v

[Cloud9]

Where is that Lemming that said to the beach! Jeez if I could just get my hands on that guy.

[frankthetank]

Rocc?

I already miss that bastard...

Hein-
You said that right! This still really hasn't effected people in a "bad?" way just yet, sure its wiped out retirement account wealth, and a few peoples pension but people are still employed, food is still at the grocery store, and gas is still at the pump... Once those things start being affected, it won't be good.

I pulled most money out a long time ago... Actually ended up spending most of it! Probably a few crumbs left in there, i'll probably scoop those up in the morning.

Banks can go to hell. Back in high school i never had an account. I just cashed my checks at the grocery store and kept cash...i liked it that way.

[retiredguy]

Just an observation. Everyone is always talking about banks. How about Credit Unions? As far as I can tell, my CU is doing just fine and I suspect most are like the one I use.

CU accounts are also insured, and probably a lot safer than bank accounts right now.

Plus a CU's members are locals, your friends and neighbors.

[gw]

After the largest point drop in history for the dow in a single week, there might be some bargains to be had in solid, profitable companies with a future. I find it hard to believe that there aren't any good investments out there.

It would be prudent to spread out any major financial activities over a period of weeks or months to avoid acting out of panic or greed.

[Pops]

$this->bbcode_second_pass_quote('frankthetank', 'B')ack in high school i never had an account. I just cashed my checks at the grocery store and kept cash...i liked it that way.

[Ainan]

Hey Heine,(Can I call you that?) good advice, but I started taking mine out last week. I did a thread for people who have done a bank run:

http://www.peakoil.com/fortopic46676.html

God knows whats going to happen in the coming days, weeks and months but those with cash will do better than those without. It's a topic thats been done to death but cash still has more value than digital data and cannot be destroyed by a SQL statement.

Holy !&*£!, we are just an SQL statement away from the apocolypse!

[mos6507]

$this->bbcode_second_pass_quote('frankthetank', '
')I just cashed my checks at the grocery store and kept cash...i liked it that way.

[Grifter]

$this->bbcode_second_pass_quote('mos6507', '')$this->bbcode_second_pass_quote('frankthetank', '
')I just cashed my checks at the grocery store and kept cash...i liked it that way.

[Pops]

$this->bbcode_second_pass_quote('Grifter', 'S')o whats the alternative?

[Ludi]

$this->bbcode_second_pass_quote('Cid_Yama', 'A') wise precaution. A Bank Holiday is not out of the question. Do you have enough on hand to survive a week without ATMs and no one willing to take a check?

[TheDude]

Wachovia experienced $5 billion run on deposits

$this->bbcode_second_pass_quote('', 'B')y RICK ROTHACKER

McClatchy Newspapers

Friday, October 10, 2008

CHARLOTTE, N.C. — Wachovia Corp. lost $5 billion in deposits on Sept. 26 in a “silent run” on the Charlotte bank, leading regulators to tell Wachovia that it would be shut down within days if it were not acquired, according to court filings made by Citigroup on Friday.

The bank run began the day after the stunning failure of Washington Mutual. Around 5 a.m. that morning, Wachovia chief executive Bob Steel called Citigroup CEO Vikram Pandit to talk about a possible deal. During the day, Wachovia’s stock would plunge 27 percent, adding urgency to the situation.

[Zardoz]

$this->bbcode_second_pass_quote('Ludi', '.')..What the heck have we been prepping for?

[JJ]

$this->bbcode_second_pass_quote('Ludi', '')$this->bbcode_second_pass_quote('Cid_Yama', 'A') wise precaution. A Bank Holiday is not out of the question. Do you have enough on hand to survive a week without ATMs and no one willing to take a check?

[HEADER_RACK]

$this->bbcode_second_pass_quote('Pops', '')$this->bbcode_second_pass_quote('Grifter', 'S')o whats the alternative?

[BigTex]

Ibonds are currently paying 0%, plus the rate of inflation, but they will be repriced for the six month period beginning on November 1st and with diminished inflation expectations, I suspect they will be priced around 1.5% plus the inflation rate.

Unlike TIPS, Ibonds generate no taxable income until they are redeemed. Thus, you could buy Ibonds, and put those under your mattress, and get 1.5% plus inflation for 30 years if you're into that sort of thing.

I know that the CPI will never be accurate, but it will be close enough to make these instruments a good conservative way of preserving capital.

They're also tax free if used for education, so in the unlikely event that there are still colleges around when your kids get bigger these could be useful for funding that expense as well.

You can buy up to $5,000 per year.

Not great, but not bad either.

[Ainan]

$this->bbcode_second_pass_quote('Zardoz', '')$this->bbcode_second_pass_quote('Ludi', '.')..What the heck have we been prepping for?

[dohboi]

Doesn't the credit freeze mean that banks aren't lending to each other because they don't trust each other. Why then should any of us trust them?

I just wish I had much of anything to withdraw! Most indivuals in the US are so far in debt, I doubt they have lots in the bank.

[Pops]

$this->bbcode_second_pass_quote('HEADER_RACK', ' ')Like a house ?

[dunewalker]

$this->bbcode_second_pass_quote('Pops', '
')I gotta leave you guys alone for a while and see who post up after this enactment of Armageddon.