Immediate Something To Think About

by **Rubin_Flagg** » Fri 26 Sep 2008, 10:08:42

You can feel the panic....
I went to the grocery store today. It was like they had pumped in tranquilizer.

We will limp through friday....its monday that everyone needs to worry about.

Predictions are worthless now. The great reset button is being pressed. My best wishes to those in their bunkers.

I'm going to rage rage against the dying of the light.

This is going to be the greatest adventure that humanity has ever faced.
Pass the popcorn.

All will be well.

by **allmeyer** » Fri 26 Sep 2008, 10:22:55

$this->bbcode_second_pass_quote('ReverseEngineer', '')$this->bbcode_second_pass_quote('SILENTTODD', 'I')f you live in America on 9/26, might be a good idea to withdraw a weeks worth of expense money in cash from your checking account in the morning as soon as you read this. A friend called me tonight to tell me the Bloomberg channel was saying all credit accounts might be frozen by tomorrow night if no resolution was worked out to the Banking Crisis.
Reading the New York Times web site tonight it does not appear to be in the works. I will be traveling to the Mojave desert tomorrow morning. I have 3 months worth of food in my apartment, but tomorrow morning I will stop at my credit union and withdraw $1000 from my savings account before I go. The last time we had a bank holiday (the same thing as this) it was 1933. Wish I had paid more attention to Roccman. I use to think he was nuts, now have come to think of him as more of a prophet.

by **TheDude** » Fri 26 Sep 2008, 10:27:32

$this->bbcode_second_pass_quote('Leanan', 'T')he flowchart neglects to mention the downside of cash that most people worry about.
Suze Orman said her doorman freaked out about the banking crisis, and pulled out all his money - $17,000. Someone broke into his apartment and robbed him of every cent.
Suze is definitely drinking the koolaid, but she has a point. The reason most people keep their money in the bank is not the interest, which is negligible, but because they don't feel safe having a lot of cash around.

by **GeneralGreen** » Fri 26 Sep 2008, 11:03:48

Well so much for the bloodbath the DOW just turned GREEN! And some here were saying a -400 to -700 Down DOW day....well the markets are strange...Here we have WM in bankruptcy...Wachovia close behind...the scamming 700 billion bailout bill is in limbo.. Morgan Stanley merged...Goldman became a bank..Amer Ins. bankrupt, Lehaman Bankrupt..And yet through all this news in the past 2 weeks the markets "DOW" is down only a mere 250 points...
This thread is more Doomers crying Wolf.

by **Ferretlover** » Fri 26 Sep 2008, 11:04:43

Something to think about; this is not the first time this situation has happened:

“Only Thing We Have to Fear Is Fear Itself”: FDR’s First Inaugural Address
I am certain that my fellow Americans expect that on my induction into the Presidency I will address them with a candor and a decision which the present situation of our people impel. This is preeminently the time to speak the truth, the whole truth, frankly and boldly. Nor need we shrink from honestly facing conditions in our country today. This great Nation will endure as it has endured, will revive and will prosper. So, first of all, let me assert my firm belief that the only thing we have to fear is fear itself—nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance. In every dark hour of our national life a leadership of frankness and vigor has met with that understanding and support of the people themselves which is essential to victory. I am convinced that you will again give that support to leadership in these critical days.
In such a spirit on my part and on yours we face our common difficulties. They concern, thank God, only material things. Values have shrunken to fantastic levels; taxes have risen; our ability to pay has fallen; government of all kinds is faced by serious curtailment of income; the means of exchange are frozen in the currents of trade; the withered leaves of industrial enterprise lie on every side; farmers find no markets for their produce; the savings of many years in thousands of families are gone.
More important, a host of unemployed citizens face the grim problem of existence, and an equally great number toil with little return. Only a foolish optimist can deny the dark realities of the moment. …
True they have tried, but their efforts have been cast in the pattern of an outworn tradition. Faced by failure of credit they have proposed only the lending of more money. Stripped of the lure of profit by which to induce our people to follow their false leadership, they have resorted to exhortations, pleading tearfully for restored confidence. They know only the rules of a generation of self-seekers. They have no vision, and when there is no vision the people perish. …
FDR

by **Snowrunner** » Fri 26 Sep 2008, 11:44:04

$this->bbcode_second_pass_quote('smallpoxgirl', 'Y')eah. I don't think the world is ending today. The market's been open for half an hour, and so far the Dow is down 70 points. Crude, silver, and the dollar are down slightly. Gold is up slightly to 903. Nothing earth shattering. A couple of financial stocks are taking it on the nose, especially Wachovia.

by **Pops** » Fri 26 Sep 2008, 12:53:05

I read that the last nail in WaMu's coffin was a little run by depositors who withdrew something like $16b in one day.

If you are going to pull out some then you better pull out everything because you are going to help kill your bank.

Conversely, if you have less than $100k in any one account (more for joint or IRAs I think) you are covered by the FDIC - WaMu opened for business as usual this morning.

No reason to not have some cash on hand at all times, I've been in a couple of earthquakes and the only thing that worked was a calculator at the store.

Really folks, being prepared is a long term project, not something you do in an afternoon. If you have been around here any length of time and haven't done a little of the basics yet, what makes you think what you do on your way home tonight will make any difference?

by **Ludi** » Fri 26 Sep 2008, 13:05:18

$this->bbcode_second_pass_quote('allmeyer', ' ')You can't just post something freaky like that and not put a link! You better not be making stuff up just to scare the crap out of people.

by **gnm** » Fri 26 Sep 2008, 13:15:25

$this->bbcode_second_pass_quote('Pops', 'C')onversely, if you have less than $100k in any one account (more for joint or IRAs I think) you are covered by the FDIC

by **allmeyer** » Fri 26 Sep 2008, 13:34:40

$this->bbcode_second_pass_quote('Ludi', '')$this->bbcode_second_pass_quote('allmeyer', ' ')You can't just post something freaky like that and not put a link! You better not be making stuff up just to scare the crap out of people.

by **Snowrunner** » Fri 26 Sep 2008, 13:36:23

$this->bbcode_second_pass_quote('allmeyer', '')$this->bbcode_second_pass_quote('Ludi', '')$this->bbcode_second_pass_quote('allmeyer', ' ')You can't just post something freaky like that and not put a link! You better not be making stuff up just to scare the crap out of people.

by **Pops** » Fri 26 Sep 2008, 13:40:02

$this->bbcode_second_pass_quote('gnm', 'Y')eah, only you better be in the front of the line if a lot of banks go down because the FDIC doesn't have enough to cover their obligations...

-G

by **Ferretlover** » Fri 26 Sep 2008, 13:48:58

$this->bbcode_second_pass_quote('Snowrunner', 'E')ither that, or Bush and Paulson have been lying through their teeth. :twisted:

by **Cashmere** » Fri 26 Sep 2008, 14:01:49

$this->bbcode_second_pass_quote('Reverse Engineer', 'M')y guess would be after the ATM system goes down, it takes no more than 2-3 days before people get the PICTURE that "cash" is not any good for trade anymore.