[SILENTTODD]

If 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.

[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.

[Cashmere]

No need to panic yet folks.

With regard to money, if you've got any money is savings accounts and you haven't pulled out 6 months worth of cash - bad move.

Remedy that today, AM.

Don't get only large bills - get 20s and 10s.

If you have money making 1-2% in a savings account/checking account, I'd say pull it all but a few bucks to keep the account open, until you can see 6 months worth of expenses.

As for "credit accounts" being frozen, let's not confuse credit lines and such with bank accounts.

Remain calm in the fog of panic.

1st - get cash.

2nd - get food. If you can't see 6 months worth of calories on your cupboard shelf, go to Sam's or Costco today and remedy it. Take the day off from work. Use a credit card, if need be. Get pasta and rice. It's cheap insurance people. (do not store in basement space).

3rd - stay on your toes and don't panic - panic is inefficient.

[MrBean]

Hitchhikers to the Galaxy, grab you towels!

...and... DON'T PANIC!

[hironegro]

You guys can't be serious!?

[MrBean]

$this->bbcode_second_pass_quote('hironegro', 'Y')ou guys can't be serious!?

[hironegro]

$this->bbcode_second_pass_quote('MrBean', '')$this->bbcode_second_pass_quote('hironegro', 'Y')ou guys can't be serious!?

[MrBean]

$this->bbcode_second_pass_quote('hironegro', '')$this->bbcode_second_pass_quote('MrBean', '')$this->bbcode_second_pass_quote('hironegro', 'Y')ou guys can't be serious!?

[TheDude]

Why keep your money in a bank?

$this->bbcode_second_pass_quote('', 'F')ollowing a recent radio interview I was involved with, and a discussion with a friend today, I want to propose something that may seem to incite panic, be morally dubious and possibly even dumb to some people. But we’ve all be told throughout our lives to keep money in the bank, since it has a safe in the middle, and it’s the best place to keep your money. Of course, nobody told us they’d be loaning it out to people who couldn’t afford to pay it back, and it would be leveraged 10-1 and resold by investment banks as AAA, to the point where the whole country could collapse.

So my proposition, purely for the sake of discussion is this:
Take all your money out of the bank.

[ReverseEngineer]

$this->bbcode_second_pass_quote('TheDude', '[')url=http://subprimeshowtime.wordpress.com/2008/09/24/take-your-money-out-of-the-bank-now/]Why keep your money in a bank?[/url]
$this->bbcode_second_pass_quote('', 'F')ollowing a recent radio interview I was involved with, and a discussion with a friend today, I want to propose something that may seem to incite panic, be morally dubious and possibly even dumb to some people. But we’ve all be told throughout our lives to keep money in the bank, since it has a safe in the middle, and it’s the best place to keep your money. Of course, nobody told us they’d be loaning it out to people who couldn’t afford to pay it back, and it would be leveraged 10-1 and resold by investment banks as AAA, to the point where the whole country could collapse. o my proposition, purely for the sake of discussion is this:
Take all your money out of the bank.

[Cloud9]

For some reason, the hair is not raising on the back of my neck. I think I will hide and watch. Walking around with 50 K in your pocket invites disaster.

[ReverseEngineer]

$this->bbcode_second_pass_quote('Cloud9', 'F')or some reason, the hair is not raising on the back of my neck. I think I will hide and watch. Walking around with 50 K in your pocket invites disaster.

[steam_cannon]

$this->bbcode_second_pass_quote('SILENTTODD', 'T')he 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.

[davep]

$this->bbcode_second_pass_quote('ReverseEngineer', '')$this->bbcode_second_pass_quote('Cloud9', 'F')or some reason, the hair is not raising on the back of my neck. I think I will hide and watch. Walking around with 50 K in your pocket invites disaster.

[ReverseEngineer]

$this->bbcode_second_pass_quote('davep', 'Y')ou forgot to mention that you're very self-effacing too

[Leanan]

The 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.

[swifty]

The concern I have is my puny little IRA which is currently in a Money Market account. If I pull it i lose alot of it. If I leave it I may lose ALL of it!
Not sure what to do and it may be too late anyway?? Any input welcome.

[hope_full]

What does the port of Long Beach have to do with Martial Law being declared? Please help me understand the connection.

I saw something about the closure of that port on drudge, but now it's gone. Any links?

Hope_Full

[DeepOil]

If I pull cash out and don't want it to be stolen, can I keep it in a safe deposit box at the bank? What happens if the bank collapses or there is a bank holiday? Do I still have access to the safe deposit box or could that money be taken?

Thanks

[smallpoxgirl]

Yeah. 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.