Posted: Wed Jun 04, 2008 9:25 am Post subject: Re: Surviving a Financial Meltdown
fark
i agree. but it looks like to me.? that you got two choices either help fix the problems. Which are monumental no question. Or save yourself which is what this site is about or forage etc,.
by my account. You dont want this society breaking down 30 million mexicans 2 million bloods and crips. 3 million puerto ricans prob 10 million foriegners 30 million blacks. 40 million hispanics.
by my account you dont want anything breaking down. And people taking to streets.
thats why by my account you want to instead of retreat. help fix the problems. it looks like to me. 7 million blacks in jail. 3 million hispanics. 20 million people with a record. 2 million gang bangers.
And thats with a good economy. Envision a break down.
Posted: Mon Sep 15, 2008 8:20 pm Post subject: Re: Surviving a Financial Meltdown
It's not the teachers or the cops that killed America. It was the huge amount we spent on the Iraq War and the 1990's buildup. Yea that was money well spent.
Posted: Wed Sep 17, 2008 6:18 pm Post subject: Re: Surviving a Financial Meltdown
More like the money piffed away by bankers on loans to deadbeats, that are now coming home to roost. The Fed is begging money from the Treasury today, after making an $85 Billion "temporary" loan to AIG, to keep the finance system from imploding yesterday. This week the DOW is down about 10% so far on financial news. The rest of the world's markets are following suit.
I wouldn't worry too much about the salaries of this 'n that workers, until we fix the BIG holes in the leaking dike. Read Nouriel Roubini's blog, and listen to Merideth Whitney on CNBC. Both people are featured on YouTube. You guys are talking about comparative small fry, when we have an honest to god REAL financial meldown, underway, TODAY. And the culprits are politicos who deregulated banks, which then ran amok. Trillions of $$$ are vaporizing as we speak in this mess. Read the economics & finance thread here, and check out WWW.Tickerforum.org for up to date info on this.
I'm much more concerned about how long our financial system can survive, than looking for the corruption that pervades every country in the world at low to mid levels. Better watch the top levels first. _________________ Local fix-it guy..
Posted: Wed Sep 17, 2008 10:06 pm Post subject: Re: Surviving a Financial Meltdown
Rubin_Flagg wrote:
It's not the teachers or the cops that killed America. It was the huge amount we spent on the Iraq War and the 1990's buildup. Yea that was money well spent.
We would pay for about five AIG's a year assuming they went totally under, had no recoverable assets, and didn't pay back a single cent, with the current miitary budget. Toss in the Iraq war and we can take care of another 30 or so, with the above assumptions. If our economy is at risk of collapsing now, it has been for the past five or six decades. _________________
Joined: Oct 15, 2004 Posts: 2185 Location: Arkansas
Posted: Wed Sep 17, 2008 10:21 pm Post subject: Re: Surviving a Financial Meltdown
Here was some advice from earlier in the thread (first page). Its still good advice as far as I'm concerned. In fact, the reasons for doing the advice given are a lot more clear now.
Quote:
(1) Take measures that will preserve what assets you have. If you have stocks should one sell? I wouldn't go so far as to withdraw funds from an IRA and take the penalties. However, I would considering selling the stocks in the IRA but keeping it in the IRA and putting the money into something else like TIPS or a high interest money market account. The stock market has dropped 2000 points this month. So, when guys like Cramer says it could drop another couple thousand, its reasonable to assume he's right.
(2) Raise money - Raise money by selling stuff you don't need. Have a garage sell now and sell anything you don't need, that may have some value now, but may not have any value in a financial meltdown. Basically, sell stuff now before everyone else does the same thing because they are broke. I was talking to someone that says they have a collector car that they will sell if things get bad. If you wait until things get bad, the car will be worth a lot less, maybe nothing. So, you have to beat the herd. If you think you will sell it later, sell it now. Sell all old music CDs, books, clothes, furniture, anything you don' t need and sock the money away.
(3) Take money out of your bank? If we have a financial meltdown the likes that Cramer suggests, then many, many banks will close. Even with FDIC insurance, you will not be paid right away. I remember reading somewhere that many people during the S&L crisis waited, sometimes up to 2 years, to be paid. Most people can't wait that long. Bottom line is this - that money in the bank may be put on hold for awhile (even if its in a safety deposit box), so I do think its worth considering the option of having some cash on hand and buried in the back yard if that's what it takes. Further, its impossible to know which banks are safe. Who would have ever thought the large banks like Citibank would be in trouble, but they are. The smaller banks I'm dealing with appear to be in the same financially distressed boat, but you will never know it. They don't advertise it. I'm dealing with two that are on the FDIC watch list as troubled, but that's not public information. The only reason I know is I'm in a lawsuit with them and the documents were produced during discovery. So, all we know is we don't know, and don't think it can't happen to you.
The financial worse is not over yet. It is still impossible to predict a bottom. The housing bust is not over, has not bottomed, and now we are in the beginning of the commercial loan bust. We are far from over, and even at this early stage of a downturn, it appears the entire banking industry will meltdown and never see how low can go.
Posted: Wed Sep 17, 2008 10:48 pm Post subject: Re: Surviving a Financial Meltdown
Notice that the real estate overvaluations far in excess of people's ability to pay the loans that also in fact frequently exceed the tradable valuations of the houses has reverberated back onto Wall Street leading to failurs of Fannie, Freddie, Lehman, Merril Lynch, and AIG recently. Washington Mutual, Morgan Stanley, and perhaps Citibank will soon follow these entities into the halls of ignominy.
One can still do well buying into oil and natural gas stocks etc when they are near their yearly lows and then ride them up through the spring and summer for the former and the late fall and early winter for the latter.
g
Posted: Wed Sep 17, 2008 11:58 pm Post subject: Re: Surviving a Financial Meltdown
seahorse wrote:
(3) Take money out of your bank? If we have a financial meltdown the likes that Cramer suggests, then many, many banks will close....
I guess one part of this would be to pay bills promptly as they come in, rather than wait until the last possible day before paying them.
Even if a bank goes down, and my money is frozen for a time (or even lost), I assume that I will still be liable to pay the bills I have run up. So promptly paying bills clears my liability and means it could be someone else loosing the money not me.
In the meantime, promptly paying bills will help the local businesses with their cash flow, as so might help them keep going a little longer in these difficult times. _________________ We should teach our children the 4-Rs: Reduce, Reuse, Recycle and Rejoice.
Posted: Thu Sep 18, 2008 6:39 am Post subject: Re: Surviving a Financial Meltdown
Right, IslandCrow,
We try to pay bills as fast as possible. We write checks for purchases, instead of using credit of any kind, and even online orders going through PayPal, are done with direct bank transfer. Our idea is to move the money as fast as possible from the checking account to the point of use.
We are trying to turn our spare cash into useful goods as fast as possible, expecting inflation, and wanting to avoid any missteps along the way. I would rather have gardening tools and supplies in the shed and canned food on the shelf than money in the bank right now.
In times of turmoil, common articles can become scarce, due to businesses closing, and supply interruptions of many kinds. Strikes, power outages, bankruptcies, bank failures, loan recalls, fuel shortages for transport, and more can cause the store to be out of what you need. Those who think ahead can avoid the problems.
Cash on hand is worth a lot for peace of mind today, and it gets me 5 cents/gallon off at the gas station to pay cash! Credit card fees are breaking some gas station owners here.
I like Seahorse's thinking. _________________ Local fix-it guy..
Joined: May 18, 2006 Posts: 4324 Location: Minneapolis, MN
Posted: Thu Sep 18, 2008 7:30 am Post subject: Re: Surviving a Financial Meltdown
$10 for a replacement stinking light switch yesterday. So, it's a three way & single pole switch, big deal. $10 for a light switch? So much for the American dollar. _________________ Believe those who are seeking the truth. Doubt those who find it.
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