I think this is the beginnings of an economy based on perpetual growth and fossil fuel energy running headlong into geological energy constraints. Basically I see an undulatory downward path for the rest of my life. From here out, I think any rallies in our economic condition are going to be met with spiking commodity prices that knock us right back down.
Posted: Fri Oct 10, 2008 5:50 pm Post subject: Re: CLEAN OUT YOUR BANK ACCOUNTS NOW
Pulling your cash out of a bank is not much different than other preps that many of us do all the time. And if you use the cash to buy food, gold, silver, or quality handguns and ammo, it is exactly the same.
Why would anyone bitch about what anyone else does with their own money?
You are allowing the bank to use your money to make money (effectively loaning them the money). They have done it for years, and made lots of profit from it.
If you decide to temporarily retract that loan, it is your business - not those who may decide to bitch about it. _________________ "It don't make no sense that common sense don't make no sense no more"
John Prine
Joined: Sep 16, 2004 Posts: 4863 Location: Southwest WI
Posted: Fri Oct 10, 2008 6:08 pm Post subject: Re: CLEAN OUT YOUR BANK ACCOUNTS NOW
Hey POPS...
2 banks failed tonite
Quote:
SAN FRANCISCO (MarketWatch) -- Northville, Mich.-based Main Street Bank and Eldred, Ill.-based Meridian Bank became the latest victims of the ongoing financial crisis on Friday, when they folded and their deposits were transferred by the Federal Deposit Insurance Corp.
The closures are the 14th and 15th bank failures so far this year.
The FDIC said in a prepared statement that Main Street Bank had $98 million in total assets and $86 million in total deposits as of Tuesday. All of Main Street's deposits were assumed by Monroe, Mich.-based Monroe Bank & Trust, the FDIC said.
The FDIC said that Meridian Bank had total assets of $39.2 million and $36.9 million in total deposits as of Sep. 25. National Bank will buy roughly $7.6 million of Meridian's assets, while the FDIC will "retain the remaining assets for later disposition," according to its statement. All of Meridian Bank's depositors, "including any with deposits in excess of the FDIC's insurance limits," will automatically become depositors of Hillsboro, Ill.-based National Bank, the FDIC said.
Joined: Aug 03, 2007 Posts: 4401 Location: Boston Suburbs
Posted: Fri Oct 10, 2008 6:15 pm Post subject: Re: CLEAN OUT YOUR BANK ACCOUNTS NOW
Ludi wrote:
What the heck have we been prepping for?
This is a financial doomsday which is trumping peakoil. Many of us including myself were expecting peakoil doomsday to happen at least a year or more hence. _________________ As long as I am around, there are no worries we have reached "Peak Words"
Posted: Fri Oct 10, 2008 6:43 pm Post subject: Re: CLEAN OUT YOUR BANK ACCOUNTS NOW
Pops wrote:
frankthetank wrote:
Hey POPS...
2 banks failed tonite
Check back in when the FDIC doesn't cover depositors...
Considering the way the federal government of the U.S. has been picking up the pieces of the giant insurance, mortgage and banking interests to protect the big investors, do you think they could turn off the taps now, if it comes to protecting the little guy? The day the FDIC stops protecting the little guy, you are going to see such a run on banks, folks will be stuffing hundred dollar bills under their mattresses. Others will be marching on the White House, now that the stage has been set by protecting Wall Street. That is one big power the little guy has, collectively speaking, the power of the ballot box.
In the big picture, protecting the little guy also protects the big guys. No, its not likely legal or constitutional but I guess one could say that about a lot that has transpired the past few years, especially the past few weeks, just ask Ron Paul. But, the horse named Expediency has already escaped from the constitutional barn.
Posted: Fri Oct 10, 2008 7:16 pm Post subject: Re: CLEAN OUT YOUR BANK ACCOUNTS NOW
Doomers,
I have been reading that kind of post since forever on this board. So far NOTHING has come true. The supermarket shelfes are stocked, the ATM works, the credit card works, the bank is open, the gas station sells gas. Electricity is available 24/7. UPS delivers all kind of stuff right to my door. Ever more crap is made by chinaman. Where is this doom you talk about? Are we going down this year? Are you sure ? Or maybe 2009? or '10? Maybe '20? Or could it be '50? By 2100 we should all be dead, I'm sure about it.
Posted: Fri Oct 10, 2008 7:19 pm Post subject: Re: CLEAN OUT YOUR BANK ACCOUNTS NOW
I think the G7 will, over the weekend, put a floor under the carnage, for now.
Next week is Op Ex week, so I expect a BIG snapback rally.
Predictions for the next two weeks:
Dow--9,600 to as high as 10,000
S&P--1000 to 1200
In short, I think, at least till the election, the banking crisis will ease substantially. After that? Don't know.
I do think interest rates, especially on the long end will go much higher. That alone could upset the snapback thesis at any point. _________________ Civilization: the biosphere's skin disease
Joined: Dec 25, 2005 Posts: 602 Location: Hillsboro, West Virginia
Posted: Fri Oct 10, 2008 7:30 pm Post subject: Re: CLEAN OUT YOUR BANK ACCOUNTS NOW
dsula wrote:
Doomers,
I have been reading that kind of post since forever on this board. So far NOTHING has come true. The supermarket shelfes are stocked, the ATM works, the credit card works, the bank is open, the gas station sells gas. Electricity is available 24/7. UPS delivers all kind of stuff right to my door. Ever more crap is made by chinaman. Where is this doom you talk about? Are we going down this year? Are you sure ? Or maybe 2009? or '10? Maybe '20? Or could it be '50? By 2100 we should all be dead, I'm sure about it.
Believe it or not, sometimes Big Things do happen. Some of them are also Bad Things, i.e., Big Bad Things. The bigger the Thing is, the rarer it is. That means if you stand around waiting for it, you'll probably have to wait a long time. But if you watch closely, you can figure out which kind of Little Things sometimes lead up to Big Things, and when you see those Little Things happen, it means that maybe a Big Thing will also happen before too long.
The thing is, though, nobody can really predict from the Little Things exactly when the Big Thing will occur. And there are a lot of false alarms when one person or another yells, This Is It! This Is The Little Thing That Means The Big Thing Will Happen Tomorrow Or Next Week At The Latest. And mostly those guys who say that are wrong. There's really more Little Things that need to happen first, before the Big Thing does.
But the thing about Big Things is that they do happen, sooner or later. The Great Depression did happen. And there were deep recessions before and after the Great Depression that did happen.
Now, on General Principles, we kind of can see that Some Mighty Big Bad Thing has pretty much gotta happen to the economy before long. We don't really know how long. We sometimes get excited and blow a whistle to make a dramatic gesture. And we whisper in each other's ears about when, and why then, and we're still mostly wrong. But on the General Principles, we're right. The Big Bad Thing will happen. We'd all like to be the one who makes the right prediction, so everybody else has to bow to our sagacity, but we sort of forgive each other for making one wrong guess after another. We wait and we keep watching, and we keep making predictions, and eventually one of them will come true and we'll have found Mister Wise.
Posted: Fri Oct 10, 2008 7:49 pm Post subject: Re: CLEAN OUT YOUR BANK ACCOUNTS NOW
Hawkcreek wrote:
Pulling your cash out of a bank is not much different than other preps that many of us do all the time. And if you use the cash to buy food, gold, silver, or quality handguns and ammo, it is exactly the same.
Why would anyone bitch about what anyone else does with their own money?
You are allowing the bank to use your money to make money (effectively loaning them the money). They have done it for years, and made lots of profit from it.
If you decide to temporarily retract that loan, it is your business - not those who may decide to bitch about it.
+1 _________________ "Who knows what the Second Law of Thermodynamics will be like in a hundred years?" - Economist speaking during planning for World Population Conference in early 1970s
Posted: Fri Oct 10, 2008 8:12 pm Post subject: Re: CLEAN OUT YOUR BANK ACCOUNTS NOW
Pops wrote:
HEADER_RACK wrote:
Like a house ?
I didn't say borrow.
I own my house and land.
I owe on nothing secured.
Just like I have been preaching on this board from my first post.
You?
Been debt free for years.
Great job making lots of cash in the oilfield.
2 Four wheel drives paid for
Hunting lodge all set up and ready to go for a bug out place in a hurry.
Just bought 10 acres in the Ozarks paid cash. Will be developing that for a long slow decline.
Have Food, Water, Tools,Clothes,Gas,Guns and ammo stored in two separate locations.
Went to a school to learn how to build your own log cabin ( by yourself)
Have enough books on Gardening, Gun smithing , Self Defence, Out door survival, to open up a miniature book store
Just to name a few.
All of that and I still pulled my money from the bank to have cash on hand. It won't go from bank closures to Bartering overnight. Cash will still be accepted at first anyway, best to be able to have it. _________________ Nothing is more dangerous than a man with nothing left to lose but has everything left to gain.
Posted: Fri Oct 10, 2008 8:14 pm Post subject: Re: CLEAN OUT YOUR BANK ACCOUNTS NOW
Pops wrote:
frankthetank wrote:
Hey POPS...
2 banks failed tonite
Check back in when the FDIC doesn't cover depositors...
Why should he even take that chance when he doesn't have to? _________________ Nothing is more dangerous than a man with nothing left to lose but has everything left to gain.
Joined: Oct 15, 2005 Posts: 1618 Location: Portland, Oregon
Posted: Fri Oct 10, 2008 8:26 pm Post subject: Re: CLEAN OUT YOUR BANK ACCOUNTS NOW
Pops you are crazy. Go ahead and believe what you want but I have personally taken all my money out of the bank and have it hidden in the basement.
When the crash fully happens and no one can get money out of the bank I will be the richest man in my city!!! I will be able to buy....anything!!!!
I may only have 10,000$ in cash but no one else will have got to the bank...
So I'll have all the money!!!!!!!!!!!!
So believe what you want to believe but its p[retty obvious you are not so smart. If you are not careful I will buy your farm with just a few of the dollars I have. Ha ha ha ha!!!
Posted: Fri Oct 10, 2008 8:35 pm Post subject: Re: CLEAN OUT YOUR BANK ACCOUNTS NOW
If my big national bank fails because I empty out my meager checking account, they are truly in serious trouble.
I've been torn for years over whether to keep my money in the bank where it's "safe," or to keep it at home in my gun safe, which ain't exactly Fort Knox. A home fire or burglars could wipe me out if all my cash was at home, as everything else of value I own would also be destroyed/stolen.
I think I'll keep half my cash reserves at home, half at the bank, despite the recent troubles. That's a bit more cash at home than usual, but not outside my normal range. _________________ "A little stored food and Bob's your uncle." --TT
Posted: Fri Oct 10, 2008 8:40 pm Post subject: Re: CLEAN OUT YOUR BANK ACCOUNTS NOW
Hawkcreek wrote:
Pulling your cash out of a bank is not much different than other preps that many of us do all the time. And if you use the cash to buy food, gold, silver, or quality handguns and ammo, it is exactly the same.
Why would anyone bitch about what anyone else does with their own money?
You are allowing the bank to use your money to make money (effectively loaning them the money). They have done it for years, and made lots of profit from it.
If you decide to temporarily retract that loan, it is your business - not those who may decide to bitch about it.
Nicely reasoned. I concur. _________________ "A little stored food and Bob's your uncle." --TT
Joined: Jun 30, 2005 Posts: 744 Location: northern California
Posted: Fri Oct 10, 2008 9:23 pm Post subject: Re: CLEAN OUT YOUR BANK ACCOUNTS NOW
thuja wrote:
Pops you are crazy. Go ahead and believe what you want but I have personally taken all my money out of the bank and have it hidden in the basement.
When the crash fully happens and no one can get money out of the bank I will be the richest man in my city!!! I will be able to buy....anything!!!!
I may only have 10,000$ in cash but no one else will have got to the bank...
So I'll have all the money!!!!!!!!!!!!
Ha ha ha ha!!!
Who is crazier, you or pops? You just told us what city you live in, how much cash you have on hand and where it is, then laughed at us. Now, which corner of that basement is it in, please? _________________ "When men yield up the privilege of thinking, the last shadow of liberty quits the horizon."
Thomas Paine
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