metsfan Posted October 6, 2008 Share #1 Posted October 6, 2008 I have been told by numerous experts on what is going on to keep your money in banks unless you absolutely need it, because it allows the bank to keep operating. If it fails your money is frozen and makes it even harder for the market to recover. If you need to take out money do it slowly over time. Don't panic. - A Link to comment Share on other sites More sharing options...
Harry Posted October 6, 2008 Share #2 Posted October 6, 2008 My money is staying in the bank. It's my 401k that's taking a slight beating. If it goes down anymore I will be reinvesting to a fixed income fund. Link to comment Share on other sites More sharing options...
metsfan Posted October 6, 2008 Author Share #3 Posted October 6, 2008 Good idea. Make sure you keep 100% away from lenders and housing related stuff. - A Link to comment Share on other sites More sharing options...
Pablo M 201 Posted October 6, 2008 Share #4 Posted October 6, 2008 Its good thing my money is on the safe side, of whats left of it... Link to comment Share on other sites More sharing options...
metsfan Posted October 6, 2008 Author Share #5 Posted October 6, 2008 Markets getting totally crushed. This is a dark, dark day. Markets down about 7 percent. About a trillion dollars gone. Seems like the floor is gone. They need to close the markets before it gets worse. Keep it closed till the economic rescue package comes thursday. - A Link to comment Share on other sites More sharing options...
Coolbreezing Posted October 7, 2008 Share #6 Posted October 7, 2008 If the banks are the economic engine of the world then money is the fuel that makes them run. Therefore, if we don’t fuel them it becomes harder for us to go from one point to the next. Placing money underneath your mattress will do you or any one any good because if the banks were ever to fail, you’ll have no more money to put under that mattress. We’re all part of the system, if the banks fail we’ll all be affected, instead those of us who doesn’t have a bank account should create one. Help the banks make the system work. If you’re concern about your deposit, you can check with your bank to see if your money is FDIC insured. They may be other insurance that you can take …I don’t know I’m no financial analyst. To inquire a banker about it would be the smartest thing to do or you may choose to do the research before inquiring. This is DEJAVU …..The great depression of 1929 which started in the United State. They say those who don’t know their history are likely to repeat it. Well, folks there you have it; we’re now in the process of repeating our mistakes. In 1929 people were speculating that the banks will fail so people rush to retrieve their money from the banks and by doing so they intern facilitate the failure. Are we likely to repeat our mistakes? …..Of course without a doubt. I would hope not but hope has no guarantee. Link to comment Share on other sites More sharing options...
RokuSix Posted October 8, 2008 Share #7 Posted October 8, 2008 People never learned the lessons from the Great Depression... We need a new Roosevelt. Link to comment Share on other sites More sharing options...
metsfan Posted October 9, 2008 Author Share #8 Posted October 9, 2008 We need a new president & not war in iraq. - A Link to comment Share on other sites More sharing options...
via White Plains Road Posted October 9, 2008 Share #9 Posted October 9, 2008 We need a new president & not war in iraq. - A Now I can agree to that Link to comment Share on other sites More sharing options...
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