| Question ? Where is our money safest now?
Posted: 10/12/2008 8:43:53 AM | Ok, not that I have a whole lot, but some of my 401 was in stocks !
I know at this point there is no real point in switching that, as the loss was too great.
Doubtful, but in time it may recover, some.
But what about our bank accounts. I did a search and could not find anything , opinions,
on where it is safest to leave our monies until this crisis is resolved (if ever).
My house is paid for, so no worries there, other than the value is plummeting, and all my financial investments in updating, are now non-returnable.
I have one existing loan, that I plan on paying off, for my car. (is this wise?)
What about savings , cds and the like. Are they safest where they are or should they be stuffed in my mattress?
It makes me very nervous to think that the little bit I was able to save for the future, may be lost to me.
I put money away, so I would not spend it, to insure it would be there , for someday.
But now I am afraid that it will not be there.
I have heard the whole the government guarantees your money, if the banks fail.
But I do not trust that anymore, for obvious reasons. Our government has already failed, financially and also their people. They are not looking out for me, or any of us.
What do we do with our cash now?
Fill our piggy banks and mattresses?
What do we do if we have an existing loan , do we pay it off,
or let it go with the wind, if the bank fails?
opinions?
I have asked people I know, and no body really has answers.
I am just looking for opinions on this and what others have done.
I have to make a decision what to do, and hoping for some input.
thanks
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| Question ? Where is our money safest now?
Posted: 10/12/2008 9:44:09 AM | .
Existing loans would not go away if the bank fails. Someone (Goldman Sachs) will own it. You would make your payments to Mr. "Cash" Kashkari........
If FDIC fails you will have more worries than your money.......
Bank CD's are insured. Bank checks are not, (Cashiers Checks) . If the bank folds gone........
Postal Money orders or Stamps...... Safe..... easy to hide.
If you expect inflation, follow the Government lead and max out all your credit lines.......
But....
Not on Plasma TV's. Scrap metal is really cheap........ OLD non-running cars. Not BIG trucks abandon by independent truckers, you cannot crush them without cutting them up.
Leave you retirement in your 201's they will recover in 10-20 years......Work and Live longer.  | |
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| Question ? Where is our money safest now?
Posted: 10/13/2008 5:19:51 AM | Keep your money as far removed from the Federal Reserve System as possible.
Look into a Community Credit Union or a small state chartered bank that didn't buy up all the junk loans.
If you think the US is sucking wind...You should be in Eurpoe right now - they're leveraging is more than TWICE as bad as ours - and they invested in the same junk U.S. mortgage -backed securities out of pure greed and inexperience.
Their banks are in even worse shape as a result. Their stocks are really flying high this morning - they have about 3 more hours to go. But I view them as rather "green" when it comes to this particular problem.
What they may not know if they're still investing in U.S. stocks are:
1) There are a whole slew of margin calls coming due this week as a result of extremely heavy gambling - I mean...INVESTING snafus last week. Including some big corporate execs who are almost personally wiped out from the fall. SO that wil lhave some negating effects on the recovery.
Suffice it to say formerly "savvy" stock traders who were banking on a recovery last week have lost BILLIONS in gambling...er..INVESTING money.
2) The third quarter financial reports will be coming due soon and they're already saying it will come with a whole slew of NEW banking shortfalls (foreclosures, defaulted payments, etc.) that will take ANOTHER chunk of money to cure or more banks are liable to fail.
3) After seizing Freddie and Fannie for making unwise loans, the Treasury has now authorized them to GO AHEAD AND KEEP TAKING THE SAME RISKY LOANS because to not do so will invite mortgage markets to collapse. Unfortunately by seizing Freddie and Fannie, they wiped out billions in private investor share money needlessly. Money that's now gone bye-bye never to return.
4) Although Asia and Europe announced their plans to inject cash into banks at the urging of the White House, the US itself seems to have reneged on this weekend deal to "All work together" and has NOT YET made any such formal announcement to inject cash itself into U.S. banks.
5) And this has nothing to do with the above 4...But the Treasury Department is apparently now GUARANTEEING FOREIGN INVESTMENT BANKS against loss of their investment if they want to buy into one of the failing banks. So apparently, Warren Buffet would lose the $9 billion he just invested, IF that bank were seized by the Treasury, however, Mitsubishi would not lose their investment.
Awww...So sweet of Paulson and the Treasury!
Most of the above came out after the EUropean markets were already trading, but before U.S. markets begin trading - so it will be interesting to see how the day goes. | |
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| Question ? Where is our money safest now?
Posted: 10/13/2008 1:18:19 PM |
opinions?
I have asked people I know, and no body really has answers.
I am just looking for opinions on this and what others have done.
I have to make a decision what to do, and hoping for some input. In my personal situation, I'm sitting pat on the bulk of my money though I intend to add a portion to my current investments as they've dropped considerably with the economic shift... this should net me a tidy profit with the upswing...
Yes, I'm an opportunist... | |
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| Question ? Where is our money safest now?
Posted: 10/14/2008 4:47:49 AM | hard assets are absolutely the safest investment when the rest of the markets are collapsing under their own weight. that means gold, silver and other precious metals. that's because these things have intrinsic value and therefore good for wealth preservation. therefore, when you look at the fluctuating prices for gold, for example, that price is really more a reflection of the relative strength of the dollar than it is the price of the gold.... you look at it just the opposite you would other investments.
having some cash in a mattress is a safe bet against the evils of bank holidays. of course it won't help you against longer-term inflationary forces. other than that, you're pretty much stuck with T-bills. because these wall street b@stards have even managed to screw the money market funds until they are FUBAR. | |
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| Question ? Where is our money safest now?
Posted: 10/18/2008 9:02:30 PM | hard assets are absolutely the safest investment when the rest of the markets are collapsing under their own weight. that means gold, silver and other precious metals.
I couldn't agree more. I got my ballot tonight and after looking it over and shaking my head at the sorry list to choose from, I saw the blank Write-In line.
I decided to do some research. I found out that the ONLY candidate fielded for this 2008 election who shared my views of the economy, and for the same reasons, was Ron Paul (a Republican who ran as a Libertarian for 2008). (He also shares far more of my views on a wide range of issues than BOTH of the other candidates combined. I am not some snot-nosed idealistic young kid. Just a disgusted older voter, tired of holding my nose as I check the boxes each election.) I have never endorsed any candidate in the past, but we don't have until 2012. This is all going down right now.
In 2002 Paul pretty much predicted the financial situation that we have today, and the inherent reasons for it. He was met with ridicule and disbelief.
http://www.salon.com/tech/htww/2008/10/17/ron_paul_in_2012/index.html
http://www.salon.com/tech/htww/2007/12/20/ron_paul_economics/
Neither of the two front runners today seems to have a clue how the system really works. If they do, their statements show that they don't intend to truly fix the problem. Just apply more band-aids to it, to pass on to succeeding generations.
Some (including me) might say it's a real estate problem, or a sub-prime loan problem or stock market confidence problem, but those are just the evident surface causes that lay bare the root cause. That cause is the way our system is currently being operated (by some very smooth operators at that).
No matter who gets voted in, if they - and WE - don't address the true problem with the money and banking systems which continue to cause grief, and which will continue to do so until the cause is fixed, this will occur time and again. We've been on a collision course with financial destiny since 1971 and we now stare it in the face.
Nothing will be fixed by continuing business as usual. We need to go back to the Constitution and the way the founders of the country intended the finances of the country to work. That's the only way your money will truly be safe, in my opinion.
I'm tired of looking at the monopoly money in my pocket. It's not even safe in there because it loses value every single day. | |
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| Question ? Where is our money safest now?
Posted: 10/19/2008 11:14:05 AM | it all depends. personally i have faith in this country. usa has the largest industrialized farming business in this world, as long it is solid, we would be safe. besides, usa has the largest investment in terms of R&D, so long term outlook is still good.
so if you long term investment and savvy enough to maneuver around the markets, i think it is right time for some sort carefully evaluated investment. | |
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| Question ? Where is our money safest now?
Posted: 10/21/2008 8:11:02 PM | Maybe into Money Market Mutual Funds...
In yet ANOTHER grand plan orchestrated by - who else?... J.P. Morgan-Chase of course, The Federal Reserve Bank (controlled by outfits like J.P. Morgan) is now going to "give" $540 billion MORE of YOUR money to Money Market Mutual Funds to make them feel not so left out.
Of course, J.P. Morgan-Chase, prominent member of "The Fed", has "volunteered" to administer it all. The greed of these people is unlimited.
"JPMorgan Chase & Co. will run five special units that will buy up to $600 billion of certificates of deposit, bank notes and commercial paper with a remaining maturity of 90 days or less. The Fed will provide up to $540 billion, with the remaining $60 billion coming from commercial paper issued by the five units to the money-market funds selling their assets, central bank officials told reporters on a conference call. "
"Fed to Provide Up to $540 Billion to Aid Money Funds "
http://www.bloomberg.com/apps/news?pid=20601087&sid=as_5RTFfXD9M&refer=home#
J.P. Morgan isn't doing it out of greed, right? They're "just trying to help out the economy." If this works out the way the big bailout did, J.P. Morgan will get the lion's share of the proceeds and force a small percentage onto funds who don't even want the money, in order to make it look like they're all participating.
J.P. Morgan-Chase is buying up the banking world with taxpayer money and keeping all the profits. Where is the oversight? Where's the governance? There is none. One giant ripoff. This is what the whole thing has been about the entire time. Another manufactured "crisis".
I still want to know - now that I have to pay for all of these fat cats' dole...where's my bailout? | |
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| Question ? Where is our money safest now?
Posted: 10/23/2008 12:27:30 AM |
What about Postage Stamps?
Inflation proof..........
Only if you were lucky enough to get the "Forever" stamps. I heard they were going back to jacking the price up every so often...
Stamps are only good if you can use them to buy or trade for other things though. Used to be those little junk toy mail-order companies would accept $2.00 in cash, $2.00 in money orders, $2.00 by check, or $2.00 in stamps.
Not anymore. | |
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| Question ? Where is our money safest now?
Posted: 10/26/2008 7:20:27 PM | I bought ... $3000 in forever stamps .... I use them everyday .... at work .... No problems .... yet !!!
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| Question ? Where is our money safest now?
Posted: 11/7/2008 6:22:06 AM | | I think it would have been safest in which ever country it is that's NOT plugged into globalization and the "international monetary system" and "international stock market system". The whole thing was stupid to begin with and I've always said so. | |
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| Question ? Where is our money safest now?
Posted: 11/7/2008 8:39:38 AM | http://www.carolinajournal.com/articles/display_story.html?id=5081
Dems Target Private Retirement Accounts
Democratic leaders in the U.S. House discuss confiscating 401(k)s, IRAs
This article is way too long for posting... so just go to the link and read it yourself. | |
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