Going to Cash

[sparky216]

I've decided that due to the recent economic situation that I need to have a months worth of living expenses in cash at my house. I fear a bank run may be fast approaching. Am I being paranoid? (I think my wife thinks so)

[da.bell]

Depends if this bailout is what it should be.

[sparky216]

but if it's not, then we could see problems as early as next week. I'd just rather have some cash now, just to be safe.

[lightning59]

CASH IS KING, THAT IS WHAT THEY SAY!

[Fast1911]

CASH IS KING, THAT IS WHAT THEY SAY!

Only if the gold is there to back it up..........

[chpthril]

I've decided that due to the recent economic situation that I need to have a months worth of living expenses in cash at my house. I fear a bank run may be fast approaching. Am I being paranoid? (I think my wife thinks so)

No offense, but yes, you are being paranoid, this is how bank runs begin. First it's just a little money, then you hear friends, co-workers, and neighbors are taking money out, so you think...maybe I need to take out more, or better yet ALL.

Relax, the FDIC insures bank deposits up to 100K, so no need to panic. If you have some variable non-insured accounts that are taking a beating, consider rolling them into a CD or money market account, or IRA. Split up if more then 100K.

Fear and panic create more problems, then what people are scared and panicking about.

[jwanck11]

That depends on a lot of things. I do not believe that my bank will see a run (and am not convinced that a run on any bank will appear in teh next few days either...) at all.

It all has to do with your risk tolerance. If you feel like you need the cash, then by all means take it out. If it is from a bank account, it is not like you will lose a whole lot of interest in a month or couple of months time period.

A bailout will happen. When and what it will be remains to be seen. I believe (perhaps completely wrongly) that as long as there is promise of the bailout to come, there will be no emergency type crisis.

[skyski_tige]

Look what happened in Atlanta, when some one rumored that they were running out of gas. Everyone ran / drove to the stations and sucked the city dry...

Ps I think I read that it happened in Atlanta.

[chpthril]

Look what happened in Atlanta, when some one rumored that they were running out of gas. Everyone ran / drove to the stations and sucked the city dry...

Ps I think I read that it happened in Atlanta.

It's been happening here for a week, the damn media is creating the frenzy because the pipeline is not running at 100% since Ike. People are lining up at stations @ 5am for gas, and the lines are still there at closing if they have gas. People are driving around wasting gas trying to find gas, they are, in a sense, stepping over a dollar to pick up a dime

I haven't bought gas in over a week, and that was to put some in the SUV to drag the boat to the water, which still has gas.

[raythompson]

Look what happened in Atlanta, when some one rumored that they were running out of gas. Everyone ran / drove to the stations and sucked the city dry...

Ps I think I read that it happened in Atlanta.

Happened in Knoxville TN two weeks ago. The media said there was going to be a gas shortage and prices were going to spike. Well everyone went to get gas. Guess what, there was a shortage. Those stations that had gas jacked the price to $4.49 in the space of two days (was $3.39). It took a week for it to calm down.

The media is to blame. They created a mini-panic all so they can get their story while having thoughts of CNN air time dancing in the dead space between their ears.

Gas is now back down to $3.49. But Nashville is now taking a hit. Same scenario, media induced frenzy.

Cretins!

[jwanck11]

MAKES MORE SENSE THAN CORPORATE BONUSES...

I'm against the $85,000,000,000.00 (that’s $85 Billion) bailout of AIG.
Instead, I'm in favor of giving $85,000,000,000 to America in a We Deserve It Dividend.
To make the math simple, let's assume there are 200,000,000 bona fide U.S. Citizens 18+.
Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up.
So divide 200 million adults 18+ into $85 billion that equals $425,000.00.
My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend.
Of course, it would NOT be tax free. So let's assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ has $297,500.00 in his or her pocket. A husband and wife have $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family? Pay off your mortgage – housing crisis solved. Repay college loans – what a great boost to new grads. Put away money for college – it'll be there. Save in a bank – create money to loan to entrepreneurs. Buy a new car – create jobs. Invest in the market – capital drives growth. Pay for your parent's medical insurance – health care improves. Enable Deadbeat Dads to come clean – or else.
Remember this is for every adult U S Citizen 18 + including the folks who lost their jobs at Lehmann Brothers and every other company that is cutting back, and of course, for those serving in our Armed Forces.
If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000.00 ( 'vote buy' ) economic incentive that is being proposed by one of our candidates for President.
If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+!
As for AIG – liquidate it. Sell off its parts. Let American General go back to being American General. Sell off the real estate. Let the private sector bargain hunters cut it up and clean it up.
Here's my rationale. We deserve it and AIG doesn't.
Sure it's a crazy idea that can 'never work.'
But can you imagine the Coast-To-Coast Block Party!
How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 Billion We Deserve It Dividend more than I do the geniuses at AIG or in Washington DC.
And remember, this plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.


Ahhh...I feel so much better getting that off my chest.

[Fast1911]

MAKES MORE SENSE THAN CORPORATE BONUSES...

I'm against the $85,000,000,000.00 (that’s $85 Billion) bailout of AIG.
Instead, I'm in favor of giving $85,000,000,000 to America in a We Deserve It Dividend.
To make the math simple, let's assume there are 200,000,000 bona fide U.S. Citizens 18+.
Our population is about 301,000,000 +/- counting every man, woman and child. So 200,000,000 might be a fair stab at adults 18 and up.
So divide 200 million adults 18+ into $85 billion that equals $425,000.00.
My plan is to give $425,000 to every person 18+ as a We Deserve It Dividend.
Of course, it would NOT be tax free. So let's assume a tax rate of 30%.
Every individual 18+ has to pay $127,500.00 in taxes. That sends $25,500,000,000 right back to Uncle Sam.
But it means that every adult 18+ has $297,500.00 in his or her pocket. A husband and wife have $595,000.00.
What would you do with $297,500.00 to $595,000.00 in your family? Pay off your mortgage – housing crisis solved. Repay college loans – what a great boost to new grads. Put away money for college – it'll be there. Save in a bank – create money to loan to entrepreneurs. Buy a new car – create jobs. Invest in the market – capital drives growth. Pay for your parent's medical insurance – health care improves. Enable Deadbeat Dads to come clean – or else.
Remember this is for every adult U S Citizen 18 + including the folks who lost their jobs at Lehmann Brothers and every other company that is cutting back, and of course, for those serving in our Armed Forces.
If we're going to re-distribute wealth let's really do it...instead of trickling out a puny $1000.00 ( 'vote buy' ) economic incentive that is being proposed by one of our candidates for President.
If we're going to do an $85 billion bailout, let's bail out every adult U S Citizen 18+!
As for AIG – liquidate it. Sell off its parts. Let American General go back to being American General. Sell off the real estate. Let the private sector bargain hunters cut it up and clean it up.
Here's my rationale. We deserve it and AIG doesn't.
Sure it's a crazy idea that can 'never work.'
But can you imagine the Coast-To-Coast Block Party!
How do you spell Economic Boom?
I trust my fellow adult Americans to know how to use the $85 Billion We Deserve It Dividend more than I do the geniuses at AIG or in Washington DC.
And remember, this plan only really costs $59.5 Billion because $25.5 Billion is returned instantly in taxes to Uncle Sam.


Ahhh...I feel so much better getting that off my chest.

Awesome!!

[dogbert]

If the gov't lets the banks fail, there will be an overthrow of the gov't. None of the weenies in Congress will let that happen. They love their jobs too much and we pay them too much.

[Tanner]

I love the thinking... but ur math is a bit flawed... or else I'm missing some zero's in my calculations.

85,000,000,000 / 200,000,000 = 425


In order to get 425,000 you'd have to have a 85 trillion dollar buyout.... OR 85,000,000,000,000

[chpthril]

I love the thinking... but ur math is a bit flawed... or else I'm missing some zero's in my calculations.

85,000,000,000 / 200,000,000 = 425


In order to get 425,000 you'd have to have a 85 trillion dollar buyout.... OR 85,000,000,000,000

I like his math better, you can have your $425.00, I'll take the $425,000