Posted on 08/11/2012 10:37:16 AM PDT by E. Pluribus Unum
I am thinking about doing what she says. It's hard.
>>Wouldnt I take a major hit cashing out my 401k??<<
A catastrophic hit.
>>I am lost. <<
Unless and until you join the ranks of people who are spending real money and time making shelters, buying ammo and food for 10 years to be ready for “after society collapses” there is no reason to be lost. Do market research, hedge your bets with precious metals if you are really nervous. Don’t panic and you will be OK.
>>And I trust Ann.<<
Bad idea.
>>Like the GM bondholders?<<
If you are not an institutional investor you should always hew to one word: diversification.
AND Obozo appointed the past President of the “New School” as the head of the Export/Import Bank. You remember, the one that loaned Billions of dollars to finance an offshore drilling project for the Leftist Government of Brazil.
They slushed over 300 failed backs through the system.
See my tag-line. Any who suggests we aren't in a long-wave contraction is an idiot.
Exactly how does "diversification" protect you from a criminal government that disregards laws that are supposed to prevent it from stealing?
So where are you keeping all your cash? The mattress?
The FDIC has had just enough to cover everything, but had to get banks to prepay premiums several years in advance.
Consequently, the FDIC can still say it has always been independently funded, all the way back to its founding.
“Exactly how does “diversification” protect you from a criminal government that disregards laws that are supposed to prevent it from stealing? “
On the bright side - If enough of you “Heaven’s Gaters” give the government half of your money, maybe they won’t take mine before I’m done with it. Yea me.
Not at all. The FDIC had banks prepay several years of premiums and worked out different arrangements for dealing with bad assets with individual buyers.
When multiple years of payments come in early, it makes a HUGE difference. The FDIC is doing well now and building back reserves.
The FDIC has only ever gotten money from banks—it has never been funded by the FED or the government. Show us otherwise.
Also, and this is a technicality, only the Treasury “prints up dollars.”. Unfortunately, the FED can water the value of those dollars down through monetary policy moves.
5. Musical interlude. Can we put this in the running for the national anthem of the Second American Republic?
http://www.youtube.com/watch?v=CjbO9pL-2UY&feature=player_embedded
Alison Krauss & Union Station, Dan Tyminski on lead vocals singing “Bright Sunny South”.
In my bag there's a Bible to show me the way
Through my trials here on earth and to heaven someday
I will shoulder my musket and brandish my sword
In defense of this land and the Word of the Lord
5. Musical interlude. Can we put this in the running for the national anthem of the Second American Republic?
Alison Krauss & Union Station, Dan Tyminski on lead vocals singing “Bright Sunny South”.
In my bag there's a Bible to show me the way
Through my trials here on earth and to heaven someday
I will shoulder my musket and brandish my sword
In defense of this land and the Word of the Lord
mark
Do you believe that the FDIC has the money on hand to cover the coming collapse? Do you even believe that they have the money on hand to cover even one of the Mega Banks collapsing?
Sometimes I have to wonder if those that seem to be doing their best to nay say the blatant thievery aren’t in on it.
I will grant Dodd-Frank one thing: living wills for large banks. That process should be pretty effective in stopping the “too big to fail” crud that I was against from the very beginning.
I still can’t believe virtually every Republican voted otherwise for TARP and the rest.
Are you implying that of me? If so, you are seriously mistaken.
Too late. I already yanked. I gambled $1 million dollars. If I lose, then all you folks win. If I win, (and I pray that I don't) then...
FMCDH(BITS)
FReegards
Heaven's Gaters? Hardly. My decision was not made in a panic. Thanks for the slam though. I did my part.
You're welcome.
I'm going to respectfully disagree, in part. Their reserve funds were depleted due to the substantial number of banks that failed. Page 118 of the 2009 Annual Report clearly states that they had a reserve balance of -$20.9 Billion.
That's broke as a joke.
You are correct that they did a 3-year pre-pay to rebuild the fund after the wipe out of 2008/2009, and rolling partially into 2010; however, they also substantially increased their holdings of Treasury notes.
Let's be honest, though. It's all turned into monopoly money at this point. The only thing keeping this sinking ship afloat is the universal game of "pretend" taking place across the globe.
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