I've been a bit worried lately about the economic crash and was wondering how safe is my (well not my) money. Will banks close? If so will we lose all our money that we have stored in banks? Or should we take it all out?
Well my family started a savings account in are credit union, like, an alternate one. And we just stick spare money in there when we get the chance. So if the economy crashes, there is a very good chance we will still be able to get are money because Credit Unions work on a different system/platform than banks so they are affected differently by a crashing economy.
Eh, my family has all its money in WAMU. (Now JP Chase-Morgan Washington Mutual, haha). Considering that investments up to $250,000 are now insured by the Federal Reserve, I'm not too worried.
Plus, my parents don't invest in single stocks; they diversify with mutual funds. "Don't put all your eggs in the same basket."
It's going down no matter what, mine as well get in over with <.>
Exactly. If you look at economic trends, there has always been a period of growth, followed by a sharp period of loss. It's just a natural trend that occurs.
A great example from the 17th century or so is the Tulip Bulb crisis in the Netherlands. The value of tulip bulbs rose so sharply, that many people traded their homes for a single bulb, in hopes of planting it and getting more bulbs out of it.
In the end, the trend ended, and many people were stuck homeless, but with lots of tulips.
A few more recent trends were the dot com rush, and real estate.
I really don't see why there trying. At this rate, it will be gone in under 10 days.
I mean, it's grim to think about, and i am freaked, but:
SERIOUSLY?!?!I mean, i thought you stockbrokers were smart peeps, yet you don't realize are economy is in the pooper and about to be flushed...PUH WHEEZE.
Don't blame the stock brokers, blame the huge line of short-term fixer-uppers that the president initiated, starting with the interest rate drop after 9/11.
Don't blame the stock brokers, blame the huge line of short-term fixer-uppers that the president initiated, starting with the interest rate drop after 9/11.
Not to mention the previous president's short-term economics. The blame doesn't rest on any one person's shoulders, don't try and bring politicians into this. This was the result of two decades of bad planning from MANY Americans. Not one. Not one group. Lots of things have gone wrong, and now it's coming back to bite us.
It's a shame that America is a republic and not a fascist nation...
The thing about taking your money out, is it's good for you but bad for everyone. If you, and you alone, take your money out, the bank should be fine with that. But if everyone who has an account at a band takes out all their money at once, the bank alone simply cannot supply that money. This is because when you make a deposit, the bank invests that money into stocks. Because of this, they are able to give you interest on your money. But if we all went out and tried to withdraw all of our money, it would just be mass chaos.
@Zootsuit_riot Yes, the federal government has said that any amount of money up to $250,000 is guaranteed. But, they have not tested this. This means that they might say that, but they are not necessarily sure that it is going to work.
I'm fine, everybody in my family including me works for the government. I'm actually glad that those tards on Wall Street are losing their imaginary money.
I'm fine, everybody in my family including me works for the government. I'm actually glad that those tards on Wall Street are losing their imaginary money.
