Double WOW!

[neatokimmo]

I don't understand why you'd pull your $$ out of your checking account? I am not the sort to freak out, but maybe I am not not taking all seriously enough.

I see it crashing the market, the feds cutting int again to raise it back a little, then 3-5 years for things to recover to the numbers before Citi crashed the market. What do you all think?

 

[Free4Life11]

Actually I saw some expert on Friday or Saturday saying these investment banks have very little correlation with banks we use for our everyday checking and savings.

I don't plan to pull any money out...what good will that do? I can't pay my bills with cash and I've got so little as it is LOL!

 

[Frankiesmom]

I can pay my bills with cash if I have too- the post office sells money orders.?I just think I would feel better that I am only going to leave enough in there to cover my checks; the rest will be in my safe. Sure will make me sleep alot better.

 

[MoniqueU]

Anyone know why the news isn't talking about this?

I have been watching the news all day and they are mostly talking about Obamas preacher dude and the Spitzer mess, even though I think this is a bigger story I guess it isn't scandalous enough.

I have learned more off this thread about the subject then I have heard on the news all day.

 

[Grand Canyon]

Any guess what Oil and gold are going to do tomorrow?
I see the value of the dollar falling fast. The fed has run up $265b budget deficit in the last 5 months. Where is the money to bail out Wall Street going to come from?
I have been reading the new all weekend and it has seemed surreal. I was thinking that I did not understand what was going on. Thank you all for restoring my sense of sanity. The DIS Boards is so much more to me that a place to talk about Disney. Do you think anyone at WDW management realizes how much all this might effect visitation?
We are closely watching gas prices here, and holding our breath that the visitors keep coming. So far we have good numbers. I know I am talking of parochial interest when many of you have bigger issues on the horizon. My hart goes out to you. Good luck to you all.

 

[cats mom]

I'm really surprised at the lack of attention this is receiving too.

I just watched our local late night news and while they briefly mentioned the sale, they failed to note the 30 billion dollar insurance policy the fed is providing to prop up the deal.


They glossed right over the story to get to what they must consider more important news... freeway closures and sports scores.

 

[abdullahkurdi]

Pretty scary stuff.

 

[AndyLL]

All this because of the arrogant and short-sighted run-up of rates by the Fed.

At least they've begun to unravel some of the damage they've done. Though much of it will be irreparable. What a shame.

You are joking are you not?

Or are you the one that 'claimed' cutting tax rates increases revenue?

The Feds need to quit using the prime rate to solve the economy... they've keep it suppressed way to much the last few years.

Chase credit card holders... expect your rates to go up again.

ANdy

 

[runagun]

Gross negligence by our Government to spend our money for a private company. Give our money to people that are already rich. Why don't we bail out all those people that are forclosing on there houses? I will never understand for republicans that are suppose to be so "You make your bed that you lay in". For them to be stepping in and helping in this. Let the freaking thing fail, It would be a warning to all the other banks that rip people off.

I'm really surprised at the lack of attention this is receiving too.

I just watched our local late night news and while they briefly mentioned the sale, they failed to note the 30 billion dollar insurance policy the fed is providing to prop up the deal.


They glossed right over the story to get to what they must consider more important news... freeway closures and sports scores.

 

[happygirl]

I don't understand why people are taking there money out of banks, aren't most accounts insured for atleast 10,000 by the FDIC??

by the way JP Morgan is going they think the stock market is going to crash and crash hard

 

[punkin]

This has NOTHING to do with depository institutions. The FDIC insures deposits up to $100K at least. DO NOT PANIC!!!

 

[dvcgirl]

Well, the futures are surely down this morning, but not as bad as last night. Nobody crashed overnight in Asia, but they were down about 5%.

Lehman is down significantly in futures. Let's see if there's a run there.....

 

[DisneyMomJen]

Where did you hear that they stopped trading?

Bear

 

[kbkids]

I do not understand this stuff at all, but just curious what to do with DH's 401K. It's in one of those funds that the broker runs for you - you just pick, high risk, medium risk, low risk. You can also invest in company stock, bonds, etc. Right now, we've got 20% in company stock, and the rest in medium risk. Any opinions on what we should be doing with it? There's enough there that this makes me nervous.

 

[corndog]

You are joking are you not?

I am 100% serious. While agree the Fed should not be involved in setting the price for money, period, their justification for the rate run up was absurd. It was basically -- "there's too much prosperity. we have to stop it."

Or are you the one that 'claimed' cutting tax rates increases revenue?

I happy to continue that discussion on the taxes thread. http://www.disboards.com/showthread.php?p=23804940#post23804940&highlight=

All I'll say here further on the subject is that you posted numbers that said revenue increase, adjusted for inflation, 2.5% after the tax cuts, then 10.6% the following year, with a 7.9% the year after that.

That's not a "claim." That, my friend, is data.

 

[punkin]

Bear stopped trading because NO other company had any faith to trade with them. All trading stopped on their end.

Bear needed to be taken over by a strong bank this weekend before the Asian markets opened last night. If they were not taken over, there was great fear of what would happen with the markets, worse than whatever is going on now.

No. A Previous Poster said that the Bear trading floor was shut down completely. That is something different. I understand the reasons Bear went under, but it seems from the PP's post that traders were told not to come in this morning. I had not heard that and was trying to find out details.

 

[callaghan0416]

No. A Previous Poster said that the Bear trading floor was shut down completely. That is something different. I understand the reasons Bear went under, but it seems from the PP's post that traders were told not to come in this morning. I had not heard that and was trying to find out details.

YAAH that was me, sorry. You know the street and rumors and I bit hook, line and sinker, just as bad as them. Phone was crazy last night. Again, sorry abot that.

callie

 

[Frankiesmom]

So are they trading today? And yes, I know we're insured thru the FDIC. And maybe you're right- don't panic? But, my grandpa lived thru the depression and he said 1 day they all had money and the next day- none! So, for the sake of argument- the worst happens- and we have no cash- how long till we get a "check" from the FDIC? I won't take all my $ from the bank; but I'll take a decent amount- just in case. We all have kids to feed; and waiting for a check from the FDIC- no thanks- better to be prepared!

 

[Lucky4me]

I you have less than 100 grand in your bank account, DONT WORRY ABOUT IT. It's FDIC insured. They'll print some more money if they run out. :lol:

To whoever was thinking about taking out their 8,000 401k to pay a credit card? DON'T! Leave it where it is, forget about it and find another way to pay off the card. It sounds like you are young and have a long time before retirement. It's not much money, you can withstand this bump in the road.
This is what we would do, take it for what it's worth. I am not a financial expert by any stretch.

 

[Lucky4me]

So are they trading today? And yes, I know we're insured thru the FDIC. And maybe you're right- don't panic? But, my grandpa lived thru the depression and he said 1 day they all had money and the next day- none! So, for the sake of argument- the worst happens- and we have no cash- how long till we get a "check" from the FDIC? I won't take all my $ from the bank; but I'll take a decent amount- just in case. We all have kids to feed; and waiting for a check from the FDIC- no thanks- better to be prepared!

There is nothing wrong with having a little safety net money hidden somewhere. We have some in a fire proof safe. It's been there for 13 years and will hopefully be there another 20 until we move. A safety deposit box at the bank is a good idea if you're uncomfortable having cash in your home. DH and I were raised with the thought to never put all our eggs in one basket. It's just good common sense.