If Chase goes under will I still have to pay my mortgage?
If Chase goes under will I still have to pay my mortgage?
fornetti14 wrote: Not moving any money or 401(k), just buying through payroll deductions as usual. THE MARKET IS FINALLY ON SALE PEOPLE!!!!!
no joke. i just upped my contributions to my 401(k)
I would hope anyone with over 100k in cash would be putting it somewhere better than their checking/savings account.
I pulled my money out of my wamu account and put it another bank. I know I am FDIC insured but the federal goverment seems to enjoy being caught with it pants down around its ankles anytime anything bad happens. I am not about to rely on it... 
Lennyseleven wrote: I would hope anyone with over 100k in cash would be putting it somewhere better than their checking/savings account.
Of course, in a series of plastic canisters buried five feet underground in the back yard. Thankfully I've got the map... right... d'oh!
jrw1621 wrote: I do not want to fuel the frenzy but at the same time I would like to know where my dollars are. Are you going to pull out your cash?
No, I've not taken everything out of the banks and stuffed it into the matress. But, I've got it split among multiple banks, and do have a good bit of it stashed away for cash emergencies.
FDIC has been quite clear that they do not have the funds to cover the banks, and if the growing storm of bank collapses takes place, you're SOL if you thought the FDIC would save you. At the very least, you're going to be in a world of hurt waiting for them to get around to giving you some money.
As well simple good old fashioned disasters like tornadoes, floods hurricanes and the like. When the system is down your atm card does you no good. Having cash on the other hand continues to work.
It's all silly in the minds of many. But then I do other silly things as well. Like stock up on food and firewood for winter storms, fill the tub with water, have the truck fueled up, etc. That way when we lose power we can continue to live comfortably. Others much prefer to suffer due to lack of preparation and foresight.
Or we just raid the houses of those who prepared. 
MrJoshua wrote: Or we just raid the houses of those who prepared.
+1.
I'm sitting tight. Here's why: if I pull $ out of any long term investments which may have dropped, I have now turned a paper loss into a real one. Like Margie mentioned, after the last 'correction' everything went back up ans historically it always has recovered. Think of it like a kid climbing a hill playing with a yo yo.
Invest in weapons to defend your gold/gas reserves once the banks go under.......
What is this "money" you speak of?
Mine is staying in. I'm thinking about upping my 401K, but it's already 10% of my income. If I sell the Z3 (might move to NYC), then I can up it even more.
Luckily most people today don't save a dime.
I'm thinking hard about investing more. Get some bargain price stocks.
My money is staying put in the bank unless I use it to buy stuff at bargain prices.
I've been contemplating pull all of my c/ds. One of them just matured and I put it in my checking, but I really am just thinking of pulling it all out until the market kind of corrects itself. It really is all I have except for my car, it's my down payment on a house or paying of student loans or starting a business. Either way I don't want to lose it and don't know what to do.
Maybe I need to ask my super liberal brother up in DC what to do, I really have no idea.
Honda doesn't pay me enough to actually save, just enough to live paycheck to paycheck while still living with the parents and going to school.
carguy123 wrote:Salanis wrote:You must be hoarding all those OLD pennies. The new ones only have enough copper in them to give them color.PHeller wrote: Oh, and I'm going to withdrawl all my savings and ask for pennies, are they worth their weight yet?No. So if the U.S. economy collapses, you'll be in a good position. You can melt down all that copper and sell it for scrap.
I was about to say the same thing. You need to horde all the pre-1982 pennies. 1982 and newer are mostly zinc, and that's not worth too much.
The market will not correct itself, investors will correct the market.
YOU (and I) are what it takes to stop the negative tide.
Just like voting and the government, you and I ARE the market. If We The People start panicking and yanking out money to stuff in mattresses why then the stock market will certainly tank for the short term. Those who are brave enough to buy the stocks the panickers sell at fire sale prices will be sittin' good in a couple years (assuming they don't buy any stupid stuff).
I'm busy enough prevent forest fires, now I have to fix the stock market too.
Lennyseleven wrote: I would hope anyone with over 100k in cash would be putting it somewhere better than their checking/savings account.
What if you have enough that $100k in the checking account is just pocket change? I was at an ATM a few months back down on Boston street in Baltimore, and there was a slip left laying there that indicated $130k balance in the person's checking account...
Preparedness also includes keeping the powder dry.
Seriously though, some of you seem to have really mixed up things. The stock market and stock investments are not the same thing as a bank and a bank failure (or bank run).
If nothing else than the insurance on the one, and the total lack of insurance on the other.
I think my $16.78 is safe! Seriously, a few years ago I moved investments into real estate, that seems to have worked well too...
Why worry about your bank failing when the global economy is the what's at stake. Cash or credit, it won't matter if the goods you want just aren't coming to the US. This real estate bust will be a laughable matter in 10 years when you're wondering why there's no bread on the shelves for any price.
You've got a point, GT.
The Feds stepping in to save FannieMae and Freddie Mac probably had less to do with our national economy than with international relations.
They own 50% of the mortgages in this country. Who do you think owns them? (answer: Asian investors, etc.)
Lehman was chump change.
My money is all tied up in precious commodities like soon to be scrap iron with turbochargers.
But no, I'm not planning on moving it anywhere. I need a good multiplier to get worried about that whole FDIC thing.
I keep thinking about Cousin Eddie from Vegas Vacation with the jars of change buried throughout his yard. I am not that many steps removed from being Cousin Eddie myself, and I can't risk getting any closer by burying my change in the yard.
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