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Thread: US close to NATIONAL bankruptcy

  1. #16
    Super Moderator twitchy2.0's Avatar
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    Hey, if you want Bush to get a blowjob, YOU do it. 'cause I'm feeling a little queasy.
    "If you are not outraged, then you are not paying attention," Heather Heyer's facebook quote.

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    Elite Member NicoleWasHere's Avatar
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    He's waiting for it, ladies!!!!!!

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    Elite Member ManxMouse's Avatar
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    Incredibly expensive war + tax cut + Medicaid prescription boondoggle (called the most irresponsible piece of legislation since the 60's by the government accounting office) + extreme mismanagement and corruption in the markets = DEPRESSION.
    Santa is an elitist mother fucker -- giving expensive shit to rich kids and nothing to poor kids.

  4. #19
    Elite Member Quazar's Avatar
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    Why would anyone even want to be President today? How can we possibly get out of the mess we're in? Maybe in 50 years from now, the mistakes made with this administration will finally be healed.....

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    Elite Member McJag's Avatar
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    Quote Originally Posted by twitchy2.0 View Post
    Hey, if you want Bush to get a blowjob, YOU do it. 'cause I'm feeling a little queasy.
    Hell,no! He can get a Mistress like everybody else!


    About the economy:
    On the plus side, Bill Gates,T Boone Pickens and the Walmart people could all chip in & stabalize it today.
    I didn't start out to collect diamonds, but somehow they just kept piling up.-Mae West

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    Elite Member louiswinthorpe111's Avatar
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    ^^Don't forget Warren Buffet...

  7. #22
    Elite Member lurkur's Avatar
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    Can anyone spare some advice for the rest of us leaning toward the 'beginner' end of financial knowledge?

    Any recommendations on if we should keep or pull money from investments like stocks? Mutual funds? etc.?

    How about regular savings/checking banks? If it's national bankruptcy, the FDIC insurance won't mean squat, right? Are they at all "safe" anymore in this shitstorm?

    Liquify into cash & convert to safer currency, stuff under mattress, and hide in your room with a shotgun?

  8. #23
    Elite Member DeadDwarf's Avatar
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    Quote Originally Posted by lurkur View Post

    How about regular savings/checking banks? If it's national bankruptcy, the FDIC insurance won't mean squat, right? Are they at all "safe" anymore in this shitstorm?
    I have my savings with WAMU, which is expected to go bankrupt. My financial advisor (a personal friend too) told me that the FDIC will insured my savings and it will probably be tied up for one day when they are transferring all the accounts to whatever company buys them. My account number, savings, etc. will remain the same. He said my money is safe and I can go on living. Same thing happened to my WAMU credit card when it was bought by another company 5 years ago.

    My friend (the financial advisor), has $300k in different investment accounts. He said he has no plans to pull out his money, he is confident that for now there is no need to stuff our money in mattresses.

  9. #24
    Elite Member sluce's Avatar
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    Investing right now really depends on your age and when you will need access to the money. I am heavily invested in real estate and this is a great time to buy rental properties. Investing in the market is risky right now so I have shifted my investments more towards lower and low-moderate risk funds. I still have 20 years or so before I will need the money and history has shown the markets will rebound.

  10. #25
    Silver Member betagrl's Avatar
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    Interseting how these threads seem to be Republican-friendly free zones. I'd be curious to hear what McCain/Bush supporters think about this? Or are they not concerned?

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  12. #27
    Elite Member lurkur's Avatar
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    I have some money in WaMu too, that's why I brought it up!!!

    I had put some into some mutual funds some time ago, but they have lost value, and I'm sure will fall even more. I didn't--and still don't--plan to touch it for decades, so I was sitting tight. My thought is to keep holding, but people are talking like they might consider cutting their losses rather than getting the whole amount wiped out.

  13. #28
    Elite Member ManxMouse's Avatar
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    FDIC will insure deposits up to $100,000. The most sure-fire way to trigger a depression is for everyone to panic and start pulling their money out of banks, the stock market, and investments.
    Santa is an elitist mother fucker -- giving expensive shit to rich kids and nothing to poor kids.

  14. #29
    Elite Member lurkur's Avatar
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    ^^ Yeah, fer sure.

    This is so angering. The big rich guys are shuffling around their money right now, some trying to position themselves to get the best pieces of meat off the carcass, and meanwhile the rest of us are worried about how to just hold on to the crumbs we have and make it through this mess.

  15. #30
    Elite Member Little Wombat's Avatar
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    Quote Originally Posted by ManxMouse View Post
    FDIC will insure deposits up to $100,000. The most sure-fire way to trigger a depression is for everyone to panic and start pulling their money out of banks, the stock market, and investments.
    ManxMouse is right. You do not want to panic and start a run on banks. Your money is effectively safe in FDIC insured accounts.

    As for stocks, you only incur a loss if you sell for less than you bought, so don't sell now unless you have some reason to. The 500 point drop today isn't the same as when the Dow dropped 500 on Black Friday in 1987. Percentage-wise, it's not as significant, and there will probably be some sort of rally tomorrow.

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