OT - Dow plunges 1,175 - worst point decline in history

[zap]

Originally Posted by AngryScientist

yea, it's not going to get any cheaper to borrow money than right now, i dont think.

Mortgage rates shot up last week. Fed announcement Sunday might bring rates down some today but doubtful they will go lower than what they were last Monday.

[echappist]

Originally Posted by Tony T

Then I don’t understand your checking account question.
If you’re questioning if banks are safe, they are.

Or more bluntly, the banks may not be safe, but deposit up to $250k are insured

[FlashUNC]

Originally Posted by fmradio516

Should I be withdrawing all my cash out of my checking account that i plan to use soon for home renovations??

That's a bad idea.

[MattTuck]

Originally Posted by echappist

Or more bluntly, the banks may not be safe, but deposit up to $250k are insured

Yep, sadly, there are lots of reports of ATMs completely drained. Around here it is true, and I'm in rural NH.

We could be having an old fashioned bank run on top of the hoarding, asset value declines and virus... wooo boy!

[ftf]

Originally Posted by MattTuck

Yep, sadly, there are lots of reports of ATMs completely drained. Around here it is true, and I'm in rural NH.

We could be having an old fashioned bank run on top of the hoarding, asset value declines and virus... wooo boy!

I wonder what makes them think that paper money would be any more valuable than non paper plastic cards in the event of a total breakdown of society?

Fiat money has no intrinsic value, in any form.

[buddybikes]

Originally Posted by FlashUNC

That's a bad idea.

Sure hope you feel secure in your job to take on debt

[Jaybee]

Originally Posted by steveandbarb1

Sure hope you feel secure in your job to take on debt

If you don’t feel secure enough in your employment situation to take on low interest debt, then non-essential home renovations can probably wait, no?

[echappist]

Originally Posted by ftf

I wonder what makes them think that paper money would be any more valuable than non paper plastic cards in the event of a total breakdown of society?

Fiat money has no intrinsic value, in any form.

Au contraire, i’d argue that literal fiat financial instruments make for the perfect implement for snorting the rock of coke in one’s doomsday bunker. While a credit card is needed for cutting the rock, nothing beats the perfect blend of cotton and pulp fibers for snorting (or so i have been told )

[mtechnica]

I don’t think We are in doomsday territory (collapse of fiat currency) but if we are calling 2008 a recession I think that’s where we are headed. I don’t know what it would take to say the D word but hopefully it won’t get to that point.

[ftf]

Originally Posted by mtechnica

I don’t think We are in doomsday territory (collapse of fiat currency) but if we are calling 2008 a recession I think that’s where we are headed. I don’t know what it would take to say the D word but hopefully it won’t get to that point.

I don't either, but if plastic won't work, neither will onion paper.

[mtechnica]

Originally Posted by ftf

I don't either, but if plastic won't work, neither will onion paper.

That's true. I think people that are withdrawing cash are probably the same ones buying 5 years worth of toilet paper.

[FlashUNC]

Originally Posted by steveandbarb1

Sure hope you feel secure in your job to take on debt

My comment was only related to pulling cash out of a bank account and stashing in, I dunno what.

Unless you're over the $250k deposit insurance limit, there's no reason to withdraw large amounts of cash from the bank right now.

[Black Dog]

Originally Posted by FlashUNC

My comment was only related to pulling cash out of a bank account and stashing in, I dunno what.

Unless you're over the $250k deposit insurance limit, there's no reason to withdraw large amounts of cash from the bank right now.

This. People act very irrationally in these situations. No different than all the people that are selling their stock holdings at a huge loss.

[dancinkozmo]

im really regretting trading my "purell" shares a couple months ago for shares of "the handshake emporium"

[Clean39T]

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