FDIC is running out of money and a WaMu collapse could make it even worse
That $85 billion for AIG? Um, please China, may I have some more money for that?
So what's the good news?
The good news is that even if the FDIC collapsed, and then your bank collapsed, and took all our money with it, and you were left with no cash, inflation would probably go into the thousands percents, and even if you had pulled out all your money and put it under your mattress, it would become worthless pretty quickly. So there's no reason to run to the bank to take it all out, and if you missed your chance to do so, it's not such a big deal.
Meanwhile, if you couldn't pay your mortgage or rent, just think, who's gonna throw you out of your house? The bank holding your mortgage probably collapsed anyway, and the police have bigger things to worry about, like the looting and the riots going on around the country. So you're safe in your house, for now.
Best investment right now? A baseball bat (or gun) and some seeds to grow food.
Happy bartering, my friends!
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Kerry Lauerman
Farhad Manjoo
Tracy Clark-Flory
Rebecca Traister
Sarah Hepola
Joan Walsh
Salon.com
Comments
What is the most rational thing for people to do in the face of this situation that is unfolding?
Seriously. It is baffling to those of us who just buy things and invest retirement in relatively safe mutual funds and blue chip stock.
What the hell just happened in your neighborhood?
Damn - it might be time to ditch the contact lenses as well and invest in a pair of glasses. I'd like decent focus when I begin to hug that trigger.
So, you know, yikes.
Ondretee - yah!!
BTW, the Firefox books are good, too.
We belong to WaMu. I keep hearing rumors about their demise. Please tell me it's not so.
But there's no point in removing it. What would I do? Bury it in the backyard? Nah. No point.
"Hey fellas. I just put 2 large into the DOW this morning. Now I'm a busy man so I haven't had time to check. How am I doing?"
I kill me.
As you said yourself, though, if society does collapse, you're in a better position than most of us. where am i going to grow food, on my fire escape?!
And I don't think society will collapse any time soon but everyone's welcome if it does. We could form a commune. I'll teach everyone to knit and spin. ;-)
My real concern is about the Federal Reserve and that fact that there's no money in it. The economist I work for said that the Federal Reserve will be asking the Treasury to 'loan' them money and then they'd sell the interest in those shares to make more money (or something nice and technical that I'm too uninformed to understand). But after that, well, it would be bad if more financial institutions failed was his point.
I need a drink. Any thoughts about opening an OS bar? Maybe squirrel could spot us a tab.
I can also churn butter but we need a cow (I know a guy who knows a guy ;-).
We can master this thing, damn it, as long as the regulators and the bankers don't come creepin' on our property, dang nabbit.
Can I mention how surreal this is? Can I reiterate that I truly would take everyone in who's willing to work for the common (commune) good. Oh, my.
Hey, I'd like to learn to spin. Good enough for Ghandi, good enough for me.
Does it help that my head has been spinning for the past eight years?
Oh, Ghandiji also made sandals, a trade he learned whilst a guest of the South African government.