Anyone else considering withdrawing their money?

Originally posted by Karlhungis
Anyone else considering withdrawing their money?

What money?

I'm wondering what people do with money that they withdraw? Is it in gold coins? Is it in supplies to barter with? Is it just cash in the mattress .. that kind of thing?

As I live under Uncle Sam's care-- pulling the 40k I have in the bank isn't really worth it.

1. In a massive collapse the money will be relatively worthless (in my opinion)
2. I get fed no matter what, clothed, etc

3. I have my money in some risky investments just in case it comes back-- which I seriously hope it does.

The volatility we saw a few days ago seems to be dying down, now its steady decline!

We have had a credit union we bank with for 4 years & we haven't yank it out yet, but I've SERIOUSLY have considered it, even as early as 2 weeks ago. I started to think about doing this last year in November.

This is part of the reason I posted this Thread about cold hard cash. As the previous member posted already about the value of the $ tanking if the banks go under, how would pulling the $$$ out of the bank be worth anything?

I haven't asked around at work about pulling out, but, I haven't heard alot of hubbub about it here in Oregon...yet.

S&F!

reply to post by FlyersFan


I was thinking about a fireproof safe hidden somewhere in the house. I have the same worries about the money being worthless if the banks tank but I think it would still buy some things in the short term.

I'm a procrastinator and by the time I may even try, there won't be much if anything left in my 401k. The bank consortium or whatever site only lists it's gross worth as of 2007, which I think should be illegal.

My 401k is not protected, as far as I understand. Every time I get a statement so far, another 2,000 is gone. My stock broker or whomever when asked about the proportions of the investments claimed would not effect each other. He lied. I look forward to his obituary.

I had considered withdrawing it at the beginning of the year. But I'm on SSDI and was warned not to touch it by someone at SSI. The losses I would have likely suffered in taxes etc. are now gone and would only get worse adding insult to injury.

I wonder if the stock market's bottom is 666 on the S&P and 6,606 on the DOW?

If the market did come back, I'm curoius how long it would take to recover my losses. It took 5 years for the gains and just 6 months to lose it. Retirement accounts are as promising as SSI now.

Even funeral homes are going out of business. What are these people doing with their deceased relatives?

At what point will they now freeze the stock market? It's being chipped away as if by some loophole.

Is this another 9/11 "controlled" demolition?

Will those who have any value in the banks and stock market get credit only for what's in these banks when there's a change over or not? Who decides asset values and ownership if the system switches over?

I've been getting calls from a collection agency I think is in India. I couldn't make out what he said though or even care at this point.

I had an increase this year on my SSDI and my auto insurance company is more than happy to take it. What a joke. Stimulus THIS.

[edit on 2-3-2009 by aleon1018]

reply to post by Karlhungis


Been there, done that...... with the way banks are going and now the FDIC doesn't have the money to cover the banks that are in trouble........................... no brainer! That is my opinion.

reply to post by aleon1018


I lowered my 401k contributions down to the lowest levels but didn't withdraw it completely. I still have another 20 or so years before I can consider retiring, so at this point it only makes sense to leave it in and hope for the best. I quit looking after I had lost 40%.