A few thoughts for the lounge lizards here.....

[BeachBaby]

and maybe this forum isn't the proper place, but I like you guys. :)

Am I alone in my fear of what seems to be an inevitable global depression? I'm really scared, kids. Right now, I'm watching CNBC World - and it is shifting from the anchors in charge of Australian and Asian markets, since their Monday already started. And it's not good - in fact, it's frighteningly BAD.

I've never been the alarmist type, but I'm also not one to stick my head in the sand. For most of us here (if not all of us), we've never experienced a depression. Some say that this will be unprecedented in strength, because it's global, not national.

Has anybody here learned about how a person should ready themselves for such an event? I live between 3 cities (Philadelphia,PA, Camden, NJ and Wilmington, DE) and the one thing I keep finding is that people who live in or near cities should be prepared for some serious looting that presents itself in the form of home invasions.

I don't know if I should clean out my bank accounts. I can't believe I'm even thinking about this. What I DO know is that none of us have a clue as to how something like this can play out, since it's never happened on a global scale before.

Any thoughts you all have, I would love to hear.

:hug:

[leeroysphitz]

1. This forum is NEVER the proper place. n/t

[TZ]

2. Don't clean out your bank account

One of the reasons the depression was so bad was because people paniced and withdrew money. There is the FDIC after all. Insures you up to 100,000. If you have more than this in one account spread it out.
I wouldn't panic. I remember very clearly the recession of the early nineties and that was really bad.
Older people with 401k's should move their money out of stocks and into bonds.
As long as you have a job and can make your mortgage payments (which I can fortunately) I'm not going to worry excessively about things out of my control. I am however on a fairly strict budget to make sure I have savings just in case.
Hope this helps. Perhaps you should not watch the financial news anymore. There really is nothing you can do except upset yourself more.

[siligut]

4. So funny, I find the financial news to be calming.

Good advice though. Panic never pays off.

[siligut]

3. Tune into channel 46, there is concern, but they will assure you, they have it under control.

The frucks don’t want to learn from history regarding war, but they do learn regarding their precious money. Make liquid what you need for 4 yrs, and then hold tight on the rest. Go blue chip with your investments if you haven’t already. I live in a temperate climate and the homeless have increased incrementally since FWbush stole office. If you have a job, keep it.

[bicentennial_baby]

5. First of all, take a breath...

Second, do not take your money out.

Ok, it's going to be bad, no doubt. But it's not going to be a lawless apocalyptic nightmare, as far as I can see. (Senior Yr. Econ major, here)

Relax, don't overspend, pay off debt where you can.

:pals:

[siligut]

6. Bank stocks.

Bear Stearns was bought out by JP Morgan, the bank stocks will tank tomorrow, don’t panic.

[siligut]

7. How the hell did that occur over the weekend?

B&S being bought by JPM; is the news late or did the transaction happen today?

[BeachBaby]

8. It's a done deal.

They wanted to have it settled before the Asian markets opened on their Monday.

They were bought at $2 a share. The Fed Res back JP in financial assistance.

[LeftyFingerPop]

9. Response for another thread...

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=105x7573038#7573107