Fuck It...Just went and got all the money available to me and put

[firedupdem]

it under the mattress. These people are crazy. If my 401K is gone at least I'll have this.

[WeDidIt]

1. Time to grab your cash and run

Banks are gonna start failing.

[DefenseLawyer]

2. Is that the new McCain Bailout Plan?

Mattresses, my friends, mattresses.

[lala_rawraw]

3. No, it is a run on the banks that will cause them to fail

Don't react in panic please

[WeDidIt]

4. It's every man for himself now

because the FDIC doesn't have the funds to back up what's about to hit.

Fuck that noise, I'm grabbing every penny I have now while I still can because there is no FDIC to bail out over 167 bank failures.

[VolcanoJen]

Your cash will be WORTHLESS if everybody follows your "every man for himself" advice

It's going to burn up pretty quickly in the fireplace this winter, too.

Your advice is foolhardy.

[iamthebandfanman]

33. yup. panic is not the correct reaction to any crisis

i would hope that people on DU would know that by now.

[CreekDog]

31. every man for himself is everybody for nobody

cash won't even work if all the banks fail.

cash is faith in the government to back it, if we make all the banks fail, the government can't back all that (if some fail, the government CAN back some failures but not if all of them fail).

so all your cash will be for naught.

you're playing checkers.

[firedupdem]

7. my husband said I was wrong..but it's pretty scary when you are

already struggling financially. My withdrawal won't bring anything down but they are freaking me out!

[Anywho6]

13. Withdrawing the amount of money most of us here have will not matter...

...as much as the people who have millions of dollars and will (and have been) pulling their money out of banks and sinking it into treasuries for protection. We each need to do what we feel we need to do. I have taken out some extra cash just in case, but I haven't taken out every cent from my checking by any means.

[liberalmuse]

5. My 401k is gone.

I think I'm pulling my money out today, too. Congress can come up with a better plan than this. Obama is giving encouraging words right now. I love him.

[Lucky 13]

6. My whole poverty strategy has finally worked out for me.

No investments. Nothing to lose. Nothing to withdrawl.

If I tried to do a run on my bank I'd get $5.93 and a handy new magnetic calendar.

[teenagebambam]

11. You and me both.

Together, we'll RULE in the New Order!

[Lucky 13]

23. Totally. The wealthy aren't used to a diet of Ramen and grilled cheese.

Our bodies have adapted, evolved to this predicament already. While they are suffering their first bout of rickets and scurvy we're going to rise up and take over the world!

[TexasLady]

12. I have$ 9.54 in mine.

minus the calendar.

[Lucky 13]

30. You rich elitist!

:rofl:

[JohnMcCant2008]

22. LUCKY!!

we'll all be there with you soon enough, though........

[Lucky 13]

26. Ah yes, but while you are adjusting to your new found poverty, I will be thriving!

I'm used to a crappy diet of Ramen noodles!
I'm used to finding cheap clothing at Goodwill!
I'm used to making basic auto repairs with duct tape and Krazy glue!

I'm WAY ahead of the curve! Ahh... it's finally all paying off!

[Kurt_and_Hunter]

8. That's really stupid. You merely increased your chance of losing it.

It is safer in a bank.

[demokatgurrl]

9. At least put it in a metal box

in case of fire (not kidding).

[WeDidIt]

27. I've got a safe

I'm withdrawing all of my savings today.

The banks are failing. At least 167 are in serious trouble right now. The government is doing nothing. FDIC is woefully underfunded to cover insured deposits in the banks that are in trouble, let alone the other financial instutions that will start going down the tubes after these 167 start failing.

It's pretty much a done deal what's going to happen now. I'm taking my money out now while it's still there.

[demokatgurrl]

10. dupe, sorry

[kypp]

14. I have a stupid question.

Don't most 401Ks/retirement funds allow you to choose which funds you are invested in? And aren't there always some choices that are "fixed"? So, when you choose fixed, you don't earn as much, but you're investments aren't wiped out by something like this.

[demokatgurrl]

25. but as far as I know (and I may be wront)

401K funds are not insured, even those with fixed rates of return. You lose, well, you lose.

[firedupdem]

15. These bastards voted no because they were mad about a

speech? They don't give a fuck about the people of this country. Bullshit!

[Balderdash]

16. We can't panic!

Panic will doom us all.

[Doityourself]

17. bad idea! that money ain't gonna be worth squat!

[Maine-i-acs]

18. Welcome to the Ownership Society.

Take everything you Own and stuff it in your mattress.

[RichGirl]

21. Your money might still devalue...

...in First National of Mattress Bank, but it will at least fill in the saggy parts.

[ITsec]

19. Don't panic.... if the Fed can bail out Wall Street with $700b, they can bail out FDIC.

I mean, all they need to do is crank up the printing presses.

[Parker CA]

20. Your actions and others like you are precisely the reason WAMU failed. 16+ billion withdrawn before

they failed. When people start doing this the house of cards is one step closer to collapsing.

[riqster]

24. Panic is not usually a good way to handle risk

I stopped putting into my 401K a couple of years ago, and ditched almost all of the stock component. I'm leaving it where it is.

[MSU_Spartans]

28. I just did the opposite

I'm pouring expendable income from the month into my 401k. But, I'm young and can ride it out. I figure now is the time to buy as I'll get more shares for my buck.

[Heather MC]

29. You should leave it in a Safty deposit box

If it gets stolen or burns in a fire the insurance will not cover it

[freestyle]

32. Unless you are very close to retirement, why do that?

Yes, I am watching the paper value of my retirement accounts drop by the day. Why make the losses real by cashing out? Since I have about 30 years until retirement, I'm holding and continuing to buy more.

It is always good to have some rainy day money set aside. Sacrificing the future because of a rainy day is an absolute last resort.