Going to Cash

[skyski_tige]

Look what happened in Atlanta, when some one rumored that they were running out of gas. Everyone ran / drove to the stations and sucked the city dry...

Ps I think I read that it happened in Atlanta.

[jwanck11]

That depends on a lot of things. I do not believe that my bank will see a run (and am not convinced that a run on any bank will appear in teh next few days either...) at all.

It all has to do with your risk tolerance. If you feel like you need the cash, then by all means take it out. If it is from a bank account, it is not like you will lose a whole lot of interest in a month or couple of months time period.

A bailout will happen. When and what it will be remains to be seen. I believe (perhaps completely wrongly) that as long as there is promise of the bailout to come, there will be no emergency type crisis.

[chpthril]

I've decided that due to the recent economic situation that I need to have a months worth of living expenses in cash at my house. I fear a bank run may be fast approaching. Am I being paranoid? (I think my wife thinks so)

No offense, but yes, you are being paranoid, this is how bank runs begin. First it's just a little money, then you hear friends, co-workers, and neighbors are taking money out, so you think...maybe I need to take out more, or better yet ALL.

Relax, the FDIC insures bank deposits up to 100K, so no need to panic. If you have some variable non-insured accounts that are taking a beating, consider rolling them into a CD or money market account, or IRA. Split up if more then 100K.

Fear and panic create more problems, then what people are scared and panicking about.

[Fast1911]

CASH IS KING, THAT IS WHAT THEY SAY!

Only if the gold is there to back it up..........

[lightning59]

CASH IS KING, THAT IS WHAT THEY SAY!

[sparky216]

but if it's not, then we could see problems as early as next week. I'd just rather have some cash now, just to be safe.

[da.bell]

Depends if this bailout is what it should be.

[sparky216]

I've decided that due to the recent economic situation that I need to have a months worth of living expenses in cash at my house. I fear a bank run may be fast approaching. Am I being paranoid? (I think my wife thinks so)