Godfather, go to the "need help from ppl" thread.....

 

People aren't getting your point. Some folks just fall back on this depression-era mindset handed down by their parents/grandparents, and they don't stop to think about the variety of reasons that the old adages no longer apply.

In our modern world, the financial system is so interconnected that there is literally no safe haven any more. If you invest your savings in securities and the economy falls into the crapper, you lose it. If you put it in CD's, the bank might go under (a lot have bitten the dust lately), and you could lose all but $100k. At best, your interest income wouldn't keep up with inflation and you would be losing money anyway. If you literally keep all your money under your mattress, someone will steal it. If you pay off your house and treat it as an investment, you'd still have lost a lot of your money.

And even if by some effin' miracle, you pull off the impossible and manage to have lots of saved up cash, and still avoid having any personal losses in this market, then your employer most definitely is connected to some part of it, and now you're going to get hit with contract re-negotiations or an outright layoff.

All these people saying "oh that's why you should have $XXX,XXX in the bank...blahblahblah" don't 'get it'. When the $h!t hits the fan like it has over the past year, odds are that you're going to lose a nice chunk of it in one way or another, regardless of which particular poison you pick. I honestly think the people who just spent their income are better off, because at least they have a nice car and some vacations to show for it. Most diligent savers and investors are in the same boat, even though they did all the 'right' things, according to traditional logic.

This is a new era. What can you do?

 

^^^
I 100% agree w the logic of at least having vacations/cars/etc to show for "investments" shall we call it VS. tanked house value/stocks/years of saving.......

 

Reminds me of a TRUE STORY that I heard on CNN news a number of years ago, an elderly woman was found dead in her home due to starvation & freezing (Heat was turned off because she didn't pay her bill).

Her home was paid for free & clear, her bathrobe she was wearing @ time of death was lined w/$1,000's of 100/50/20 dollar bills, they summarized she was trying to warm herself by insulating w/money.

All totaled they found over $1,000,000.00 + in cash strewn about the entire house.....It wasn't stolen but acquired over her lifetime.

 

Damn........

 

Hey bro , sorry I did not mean to sound harsh, I just am paranoid due to some of the comments.

thanks for your support , and it is nice to see people being more open with personal problems.

As far as what do we do, I think the latest thing is buying up all the Gold.

Seems the Repo business is booming and collection companies, also loan sharks and loan modification, credit counseling etc.

Thanks for keepingthe thread civil and my apologies if I came off as a jackhole

 

FDIC Insurance covers the first $250,000 per depositor (i.e. account registration), per financial institution. It hasn't been $100k since it was raised last fall. It's really not that difficult to keep 6-12 months' worth of expenses as an emergency fund (regardless of whatever that number is) laddered in cash or cash equivalent investments whose primary objective is stability of principal with a modest interest yield, and have it all covered by the FDIC. Point is, it's not hard to work around the FDIC limits, and make sure everything is covered, regardless of the amount - it'd be pretty careless not to.

(this comment is FYI only, and in no way intended as a "dig" at juicee63's situation)

 

No problem at all Juice !

 

If your gun is missing, have you take the proper steps to report it stolen? It was legal and registered right? I am assuming Cali is the same as other states in that as soon as you no longer know where the gum is - you need to report it stolen / missing, etc. Showing up with a police report may just help your case.

Good luck getting your car - AND your possessions.

 

Securities and non-liquid assets trade at depressed prices for a bunch of reasons that don't need to be discussed. Cash, while not necessarily beating inflation, requires no distressed sale to be used. I've earned as much as 5.5% on my cash balances in plain old online savings account as recently as 8 months ago. I still get about 2.6%, which is currently about 26bps more than anticipated inflation (if not more). You won't get rich holding cash, thats obvious, but when the sh*t hits the fan, its the only thing I would want.

As for your FDIC statement, that is why you spread the wealth to several strong financial institutions.

Actually, there was an article in the Wall Street Journal just yesterday about how that is absolutely NOT the case.

 

Really, Im quite certain the repo business is booming as per the company that took my car. They are paid per car and by the bank. At the Auction lot there was 20,000 cars many of which were obtained via Repo. Perhaps the collection agents are failing, maybe loan sharking is dead? I dunno.


Thanks for the info, if you have a link or text from the article I would love to read that ,

Thanks Oliver for making some intelligent comments albeit not as popular they are certainly informative.

 

As soon as I can get to my car I will see if the items are there or not. I did inform the police on the situation. Yes I am the registered legal owner.

Once again had I gotten all my stuff back including the cash , this thread would not exsist.

 

Some of us wouldn't have the luxury

 

I recently heard that even the FDIC is in trouble. Previously, they were only required to keep 3% on hand, and now they are complaining that they can't even keep that much. It's kind of ironic how the organization that is there to make sure you won't lose your money are starting to lose money themselves. Apparently, the banks are not keeping up on their insurance premiums and this affects FDIC greatly. Everybody seems to be getting affected badly

 

Wow, what you've all done here is news worthy...well after saying that...no it's not. The spin in the news would make you all out to be bad people for saving a guys $100k car, and slam you all for not giving it to some ....poor guy that doesn't want to work. It is wild though, I've never seen anything like this.

Juicee63, you must be one hell of a guy for all these folks to trust and give to your cause. Regarding the gun, did you have a CCW or did the police hassle you for keeping it in the car?

 

Maybe not news worth but it is reality show worthy...you just need your own show and this would be the pilot...Then you could cruise around and get cocky exotic car owners to drag race your once repoed ride... Im really sorry to hear about this situation my brother...i sold you the renntech wheels when you first got the ride! I really hope you get the ride back. Its a hard situation and even harder when some members on the board choose to waive their fingers in your face instead of understanding that a bad situation happened to a good guy.

 

This was what caused my initial panic about the cash and gun. The gun complicated the repo tremendously. Since it was not returned to me , I assume it was removed and taken by the repo agency, they claim it to not be in the car etc. Because the gun was not found, I was not hassled.

It is truly special what happened here, so many people came and supported me, even more amazing at this time , in this economy. This will be one of those moments in time I look at when I have lost faith.

 

Is it to late to help? Sorry didn't read entire thread.

 

IDK if you can read the WSJ online but I too have a subscription & read the Repo business article, long and the short of it this: The Repo Co. are indeed swamped w/orders for cars, boats, etc.. In record #'s but this has now forced the lending institutions to LOWER the price PER vehicle recovery dramatically.

Even though you'd think the extra business would level out the reduced price per vehicle it hasn't, the price paid per vehicle is lowered so much during this current saturation in Repo business it makes them work 2- 3 times as hard to earn the same amount of money they used to.

NOT feeling sorry for the Repo Co's just filling you in on the jist of the article..

 

I heard this about ten days ago-
yesterday talked with the president of a local bank, and FDIC is stating that they think they will be OK in the long run......

 

LOL "FDIC is stating that they think they will be OK in the long run"

"I think" LOL.

Would you guys be confindent if your mechanic said "I think" I put oil in the engine, fire it up, or "I think" I torqued down the lug nuts, go see how fast she will go.

 

Do your homework, FDIC can take years to pay.

 

Not to stir up any ***** but i just found this over @ lambo power. Check it out yo self.
http://www.lambopower.com/forum/inde...howtopic=39024

 

Allan Lambo had some "issues" with Juicee before and I guess all the hatred has carried on.......

 

Reading through all six pages, I can conclude two (possibly contradictory) things:

1) There are some very giving people out there.

2) I am no longer confused at how, collectively, we got into our current financial crisis.