Join Date: Oct 2009
Location: far east north corner of Texas
Yeah people have been predicting that we are now in another big bubble like the one we got ourselves into before that triggered the bail outs. It is starting to tumble already. After the big bail outs "they" made some changes that would facilitate bail in's in the future and the future is coming.
Presuming that something is going to be done relatively soon, whatever that is, should I be sitting on a decent amount of cash in my bank account? I was thinking I should go ahead now and buy the rest of the stuff I need to finish putting my car back together.
I really don't want to donate against my will out of my bank account to pay off my particular banking institutions debt just because I am a saver. This comes with a reg that was changed that now defines banking customers as unsecured bank creditors. Consequently, in an economic reset, the banking customers that have savings will have their savings essentially confiscated on some percentage to help pay off the bank's debt. The bank that I am with is not one of the huge mega banks that would most likely be the ones to do this but who knows.
I don't even think the rest of the stuff I need to order is going to put that big a dent in my account. It is just sitting in my deposit account. I don't have a separate savings account at the bank.
65 2+2, 331, C4 presently apart for complete a restore
1979 Ford F150 custom, 302, C4, AC, tilt wheel, main transportation