My not-asked-for advise

[1awake]

Alot of people here.. and everywhere else appear very scared about what to do. It seems that quite afew people here have given their predictions and words of wisdom so I thought I might as well do the same. So.. after consulting with my magic 8-ball here's what I suggest:

- Anyone in their 40's and under should at this time roll with it. Do not pull your money out of anything at this point (market wise). Shifting your money or flat out removing it at this point is a bad move. Unless of course you think the US Government is dead, but then your cash will be worthless anyway.
- Do not go to your bank and expect to get all your money out. It won't happen.. at least not for afew days to a week. Banks run on "paper" money and do not keep cash around in most cases. In the best of times, you would have to wait.
- Keep a small amount of cash tucked away (100.00 - 500.00) for worst case scenarios. ie... banks close for a period of time. I think (and could be wrong) during the depression, they closed for like 10 days.
- Develop a "plan B". Meaning, start looking for alternative employment even if its at a loss. In the best of times people should do this.
- Stock up on canned goods for several reasons all of which I'm sure most here already know.
- If your not religious, look for some. It will give you something to do between reading the classifieds. ;)

Personally, I do not think we are headed for a depression, even without a bailout(which I am for in some shape or form). A recession most certainly, and perhaps a long and rough one. But I am for being prepared.


Like with every other post/prediction/advise, take this with a grain of salt. Most economists let alone everyday people make weathermen look perfect by comparison.

My thoughts and prayers to everyone.

~ 1awake

[MercutioATC]

1. Agree, except for #1 and #6...

#1 should relate to retirement not age. I know that's what you were getting at, but I'm 40 and I retire at 48. My retirement age is the issue, not my physical age.

#6...as long as self-preservation qualifies as a religion, I'm with you. Otherwise, I'll be a happy atheist. :)

[1awake]

2. you are correct,

concerning #1, it's poorly conveyed. #6 was just a joke, so self-preservation would definitely qualify!

[Bluebear]

3. 'If your not religious, look for some.' - - - some what?

:evilgrin:

[1awake]

4. just a joke

based off an old saying. No harm intended.

[uppityperson]

5. Great minds think alike.

I didn't read it as get some religion. Hi bb

[Bluebear]

6. Walaikum as sala'am

:hi:

[glowing]

7. Its already been a recession for a while now for most people.

Also, there will be some people who will move in tomorrow and buy low in co's that are generally a steady investment... Hey, its not much worse than it was after 9/11... The stock market is like a worry monster.. My mom was freaking out.. wondering if the NO bailout protestors were going to be shot tomorrow.. I said, no... they will come up with something. Probably a better bill (I'm almost thinking a second was drafted on the side to push thru something that worked for mainstreet much better and Bush would have to pass... Dodd and Franks both said this bill wasn't the bill they'd like to pass, but it was the bill they were to work on bi-partisan.. W/ stocks tanking, the dems can make a good fdr bill, and then force in thru on their majority.. and most won't mind because they are scared of losing money.. baby boomers are freaking out.)

[1awake]

8. I agree,

People will be buying this morning looking for a great deal. In the long term they will do very well. I'm hoping those close to retirement have monitored their investments and shifted them as they get closer to more conservative items as they should have done.

I also think something will get passed in the next few days/week. Most likely a smaller scale version of what failed yesterday with more regulation with some things added to it for the average person for perception's sake.