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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
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