Thu 25 Sep 2008
FDIC Seizes WAMU, What You Need To Do Now!
Posted by RichSlick under Financial Safety, Watch Out
[4] Comments
I pulled my money out of WAMU a couple of weeks ago because I knew it was coming. Read more . This is what you need to do now:
- Keep your payroll check in MULTIPLE bank accounts
- Keep some amount of emergency funds in your home somewhere safe and sound, don’t assume ATM machines will have cash.
- Keep your savings in a SEPARATE account
- Keep well under the 100k limit of FDIC and don’t assume FDIC will bail you out; you’ll learn why later
- Forget about money market funds
- You should already have a large cash position if investing in the market, if not you’re going to have to ride it out
- Keep plenty of food available in your home
- Keep you gas tank full at all times when possible
- Be vigilant at all times; worry about burglary, robbery and assault at any time from now on until this crisis is over
- Have a worse case scenario plan for yourself and your family
- If you have large amounts of money buy US Treasuries.
4 Responses to “ FDIC Seizes WAMU, What You Need To Do Now! ”
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Pingback from When Is The Right Time To Panic? It’s A Bank Eat Bank World! » Get Rich Slick
September 29th, 2008 at 9:00 pm[...] bankruptcy in a dignified non-panicked manner so as not to upset the Joneses. Be sure you have a plan before the panic sets in! Bookmark to: « Thank God For the Short Selling Ban | [...]
September 26th, 2008 at 6:54 am
Panic much?
All assets were purchased by J.P. Morgan Chase, including the $88 billion in deposits. People’s ATMs and online banking accounts will work like they always did, and gradually they’ll move over to Chase’s services.
September 26th, 2008 at 7:19 am
True and correct but now Chase has opened itself up to failure by buying all those crappy assets and I have no doubt that this little FDIC shenanigan was designed to avoid FDIC from going bankrupt.
There are still HUNDREDS of other banks that WILL fail, the clock is ticking, it may take 3 months or 3 years but we’re in the death spiral now…….
Nothing will change the fact that people bought millions of homes for way more than they were worth, there are trillions of dollars in paper wealth that has disappeared. We’ve already had major investment banks go under, brick & mortar banks go under and people still have faith in little old under capitalized FDIC. It’s absolutely amazing.
September 26th, 2008 at 7:27 am
I forgot to add these words of great wisdom from our fearless leader:
“If money isn’t loosened up, this sucker could go down.”
President Bush, Sept 25, 2008
I’m not panicked since I’m sitting on a mountain of cash and investments all over the world. I’ve been preparing for this for a while as you can tell from my previous posts……