Are we are teetering on the edge of a depression? It doesn't look good to me right now.
And, how many people have a clue as to what is going on?
On the morning of Sept. 15th, I was watching the news, and I saw that Merrill Lynch and Lehman Brothers had gone belly up. And, AIG is close to it. Merrill Lynch was bought by the credit card bank giant, Bank of America, for 6% of it's former stock value.
How would you like your stock to drop 94%--if you have any. Not too good an investment.
All during the day, after hearing this shocking announcement, I asked everyone I ran into, if they had heard the news. Only one person knew what I was talking about. The rest basically said "Huh". I am amazed at how many people purposely keep themselves ignorant. In fact, some seem to take pride in doing that.
When they go to their bank, and the door is locked, they will learn. I don't know if, or when, that will happen, but I am worried about it.
My father lost all his money when a bank closed it's doors. So did my grandfather, during the depression of the 30's. My grandfather always said: "don't keep your savings in the same bank you owe money too". Wise advice!
If you feel save with the FDIC taking care of your money, you haven't had the same experience I have. Just try to talk to them sometime, and see how far you get. You will not get past their answering machines. If you do, you will not get past their secretary for sure. As with most government officials, they just pass the buck, and collect their huge paycheck.
I know alot of people just rent movies everynight, and couldn't care less about the world around them. They are the ones who may someday not have any money or food, and will say "what happened, my tv shut off".
