Black Monday on Wall Street/London?

[jaymee]

The knife is falling faster than most can think.

Sigh. Biz now is

[Stogie]

I've cashed in all my savings for roof insulation.

I'm going to sell it to the council in 10 years for a major profit!

[PigDogg]

Need some secure money and bought some 2 month US Treasuries at virtually no interest.

Also took 100K baht out of my Thai bank account and put in my hotels safe deposit box.  Not thrilled having too much money in that box but may take out another 100K tomorrow.

Kasikorn's interest rate is low, so not losing very much if earning no interest for a month or so.

[katoeylover]

you are joking, i hope. The staff will have it quicker than you can say "Bankrupt Bank"

[PigDogg]

I think you're right that I should not put more money in the safe deposit box, but I will keep a little more cash on hand than usual.  It's a double key deal where I have one of the keys, nothing has ever been taken before.   I'm just trying not to keep all my eggs in one basket.

Bank runs are extremely unlikely but not impossible.   But the liklihood of getting my safe robbed is greater.

I don't think the USA would renege on Federal Deposit Insurance Corporation guarantees and I really don't know what safeguards are in place in Thailand.

I don't think this crisis is the end of the world as we know it but things might be different now, and for a long time to come. Or not. If I knew for sure I'd make a boatload of money.

[Stogie]

Get your money out of the hotel security box pronto, mate. KL is right. You may as well just burn it!

So; don't Americans believe in "the free market economy" and capitalism and 'globalization' and stuff anymore? Or do they only believe in that stuff when it's not rich people who have to suffer?

The public are finally beginning to see the massive swindle that is unfolding before their very eyes.

I'm putting my modest cash in the Irish banks. I know the savings are safe in the UK, but I just want to do my bit to bring the UK banks to it's knees for the crazy bank charges and crap service I have been getting for the last 30 years.

I'm not alone either. It's not a question of confidence anymore. Thousands are just moving abroad just to stop the UK banks having it.

[SamplerDoc]

Its all going to hell with no handbasket

[Looker]

(terryw @ Oct. 06 2008,22:46) It looks like there could be some opportunities for buyers.

Yes, indeed..another bit of this and I'm selling my ass

[TTChang]

I seem to remember from my banking days, that guarantees are very easy to give, very difficult to enforce.   For those relying on Government deposit guarantees, read the following:-

"Iceland is on the brink of collapse. Inflation and interest rates are raging upwards. The krona, Iceland's currency, is in freefall and is rated just above those of Zimbabwe and Turkmenistan. One of the country's three independent banks has been nationalised, another is asking customers for money, and the discredited government and officials from the central bank have been huddled behind closed doors for three days with still no sign of a plan. International banks won't send any more money and supplies of foreign currency are running out.   People talk about whether a new emergency unity government is needed and if the EU would fast-track the country to membership. "

Fast track ... to what?  European Union mantra 'Every man for himself'.

Isn't it reassuring that our leading politicians are so much more talented than our bankers  

Sure?  

[terryw]

Looks like it could be another day of stock market falls in Europe. The main target in the UK is the Royal Bank of Scotland - if it goes bust the Scots Nationalists will probably be declaring independance by the end of the week.

The UK government refused to help the Icelanders so they have retaliated by stopping UK customers withdrawing their money from Icesave bank

Rumours are circulating that last night there was a big row between the UK banks and the Government. So much for working together in a crisis.

[jaymee]

Russia is buying iceland.

I'll say again, at the risk of sounding like a goldbug - I think the bull market in precious metals is coming soon.

Hedge fund runs will precipitate into possible runs on the dollar (vis e vis treasuries)

[PigDogg]

(jaymee @ Oct. 07 2008,02:15) Russia is buying iceland.

A 5 and a half billion loan. That's a lot of rubles!

And now a fixed exchange rate for the Icelandic krona pegged to the Euro not the USD.

[Looker]

(jaymee @ Oct. 07 2008,17:15) I'll say again, at the risk of sounding like a goldbug - I think the bull market in precious metals is coming soon.

I hope you are right, jaymee.
I bought at 830, now is at 880 ...I would not be surprised if it hits 1000/1050

[azza33]

Another ugly bitch of night out there folks....

But don't panic just yet, the market is still well overpriced and has not fully priced in the recessionary earnings cycle!

S & P at 800 is fair value...

[thegame925]

Watch Sarah Palin make the Stock Market Crash!

During the last two minutes of a Sarah Palin speech, the market crashes 277 points