There must have been a similar thread about surviving the current finanical crisis but I don't seem to find it.

OK. What I am doing so far is liquidate half of my bank account(s) and use the money to buy more preps.

That is not exactly a long-term solution but it is the only one I can see now.


How about you ?

Good move. Money in the bank can be frozen or lost if the bank collapses. But keeping cash in a safe place isn't a bad idea unless inflation hits us real bad. I keep a few bucks handy.

1. Maximize cash inflow with a detailed plan.
2. Minimize cash outflow with a detailed plan.
3. Sell what is not of use if you can
4. Buy what is VERY IMPORTANT if you can.
3. Prepare for "Recession Crimes" such as petty theft, burglary, assault and home invasion.

IMO, the only thing you have to worry about with your bank accounts, specifically checking and savings (and some CD's) is if they are below the FDIC insured limit, previously 100,000, now (if I heard correctly) going up to 250,000. Spread the accounts over several different banks, all accounts below the FDIC limit.

Investments, like stocks, mutual funds, etc. are not FDIC insured and have already taken a big hit over the last year. It could get worse, possibly much worse in the stock market. To sell now or ride it out? As the old saying goes, "you pay your money and you make your choice."

Preps are good, but IMHO I don't think dumping half your bank account $$ into preps is wise. One possible outcome of the present situation is "deflation" (the opposite of "inflation"), something not seen since the great depression, where CASH gained value and purchasing power, just the opposite of inflation where CASH loses purchasing power and value.

Good Luck with the preps.

Nothing.

That's the nice thing about preparedness. When TSHTF then it frees one up to not have to make any major adjustments out of fear.

The worst thing to do is panic and start making wholesale changes.

The investments stay as is. They're in it for the long haul.

The savings are FDIC insured and are just fine where they are. Already have emergency funds factored into routine budgeting.

Food stocks: already factored into routine preparations.

Employment: Recession resistant profession.

Ammo: "sufficient" Never disclose defensive information.

The only change is I need to get a new bicycle pump. I screwed up the one I just bought trying to make the cotton-picking thing fit the tire nipple.

Famous last words "let me get my pocket knife, I'll make it fit..."

I do regret not having some money to "play with" in order to by some stocks. Looks like there's a great sale going on.

+1 on that.
Ancient stock market tip: "Buy low, sell high."
Prices are low, so. . .

If you think the house prices are low now, I wonder what it will be if we go into a deep recession like in the 30's. That sold a house in Detroit for a dollar which was unheard of, but that's Detroit, high crime, now jobs and the weak are killed and eaten

I guess cajuns think alike: I am right where Samhain is.

Nothing more than I did last week. I like to think I'm ready if TSHTF. If not, I'll adapt/adjust as needed.

You messed up your bicycle pump too?



Seriously, I feel about this like I feel about the folks freaking out at the last minute when there's a hurricane off the coast.

Financial ups and downs are a part of life. Just like bad weather, and mechanical breakdowns.

I get aggravated when folks act surprised when something happens, and then freak out and over react.

In terms of investments, my plans are let it ride or buy. Hopefully I won't have a reason to withdraw from them for 20+ years.

Bank accounts are all FDIC so no changes there.

Until December everything else will have to make do as is.

Yes Samhain, since you have forced the issue,,I'll admit that I screwed up my bicycle pump as well. It was the one that was carried on the bike.

cajuns + bicycle pump = broken bicycle pump

About those bicycle pumps...you've got to get the right valve head on the pump. There are 2 very different types of valves on bike tires/tubes, Schrader and Presta. The Schrader is the same type you see on automobile tires, the Presta is pretty much exclusive to bicycles. If you've got a pump with a Schrader head on it, it's not gonna work on a Presta valve, the converse is also true. They are very different diameters and the Schrader valve uses a spring and a removable valve core, the Presta does not.

Any of the better pumps, whether they're the type that mounts on the bike or a foot type should have the ability to adapt the head to work with either type of valve. It usually involves taking the head apart and replacing some rubber parts.

There are pumps that claim to work with both but none that work well that I've ever seen. There are also some heads that are reversible to work with either valve type.

You shouldn't ever have to modify a pump head to fit onto a tire valve with a knife, not matter how tempting it might be... ;^)

John E

I've had a Zefal HPX3 for about 15 years now and its still going strong.

http://www.amazon.com/Zefal-Bicycle-HPX-...0213&sr=1-1

I hate Prestas. I acknowledge that they are better than Schraeders, but I still hate them. You get a flat, fix it, then if you don't have the adapter, you can't air them up anywhere....

I put a 20 in a hidey hole out of every paycheck. I buy a brick of .22LR the next day, just because it is the most handy meat hunting cartridge I can think of. When those get over a certain limit, next time I go to visit my folks, those two stocks get transfered to what I have in storage there. I keep my car in good running order.

But these are just things I'd do normally. I"m not doing much, but my employment is a little unique. Yes, I support/train users of rental property management software, but in particular, 90%+ of my customers are administering HUD, USDA or IRS/tax credit housing. They aren't computer literate. And because most of them have mediocre to nearly non-exist mastery of english, there is no way they could work with someone in Mumbai. The back log of customers is growing, and there is waiting list to get properties on federal housing support longer than I am tall. My job isn't in horrific danger.

That being said, while I continue to look for a roommate free apartement, when I do find it, I will bring over one (1) sidearm, and maybe a .22 rifle. I'll only bring over a few books, and none of the really important ones. If I have to go home, I want to do so with relatively few regrets and in one car load.

The only real hard core prep that I have done is help my dad figure out how to rig a solar panel and a cold/wet-friendly battery supply for the pump. Without that pump, my parent's house will really, really suck.

Ditto that. This is bargain hunting time for investors.

I have my 401k, which didn't change much during the crash, and I have accounts in WAMU and Wachovia, neither of which have gone anywhere. I am transferring from one project here in Florida to another in Denver, but that was planned back in June, and has nothing to do with the market. I intend to keep working as long as I can, either for the company I am with now, or as an independent at some point in the future.

Except for being disgusted with the greed and stupidity being displayed in Wall Street and the Capital, I have tried to ignore the news as much as possible about the market and what they are going to do to all of us taxpayers. As has been the case for the past decade, I am trying to make more money than I am losing. So far, so good.

Now you tell me!!!


I have the Schrader type (valve and pump). I guess now you could consider the pump to be a "modified Schrader".

I have to force the pump onto the tire valve and even though I close the lever, the darned thing kept popping off.

When I pulled the pump valve apart, each one of the elements fit perfectly over the tire nipple but when put together it was like trying to push an 18 wheeler into a mouse-hole.

Out of frustration, I succumbed to the temptation of the pocket knife.

Trying to buy a house... well, septic, 20 acres, town pop <1k... it's a major pita Hope to get it soon.

Here's what I'm doing: Nothing.

Here's why:

1. We've been through much worse before, in the 1970's, and while things were no fun, it's not a Mad Max situation we face today.

2. I don't have a television (and haven't had one for 10 years) so when I get my news and it says "The World Is Ending" I have the ability to go to the sources to see what they really said, to make a decision on how to act (or not act) based on facts and reason, not the hysterical ravings of some TV pundit.

3. We're staring down the barrel of a recession - that's not a depression, it's a recession. A Recession is a "slowing of growth" - that's all, a slowing of growth.

4. I have no debt, I live in a house I can afford, and I have more than one marketable skill. If I ever lose this job, I'm going to have to work long hours as an EMT, or I'll have to work as a 911 dispatcher, or as an ER attendant, but I have those options because I've built up a set of spare skills over the years.. This might not be your situation, or it might be.

5. I've got family and we're close. One of the major things that happens in an economic disaster (per folks I know who lived in Russia in the early 1990's) is that families start sharing houses to save on money. While I'd rather not have my entire extended family move in with us, that's an option if things get totally wacky (and I don't think they will).

6. I live in the United States of America, and our people are generous and will do what it takes to help others.

Now, to the point of making a run on your bank. That's just plain not good. If you look at all the bank failures in the last month, you will not find one person - not a single person - who lost so much as a penny in the Federal takeovers. NONE. If you are concerned that the FDIC will run out of money - it won't be allowed to run out. That's a simple fact.

If you are concerned about your 401(k) - if you're close to retirement, you're not going to have much fun, because it's going to be a while before that balance comes back, so you might want to keep working a while more.

If you're like me, in your 40's, every dollar you put in to your 401(k) now (that is assigned to securities like stocks) is buying MORE than it was buying 2 years ago, so at the next recovery, you're gong to have a much better position then you did going into this mess.

Buying "more preps" is taking your money out of circulation and putting it into a depreciating, non-performing asset.

I bought a few extra cans of soup this weekend... But that's because it was on sale, not because I'm really worried about the economy.

At work the other day one of my employees talked about pulling her money out of her 401k and putting it into a money market account. I couldn't believe my ears.

I tried to patiently teach her about "real" losses versus "virtual" losses. I think she got that. But dollar cost averaging went completely over her head. Blame the teacher!

Since I (and my employees) get an immediate return of 100% on my 401k, why should we freak about a 35% "loss"?

Big ups to Sam and others who rightly confirm that good preps prevent panic now.

paying debts down, reducing monthly expenses ( no cable, cheaper phones),
no luxuries for a while...

Been saving up for this, and am buying stocks that I've been researching for the last several years. This is a great time to buy!

I'm spending slightly more and keeping more cash on hand.

Melting.

You have plenty of company.

I couldn't agree more. Happy hunting to you!