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At this point chances are the US financial system will survive largely intact, if tattered. Apparently last thursday it was quite close to irrevocable collapse. And since these things are entwined then not only a severe US financial depression but globally as well. Not out of the woods yet but perception is key in such things as ultimately trust is what matters, and perceptions have shifted, perhaps enough so.
Diversify. Tangible and liquid assets, but bank accounts to the FDIC maximum of $100,000 per account safe unless the whole system collapses. Since there are 4 trillion dollars in insured FDIC accounts they cannot all be covered, but the few individual bank bankruptcies can.
If it all goes to hell stockpiled food and water would come in handy. But consider possible disruptions in all other services such as electricity, gas, petrol, and little of it will be pleasant. Not to mention large numbers of job losses.
But this likely averted, for now. Nevertheless this world of mankind increasingly technological and interdependent, largely without the requisite wisdom to balance it well.
The way the government's allocation of moneys has been characterized is listed as a bailout, but the money is on terms (and not very attractive ones to the companies). If the government can keep an ineptly (or formerly ineptly) run company from destroying a significant amount of wealth not only for itself but for other sectors of the economy that rely on it, and in so doing earn the taxpayers a profit, then perhaps it's not so much a bailout after all.
All the same, I'd like to see the investors in these companies take a bath. They're the ones who stopped minding the store and incentivized their CEO's to run the companies into the ground, and they and they alone deserve to lose loads of money.
The way the government's allocation of moneys has been characterized is listed as a bailout, but the money is on terms (and not very attractive ones to the companies). If the government can keep an ineptly (or formerly ineptly) run company from destroying a significant amount of wealth not only for itself but for other sectors of the economy that rely on it, and in so doing earn the taxpayers a profit, then perhaps it's not so much a bailout after all.
All the same, I'd like to see the investors in these companies take a bath. They're the ones who stopped minding the store and incentivized their CEO's to run the companies into the ground, and they and they alone deserve to lose loads of money.
Unfortunately the investors are those of us who have mutual funds in our 401Ks and other retirement investments. It's no win, we bail out these companies and inflation will make our retirement savings worth less; no bail, our investments decline in value anyway.
Are you concerned about the financial mess the US is in now?
Are you going to try and cash in your 401's etc..get money from the bank.
Do you have a stockpile of food, water etc.
Was the President's message scarry..
HW
what does this have to do with the NM boards? I think there is problem a forum where you can discuss and ask questions about the economy but I don't think this is it..
I think it's perfectly fine for this to be discussed here. New Mexicans may have a different take on what is happening in the world around them. I don't really care to hear about what the people of Texas have to say... I want to here from my fellow New Mexicans!
what does this have to do with the NM boards? I think there is problem a forum where you can discuss and ask questions about the economy but I don't think this is it..
Towanda, where are you?
Geez............I think the possible collapse of the US economy would have a pretty significant impact on NM!
Why is it that the major pushes always come from a place of fear with these guys (speaking of the situation as a whole, not any individuals on this honored forum.)? I personally think New Mexican's in general are uniquely qualified to weather a 'worst case' scenario like the ones described. New Mexico's story is one of rugged people in geographic isolation using their wits and whatever was available to carve out an existence. Obviously those in the cities today might be removed from some of that, but many in New Mexico are only a generation or a lateral family step away from someone connected to the land as a rancher, horse owner or farmer on some level. Many already have some alternative power already in place, whether it be solar heat/panels, solar driven wells, wind power or the like. Many properties in New Mexico are designed to take advantage of the sun for light, heat or power. Many properties have their own wells, access to acequias and gardens offering other layers of self-reliance. There are people in New Mexico living in towns with names like: Mogollon, Pie Town, Questa and Caprock who's only evidence of a nuclear war would have been the lack of mail from their family in the big city and the funny looking sunsets: "Woooooooie, now that's a campfire!"
I've never heard someone say they moved to New Mexico to get away from nature. There are places out east where you can travel through four or five different towns and never see the borders. Here, when you leave town...you leave town, son. And I don't care if you're a recent transplant from New York trying to set a new point to point land speed record in your airtight, soundproofed land yacht; you can't help but realize just how small we still are in this place. That connection to the land coupled with an awareness of the scarcity of resources and the need for efficiency lead to many here who enjoy that old pleasure...camping. Campers have a lot of the skills and equipment to make living under the conditions we might face more bearable.
We took the first stories about the possibility of another bad pandemic as a que to get serious about some survival stores. We started with our camping equipment at the core, which we now store in clearly labeled Rubbermaid containers fore quick retrieval. We added a couple of ridiculously bright containers filled with serious survival equipment including extensive first aid stuff, hand-crank powered devices (the third word has shown us how silly single-use batteries are), breathing masks, water purifiers and the like. If everything went sour overnight, and we were able to use the car, it would be a matter of grabbing four containers and my gun cases to have all the basic essentials.
You can't prepare for it all, but I think New Mexico has a lot going for it and I'd rather be trying to rough it out here than trying to hole up in the middle of an eastern city. If I'm picking the plot, I prefer to eschew man vs. man for man vs. nature.
Last edited by ziaAirmac; 09-25-2008 at 11:22 AM..
Reason: clarification and a period.
Just about to finish my current read. I'll check out The Road. Thanks.
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Well . . .
very pertinent!
