Nightmare on Wall Street

[LadyWrestler]

As for the end of the world, global warming was sure to end it anyway, so what the hay?

[SimplyCynthia]

I'm going to grit my teeth and hold on. And I'm not even peeking at my portfolio. Nope. I'm not. Not even a peek.

[spaceboy761]

People are still eyeing their 401K's and treating this like 'someone else's problem'. It won't remain 'someone else's problem' for very long once banks start refusing pretty much all mortgage applications and businesses of all sizes can't borrow the money they need to operate from day-to-day. The speed with which money can move is one of the most important things governing the country's economic health, and the market just lost 4 or 5 huge counterparties that facilitated that speed. The 2008 election just got a brand new top issue.

[spaceboy761]

Stock portfolios should be the least of anyone's concern right now, especially if you're a business owner of any kind.

[luvsluvin]

so do u think it's wiser to put money in the big banks (we currently use Bank of America) or are the smaller, local banks safer?

[LadyWrestler]

Originally Posted by luvsluvin

so do u think it's wiser to put money in the big banks (we currently use Bank of America) or are the smaller, local banks safer?

Good question!!!

As for me, where I live, it's small, local banks or the mattress!

[spaceboy761]

Originally Posted by luvsluvin

so do u think it's wiser to put money in the big banks (we currently use Bank of America) or are the smaller, local banks safer?

I would just spread it out between BOA and some smaller banks. I'm not sure what to do if you have a WaMu account.

[billybob]

Originally Posted by LadyWrestler

I have my own method of spreading my investments around. I adjust the distribution once a year. I'm investing for the long haul. I'm not going to panic and move any of my assets around because of this latest crisis!

I agree with her!!! History dictates the market will come back, but it is dam sure a mess now. I don't even want to discuss what I'm down, but I have it as conservative as i can get it.

[billybob]

And my cash is with Bank of America, but I have spread some in other banks also.

[spaceboy761]

BOA is a pretty good place to be right now. WaMu is a problem, and Citibank may get dicey in the coming weeks. Chase and Capital One should be OK.