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  1. #1

    Should I trust my bank?

    A few weeks ago, Rep. Cortez (D NY) told the world that the earth only has 12 more years unless we act on the Green New Deal. This week, Robert Francis O’Rourke, presidential candidate, said that we only have 10 years left. Yesterday, while in the bank, the loan officer approved a 29-year home loan to a new home buyer. They are going to loan MY savings money to someone who cannot possibly pay it back if they are not around. Do I trust a bank that pays no attention to these two great scientists?

  2. #2

    Definitely not!!

    And those two are total whackadoodles without any doubt whatsoever. However, we have our own group of whackadoodles that have been telling us S is going to HTF for years and years now that constantly still get press.

    A popular blogger wrote numerous times in the last 10-15 years "get out of dollar denominated assets now!" and "dollar will be worthless soon." Define "soon?"
    Same one advised drastic selling and getting out of the stock market because it was going to crash within a few months (last "prophecy" was about 2 years ago).

    I used to listen to these dunskies, cause I thought they really did have a handle on stuff like this. I remember some "JohngaltFL" guy on Frugal's board. Everyone salivated over the economic charts he posted. "Get out of the market now, it's going back to zero" was the same theme that was used. Dow was around 8-10K then. I messed around and stayed really cautious keeping most of my retirement money in cash (=not making crap). Then I met this guy at a campout he showed up at. He was saying dumb things like "rice only keeps for 6 months" and I realized this was just some other knucklehead new prepper just regurgitating crap he had read/heard other places....

    These same "visionaries" (LMAO) have told us or promoted content that told us that gold would go to $5,000. an ounce and silver would be $100-200. an ounce always in the immediate future. They might as well be on the direct payroll or getting high commissions from the precious metals dealers. As to their "prophecies"- anyone want to give me $1,600. I paid for a 1 oz. Gold Eagle? How about that $38. an ounce some have in silver rounds? How's that doing as far as "beating inflation" or even "hedging" (love that BS) against inflation?

    Some 7 or so years ago I was asked to speak at a "prepper" show in the Carolinas. At the end 4 of us took the stage for questions. I was probably the least known one but the longest running survivalist of the 4. I have respect for all the folks up there and some I consider friends. Each question that was asked was poised to all 4 people, I was given the last answer. Inevitably the "should I sell out of the market" question came up as it always does. Average demographics in survival circles seems to be 35-50 white male so this question is fairly common.

    All of the other 3 answered in the standard sense. It got to me and I faced a dilemma. Do I tow the party line and be popular (preppers love to hear TS is going to HTF) or do I be honest based on what I've seen/witnessed over the last 3 decades? I opted for truth and told the stories of a couple people I know that all had great jobs, were professionals, made good money, etc. that were "skeered" at some point because someone convinced them the economy was about to collapse and they pulled all their retirement funds. I told the story with dates I saw this happen during- 93, 95, 98, 99, etc. Then I explained how many of these people were still working and had suffered greatly because of their short term thinking. How your retirement investing and saving should be different than your preps, how it's your TS doesn't HTF preps, etc.

    Hopefully the man heeded the warning.

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    "Don't be too proud of this technological terror you've constructed..."

  3. #3
    Join Date
    Sep 2010
    The land that winter forgot
    If a Dem gets elected President in 2020, I may pull my entire 401K directly afterward and pay the taxes on what will surely be a lower rate than what the dimms will push. I have to start taking RMDs in a couple of years anyway. I just pulled a small chunk to pay off the upgrades/repairs to the motorhome we bought. The bank account took a hit for the purchase, but it's big enough that if our house burns down or a serious hurricane takes the house down, we could live in it. Disaster aside, we're going to have some fun traveling.

    Second part of the plan is to pay off the mortgage. There is no longer a tax advantage and we're still paying more in interest than principal. We will do that with another 401K raid and still have leftovers. Is this the best strategy? I don't know but we hate being in debt - cars are paid off, MH is paid off, credit cards all at $0 balance so all that's left is the house. Spending the kids' inheritance

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