Quote:
Originally Posted by guccilvr
There was a piece here yesterday about Wachovia consumers pulling their money out on the news that Citi is taking over operations. Most residential consumers will never see the effect of these buyouts but yet they still panic. Panic is bad.. just sit back..relax.. take a few hits here and there and you and the market will level back out in time.. it may take another 8 months or so, but it will level out..and when it does we won't be on the hook for 700 billion dollars..
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Yeah, this is the thing I don't get. I am definitely not running to the bank anytime soon (of course, I'm not even IN the US to run to my American bank accounts, but still)... that will just make things worse. In Iceland, the state just bought out 75% of my bank (nationalizing it), which is alarming, but I am also not running to the bank for that.
Okay, actually I did run to the bank today, but only to cash a tiny American check because dollars are now worth 40% more than they were a year ago, lol.
And 10% more than they were a few days ago. The Icelandic króna has never been so low, it's quite sad. Unfortunately, my check was only for a couple hundred dollars, which is a drop in the bucket compared to how much value we lost in the krónur we have in the bank. (If we want to take that money back with us to the US, it will be worth 40% less than what it was a year ago, which is insane. We are leaving it in Iceland and only coming back to get it once the currency stabilizes--if it does.)
This is definitely worldwide.