FED directed 7 day "banking holiday"....what would you do?

EPrado · Oct 9, 2008

Quote from The Swordsman:

I'd study film of the black bear and learn to catch salmon out of the river with my mouth

We have a winner !!!!!!

Hysterical man.

But when you master that craft....send me the film.....

I will email you my address.

AMT4SWA · Oct 9, 2008

Quote from pclark:

This would not ever happen anyway. At least not the way you stated. They have to give people access to their money.

Paul

You can trust THEY all you want......I do not!

Sure glad I got you opening up your paradigm.....stay AHEAD of the power curve!

krazykarl · Oct 9, 2008

Quote from AMT4SWA:

I have heard about the rumored FED directed week long banking holiday now from 3 separate sources (to include the news that B of A has already made signs ready to be posted if directed). This is a food for thought type thread, to see what plan of action ET'rs would use to handle 7 days of no banking access or transactions if suddenly implemented overnight by the FED.

***No debt card usage

***No check processing

***No bank withdrawals or ATM access (banks would be closed)

***No money wiring/ACH/Direct Deposits

What would be your plan?

Bank holidays just mean the branches are closed. Transactions still post. ACHs still work. SWIFT still works.

Chill the hell out and sell your stock. I want to buy more, cheaper.......

newguy05 · Oct 9, 2008

You fucking retard, stop spreading those useless drivels. They want to start up the banks, not to stop them.

Quote from AMT4SWA:

I have heard about the rumored FED directed week long banking holiday now from 3 separate sources (to include the news that B of A has already made signs ready to be posted if directed). This is a food for thought type thread, to see what plan of action ET'rs would use to handle 7 days of no banking access or transactions if suddenly implemented overnight by the FED.

***No debt card usage

***No check processing

***No bank withdrawals or ATM access (banks would be closed)

***No money wiring/ACH/Direct Deposits

What would be your plan?

bali_survivor · Oct 9, 2008

Quote from AMT4SWA:

Well a run on banks may actually kick off this action.....never know what will happen first.

Did they not close trading for three months in the 30's? Just make sure you do not get caught out.

If I look at our system then I see signs that the automatic trading by the bots is totally aggravating this situation.

The bots relentlessly carry on in the major direction and try to keep on pushing it in their own most profitable direction and they do this without any sentiment.

If the major driving force were humans it would have already had a chance to bottom out. Jesse Livermoore was asked to stop short selling for the sake of the economy. Such a thing is not going to happen voluntarily at this moment, only when the markets get closed for a while will things stabilise.

Just my 2 cents.... (and the smallest currency is now a ten cent piece so it means nothing)

Maria

Sponger · Oct 9, 2008

Quote from wiesman02:

Such a ridiculous thread. Like it will ever happen.

Uhhhh.....it did happen. They did it back in the big crash.

If they get desparate enough, they just might do it again. It certainly wouldn't hurt to have several thousand in cash at home in a fireproof box. I'm taking cash out tomorrow prior to the weekend. If tomorrow is another waterfall down day for equities, the Fed and Treasury just might resort to this over the weekend - not saying its going to happen, but better to plan for the worst and hope for the best.

And for what its worth, I personally know of several instances of seasoned individuals taking large amount of cash out over the last two weeks or so - they have life experience as a guide.

Roubini had a good quote on this, "a silent bank run is already underway"

jd7419 · Oct 9, 2008

This nonsense talk is when bottoms are formed. By all means sell everything you have lower and lower. I and others who know history will buy from you. Once people sell in those long term accounts they will not get back in. Buy and contribute to your 401k and investment funds at dow 14000 and then sell everything at dow 8500? I will gladly take the other side of that trade.

AMT4SWA · Oct 9, 2008

Quote from newguy05:

You fucking retard, stop spreading those useless drivels. They want to start up the banks, not to stop them.

Funny....even CNBC just mentioned "banking holiday" on the Fast Money Show.

http://www.theinternationalforecast...ting_a_Financial_Black_Hole_to_Suck_Us_All_In

"The Fed has informed Bank of America to be ready for a one-week universal shutdown of the banking system, including access to checking accounts, savings accounts and credit cards. This is why you need $5,000 in small bills in your safe at home and small denomination gold and silver coins."

ScottD · Oct 9, 2008

Quote from AMT4SWA:

I have heard about the rumored FED directed week long banking holiday now from 3 separate sources (to include the news that B of A has already made signs ready to be posted if directed). This is a food for thought type thread, to see what plan of action ET'rs would use to handle 7 days of no banking access or transactions if suddenly implemented overnight by the FED.

***No debt card usage

***No check processing

***No bank withdrawals or ATM access (banks would be closed)

***No money wiring/ACH/Direct Deposits

What would be your plan?

Hey AMT4SWA, did you know that the word gullible is not in the dictionary?

AMT4SWA · Oct 10, 2008

Was I gullible when I SHORTed the ES for a longer term trade in November 2007 (....while also moving my Long Term investments to full defensive including playing the Rydex 200% Inverse S&P500 heavy). How about when I SHORTed the QM heavy at the $147's, or maybe when I SHORTed the EUR/USD at 1.5920. Sure I guess I was just too gullible then......hmmm?

I like to be AHEAD of the power curve and properly prepared for any possibilities.