this has me a bit concerned...

[chinosgrrl]

i'm not sure if by "banks" they mean specific branches or actual chains of banks, but my mom told me a bank closed today (i forget the name of it) and now i see this...she thinks we're heading for a crash/depression. i'll be the first to admit that i know absolutely NOTHING about economics but hmm....should i be putting my money in my mattress like

Comments

[_akenokoru]

Wow... I'm really scared for this country. o_o

[deadbeauty]

yeah Indymac went down the other day - which proceeded to drop most banks/mortgage companies on the stock market. Freddie and Frannie, who do FHA mortgages which is what most people do in this are for first time homebuyers, is struggling and they are putting a bill in effect soon to help them out. I work for a mortgage company (which I hate but that's besides the point) and our stock went down and we had 2 lay offs the day after all the crap went down with Indymac (last week like Thursday)

Anyone who says we aren't in a recession is spewing BULLSHIT. We are definitely in a recession. When gas prices skyrocket, making produce prices rise and the mortgage industry is utter shit and there are loads of layoffs everywhere - doesn't that spell out recession? The dollar keeps losing value when compared to the euro as well.

And we haven't hit bottom yet :/

I wouldn't worry about putting your money in your mattress - but watch what you spend and try to save as much as possible. That's what I'm doing.