Where's the beef ( err Money ) ?

greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread

Remember the old gal in the Wendy's adds? She kept hollering at the clerks at the competing hamburger joints, Where's the beef? Next the old gal will be at he banks yelling where's my Money!! I have some information that I've been unable to figure out how to conceal the source. Knowing that I would not give this information much credence without knowing the source I will submit it anyway for your consideration. Revealing the source will endanger him and my family. There are many more people taking their life savings out of the bank than I have seen reported in print anywhere. The banks are being told to slow the withdrawals in any way they can. In a very short time the cash will be gone. The bankers themselves are leading the pack cashing out. My source spends a lot of time each day assuring people the banks are fine. What else can he do?

-- GIJoe (Lastdays@the.party), February 03, 1999


I have a brother that works in a bank in Chicago. He says the same thing.

-- Linda A. (adahi@muhlon.com), February 03, 1999.

Look at the next Fed report on savings rates and investment amounts - don't know if this report is done by quarter or by month.

-- Robert A. Cook, PE (Kennesaw, GA) (cook.r@csaatl.com), February 03, 1999.

This is B.S. I work in one of the bigger banks in the city and we have seen no evidence of this. This is nothing but B.S. .What do you gain with this? And you people are astounished that everyone calls you waccos?

-- obione (obione@bull.com), February 03, 1999.

I'm always impressed and rapt when someone talks about being "astounished," and, heck yeah, you'll change my mind when you talk about us "waccos." It's wackos, you moron.

-- Vic (Roadrunner@compliant.com), February 03, 1999.

Do you oversee every transaction that goes on in your bank obion? In a large bank on any given day, there are thousands of dollars transferred in and withdrawn. My mother went to the bank the other day to withdraw $200 from the ATM machine. The machine was out of order, so she went inside to cash a check and THEY WERE OUT OF MONEY! We live near a very small town, and they told my mother they could give her only $100.00. My mother has a very large CD in that bank and it matures in 1 month. We have a large CD that matures in 10 days in the same bank and I will be withdrawing it all on that day.

-- notstupid (notstupid@tuff.com), February 03, 1999.

Why Argue? Why not just collect a little as days go by? Keep decent and keep well. Best wishes, Watchful

-- Watchful (seethesea@msn.com), February 03, 1999.

# # # 19990203


I've had 3 individuals telephone me since January 15, 1999 to inform and inquire of me about southeast Michigan bank and/or credit union institutions imposing cash withdrawal limitations on them or an elderly family member; 2 were limited to $500, the other to $200!

The elderly family member remembers the "Depression" ( firsthand ) and sees hauntingly "familiar" patterns in government actions today. I know when to defer to my elders -- do you?!

First person anecdotes beat government/bankster propaganda any day!

Listen to y/our wise elders!

Regards, Bob Mangus # # #

-- Robert Mangus (rmangus@mail.netquest.com), February 03, 1999.

Your right Robert, my mother went through the depression and when she was limited in getting HER money, she felt like she was 60 years younger! This is factual, it really did happen. I'll post on the 10th to let everyone know what happens when I cash in my several thousand dollar CD.

-- notstupid (notstupid@tuff.com), February 03, 1999.

How widespread is this? Robert mentioned southeast Michigan. GIJoe and notstupid didn't give locations. Could you at least give regions, if not states? This is important stuff if it's happening already across the country. I'm in upstate New England and haven't heard anything about withdrawal limits, informal or otherwise. In fact, I cashed a $600+ check just a couple of weeks ago with no trouble. Are your examples more recent than that? Has anyone posted to c.s.y2k asking for experiences there?

Yeah, I know, lots of questions. But a market analyst I trust implicitly -- and who has made me some money in the past -- went from the biggest bull in the herd to a bear in deep hibernation overnight last week, after he had dinner with his sister, a senior v-p at a New York bank. He was over for the Game Sunday and had a couple of beers more than usual. He told me that Sis is scared brown-stuff-less and so is everyone else in her bank (big bank, I mean BIIIG bank). Sis is cashing out, resigning, and moving back to the old hometown and family homestead with hubby and kids by the end of April "so she'll be here before planting season," as my friend put it. Frankly, he shook me up a little. Anyone else heard similar reports?

-- Cash (cash@andcarry.com), February 03, 1999.

West of the Mississippi.

-- notsostupid (notsostupid@tuff.com), February 04, 1999.

Even though I'm concerned about the banking system, I do not believe one word of GI Joe's post. GI Joe himself may believe everything he wrote, but if so, I think he has been seriously misled.

The hallmarks of fearmongering: 1. Prediction that the currency supply will give out. GI Joe can't predict this any more than anyone reading this forum, yet that's how he leads off. 2. GI Joe says revealing the sources will endanger people. This comes off as pure sensationalism. Even if it's true, why mention it at all in such general terms. 3. This one is the dead give-away, the assertion that people are taking their "life-savings" out of the bank. How many people nowadays keep their life savings in a bank. Unless your life savings is several hundred dollars, probably a very very small percentage of folks. Neither GI nor his source would have any way of knowing what large numbers of people are doing with their "life- savings." That was just a hot-button phrase for the purpose of fearmongering. 4. The assertion that "Banks are being told to slow withdrawals in any way they can." This is a rather bald-faced assertion of concerted government action which should be easy to verify, yet no shred of evidence is given. Just run this through the old who, what, when, where, how, type of analysis and its doesn't add up that GI would know this but no one else would. Again, base fearmongering.

Who knows for what purposes GI is slinging this folderol. Probably just to humor himself at the expense of more gullible people on the forum.

Now, none of my post is to say that the banking system doesn't have it's weak spots. And I have no trouble believing that a banker could wake up in the middle of the night in a cold sweat thinking about Y2K, but let's not let healthy skepticism become a breeding ground for rabble rousing. If GI or anyone else is going to post something expressly for the purpose of inciting panic among the naive, let them do a little legwork and cite verifiable facts. Wouldn't you do that if you were writing on such an important subject?

-- Puddintame (dit@dot.com), February 04, 1999.

Puddintame: you said

"If GI or anyone else is going to post something expressly for the purpose of inciting panic among the naive, let them do a little legwork and cite verifiable facts."

How about this one - ZDnet (the optimists) latest survey that shows 24% will pull 91-100% of their cash out:


-- a (a@a.a), February 04, 1999.

Thanks -- a I thought that puddintame and the other longtimers would Know. My wife and I have stored food enough to feed several hundred people that will need help. I had the info above for three weeks agonizing over how to post something I knew could get someone killed. In the end I went with what I knew to be a weak post in the hope that it would awaken some of the newbies. We know for a fact that two single senior citizens have withdrawn their life savings unrelated to the info above and the total amount is less than eleven thousand dollars. Many of the folks closing their accounts lived through or remember tales of the depression. They don't know a computer from a Frisbee. When these people remove their money for safe keeping it won't matter what the actual effects of Y2K are. The banks will be empty. In the year and half I've been studying Y2K I've read over 7500 articles and thousand of forum threads. The info related above is first-hand and it scares me more than all that I've read. Our hope is that the more people we help prepare the less we will have starving to death around us. If some of you are afraid, good , now act while you can. Think food first.

-- GIJoe (Lastdays@the.Party), February 04, 1999.

There are several reasons why I can't help everyone, especially several hundred people. (1) It takes money (2) It takes storage space (3) It takes time (4) I wouldn't be able to control the crowd

-- ~~ (~~@~~.com), February 05, 1999.

I walked into my bank today and cashed a check for $2,000. Although I have banked there for 8 years, the teller who cashed my check was fairly new and did not know me. She asked me for my driver's license. There were no questions of any kind asked. She gave me the money in a variety of bills and told me to have a good weekend. I could have written a check at AAA for my travelers checks, but I wanted to see what, if anything, would happen at the bank. I live about 40 miles outside of Houston. No shortage of cash here.

-- Gayla Dunbar (privacy@please.com), February 05, 1999.

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