ECON The bank headlines came and went but we're not out of the woods yet.

Last week there were big headlines about Indymac, Freddie Mac, and FannieMae and how they were in trouble. Now they are off of the front page but we are not out of the woods yet. Oil and gas prices are still sky high. People are still having trouble filling their gas tanks and paying their mortgages.

Don't get comfortable. Keep prepping. Spread your money around. Don't keep it in one bank. Check your banks rating and even if it is ok start an account at another bank so that you don't have your eggs in one basket.

Save money on gas by going the speed limit, keep tire pressure up, keep your car tuned. Delete unnecessary trips and invite your neighbor to go to the grocery store with you. Eliminate luxuries like gourmet coffee and cable television.

Good post. I really believe TPTB are influencing the media to let the financial bad news spash and then sink to the bottom.

Been watching CNBC out the corner of my eye while doing household chores today and nada, not one word about fannie, freddie, indy, fed, treasury.

But I have to take exception to your theory that gourmet coffee is a luxury. Sure seems like a vital fluid to me because I have mine on IV drip. (But I did buy it cheap with a coupon.)

FLF

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Another thing to consider is that the Iran thing is NOT going to go away. We may have backed down, but that just means that Israel is going to be the one to deal with them. When it all goes down, there is no upper limit to oil prices.

Also, there are hurricanes and tropical storms threatening the US, prep accordingly. Got a generator and plywood?

Instead of going to the movie theater, buy the DVD or VHS from amazon or ebay. Chances are you won't like the movie anyhow. hehehe

What problems may concern my little world I work on them. The problems that hit home or are likely to hit me and my area. I keep my focus on the wide view, yes, but my main focus now is close to home. Proactive steps for regional situations.

At this link they talk about how the global economy is in maximum danger. Interest rates have been low for years and everyone took on debt and now the chickens have come home to roost.


http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/07/21/ccview121.xml

changed said:

Another thing to consider is that the Iran thing is NOT going to go away. We may have backed down, but that just means that Israel is going to be the one to deal with them. When it all goes down, there is no upper limit to oil prices.

Click to expand...

A guy on CNBC said that if any bombs are dropped on Iran, he fully expected oil to jump to at least $170/barrel. The resulting hike in gas prices would pretty much tank the stock market as consumer spending on anything outside of shelter, food, water, and gas would go to zero.