September 25, 2008

This marks the date in which I started becoming vocal about the economy to my family and friends. No one likes the gloom and doom outlook. People look at you like you are crazy when you go against the grain. For me, it just made me focus that much more to make sure I was right.



From: blindskov@hotmail.com

Subject: Largest Bank Failure in U.S. history
Date: Thu, 25 Sep 2008 21:45:32 -0700

Wamu fails!!!

http://www.msnbc.msn.com/id/26893612

For the last year I have tried to avoid talking about the "gloom and doom" events because people just don't like to hear it. Plus it makes one sound like a nut job.

I pulled out all my cash from WAMU about 3 months ago. I am quite glad I did. Now I don't have to sweat the FDIC having enough cash to cover the debt. My sister was also able to pull a large chunk of her savings out. Unfortunately for the last two weeks, they have only been allowing $5,000 a day. I convinced my mother and father to pull out there 401k. Unfortunately it took me from August 2007 to March 2008 for them to realize the seriousness of the "writing on the wall." I calculate I saved them from 25% to 30% in their retirement.


I wrote the below e-mail on August 17th, 2007 predicting these type of events. It took 13 whole months for the events to come into fruition. Unfortunately I believe the economy will decline at a similar rate for the NEXT 13 months.

As a conservative, I hate to say this: "If you are not upset with your government, you are not paying attention." Your government continues to dump your tax dollars into failing private banks. A large sum has already been dumped without acts of Congress. As a taxpayer you should be furious. If you do not own a home, you should be twice as furious because inflation is devaluing the dollar to offset the large "price" increases in home equities.

This is the worst financial situation I have seen in the short 31 years of my life. I can just imagine my grandfather rolling in his grave, having seen this story all pan out before. He would be FURIOUS! At this juncture all I can say is protect your family, protect your assets, and God Bless all of you.

Bob Lindskov