Do you think our economy will collapse like1929, where you lose all your saved money?

Question

How safe is our saved bank money OVER 100,000 at his time of stock market plunge and rising uncontrolled gas and inflation? I am retired and cannot afford to lose any as it must last me my life time.

Answer 1

the economy is going to get really bad but the deepest around 2010-2012. Your best bet is to pay off all debts if you have any...like credit cards which are you highest interest, then the house, then student loans if you can. At this point I would not put anymore money in the stock market but would invest in more solid things and also have cash on hand.

I can not really say that the economy will collapse like 1929, but I feel as though there will be a steady decline over the next few years and that the housing crisis, still has not

bottomed out.  I am not sure what your investments are in but, if it is in a regular savings bank, the inflation will eat that right up. the dollar is much weaker now but the best way to fight inflation is to be debt free

Answer 2

I'm going to be honest and tell you i don't know what to expect.  Remember the housing correction is a deflationary aspect of the economy, housing got to the point where it was to high and its now correcting itself.  But the real problem is in the investment banks that had all of these toxic subprime mortgages.  We're at a point where there is a ton of debt and not enough money to pay it off.  The Fed is trying to get private equity firms to provide liquidity to investment banks...a move that has been unheard of.  It's definitely looking like this problem isn't going away anytime soon.

Answer 3

Money is societies corruption.

Answer 4

Even in the best of times it it unwise to have more than $100,000 in any one bank, and that is especially true now. We will not see a repeat of the 1930's but there will be more than the usual number of bank failures.

Answer 5

I think we may very well see another collapse.

Answer 6

its possible but i dont think it will happen for awhile if it does

Answer 7

Our economy WILL NOT collapse like the "Great Depression" because:

*That was an era before the government backed and issured the banks

*It was before the "New Deal"

*Unemployment was at an all time high at 20%-25% when we're JUST at 5%-6% RIGHT NOW

*We don't have the "Smoot-Hawley" tariff which sank the world into a "Greater" depression which was aimed to encourage domestic production, but really made things WORSE.

*You can move your money to DIFFERENT bank accounts and still be insured for that $100,000 in EACH individual account

*We've made great advances since the Depression just like how we WON'T see another "Savings and Loan" or "Enron" scandel due to the "Sarbanes-Oxley" Act- which makes Corporate CEO's JUST as responsible as the entire company. It's a LARGE deterrent right now. Also, Arthur Anderson is in the toilet TOO which helped fudge the financial statements.