ads without products

the canary’s dead

leave a comment »

Not the one that lives at the wharf, the one in the coalmine.

I’m lucky to have in-laws that I can use as my own personal focus group of middle american attitudes and reactions. Middle to lower-middle class, from the middle of the country (though down a bit from the exact center), a smattering of evangelicals and irreligious libertarian conservatives, also one Hilary Clinton supporting (now Sarah Palin? I’d bet) late-middle-aged single mom, they run the gamut. I’m not being arrogant – I come from rather ordinary to sub-ordinary stock as well (you should see the stuff that comes across the google alert thing I’ve set up for my very very rare last name – police blotter clip after police blotter clip), it’s just mine are from the wrong side of the St. Lawrence and I don’t really keep in touch.

Anyway. Um. Yeah. Mom-in-law emailed today saying that she’s thinking about pulling her $ out of the mutual fund in her retirement account. I’m sure I’m not the only person that’s been wondering at what point the bad news penetrates the awareness bubbles of ordinary americans, but I think, folks, that day is coming soon. Tomorrow? And when it does, watch what happens. They keep writing articles calling various abstract things that happen “the postmodern version of a bank run.” I think that the pre-postmodern version is still a viable form. We’ll see.

I’ve suggested that it’s probably not smart for her to pull the money, given the tax liability and the fact she’s yanking it back at a very unfortunate time. Who knows though. But even if she goes ahead and does it, where then should she put it? After all, from what I understand, the FDIC is funded to handle maybe one significant bank failure – say Washington Mutual if (when?) it goes.

Here’s guessing tomorrow’s going to be an interesting day.

Written by adswithoutproducts

September 17, 2008 at 11:18 pm

Posted in collapse, crisis, economics

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s

%d bloggers like this: