It occured to me this morning that three interesting financial news reports have converged this summer:
- Someone…but obviously someone VERY wealthy…left their ATM receipt behind, revealing their almost 100-million-dollar cash reserve
- For the first time in history, Standard and Poor’s downgraded the USA…which most likely contributed to two-year lowball on Fed rates
- Following this latest shock to the financial system, the stock market faced the most volatile one-week period in its history
The author of the ATM receipt story made the (historically ironic) comment of “Anyone with that amount of cash would know that keeping $100 million in a savings account isn’t the wisest investment move.”
Well, seems that the Hamptons Moneybags might have guessed the right course for this historic summer….
Tags: ATM receipt, bond downgrade, financial conspiracy theory, stock market
August 17, 2011 at 5:01 pm |
Actually, I would say that keeping the money in savings is the best of the bad options. Stocks are a bigger gambel, and for the guy to loose his savings where they are, it would take a complete loss and shut down of the entire banking system. He may not be making money, but baring disaster, he wont loose it as well.
Personally I would invest in firearms. Have practical uses, and make great currency if the world goes to manure.
August 18, 2011 at 11:14 am |
He won’t lose SOME of it…as the first article points out, savings are only insured to $250,000…I’m just surprised s/he doesn’t have it in more than one account!
And yes, firearms seem to be a good investment…but their aren’t any commercials for them like for gold!
August 19, 2011 at 2:34 pm
If the banks were to crash to where he lost the millions, I doubt there would be anything/anyone to pay the 250k…nor at that point would 250k be worth anything either at that point.
And there are not commercials for guns because “some” in this country have a problem with that…lol…Shoot, they have a problem with the gold commercials because they think they are “brainwashing” people to take money out of the economy and horde it all into selfish gold. lol…Plus it is a lot harder to redistribute someone’s wealth if they have it in hard gold bullion rather than electronic money. But I degress as now I am getting into a conspiratorial rant.