96 year old explains Great Depression and current situation

[MikeWB]

http://tinyurl.com/6k3cvu

Quote:
Yahoo! Finance User - Thursday August 07, 2008 02:11PM EDT

I am 96 years old. Old enough to be able to tell you young know it alls that believe things will get better that you are all fools. This country is just entering it's next GREAT DEPRESSION. I remember after the stock market crash in 1929, that there was also a rally just like you are having right now. This rally was only fed by those that had some cash to buy stocks at their reduced prices. The so called "bottom feeders".

But the stupidity is that they are only a small percentage of the population, while everyone else were losing their cash and starting to lose their jobs. And so as the bottom feeders took up their new "long hold" positions, they stopped buying into the stock market as well, and from there is where it really tanked. Not recovering to the same point until 1954. 21 years later!!! There was no credit available to anyone but the very well off, who also were a small minority. People could not make their house payments and were foreclosed left and right. And back then, when you were foreclosed, you had to move within 10 days!!!

Then the droughts started just like now and people just abandoned their homes to go to California where there were some jobs working in the fields. You young people haven't seen nothing yet. Soon you will all be losing your jobs. If you do not want to lose your homes right away also You need to get all your money out of wherever it is. The banks, the stock market, your retirement accounts, etc. while you still can.

The mistake I made was trusting the bank and when they closed up I lost $640. That was what I could have lived on for a year or two. Remember back then a steak dinner could be had for 75 cents! I had one brother who was murdered and another that commited suicide during those times. My sister had to sell her body just to survive. This all starting up again. Do not believe any of the "happy day liars" telling you it will all be okay. I myself had to live in a Hooverville and we had to go out at night in teams of 4 so we would not get killed ourselves to hunt for racoons, possums, dogs and other things I wish to forget in order to eat.

Things did not begin to improve until I was lucky to get on a government work crew building new roadways. They fed us, housed us in tents at the sight and we had $3-7 a week leftover. You aint seen nothing yet. Just wait till you need to cut meat off a dead rotting carcass and boil it in a soup to survive. Then you will know how bad it is going to get.

[Ralph Furely]

this reminds me, whats everyone here doing?  have all you guys taken out any stocks or bonds or whatever yet?  i have a mutual fund still in there, havent taken it out yet.  i meant to make a thread a while ago asking everyones opinions.  what are all you guys doing.

[Anonymous]

I'm not really "in" the system, got my little money in the bank to pay bills, that's it for me...

[Ralph Furely]

me too.  except for this little mutual fund

[Roy Hobs]

I began liquidating everything a few years ago.  I have mostly Gold and Silver now.  I also invested into survival necessities -- water storage barrels; food; water filters; rifles; pistols and ammunition.  I have a few bucks in a bank to pay bills etc.  

I went out preaching to everyone I know to buy gold and silver.  Bought Gold at $650 and was strutting around like a peacock.  Bought Silver at $18.00

Guess what???

I'm getting ridiculed big time right now.  "Hey Roy.....how you liking your Gold now?!!!"  Is what they are saying.  

Feel like a dupe.  It's good I didn't tell these people I bought guns.   :?

Who knows.  Perhaps the economy will never collapse as the truth movement is saying.  'They' control everything, so why not just keep puting lipstick on the pig as the second greatest wealth transfer continues.  

I don't know.  

I'd say liquidate everything; but I just don't know anymore.