Panic over how to survive a debt default

Americans are bombarding their financial advisers with questions about about what to do if the US government defaults on its debt. Call volumes to major wealth managers have risen – and a lot of calls are about whether they will get seriously hurt by the events in Washington.

Concerns seem to be escalating as the August 2 deadline looms for the US government to extend its debt ceiling or face the prospect of being unable to pay its bills.

While people are not heading for the hills yet – no talk in the mainstream at least of stocking up on weapons or sticking money in a suitcase – many are asking their financial advisers about converting to cash or selling bonds.

“Should we tell people to build a bunker and bury their money? Then you’d need the guns,” said Lydia Sheckels, the chief investment officer at Wescott Financial Advisory Group, which manages a portfolio worth $1.5 billion (R10bn) and has offices in Pennsylvania, Florida and Washington DC.

Instead, she says the best advice she can offer is that investors have to be broadly diversified. This is not the time for that risky bet on one emerging market or commodity.

Between water cooler conversations at the office and the pundits on TV, it’s becoming impossible to ignore the noise and just sit and wait for the crisis to be over. For financial advisers, that means a lot of touching base this week.

Leslie Farnsworth was one of those content to sit out the frenzy, and had not opened up account statements in months. She was not even especially worried about the state of the financial markets – until her adviser showed up at her office with two colleagues to review her investment portfolio.

“Is it really dire?” wondered Farnsworth, who is the chief executive of FrogDog, a consulting firm in Houston. Her adviser, who works at UBS, said: “We don’t need to sit tight. We need to change.“

The prevailing wisdom from most advisers, however, is to assess but sit tight.

Matthew Tuttle, the chief investment officer at Tuttle Wealth Management, based in Connecticut, is among those who are optimistic a deal will be reached in the nick of time: “The debt deal will eventually be worked out in some way, and we will react to it when it happens.

Archie Bunker is going to solve every problem including debt crisis!

No one is perfect. A babe before walking will first stumble and fall many times but NEVER gives up until he succeeds.

Always remember, ultimately, to never follow any person's belief. Your relationship with God is between you and God.

If nothing else, remember this: religion = subservience, control and conformity, the same template as EVERY government

"Most believers would kill truth if truth threatened their religion." L. K. Washburn

"This crime called blasphemy was invented by priests for the purpose of defending doctrines not able to take care of themselves." Robert Ingersoll Some valid answers:


1. Stop Fearing God. It's bad for us and makes it easier to control us.

2. Heed God's warning about over-using our JUDGMENT. (Causes conflicts)

3. Heed Jesus' Teachings about compassion and understanding. He didn't just come here to be idly WORSHIPED.

4. Act as if you had to come back next generation...

5. GIVE BACK ALL THE INTEREST THE FED HAS STOLEN SINCE 1913. Disclaimer:

DON'T BELIEVE A DAMN WORD YOU READ ON THIS WEBSITE!

The reader is responsible for discerning the validity, factuality or implications of information posted here, be it fictional or based on real events. Moderators on this forum make every effort to review the material posted on this site however, it is not realistically possible for our small staff to manually review each and every one of the more than 20,000 posts GodlikeProductions gets on a daily basis.

The content of posts on this site, including but not limited to links to other web sites, are the expressed opinion of the original poster and are in no way representative of or endorsed by the owners or administration of this website. The posts on this website are the opinion of the specific author and are not statements of advice, opinion, or factual information on behalf of the owner or administration of GodlikeProductions. This site may contain adult language, if you feel you might be offended by such content, you should log off immediately.

Not all posts on this website are intended as truthful or factual assertion by their authors. Some users of this website are participating in internet role playing , with or without the use of an avatar. NO post on this website should be considered factual information on face value alone.

The Bunker

The Holocaust and history, the known, the unknown, the disputed and the re-examined

The greatest battle, Stalin, Hitler, and the desperate struggle for Moscow that changed the course of World War II

Heroes in Dungarees, The Story of the American Merchant Marine in World War II

The Tim Bunker papers, or, Yankee farming