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Re: Emigrant Direct GOING OUT OF BUSINESS??
Old 09-16-2006, 10:16 AM   #21
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Re: Emigrant Direct GOING OUT OF BUSINESS??

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Just that I talked then convinced my wife into *putting all her saving into Emigrant Direct and I am worry that if Emigrant Direct is going out of business so does my marriage.

Just IMHO, I'd worry less about Emigrant Direct, and more about why you're talking and convincing your wife into doing things with HER savings. *Of course couples work together and share information. *But your worry that she'll blame you if something bad happens is only valid if you applied pressure, twisted her arm, or said anything that didn't end with a sincere "of course, the decision is entirely up to you dear, and I'll respect whatever you do."

None of us really KNOWS the best investment, and you certainly don't know her internal risk tolerance or understand what it takes her to sleep at night after putting "all her savings" into one basket.

I'd ponder THAT part of the equation if I were you.

On the other hand, if she loses all her money, she can't really AFFORD to end the marriage, now can she? *

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Re: Emigrant Direct GOING OUT OF BUSINESS??
Old 09-16-2006, 11:14 AM   #22
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Re: Emigrant Direct GOING OUT OF BUSINESS??

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Actually, quite
yep, i stand corrected. i promise to be more careful next time ... maybe.
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Re: Emigrant Direct GOING OUT OF BUSINESS
Old 09-16-2006, 12:46 PM   #23
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Re: Emigrant Direct GOING OUT OF BUSINESS

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Originally Posted by astromeria
Good suggestion, Ms Beagle--I added question marks to make the least change possible while helping to avoid heart attacks among board members.
Still bad IMO... better would be..

Emigrant Direct.. what IF it went out of business

Going out of business, even with questions marks, infers that it is in trouble of going out of business or IS going out of business... either way.. I blame the original poster as he knew what he was doing..
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Re: Emigrant Direct GOING OUT OF BUSINESS??
Old 09-16-2006, 02:18 PM   #24
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Re: Emigrant Direct GOING OUT OF BUSINESS??

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Originally Posted by LOL!
7-day yield does not include much compounding (7 days worth at most). While APY includes all the compounding (say 365 days).

To get an APY of 5.15%, you only need an APR of X: 1.0515 = (1 + X/365)^365, where ^365 means raised to the 365th power. Solving for X, you get a 5.0221% APR compounded daily equals a 5.15% APY.

So Emigrant pays a 5.0221% APR.

Or look at it from the money market side. Let's take the 5.12% of Vanguard and compound it weekly. 5.12% /100/52 = weekly interest rate W. (1+W)^52=1.0525 or a 5.25% APY.
Amboy Direct has an APY of 5.25% as of a few days ago, FYI, FWIW.

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Re: Emigrant Direct GOING OUT OF BUSINESS??
Old 09-16-2006, 08:27 PM   #25
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Re: Emigrant Direct GOING OUT OF BUSINESS??

Let me clarify why i am so damm paranoid. We came from a country that USED to have a similar system like FDIC then the country (or government) collapsed, so does all of the banking system and the hell with all of insurance...

I don't really know the details but can someone tell me what happen to your money if your money is sitting in some Iraq banks?

My parents trusted the bank and the government insurance (FDIC), yet when things falls apart, we went from rich to rags in NO time. Here in the Northeast of america, we had a major flood 3-4 years ago and a lot of people still complaining that the insurance still hadn't paid up yet. Does the insurance really work if the entire city and the next 10 zipcode area are under the water? or can the FDIC come thru if there is a major collapse in banking system?

last, sorry for the rude subject heading.

enuff

ps. yes my middle name is paranoid.
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Re: Emigrant Direct GOING OUT OF BUSINESS??
Old 09-16-2006, 08:33 PM   #26
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Re: Emigrant Direct GOING OUT OF BUSINESS??

enuff, if you are really that worried about it, I think you realistically have two choices:

1) Buy t bills with the money. No "backed by the gummint" stuff with the FDIC; this IS the gummint.
2) Put the money into some kind of real asset. Gold, silver, etc. in physical form is the traditional method, although naturally you would have to endure commodity price swings.

Personally, I think you might want to make sure you have your tinfoil hat firmly in place before deciding.
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Re: Emigrant Direct GOING OUT OF BUSINESS??
Old 09-17-2006, 09:17 AM   #27
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Re: Emigrant Direct GOING OUT OF BUSINESS??

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Originally Posted by Enuff2Eat
Let me clarify why i am so damm paranoid. We came from a country that USED to have a similar system like FDIC then the country (or government) collapsed, so does all of the banking system and the hell with all of insurance...

I don't really know the details but can someone tell me what happen to your money if your money is sitting in some Iraq banks?
Yikes. It's tough to diversify away from a complete collapse of the U.S. banking system. Forget holding dollars in any form. International securities probably wouldn't help because the way the world is currently wired, if the US goes down we'll drag everyone else with us.

The more immediate concern wouldn't be whether FDIC will pay, but where would you get food from? If the banking system collapses and dollars are no good, I doubt the trucks will keep rolling in to your local grocery.

Sounds like you need to pull your money out of the banking system and invest in meals ready to eat, some gold bullion (no ETFs), and maybe some firearms to protect you from the ensuing hungry mobs.
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