Word: cashed
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...Sept. 29 alone, governments from Germany to Iceland rushed to prop up five ailing financial institutions with huge cash infusions or full-blown nationalization, making it one of the grimmest days in the history of European finance. Among the high-profile casualties were Fortis, Belgium's largest bank; the venerable British mortgage lender Bradford & Bingley; and Germany's Hypo Real Estate, which has a massive $560 billion balance sheet and is a big player in the domestic securities market. As the governments stepped in, the message they sent to the public was supposed to be reassuring: Don't panic - your...
...Another pillar of economic growth is getting knocked away: domestic demand. Asians may have a lot more money than they used to, but even so, they tend to be savers, not spenders, and quickly return to stuffing cash under the mattress during times of economic stress. In South Korea, wholesale and retail sales growth slipped to 3.8% in August from 5.5% in July. Even in go-go China, passenger-car sales fell 6% in August, the first decline in more than two years...
...best way to build cash is by cutting spending. You might also temporarily divert any monthly investment contributions or pare any assets where you may be overconcentrated. But restart your monthly contributions promptly - and avoid selling stocks simply because they have fallen. As a broad asset class, stocks will recover, though not all individual shares (like those of some beleaguered financial companies) will rebound...
...Full Protection Every generation endures an event that reinforces the importance of federal guarantees on investments and savings. Your event just happened. But those guarantees have limits. So if you have a lot of cash with any one financial institution, you may not be fully protected. Don't panic. Just spread your assets around to as many banks or brokerages as necessary. In the case of a trust, naming multiple beneficiaries can do the trick as well...
...Diversify Internationally You should always have your savings spread among large, medium and small stocks, bonds and some cash in safe short-term securities. It's more important now than ever before to include in this mix some foreign stocks and bonds. If this crisis deepens, the costs could prove so staggering to the U.S. government that the dollar might plunge or interest rates might rise. Foreign holdings won't be immune to such fallout. But they will at least offer a buffer. "Give up the ability to hit a home run to make sure you don't strike...