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*WHEW* - Unbeliever's Land
...The continuing chronicles...
unbeliever64
unbeliever64
*WHEW*
When Crazy Cousin Harold died, the vast majority of our inheritance was in valuable, high-interest GM bonds.

When we first started talking with Charles Schwab last year, they assured us that the GM bonds were safe, because "if GM goes down, the whole COUNTRY is going down..."

But GM kept looking worse and worse, and finally, a couple of months ago, we succeeded in taking advantage of the "survivor option" on the GM bonds, cashing them in for full face value (when their current value was already less than half of that).

Today, we hear that GM has lost 1/3 of it's value in the past year, and that there are talks of GM declaring bankruptcy this month!

All told, I'm glad we got out when we did...

Now, all that money is invested in mutual funds, using a low-risk strategy.  Which means we're probably still losing money, but not as bad as the risk-takers...

Watching the country go to hell is less fun when you have a stake in the outcome...

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Current Emotional State: relieved relieved

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compostwormbin From: compostwormbin Date: October 11th, 2008 05:57 am (UTC) (Link)
When we first started talking with Charles Schwab last year, they assured us that the GM bonds were safe, because "if GM goes down, the whole COUNTRY is going down..."

I bet there's a lot of truth to that statement. I'm preparing best I can for the next great depression, which I expect is forthcoming (actually have thought so for years but to say so would have made me sound like a loony fringe element until recently).

Glad you got out in a good way and found some low risk investments.
From: dwight_everhart Date: October 12th, 2008 08:15 am (UTC) (Link)
Wow, you were so lucky to get out when you did at face value! GM is selling for $5 now!
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