Fox Guest Advises Viewers To Take Out $1,000 In Cash, stuff it in a drawer just in case

[jefferson_dem]

Fox Guest Advises Viewers To Take Out $1,000 In Cash

There is, it appears, an emerging sense of panic developing on the cable news circuit over the state of a deal on the nation's debt ceiling. On Fox News Saturday afternoon, Patricia Powell, founder and CEO of Powell Financial Group, advised viewers that they would be wise to have $1,000 in cash on hand if Congress were unable to come to a deal.

"Everybody needs a cash reserve and I'm talking … seriously about cash, cash dollars in your wallet -- not just maybe money in the bank, but you also want money in the bank and not just in the money market fund," said Powell. "None of us know, if they … choose to default, whether there is going to be a credit crunch, whether you might have some trouble accessing some of your credit, and you might even have some trouble with your money market funds. So none of us know. Make sure you have cash."

"How much are you talking about?" asked the Fox host.

"For most of us, if we had $1000 in bills, in our drawer, we would be fine," said Powell. "I don't expect that you're going to need them, but you know what? If you need them, it would be nice to have."

It should be noted that there are a number of steps that banks take to avoid runs on their cash, including temporarily suspending withdrawals.

http://www.huffingtonpost.com/2011/07/29/debt-ceiling-deadline-default_n_913809.html#393_fox-guest-advises-viewers-to-take-out-1000-in-cash-?ncid=edlinkusaolp00000008

[ThoughtCriminal]

1. Where do they find these people?

I think we need to see if FOX is hacking into a perpendicular universe.

[dkf]

2. $1000 isn't that much. It's less than a month of rent.

What's the big deal?

[Dragonfli]

5. I don't have an extra 10 bucks in the bank, let alone "easy access" to 1000

There are fewer that think a grand is a small sum of money than you think.
I can see why you are so in favor of cutting entitlements as someone that considers that a pittance I am sure you do not need Your SS or Medicaid, 70% of Senior are not as comfortable as you and many recieve less than 1000 a month to live on NOW without the cuts you champion.

[tjdee]

19. Wow, that's about what I live on a month.

Interesting how different people value money.

[Historic NY]

3. Thats like duct tape & plastic........

a $1000 dollar could become worthless inexpensive toilet paper.

[Speck Tater]

4. If enough fox-brained idiots follow that suggestion...

It will be like when Johnny Carson made a joke about a toilet paper shortage and the reaction to his remark was to create a REAL toilet paper shortage when everybody ran to the store to buy some before it was too late. They could create a mini-run on the ATM machines and banks, and they COULD create a shortage of paper money.

Given 307 million people in the US, $1,000 each would pull $307 billion in cash out of circulation. That would have to have some impact since there is, according to the Treasury Dept., only about half a trillion worth of paper money in circulation today, and most of that is held overseas. So that's 3/5ths of all the money in circulation.

ed: to correct a serious math error: misplaced decimal point.

[RichGirl]

11. Don't panic...

If any of the FOX viewers had a spare grand...they'd buy more guns.

My guess is that the reason the Tea Party events don't draw a crowd is because they don't have the bucks to get themselves a bus ticket to DC.

[Historic NY]

16. I think I'm going to screw with some freeps .....

I have a few g's lying around from a car buying trip that didn't get back to the bank.

[Tx4obama]

18. It would not be 307 million people.

You need to deduct all the folks under the age of 18 (est. 100 million kids), those that don't have bank accounts and/or $1000

and also deduct the number of folk over the age of 18 that don't have bank accounts and/or $1000

and also deduct all the elderly that are in nursing homes that are not going to run out to the bank.

And also deduct all the SANE people that don't listen to FoxNews that are not going to panic and that will leave their money where it is now.

[babylonsister]

6. How helpful-ugh. Now I know where to find money via

my brother should I need it! :rofl: IF we talked. ;)

[texanwitch]

7. Looks like someone is trying to start a run on the banks.

Republicans sink lower and lower.

[HockeyMom]

8. My Grandma who would have been 111 this year

beat you to that, in 1929. Stupid, Faux. I've been doing this, since she hammered this into me as child, for 40 years. I have a REAL LOCK BOX.

[Incitatus]

9. If the it hits the fan, 1k in cash won't mean shit.

However, 1k in ammunition, liquor, food, etc, before the crash will be very helpful.

[jwirr]

10. Lesson learned from the Great Depression: if the economy comes

tumbling down so does the dollar. That is one reason why they are talking about buying gold. I also do not think gold is all that reliable so I have been stocking up on food, supplies and other useful items.

[RichGirl]

12. Exactly...can't go wrong with food.

Gold does no good when you're hungry.

Back in the 50's people built fall-out shelters, stocked with food. After a while my mom would say, run down to the shelter and get me a can of beans. At least it didn't go to waste when the Russians lost interest in destroying us.

[flamingdem]

13. Good. Get them to get all their idiot viewers to jump through hoops nt

[southernyankeebelle]

14. What about the gold they were pushing?

[JoePhilly]

15. Never take financial advice from Fox News, or DU.

Neither is a reliable source.

[Politicalboi]

17. Coming up

To show devotion to MurDick, Faux Noise crew will be broadcasting from the undisclosed location starting next week. Join us as we bring you new facts about the world as we once knew it. And how to survive on $1,000. LOL!