Another Depression?

With the crisis that's hitting Wall Street, companies going bankrupt, and banks losing billions, you have to wonder if we're headed for another Great Depression.

National City Bank has been calling me lately looking for my mom. After I told them for the third time that I wasn't at liberty to give them any contact information, I agreed to give my mom a phone number and relay a message that she should call them back. After kidding with my mom that she should pay her bills *smile* she told me that the reason why they're calling is because they want their money. National City is one of the many banks in the nation right now about to fall under. So they're contacting anyone who has credit with them and telling them they want their money-even if the loan is in good standing.

According to Teri (Jason's mom), Jack's retirement has dropped 48% since the beginning of the year. He's 55 years old. A few months ago Teri started paying into her 401k (she had to wait until she was with her job for a year). It's already worth less than what she's paid into it. My mom's 401k is through Wachovia which was the most recent bank to go bust. She may not have anything left.

It's no wonder that my grandparents kept thousands of dollars in their own house. You hear the stories of people who lived during the depression. How they kept money in mattress and stuff. I'm highly tempted to do the same thing. It's not much but at least I'd still have it if my bank goes under.