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Old 09-15-2018, 02:29 PM   #1
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Today is the 10 year anniversary of the financial crisis

Earlier this week we remembered 9/11. Today is the 10th anniversary of 9/15/2008, the official start of the worst financial crisis since the Great Depression. I won’t bore you with how I know, or how it affected me, but it did. At the time I told my wife, no mater what the experts say, it will be at least 10 years until the country is over this. Are we over it? What’s your story? How are things different? Do you do things differently? We do not carry loan balances, except for the mortgage and pay off credit cards each month. We live well below our means.
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Old 09-15-2018, 02:45 PM   #2
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...like 9/11, 9/15 is also burned into my memory:

as a Insurance agent, agency owner, with many customers, some close relatives, having fixed retirement Annuities with AIG, I felt like the 'best' thing for my customers, in light of all of the 'doomsday' reporting about the financial crisis, the stock market, and the possible failure of companies that participated heavily in the 'less than performing loans used as collateral for financial investments'... was to withdraw their funds...I saw the writing on the wall, and called each and every one of them to come in, sign a full-withdrawal form, and wait for their check in the mail!

then, I packaged all of these forms up and put them in a UPS box, and labeled them for the AIG Annuities headquarters in GUESS WHERE...?

...Houston, Texas! Remember?? Houston and Galveston had just been hit by a hurricane and flooding and wasn't even 'operational' from the shear number of employees that could not yet get 'to work'. O.K., well, all we can do is send them, overnight, and 'see' if someone is there to receive them(!)...

well, amazingly, someone 'was' there to receive them, somehow... but now the question was 'how long' would it take to process these withdrawals and have them 'mailed' back to the customers?? Remember, not only was the news of AIG and financial crisis and stock market clogging the news, but also the advent of possible 'failing' banks!

My customers eventually started receiving their checks, within a week or two, but now we had another problem - should they 'deposit' them with their local bank, with all the news of banks heading for 'bank'ruptcy, or should they just cash it and hide it under their mattress?? Crazy.

It, yes, was a crazy time. Of course, not only was this issue with my customer accounts a pressure filled time for me, but at the same day I asked all my customers to come by and sign their withdrawals, I was FLYING to a conference in DALLAS, and guess who it was sponsored by.......????



AIG : ) It may have been their last, for a while.
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