Thread Rating:

ChumpChange
ChumpChange
  • Threads: 122
  • Posts: 4986
Joined: Jun 15, 2018
March 13th, 2023 at 11:12:50 AM permalink
Will checks even be cashable two weeks from now?

I'm getting stress-induced eye-twitching, and the rumor is Janet Yellen is MIA with migraine headaches and she may be stepping down.

RT: Banking Crisis? Panic?
Give people some credit! 😂
Mental
Mental
  • Threads: 14
  • Posts: 1449
Joined: Dec 10, 2018
March 13th, 2023 at 12:49:38 PM permalink
My brokerage account is up 6 figures today. However, I have a boatload of funds in online casino accounts. I guess I need to research whether these funds are properly segregated and protected against a run on the casino. This NJ reg popped up in response to my search and I hope this in every state's regs.

Quote:

https://www.nj.gov/lps/ge/docs/Regulations/CHAPTER69O.pdf
(j) A casino licensee shall maintain a New Jersey bank account separate from all
other operating accounts to ensure the security of funds held in patron Internet gaming
accounts. The balance maintained in this account shall be greater than or equal to the sum of
the daily ending cashable balance of all patron Internet gaming accounts, funds on game, and
pending withdrawals. A casino licensee shall have unfettered access to all patron Internet
gaming account and transaction data to ensure the amount held in its independent account is
sufficient. The casino controller or above shall file a monthly attestation with the Division that
the funds have been safeguarded pursuant to this subsection.
(k) Patron funds held in an Internet gaming account shall not be automatically
transferred by a casino licensee nor shall a casino licensee be permitted to require a patron to
transfer funds from his or her Internet gaming account in order to circumvent the requirements
of (i) above.

Now, I just have to worry that the casinos chose their banks carefully.
This forum is more enjoyable after I learned how to use the 'Block this user' button.
EvenBob
EvenBob
  • Threads: 441
  • Posts: 29023
Joined: Jul 18, 2010
March 13th, 2023 at 12:51:25 PM permalink
I have no money in any bank. Even my Social Security account which is regulated by Comerica Bank, whenever I have $1,000 extra in that account I go to Comerica Bank and withdraw it from my government Social Security account. Last time I was in the manager said to me why don't you just open an account here and I said because I don't trust banks. All my money is in a place where I can lay my hands on it, literally lay my hands on the cash, some of it is in PayPal but that's not a bank.
"It's not called gambling if the math is on your side."
Mental
Mental
  • Threads: 14
  • Posts: 1449
Joined: Dec 10, 2018
March 13th, 2023 at 12:54:47 PM permalink
Quote: EvenBob

I have no money in any bank. Even my Social Security account which is regulated by Comerica Bank, whenever I have $1,000 extra in that account I go to Comerica Bank and withdraw it from my government Social Security account. Last time I was in the manager said to me why don't you just open an account here and I said because I don't trust banks. All my money is in a place where I can lay my hands on it, literally lay my hands on the cash, some of it is in PayPal but that's not a bank.
link to original post

If you have money online, then you have it in a bank via an even less trustworthy intermediary.
This forum is more enjoyable after I learned how to use the 'Block this user' button.
lilredrooster
lilredrooster
  • Threads: 237
  • Posts: 6793
Joined: May 8, 2015
Thanked by
Mental
March 13th, 2023 at 12:57:00 PM permalink
Quote: EvenBob

I have no money in any bank. because I don't trust banks. All my money is in a place where I can lay my hands on it, literally lay my hands on the cash, some of it is in PayPal but that's not a bank.


the Federal Government insures your bank account for $250K

how much insurance does PayPal give you on your account there_________?


.
Last edited by: lilredrooster on Mar 13, 2023
the foolish sayings of a rich man often pass for words of wisdom by the fools around him
EvenBob
EvenBob
  • Threads: 441
  • Posts: 29023
Joined: Jul 18, 2010
March 13th, 2023 at 2:11:19 PM permalink
Min-Liang Tan, cofounder and CEO of Razer, a company that sells gaming computers and peripherals, tweeted: I think Twitter should buy SVB and become a digital bank. Musk responded: Im open to the idea.

Problem solved..
"It's not called gambling if the math is on your side."
Mental
Mental
  • Threads: 14
  • Posts: 1449
Joined: Dec 10, 2018
March 13th, 2023 at 2:30:15 PM permalink
Quote: EvenBob

Min-Liang Tan, cofounder and CEO of Razer, a company that sells gaming computers and peripherals, tweeted: I think Twitter should buy SVB and become a digital bank. Musk responded: Im open to the idea.

Problem solved..
link to original post

Must bought Twitter to wreck it.

He doesn't need to buy SVB Financial because it is already wrecked.
This forum is more enjoyable after I learned how to use the 'Block this user' button.
AZDuffman
AZDuffman
  • Threads: 242
  • Posts: 14163
Joined: Nov 2, 2009
March 13th, 2023 at 4:05:23 PM permalink
Quote: EvenBob

Min-Liang Tan, cofounder and CEO of Razer, a company that sells gaming computers and peripherals, tweeted: I think Twitter should buy SVB and become a digital bank. Musk responded: Im open to the idea.

Problem solved..
link to original post



HSBC bought it for $1. Let the Chinese deal with it.
All animals are equal, but some are more equal than others
Dieter
Administrator
Dieter
  • Threads: 16
  • Posts: 5688
Joined: Jul 23, 2014
March 13th, 2023 at 4:36:32 PM permalink
Quote: AZDuffman

Quote: EvenBob

Min-Liang Tan, cofounder and CEO of Razer, a company that sells gaming computers and peripherals, tweeted: I think Twitter should buy SVB and become a digital bank. Musk responded: Im open to the idea.

Problem solved..
link to original post



HSBC bought it for $1. Let the Chinese deal with it.
link to original post



Did HSBC get more than the UK subsidiary and a waiver of certain banking regulations?
May the cards fall in your favor.
AZDuffman
AZDuffman
  • Threads: 242
  • Posts: 14163
Joined: Nov 2, 2009
March 13th, 2023 at 4:43:28 PM permalink
Quote: Dieter

Quote: AZDuffman

Quote: EvenBob

Min-Liang Tan, cofounder and CEO of Razer, a company that sells gaming computers and peripherals, tweeted: I think Twitter should buy SVB and become a digital bank. Musk responded: Im open to the idea.

Problem solved..
link to original post



HSBC bought it for $1. Let the Chinese deal with it.
link to original post



Did HSBC get more than the UK subsidiary and a waiver of certain banking regulations?
link to original post



I only saw the headline. Probably the usual backstop protections when this kind of thing happens. They probably got a better deal than in 2008 when Jamie Dimon was told, "Here is the sale contract for WaMu. Your signature or your brains will be on it before you leave the room. Great! On your way out send in the CEO of Wells."
All animals are equal, but some are more equal than others
AxelWolf
AxelWolf
  • Threads: 164
  • Posts: 22296
Joined: Oct 10, 2012
March 13th, 2023 at 5:09:24 PM permalink
Quote: lilredrooster

Quote: odiousgambit

Quote: lilredrooster

Quote: AxelWolf



Bitcoin up 9% today. Scratches head*




there is news that regulators are backstopping depositors and making additional funding to other banks
as we all know the U.S. Government has an unlimited money supply and can simply borrow trillions more whenever necessary - smirk, smirk

this news caused the futures markets to rally and probably also crypto



https://www.cnbc.com/2023/03/12/stock-market-futures-open-to-close-news.html



.
link to original post

The Forbes article is dated Feb. 10th

nonetheless the markets generally feel they have gotten good news, as the next hike is not going to be more than 25 pts, almost for sure, while until the bank collapse the betting favored going to 50 pts.
link to original post




yes, I saw that mistake and deleted it and adjusted my post and posted the relevant current articles

please refer to my OP which has been edited and is now correct

.
link to original post

BTC Is back up to just over 24k, just a few days ago it was under 20k. OFC it wasn't a buy at 15k I think guys around here were claiming it was going into the dumps and down for the count.

I tell you what. For all the roadblocks bruises, black eyes, kicks, punches, and beatdowns Crypto has taken BTC is one resilient SOB.

*Be advised that I do have Crypto currency holdings.

The information contained in my post is not intended to be a source of advice, the information contained in my post does not constitute investment advice. Unless of course, you want to buy WolfCoin (AWC) That's definitely a rock-solid investment.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
billryan
billryan
  • Threads: 240
  • Posts: 16282
Joined: Nov 2, 2009
March 13th, 2023 at 5:14:54 PM permalink
If you say BTC is the Chuck Wepner of investments, I can go along.
The difference between fiction and reality is that fiction is supposed to make sense.
rxwine
rxwine
  • Threads: 214
  • Posts: 12413
Joined: Feb 28, 2010
March 13th, 2023 at 5:16:24 PM permalink
Anyone who ever said we need less oversight that lost money need not be bailed out beyond 250k limit.
There's no secret. Just know what you're talking about before you open your mouth.
AZDuffman
AZDuffman
  • Threads: 242
  • Posts: 14163
Joined: Nov 2, 2009
March 13th, 2023 at 5:19:29 PM permalink
Quote: rxwine

Anyone who ever said we need less oversight that lost money need not be bailed out beyond 250k limit.
link to original post



There was plenty of oversight and it still failed.
All animals are equal, but some are more equal than others
rxwine
rxwine
  • Threads: 214
  • Posts: 12413
Joined: Feb 28, 2010
March 13th, 2023 at 5:52:18 PM permalink
Quote: AZDuffman

Quote: rxwine

Anyone who ever said we need less oversight that lost money need not be bailed out beyond 250k limit.
link to original post



There was plenty of oversight and it still failed.
link to original post



Perfection isn't the goal. Reduction of failures is.
There's no secret. Just know what you're talking about before you open your mouth.
EvenBob
EvenBob
  • Threads: 441
  • Posts: 29023
Joined: Jul 18, 2010
March 13th, 2023 at 5:54:02 PM permalink
Quote: AZDuffman

Quote: Dieter

Quote: AZDuffman

Quote: EvenBob

Min-Liang Tan, cofounder and CEO of Razer, a company that sells gaming computers and peripherals, tweeted: I think Twitter should buy SVB and become a digital bank. Musk responded: Im open to the idea.

Problem solved..
link to original post



HSBC bought it for $1. Let the Chinese deal with it.
link to original post



Did HSBC get more than the UK subsidiary and a waiver of certain banking regulations?
link to original post



I only saw the headline. Probably the usual backstop protections when this kind of thing happens. They probably got a better deal than in 2008 when Jamie Dimon was told, "Here is the sale contract for WaMu. Your signature or your brains will be on it before you leave the room. Great! On your way out send in the CEO of Wells."
link to original post



Frank Sinatra always claimed that's how he got out of his contract with the Jimmy Dorsey band, the mafia told Dorsey let the contract go or your brains will be all over the floor.
"It's not called gambling if the math is on your side."
AZDuffman
AZDuffman
  • Threads: 242
  • Posts: 14163
Joined: Nov 2, 2009
March 14th, 2023 at 2:35:39 AM permalink
Quote: rxwine

Quote: AZDuffman

Quote: rxwine

Anyone who ever said we need less oversight that lost money need not be bailed out beyond 250k limit.
link to original post



There was plenty of oversight and it still failed.
link to original post



Perfection isn't the goal. Reduction of failures is.
link to original post



First big failure in over a decade, so doing pretty good.

Failed because of regs requiring mark to market which meant when they sold one bond they had to mark them all. Thus they had to go to the capital markets which scared people.

Lack of oversight? Nope.
All animals are equal, but some are more equal than others
AZDuffman
AZDuffman
  • Threads: 242
  • Posts: 14163
Joined: Nov 2, 2009
Thanked by
RogerKint
March 14th, 2023 at 2:48:30 AM permalink
Quote: EvenBob

Quote: AZDuffman

Quote: Dieter

Quote: AZDuffman

Quote: EvenBob

Min-Liang Tan, cofounder and CEO of Razer, a company that sells gaming computers and peripherals, tweeted: I think Twitter should buy SVB and become a digital bank. Musk responded: Im open to the idea.

Problem solved..
link to original post



HSBC bought it for $1. Let the Chinese deal with it.
link to original post



Did HSBC get more than the UK subsidiary and a waiver of certain banking regulations?
link to original post



I only saw the headline. Probably the usual backstop protections when this kind of thing happens. They probably got a better deal than in 2008 when Jamie Dimon was told, "Here is the sale contract for WaMu. Your signature or your brains will be on it before you leave the room. Great! On your way out send in the CEO of Wells."
link to original post



Frank Sinatra always claimed that's how he got out of his contract with the Jimmy Dorsey band, the mafia told Dorsey let the contract go or your brains will be all over the floor.
link to original post



He paid them back the rest of his life. Would there be any other reason he would guest on the local "The Frank Rosenthal Show?"

Back to subject, in 2008 the feds really took it to the bank execs. Many wanted no part of TARP but were outright told to take the money or else. Then pols complained when bank CEOs "took private jets" to places after they took the money. High level CEOs de facto need to fly private, but why not make cheap political points?

Lots of bank mergers 2008-9. Chase had just bought Bears-Sterns but was told to buy WaMu. PNC was told to buy National City. Same as with SVB the feds backstopped things, but the feds forced them to do much that they did not want to do. It is very probably that the feds made money off most of the 2008 crash after it was cleaned up. The feds do not give away money without strings, they can put the mafia to shame there.

And the banks could take that low interest money from the Federal Reserve, walk down the street and buy Treasuries, and lock in a small profit. Meanwhile the government bond market gets liquidity. Clever, eh?

With banks the pattern is set, USA and elsewhere. Get a strong competitor to take over, promise to cover any garbage not found because no time for due diligence. Make life go on.
All animals are equal, but some are more equal than others
ChumpChange
ChumpChange
  • Threads: 122
  • Posts: 4986
Joined: Jun 15, 2018
March 14th, 2023 at 12:06:34 PM permalink
RT: "60% of deposits in the US banking system are > $250k" - Goldman
That's over $10 trillion
Ace2
Ace2
  • Threads: 32
  • Posts: 2706
Joined: Oct 2, 2017
Thanked by
RogerKint
March 14th, 2023 at 12:46:34 PM permalink
Quote: ChumpChange

RT: "60% of deposits in the US banking system are > $250k" - Goldman
That's over $10 trillion
link to original post

No surprise. MDawgs accounts alone are $5 trillion
Its all about making that GTA
Mental
Mental
  • Threads: 14
  • Posts: 1449
Joined: Dec 10, 2018
March 14th, 2023 at 12:59:23 PM permalink
Quote: Ace2

Quote: ChumpChange

RT: "60% of deposits in the US banking system are > $250k" - Goldman
That's over $10 trillion
link to original post

No surprise. MDawgs accounts alone are $5 trillion
link to original post

I have $5 trillion in online casino credit balances, and none of it is FDIC insured.
This forum is more enjoyable after I learned how to use the 'Block this user' button.
ChumpChange
ChumpChange
  • Threads: 122
  • Posts: 4986
Joined: Jun 15, 2018
March 14th, 2023 at 1:49:03 PM permalink
I hear banks will be giving out S&H green stamps worth 1/20th of a cent instead of $20 bills to keep up with the Mexican peso.
AZDuffman
AZDuffman
  • Threads: 242
  • Posts: 14163
Joined: Nov 2, 2009
March 14th, 2023 at 2:45:42 PM permalink
Quote: ChumpChange

I hear banks will be giving out S&H green stamps worth 1/20th of a cent instead of $20 bills to keep up with the Mexican peso.
link to original post



All animals are equal, but some are more equal than others
ChumpChange
ChumpChange
  • Threads: 122
  • Posts: 4986
Joined: Jun 15, 2018
March 14th, 2023 at 2:52:35 PM permalink
Random RT: Last time inflation was this high 1,600 banks failed not 2. This was in the 1970/1980s. The FED kept raising rates. Will Jerome Powell do the same thing this time?

During the 198094 period, 1,617 FDIC-insured commercial and savings banks were closed or received FDIC financial assistance.

What we have now are people on smart phones and laptop computers who read social media who don't need to stand in line at a bank to withdraw their money, and they can withdraw tens of billion of dollars in a few hours instead of a billion in 2 days.
Banks will not be able to close on Friday night for an FDIC takeover while there's a run on the bank of this size. The FDIC needs to shut down the bank at the exact moment it becomes insolvent so it doesn't ding their FDIC fund so hard. Everybody at SVB is fired so that leaves nearly 9,000 FDIC agents to take over the bank and branches.
********
States may issue IOU's to their workers at the start of a new fiscal year if they don't have a budget passed, and those IOU's can become worthless in the eyes of the banks and the holders of the IOU's if too much time passes and there's no progress. People need to be paid, or we wind up like some defaulted country where only crony military gets paid.
Last edited by: ChumpChange on Mar 14, 2023
AZDuffman
AZDuffman
  • Threads: 242
  • Posts: 14163
Joined: Nov 2, 2009
March 14th, 2023 at 2:54:59 PM permalink
Quote: ChumpChange

Random RT: Last time inflation was this high 1,600 banks failed not 2. This was in the 1970/1980s. The FED kept raising rates. Will Jerome Powell do the same thing this time?
link to original post



Banks or S&Ls?
All animals are equal, but some are more equal than others
lilredrooster
lilredrooster
  • Threads: 237
  • Posts: 6793
Joined: May 8, 2015
March 14th, 2023 at 3:06:30 PM permalink
Quote: ChumpChange

Random RT: Last time inflation was this high 1,600 banks failed not 2. This was in the 1970/1980s.


true story - 70s - I was very young - one of my first jobs working as a teller at an S&L

one morning I turned around to look at the cardboard ad displaying the CD rates and I did a double take

one CD was paying 19%

I couldn't believe it - of course I didn't at that time have any significant funds to put into one


.
the foolish sayings of a rich man often pass for words of wisdom by the fools around him
billryan
billryan
  • Threads: 240
  • Posts: 16282
Joined: Nov 2, 2009
March 14th, 2023 at 3:13:47 PM permalink
Quote: lilredrooster

Quote: ChumpChange

Random RT: Last time inflation was this high 1,600 banks failed not 2. This was in the 1970/1980s.




true story - 70s - I was very young - one of my first jobs working as a teller at an S&L

one morning I turned around to look at the cardboard ad displaying the CD rates and I did a double take

one CD was paying 19%

I couldn't believe it - of course I didn't at that time have any significant funds to put into one


.
link to original post



I was able to get a couple of six-month ones but couldn't tie money up long-term. After my aunt Elanor died, it turned out she had a few $100,000 twenty years bills at 15-16%.
I'm looking for long-term investments but everything seems geared to the short term. It feels nice to be getting 4%-5% on cash but I don't see that lasting long. I was getting 5%+ when I started saving in 1974.
The difference between fiction and reality is that fiction is supposed to make sense.
DRich
DRich
  • Threads: 89
  • Posts: 12050
Joined: Jul 6, 2012
March 14th, 2023 at 4:07:48 PM permalink
Quote: ChumpChange

RT: "60% of deposits in the US banking system are > $250k" - Goldman
That's over $10 trillion
link to original post



I don't believe that at all. I think what you are trying to say is that over 60% of the total dollar value of deposits is held in accounts with a value over $250k.

There are lots more accounts with less than $250k than ones with more than $250k.
At my age, a "Life In Prison" sentence is not much of a deterrent.
ChumpChange
ChumpChange
  • Threads: 122
  • Posts: 4986
Joined: Jun 15, 2018
March 14th, 2023 at 4:29:52 PM permalink
It's a disputed POV, I'm not sure which it is.
billryan
billryan
  • Threads: 240
  • Posts: 16282
Joined: Nov 2, 2009
March 14th, 2023 at 4:36:49 PM permalink
60% of the money deposited in US banks isn't covered. Every depositor knows the limits. It does seem crazy that a company can't keep its payroll in one bank and not have to worry about the banks' safety.
The difference between fiction and reality is that fiction is supposed to make sense.
ChumpChange
ChumpChange
  • Threads: 122
  • Posts: 4986
Joined: Jun 15, 2018
March 14th, 2023 at 4:43:40 PM permalink
So how big a bank account does WalMart need to meet payroll? $50 million? These banks pay a fee to fund the FDIC little by little so $250K can be covered across the system. Covering much more is like a disaster declaration by the federal gov't, which in this case it was, a systemic risk declaration. These banks can cover 80% or more of the uninsured deposits if they are shut down in time, but IndyMac had a 50% haircut back in the day. Right now big depositors are fleeing regional and small banks to deposit at the top banks, so smaller than TBTF (too big to fail) banks will be defaulting when they run out out of cash and assets in this bank run very soon. TBTF was defined as over $50 billion then redefined to over $250 billion in assets a few years ago. So SVB was TBTF before the term was redefined at their request.
*****************
Random RT: Signature Bank held a 12% share of the bank CRE lending market in the New York metro area, and the firm's closure "will remove a significant source of liquidity in the New York commercial real estate market:"

******************
Wells Fargo is out there trying to raise $9.5 billion, something that might precede a bank run we just saw.
Last edited by: ChumpChange on Mar 14, 2023
rxwine
rxwine
  • Threads: 214
  • Posts: 12413
Joined: Feb 28, 2010
March 14th, 2023 at 5:32:26 PM permalink
Quote: AZDuffman

Quote: rxwine

Quote: AZDuffman

Quote: rxwine

Anyone who ever said we need less oversight that lost money need not be bailed out beyond 250k limit.
link to original post



There was plenty of oversight and it still failed.
link to original post



Perfection isn't the goal. Reduction of failures is.
link to original post



First big failure in over a decade, so doing pretty good.

Failed because of regs requiring mark to market which meant when they sold one bond they had to mark them all. Thus they had to go to the capital markets which scared people.

Lack of oversight? Nope.
link to original post



Let me know who says less regulation is the answer. Even enacting a wrong regulation would not prove it. It just proves a there's a wrong regulation.
There's no secret. Just know what you're talking about before you open your mouth.
DRich
DRich
  • Threads: 89
  • Posts: 12050
Joined: Jul 6, 2012
March 14th, 2023 at 5:53:46 PM permalink
Quote: ChumpChange

So how big a bank account does WalMart need to meet payroll? $50 million?



I would guess quite a bit more. Walmart has over 2 million employees. If we just make a wild guess and say they average $15 an hour and work on average 20 hours per week that would be $300 per week per employee or about $600 million a week. If they are paid bi-weekly the payroll would be $1.2 billion per pay period

ZipRecruitor says the average Walmart employee makes a little less than $25 an hour. I am skeptical of that number.
At my age, a "Life In Prison" sentence is not much of a deterrent.
EvenBob
EvenBob
  • Threads: 441
  • Posts: 29023
Joined: Jul 18, 2010
March 14th, 2023 at 6:58:31 PM permalink
Quote: AZDuffman

Quote: ChumpChange

Random RT: Last time inflation was this high 1,600 banks failed not 2. This was in the 1970/1980s. The FED kept raising rates. Will Jerome Powell do the same thing this time?
link to original post



Banks or S&Ls?
link to original post



1,043 of the 1600 closed institutions were were savings and loans which are not banks. They were all covered by the FDIC but if they had been all banks that were closed the country would have shut down. During runaway inflation in the Carter Administration the Fed raised interest rates so high that Savings and Loans were no longer making money and one third of them went out of business in the 80s.
"It's not called gambling if the math is on your side."
lilredrooster
lilredrooster
  • Threads: 237
  • Posts: 6793
Joined: May 8, 2015
March 15th, 2023 at 2:12:08 AM permalink
.

today is Wednesday - by one week from Monday - 3/27 - all of the bank stories will be off of the front pages
people will be worrying about something else

"worrying doesn't take away tomorrow's troubles - it takes away today's peace"

.
the foolish sayings of a rich man often pass for words of wisdom by the fools around him
AZDuffman
AZDuffman
  • Threads: 242
  • Posts: 14163
Joined: Nov 2, 2009
March 15th, 2023 at 5:08:38 AM permalink
Quote: EvenBob

Quote: AZDuffman

Quote: ChumpChange

Random RT: Last time inflation was this high 1,600 banks failed not 2. This was in the 1970/1980s. The FED kept raising rates. Will Jerome Powell do the same thing this time?
link to original post



Banks or S&Ls?
link to original post



1,043 of the 1600 closed institutions were were savings and loans which are not banks. They were all covered by the FDIC but if they had been all banks that were closed the country would have shut down. During runaway inflation in the Carter Administration the Fed raised interest rates so high that Savings and Loans were no longer making money and one third of them went out of business in the 80s.
link to original post



They were covered by the FSLIC, not the FDIC. But the rest, yeah.

When I first got into banking people whined that the rate on HELOCs was not fixed. At the time the prime rate was 4%. I had to regularly explain that we could not offer a fixed revolving rate that low as if rates went up we would be in a guaranteed loss. That was to customers, but I think half the employees didn't get it, either. The whole thing is so easy to understand which is why politicians and others cannot understand it.

Bank pays 6% on a CD and loans out a mortgage at 8%. A profitable spread. CD is for 5 years. But in 2 years rates fall and I refinance down to 5%. However, the bank can't refinance the CD! Now they are locked in a loss for the rest of its term. Just multiply that many times, and that is what happens. That is the danger of banking.

On Motley Fool piodcast they looked back and said the low rates we have had the past 20 years are the longest and lowest rates IN 1000 YEARS! Records of course get sketchy, but never in history have we had this. Mr. and Mrs. America are going to have to learn the actual cost of money going forward.
All animals are equal, but some are more equal than others
AZDuffman
AZDuffman
  • Threads: 242
  • Posts: 14163
Joined: Nov 2, 2009
March 15th, 2023 at 5:15:04 AM permalink
Quote: rxwine



Let me know who says less regulation is the answer. Even enacting a wrong regulation would not prove it. It just proves a there's a wrong regulation.
link to original post



You keep acting as writing regulations for the sake of regulations is a good thing. Mortgages were highly regulated in the 2000s and we still had the 2008 meltdown. Some of the regulations even caused the meltdown.

But your question "Let me know who says less regulation is the answer." is weird. YOU are calling out people who are calling for less regulation so you should know who is calling for less. My guess is you do not even know any banking regulations but rather just cheer when you hear how many more regulations regulators wrote as if that shows their effectiveness.



I have had to deal with some silly banking regulations and see the issues they cause.
All animals are equal, but some are more equal than others
Joeman
Joeman
  • Threads: 36
  • Posts: 2428
Joined: Feb 21, 2014
March 15th, 2023 at 5:23:03 AM permalink
Quote: AZDuffman

Quote: ChumpChange

I hear banks will be giving out S&H green stamps worth 1/20th of a cent instead of $20 bills to keep up with the Mexican peso.
link to original post




link to original post

Hey, just like real life... Run out of money? Just print some more!
"Dealer has 'rock'... Pay 'paper!'"
rxwine
rxwine
  • Threads: 214
  • Posts: 12413
Joined: Feb 28, 2010
March 15th, 2023 at 5:41:21 AM permalink
Quote: AZDuffman

Quote: rxwine



Let me know who says less regulation is the answer. Even enacting a wrong regulation would not prove it. It just proves a there's a wrong regulation.
link to original post



You keep acting as writing regulations for the sake of regulations is a good thing. Mortgages were highly regulated in the 2000s and we still had the 2008 meltdown. Some of the regulations even caused the meltdown.

But your question "Let me know who says less regulation is the answer." is weird. YOU are calling out people who are calling for less regulation so you should know who is calling for less. My guess is you do not even know any banking regulations but rather just cheer when you hear how many more regulations regulators wrote as if that shows their effectiveness.



I have had to deal with some silly banking regulations and see the issues they cause.
link to original post



Keep pouting because you know I'm right, and no one is going to call for less oversight after this, except dummies.
There's no secret. Just know what you're talking about before you open your mouth.
AZDuffman
AZDuffman
  • Threads: 242
  • Posts: 14163
Joined: Nov 2, 2009
March 15th, 2023 at 5:51:19 AM permalink
Quote: rxwine

Quote: AZDuffman

Quote: rxwine



Let me know who says less regulation is the answer. Even enacting a wrong regulation would not prove it. It just proves a there's a wrong regulation.
link to original post



You keep acting as writing regulations for the sake of regulations is a good thing. Mortgages were highly regulated in the 2000s and we still had the 2008 meltdown. Some of the regulations even caused the meltdown.

But your question "Let me know who says less regulation is the answer." is weird. YOU are calling out people who are calling for less regulation so you should know who is calling for less. My guess is you do not even know any banking regulations but rather just cheer when you hear how many more regulations regulators wrote as if that shows their effectiveness.



I have had to deal with some silly banking regulations and see the issues they cause.
link to original post



Keep pouting because you know I'm right, and no one is going to call for less oversight after this, except dummies.
link to original post



You just saying you are right proves nothing. And I will not ask you to prove anything as your history of "proof" is not great.

But you did just "prove" you do not even know any actual banking regulations. If you did you would have actually tried to make a point with some. Heck, you have not even said who was calling for less oversight and what regulations they wanted relaxed. We have not really relaxed banking regulations since Clinton did in the late-1990s.
All animals are equal, but some are more equal than others
rxwine
rxwine
  • Threads: 214
  • Posts: 12413
Joined: Feb 28, 2010
Thanked by
ams288
March 15th, 2023 at 6:20:43 AM permalink
Quote: AZDuffman

Quote: rxwine

Quote: AZDuffman

Quote: rxwine



Let me know who says less regulation is the answer. Even enacting a wrong regulation would not prove it. It just proves a there's a wrong regulation.
link to original post



You keep acting as writing regulations for the sake of regulations is a good thing. Mortgages were highly regulated in the 2000s and we still had the 2008 meltdown. Some of the regulations even caused the meltdown.

But your question "Let me know who says less regulation is the answer." is weird. YOU are calling out people who are calling for less regulation so you should know who is calling for less. My guess is you do not even know any banking regulations but rather just cheer when you hear how many more regulations regulators wrote as if that shows their effectiveness.



I have had to deal with some silly banking regulations and see the issues they cause.
link to original post



Keep pouting because you know I'm right, and no one is going to call for less oversight after this, except dummies.
link to original post



You just saying you are right proves nothing. And I will not ask you to prove anything as your history of "proof" is not great.

But you did just "prove" you do not even know any actual banking regulations. If you did you would have actually tried to make a point with some. Heck, you have not even said who was calling for less oversight and what regulations they wanted relaxed. We have not really relaxed banking regulations since Clinton did in the late-1990s.
link to original post



You got tired of losing arguments on DT and left. That's obvious.

Why do I need a bank regulation to prove that no one is going to be calling out for less regulation as a solution except for dummies. Oh, someone will call for it deregulation eventually, once the this is farther in the past and people have forgotten about it.
There's no secret. Just know what you're talking about before you open your mouth.
ChumpChange
ChumpChange
  • Threads: 122
  • Posts: 4986
Joined: Jun 15, 2018
March 15th, 2023 at 6:21:03 AM permalink
UPDATED WED, MAR 15 2023 9:14 AM EDT https://www.cnbc.com/2023/03/14/stock-market-today-live-updates.html
Dow futures fall 600 points as Credit Suisse slide adds to financial sector woes.
Stock futures fell on Wednesday as pressure on the financial sector increased with shares of Credit Suisse, a Swiss Bank that has large U.S. and global operations, tumbling more than 25%.
Saudi National Bank, Credit Suisses largest investor, said Wednesday it could not provide any more funding, according to a Reuters report. This comes after the Swiss lender said earlier this week it had found certain material weaknesses in our internal control over financial reporting for the years 2021 and 2022.
*************
I'm sure I've been warned in the past that this is an extinction level event, but it's not even 9:30 am.
AZDuffman
AZDuffman
  • Threads: 242
  • Posts: 14163
Joined: Nov 2, 2009
March 15th, 2023 at 6:58:33 AM permalink
Quote: rxwine

Quote: AZDuffman

Quote: rxwine

Quote: AZDuffman

Quote: rxwine



Let me know who says less regulation is the answer. Even enacting a wrong regulation would not prove it. It just proves a there's a wrong regulation.
link to original post



You keep acting as writing regulations for the sake of regulations is a good thing. Mortgages were highly regulated in the 2000s and we still had the 2008 meltdown. Some of the regulations even caused the meltdown.

But your question "Let me know who says less regulation is the answer." is weird. YOU are calling out people who are calling for less regulation so you should know who is calling for less. My guess is you do not even know any banking regulations but rather just cheer when you hear how many more regulations regulators wrote as if that shows their effectiveness.



I have had to deal with some silly banking regulations and see the issues they cause.
link to original post



Keep pouting because you know I'm right, and no one is going to call for less oversight after this, except dummies.
link to original post



You just saying you are right proves nothing. And I will not ask you to prove anything as your history of "proof" is not great.

But you did just "prove" you do not even know any actual banking regulations. If you did you would have actually tried to make a point with some. Heck, you have not even said who was calling for less oversight and what regulations they wanted relaxed. We have not really relaxed banking regulations since Clinton did in the late-1990s.
link to original post



You got tired of losing arguments on DT and left. That's obvious.



Nope. Got tired of arguing with people who argue like children. Like is happening now. Your "argument" is just you saying you are right and I am wrong. You have made zero arguments to support your position.

]q\Why do I need a bank regulation to prove that no one is going to be calling out for less regulation as a solution except for dummies.



Dunno, to show you might know what you are talking about? See, I explained how the mark-to-market regulation caused SVB to try to secure more funds and caused the run. I did not even take a position if it was good or bad, but did show I know what happened.

You merely keep saying "DEREGULATION BAD!" You have not even pointed out any regulation that was removed or proposed one that would help.

And you wonder why I am not wasting time at DT lately?
All animals are equal, but some are more equal than others
rxwine
rxwine
  • Threads: 214
  • Posts: 12413
Joined: Feb 28, 2010
March 15th, 2023 at 7:07:33 AM permalink
Quote: AZDuffman

Quote: rxwine

Quote: AZDuffman

Quote: rxwine

Quote: AZDuffman

Quote: rxwine



Let me know who says less regulation is the answer. Even enacting a wrong regulation would not prove it. It just proves a there's a wrong regulation.
link to original post



You keep acting as writing regulations for the sake of regulations is a good thing. Mortgages were highly regulated in the 2000s and we still had the 2008 meltdown. Some of the regulations even caused the meltdown.

But your question "Let me know who says less regulation is the answer." is weird. YOU are calling out people who are calling for less regulation so you should know who is calling for less. My guess is you do not even know any banking regulations but rather just cheer when you hear how many more regulations regulators wrote as if that shows their effectiveness.



I have had to deal with some silly banking regulations and see the issues they cause.
link to original post



I made a statement. It will be proved right or wrong. So you take the opposite position if you like. You know banking regulations backwards and forwards, so sounds like an easy win for you. You can't lose.

Keep pouting because you know I'm right, and no one is going to call for less oversight after this, except dummies.
link to original post



You just saying you are right proves nothing. And I will not ask you to prove anything as your history of "proof" is not great.

But you did just "prove" you do not even know any actual banking regulations. If you did you would have actually tried to make a point with some. Heck, you have not even said who was calling for less oversight and what regulations they wanted relaxed. We have not really relaxed banking regulations since Clinton did in the late-1990s.
link to original post



You got tired of losing arguments on DT and left. That's obvious.



Nope. Got tired of arguing with people who argue like children. Like is happening now. Your "argument" is just you saying you are right and I am wrong. You have made zero arguments to support your position.

]q\Why do I need a bank regulation to prove that no one is going to be calling out for less regulation as a solution except for dummies.



Dunno, to show you might know what you are talking about? See, I explained how the mark-to-market regulation caused SVB to try to secure more funds and caused the run. I did not even take a position if it was good or bad, but did show I know what happened.

You merely keep saying "DEREGULATION BAD!" You have not even pointed out any regulation that was removed or proposed one that would help.

And you wonder why I am not wasting time at DT lately?
link to original post

There's no secret. Just know what you're talking about before you open your mouth.
rxwine
rxwine
  • Threads: 214
  • Posts: 12413
Joined: Feb 28, 2010
March 15th, 2023 at 7:11:51 AM permalink
Quote: rxwine

Quote: AZDuffman

Quote: rxwine

Quote: AZDuffman

Quote: rxwine

Quote: AZDuffman

Quote: rxwine



Let me know who says less regulation is the answer. Even enacting a wrong regulation would not prove it. It just proves a there's a wrong regulation.
link to original post



You keep acting as writing regulations for the sake of regulations is a good thing. Mortgages were highly regulated in the 2000s and we still had the 2008 meltdown. Some of the regulations even caused the meltdown.

But your question "Let me know who says less regulation is the answer." is weird. YOU are calling out people who are calling for less regulation so you should know who is calling for less. My guess is you do not even know any banking regulations but rather just cheer when you hear how many more regulations regulators wrote as if that shows their effectiveness.



I have had to deal with some silly banking regulations and see the issues they cause.
link to original post



I made a statement. So it will be proven wrong according to you and because you could quote banking regulations in your sleep. So take the opposite position and let's see what happens.

I made a statement. It will be proved right or wrong. So you take the opposite position if you like. You know banking regulations backwards and forwards, so sounds like an easy win for you. You can't lose.

Keep pouting because you know I'm right, and no one is going to call for less oversight after this, except dummies.
link to original post



You just saying you are right proves nothing. And I will not ask you to prove anything as your history of "proof" is not great.

But you did just "prove" you do not even know any actual banking regulations. If you did you would have actually tried to make a point with some. Heck, you have not even said who was calling for less oversight and what regulations they wanted relaxed. We have not really relaxed banking regulations since Clinton did in the late-1990s.
link to original post



You got tired of losing arguments on DT and left. That's obvious.



Nope. Got tired of arguing with people who argue like children. Like is happening now. Your "argument" is just you saying you are right and I am wrong. You have made zero arguments to support your position.

]q\Why do I need a bank regulation to prove that no one is going to be calling out for less regulation as a solution except for dummies.



Dunno, to show you might know what you are talking about? See, I explained how the mark-to-market regulation caused SVB to try to secure more funds and caused the run. I did not even take a position if it was good or bad, but did show I know what happened.

You merely keep saying "DEREGULATION BAD!" You have not even pointed out any regulation that was removed or proposed one that would help.

And you wonder why I am not wasting time at DT lately?
link to original post


link to original post

There's no secret. Just know what you're talking about before you open your mouth.
rxwine
rxwine
  • Threads: 214
  • Posts: 12413
Joined: Feb 28, 2010
March 15th, 2023 at 7:14:16 AM permalink
I made a statement. If it's wrong according to all your knowledge, take the opposite position. Should be an easy win for you.
There's no secret. Just know what you're talking about before you open your mouth.
AZDuffman
AZDuffman
  • Threads: 242
  • Posts: 14163
Joined: Nov 2, 2009
March 15th, 2023 at 7:17:32 AM permalink
Quote: rxwine

I made a statement. If it's wrong according to all your knowledge, take the opposite position. Should be an easy win for you.
link to original post



I will discuss with you when you actually post some kind of factual information on regulations or at least some argument beyond "REGULATIONS GOOD!"

Given your history of backing up your statements I do not expect to be replying.
All animals are equal, but some are more equal than others
AZDuffman
AZDuffman
  • Threads: 242
  • Posts: 14163
Joined: Nov 2, 2009
March 15th, 2023 at 7:20:02 AM permalink
Silicon Valley Bank might have been able to make good on $74 million promised to customers had it not pledged the money to leftist causes.

It is hard to make a case for not allowing such donations as corporations have the same rights as any person to donate funds. Corporations are people. But the boards of directors that allow this should be sacked. And it perhaps shows that SVB had their eyes on places other than the bottom line.
All animals are equal, but some are more equal than others
mcallister3200
mcallister3200
  • Threads: 17
  • Posts: 3670
Joined: Dec 29, 2013
March 15th, 2023 at 7:24:38 AM permalink
Quote: AZDuffman

Silicon Valley Bank might have been able to make good on $74 million promised to customers had it not pledged the money to leftist causes.

Corporations are people.
link to original post



They literally are not under any circumstance. #science
billryan
billryan
  • Threads: 240
  • Posts: 16282
Joined: Nov 2, 2009
March 15th, 2023 at 7:25:07 AM permalink
Quote: rxwine

Quote: AZDuffman

Quote: rxwine



Let me know who says less regulation is the answer. Even enacting a wrong regulation would not prove it. It just proves a there's a wrong regulation.
link to original post



You keep acting as writing regulations for the sake of regulations is a good thing. Mortgages were highly regulated in the 2000s and we still had the 2008 meltdown. Some of the regulations even caused the meltdown.

But your question "Let me know who says less regulation is the answer." is weird. YOU are calling out people who are calling for less regulation so you should know who is calling for less. My guess is you do not even know any banking regulations but rather just cheer when you hear how many more regulations regulators wrote as if that shows their effectiveness.



I have had to deal with some silly banking regulations and see the issues they cause.
link to original post



Keep pouting because you know I'm right, and no one is going to call for less oversight after this, except dummies.
link to original post




I will wager there will be some who will blame the regulations and call for freeing the banks. I've already had it pointed out that the banks that failed were in NY and California, not in "free states" like Florida. I expect it will get crazier as we go along.
The difference between fiction and reality is that fiction is supposed to make sense.
  • Jump to: