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Why? just because BTC popped over 20K?
SPY closed out January over 400.
As advertised! (by MDawg).
A Tale of 2 Banks: Why Silvergate and Silicon Valley Bank Collapsed
NRS 205.132 Issuance of check or draft without sufficient money or credit: Presumptions of intent to defraud and knowledge of insufficiency; malice in causing prosecution.
1. In a criminal action for issuing a check or draft against insufficient or no funds with intent to defraud, that intent and the knowledge that the drawer has insufficient money, property or credit with the drawee is presumed to exist if:
(a) The instrument is drawn on a purported account which does not exist.
(b) Payment of the instrument is refused by the drawee when it is presented in the usual course of business, unless within 5 days after receiving notice of this fact from the drawee or the holder, the drawer pays the holder of the instrument the full amount due plus any handling charges.
(c) Notice of refusal of payment, sent to the drawer by registered or certified mail at an address printed or written on the instrument, is returned because of nondelivery.
2. If a complainant causes a criminal action to be commenced for issuing a check or draft with intent to defraud and refuses to testify in the action, the complainant is presumed to have acted maliciously and without probable cause.
This sweep network provides up to $3M in FDIC insurance by automatically spreading your deposits across up to 12 different banks, without requiring you to open and manage separate bank accounts.
Clearly banks are trying to come up with something to ease bank failure concerns.
Shares in First Republic Bank dropped as low as 18 today (down from about 114 a week ago).
Quote: Ace2I took my bank up on their recent offer. It’s spreads my checking account over 10,000 banks, giving me $2.5 billion of FDIC coverage.
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That is really funny. BTW how do you decide which checking account to use when paying for your purchases at Goodwill?
tuttigym
Quote: MDawgOne of the banks where I keep funds offered to me today the opportunity to put funds in what they call a "vault" which spreads the funds among 12 banks, increasing the FDIC insurance to $3M.
This sweep network provides up to $3M in FDIC insurance by automatically spreading your deposits across up to 12 different banks, without requiring you to open and manage separate bank accounts.
Clearly banks are trying to come up with something to ease bank failure concerns.
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We’ve continuously worked with our partner banks to offer additional FDIC insurance — first to $1M, then to $3M.
Now, we’ve gone a step further. By Monday, you will have access to up to $5M in FDIC insurance — 20x the per bank limit.
Quote: MDawgQuote: MDawgOne of the banks where I keep funds offered to me today the opportunity to put funds in what they call a "vault" which spreads the funds among 12 banks, increasing the FDIC insurance to $3M.
This sweep network provides up to $3M in FDIC insurance by automatically spreading your deposits across up to 12 different banks, without requiring you to open and manage separate bank accounts.
Clearly banks are trying to come up with something to ease bank failure concerns.
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We’ve continuously worked with our partner banks to offer additional FDIC insurance — first to $1M, then to $3M.
Now, we’ve gone a step further. By Monday, you will have access to up to $5M in FDIC insurance — 20x the per bank limit.
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That isn't something new. Occasionally I'll be over 250K in cash at Fidelity or Personal Capital and they spread the accounts once you hit 240K
https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/fdic.pdf
Some sweeps result in increased insurance, others do not.
https://www.fdic.gov/news/financial-institution-letters/2009/fil09039a.html
Quote: MDawgMeantime, BTC jumps over 28K. 😃
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As long as the Fed continues to raise rates it will continue to go up. Of course, it is likely this weeks increase will be the last for a while.
We have a looong way to go to get back down to 2% core inflation and Powell keeps stating they will do whatever is necessary, even saying he’d rather raise rates too much than too little
Don’t be surprised if rates go significantly higher and stay there significantly longer than the general consensus, which hasn’t been correct yet
New contract: Purchase of BTC from new device needs confirmation.
Contract cancelled: Completion of services
JEPI is down nearly 12% over past year, so net return of about zero. Cash returned about 4% over same period, which is negative 4% in real termsQuote: billryanSome of JP Morgan's ETFs are offering 11% yields, and paying monthly dividends if you have some spare cash.
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Quote: MDawgQuote: Ace2
You may be fine waiting 15 years to break even. I'm not
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This sort of thinking is to misunderstand the markets. People have been predicting crashes for years now, and luckily I ignored all of them.
As an extreme example say you held AMZN all the way from...200 at the end of 1999 to 5 dollars at its bottom in 2001. (Those are the actual figures I recall from those times, not adjusting for any splits.) Well today it is an adjusted 2500 or so. So what's the problem?
People that tell you to go short, sell everything, expect a crypto or stock market extended winter that will last for years, do not understand the markets and never will.
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'Unload your Treasury bonds': GOP incompetence could plunge economy into chaos, analysis warns
https://www.rawstory.com/kevin-mccarthy-debt-limit/
This is a story as old as capitalism https://www.rawstory.com/this-is-a-story-as-old-as-capitalism/
Billionaires are backing the GOP default on the federal debt for profit.
Lebanon economic crisis: Banking system replaced with cash economy https://youtu.be/ToIJLPDBato via @YouTube
Quote: vegasI believe FRC will be a true penny stock and keep dropping. Stay far away
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Too late... I'm in for 200 at 5.98. This was a gamble and I will shed no tears taking the loss, although I prefer winning and happiness.
The reason I ended up buying a stock that I did not even follow is that I was one of the last to get a huge line of credit both personal and corporate from FRC, I mean literally, the lines were opened just before SVB's failure and I went in and drew them to the max just before the banking crises made the news. The interest rates on these things are ridiculously low like 3% with interest only payments for at least two years so it was like free money, I turned around and put the money in something that earns more interest than that, now that's crazy - bank credit lines with interest and payment terms so low that you can actually make money off the borrowed money without even trying.
FRC's specialty was lending money to people who didn't need it, which is probably why they stumbled over their feet to lend me money. It's odd I didn't even know anything about FRC or its loan programs until I came across them somehow a couple months ago. Their loan rates and terms seemed too good to be true, but next thing you know, Funded!
But, on the other hand, looks like I lost six hundred bucks on this failed stock so the universe has a way of taking back, in this case, at least a tiny nibble of what I came ahead. Of course maybe I'll get lucky and my loans will fall through the cracks and no one will collect on them, lol, especially the corporate one. I have seen it happen before with bank takeovers where it takes a long time before the receiving entity gets around to servicing the loans and sometimes has to make concessions such as lowering interest rates even further or even forgiving partial balances to collect anything. So, I'm ever so slightly torn between rooting for my 100 shares of stock that could cost me six hundred if wiped out, and the bank's failing so that my loans fall through the cracks and might not have to be paid in full. Of course, the receiving bank that buys FRC's assets is not going to be sympathetic to giving me any kind of break because they will know how much assets and income I have, but who knows.
I also have funds on deposit at FRC, not small amounts, but below the FDIC insured limit. If FRC fails, I will be able to tell you first hand what exactly happens in such situations. Yesterday I was logging in thinking about what I could do to transfer the funds to my linked external accounts at big banks, but I didn't know how long such transfers might take. Being in Vegas at the moment, no FRC branches around so not like I could go into one and pull out my money. Not like I need any of it anyway, and I can wait a few days for an FDIC check. This will be interesting.
Over at big banks I actually do have accounts that have way over the FDIC limit and I transferred some of them to one of my other banks that has the sweep feature that boosts FDIC insurance by 20X, but some I just left in there and didn't bother to transfer so I guess that proves that your average person isn't worried about losing money due to big bank failures. But at FRC I was careful to keep my balances below the FDIC limit, which I didn't even start banking at FRC until right after my credit lines were approved and funded. Opening an account there was a condition of receiving the credit line funds.
I am pretty sure that many of the people who pulled their big deposits earlier this month out of FRC just stuck them into big banks versus looking for a sweep enabled bank.
However, waste of time to try to do any external transfers today, it's not even a banking day. If I were going to try to do that, I should have done it during banking hours on Friday.
Quote: rainmanQuote: vegasI believe FRC will be a true penny stock and keep dropping. Stay far away
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Too late... I'm in for 200 at 5.98. This was a gamble and I will shed no tears taking the loss, although I prefer winning and happiness.
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Agreed. While the sums we lost (looks like we will lose) on this FRC stock gamble are relatively small, no one likes to lose anything and losing is not the preferred outcome for any investment.
Looks like we joined the DarkOz Club! of losers who end up with penny stocks with little or no prospects. As a matter of fact, DarkOz's CYDY may have an infinitely higher chance of going up (versus none) compared to FRC, come next week.
What's interesting to me is that well - if FRC is going under and its stock going to be wiped out, why did it close even at 3.51? Why did it drop only to 2.33 in the A.H.? I mean in the A.H. I can see how liquidity was a problem, maybe there weren't even enough buyers at any price, but in the open market you'd think it would have closed at the very low for the day but it did not. So there was some hope that FRC would not go into receivership even right up until at least the closing market bell.
I don't know whether shares were available to short at all points during this disaster of a drop, but if they were, any shorties made out quite well.
As is always the case, I imagine there were shorties who shorted in the 130s who gave up and covered at a loss in the 140s, only to later realize that they gave up the short of the year.
Quote: MDawgQuote: rainmanQuote: vegasI believe FRC will be a true penny stock and keep dropping. Stay far away
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Too late... I'm in for 200 at 5.98. This was a gamble and I will shed no tears taking the loss, although I prefer winning and happiness.
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Agreed. While the sums we lost (looks like we will lose) on this FRC stock gamble are relatively small, no one likes to lose anything and losing is not the preferred outcome for any investment.
Looks like we joined the DarkOz Club! of losers who end up with penny stocks with little or no prospects. As a matter of fact, DarkOz's CYDY may have an infinitely higher chance of going up (versus none) compared to FRC, come next week.
What's interesting to me is that well - if FRC is going under and its stock going to be wiped out, why did it close even at 3.51? Why did it drop only to 2.33 in the A.H.? I mean in the A.H. I can see how liquidity was a problem, maybe there weren't even enough buyers at any price, but in the open market you'd think it would have closed at the very low for the day but it did not. So there was some hope that FRC would not go into receivership even right up until at least the closing market bell.
I don't know whether shares were available to short at all points during this disaster of a drop, but if they were, any shorties made out quite well.
As is always the case, I imagine there were shorties who shorted in the 130s who gave up and covered at a loss in the 140s, only to later realize that they gave up the short of the year.
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I do still hope Cytodyn can turn it around. The science is still there.
They have submitted all but one document to the FDA. We are talking highly technical medical documents spanning hundreds of pages of data and the FDA wouldn't waste time analyzing junk.
This doesn't mean approval is guaranteed. But IF it does get approved that will be what raises the value of the stock.
Anyway welcome to the penny stocks losers club MDawg.
My problem has always been with other former CEO and the board who raped the country and saddled it with crazy debt. I figure it has a 15% chance of cracking $1.00 in the next 15 months and it justified investing at 23 cents and a second round at about 35 cents.
I had an unexpected windfall last month and put one percent into some 'fantasy" stocks. If I find another $80,000 I might invest another four dollars into another thousand shares.
Quote: billryanI currently own 2,000 shares of cydy.
My problem has always been with other former CEO and the board who raped the country and saddled it with crazy debt. I figure it has a 15% chance of cracking $1.00 in the next 15 months and it justified investing at 23 cents and a second round at about 35 cents.
I had an unexpected windfall last month and put one percent into some 'fantasy" stocks. If I find another $80,000 I might invest another four dollars into another thousand shares.
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I will sell you my 400 shares and I won't charge you a trading fee.
Quote: vegasFRC closed at 3.51 because some people still think it will get government help and then rebound, so they take a chance and buy a bit. It will go into receivership and become worthless. Just my opinion.
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That seems to be the most likely scenario. I read somewhere (yahoo maybe) the feds are shopping it to JP & BOA.
What is interesting is that starting at about 1am PST FRC WAS trading. About 16M shares changed hands up to about 2.70 each last night and early this morning. If you followed the online FRC message boards many people thought this meant that the stock was going to keep trading, or that FRC shareholders would get JPM stock. The price was actually RISING all night long from what I observed before and after I went to sleep. Trading was halted by or at 4am PST. Most people do not have access to that 1am - 4am PST trading. The account where I purchased the FRC did not.
My FRC online portals for personal and business accounts remain the same for now, pending their becoming Chase accounts. I already have Chase accounts though I don't need any more, so I will probably just merge the funds in the old FRC accounts into my Chase ones. My FRC credit lines will become Chase too, I assume under the same terms and conditions and ultra low interest rates.
No one is losing any money with FRC deposits - whether insured or not they will be covered and become Chase deposits.
Quote: MDawgFRCB has actually been trading on the pink sheets in the forty cent range. It's interesting but even a completely defunct public corporation doing absolutely nothing still trades at a penny or less because its shell is worth something to an entity looking to go public without all the set up costs.
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I was wondering about this, not too knowledgeable in the pink sheets. Last I looked my 200 shares were worth 66 cents.
I'm not holding my breath for FRC plan B
Quote: MDawgFRCB has actually been trading on the pink sheets in the forty cent range. It's interesting but even a completely defunct public corporation doing absolutely nothing still trades at a penny or less because its shell is worth something to an entity looking to go public without all the set up costs.
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I was involved with a company that purchased another company off of the pink sheets for that exact reason. It was just too expensive to take it public yourself.
NFLX pushing 400 again, AMZN over 120, TSLA over 200 again, AAPL near record highs, CMG near record highs, etc. etc.
Don't ever give up on the US stock market!
Quote: MDawgAAPL hits 52 week high. Been hodling and accumulating that for over a decade and a half now.
Don't ever give up on the US stock market!
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Just sprinkle it with a healthy dose of lemonlabob. That shite fixes everything.
Quote: MDawg
Don't ever give up on the US stock market!
Terrible advice. It is very likely the U.S. dollar will collapse in the next few hundred years. All fiat currencies have eventually failed.
Which is why during a major bull run nothing much may derail it. Until something does, and even then, the derailment is usually short lived.
what I want to know is who Plays the Pinks, every day there is movement.
First Republic Bank (FRCB) Short Interest Ratio & Short Volume
I mention again that mere weeks are an eternity in this stock market, and to not be fooled by these "panics" - during them typically it is retail investors who are duped into selling, while institutional and more savvy retail investors scoop up what the weak hands dropped.
Bitcoin Price Spikes to $138K on Binance.US
Quote: MDawgSo my prediction of >100K already happened?
Bitcoin Price Spikes to $138K on Binance.US
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So did Bill Ryan lose the bet?
Quote: MDawgSo my prediction of >100K already happened?
Bitcoin Price Spikes to $138K on Binance.US
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No I think we both no better than that.