The breakdown has begun…

Thistle

Thistle

Well-known member
Backup said:
Lebanon is a failed state whose economic collapse began a few years ago.

what do you imagine has begun?
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Okay, FDIC insurance is good up to a half million. Why don't you run down to your bank and try to withdraw $500,000 of your own money? Don't forget to get back to us and tell us how that goes…
 
V

vibise

Well-known member
Thistle said:
Okay, FDIC insurance is good up to a half million. Why don't you run down to your bank and try to withdraw $500,000 of your own money? Don't forget to get back to us and tell us how that goes…
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So banks should be able, at the drop of a hat, to disperse a half million $?

Are you closing your bank accounts just in case?
 
B

Backup

Well-known member
Thistle said:
Okay, FDIC insurance is good up to a half million. Why don't you run down to your bank and try to withdraw $500,000 of your own money? Don't forget to get back to us and tell us how that goes…
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um

I assume lots of people do that every day. Might need to call first to make sure they have the cash on hand, but Americans are not being denied access to their money.

your worldview is total fiction
 
Thistle

Thistle

Well-known member
Backup said:
um

I assume lots of people do that every day.
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Not my experience. And I have 35 years of professional experience in this exact industry. In fact in my experience I've seen individuals running into snags for amounts as little as $120,000 and even in the form of wire transfers were the entire transaction is tied down at both ends.
Backup said:
Might need to call first to make sure they have the cash on hand,
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"Might?"
Backup said:
but Americans are not being denied access to their money.
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A lot of Americans are being and have been denied access to their money.
Backup said:
your worldview is total fiction
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I'm not relying on a "worldview" I have decades of actual real world experience. And not just my direct experience but the supervisory experience of many dozens of subordinates.
 
C

christ_undivided

Well-known member
Thistle said:
Not my experience. And I have 35 years of professional experience in this exact industry. In fact in my experience I've seen individuals running into snags for amounts as little as $120,000 and even in the form of wire transfers were the entire transaction is tied down at both ends.

"Might?"

A lot of Americans are being and have been denied access to their money.

I'm not relying on a "worldview" I have decades of actual real world experience. And not just my direct experience but the supervisory experience of many dozens of subordinates.
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Item costs are going up. Money value is going down. Items are a good choice at the moment. Good choices in assets should be made.

Nothing is perfect but it is better than letting your money waste away and lose its value. I had a friend tell me the other day his retirement lost $75,000 since the beginning of the year. I told him it is worse. The money he has left isn't worth what it was when he put it away.....
 
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Thistle

Thistle

Well-known member
christ_undivided said:
Item costs are going up. Money value is going down. Items are a good choice at the moment. Good choices in assets should be made.

Nothing is perfect but it is better than letting your money waste away and lose its value. I had a friend tell me the other day his retirement lost $75,000 since the beginning of the year. I told him it is worse. The money he has left isn't worth what it was when he put it away.....
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It's a very challenging environment when the value of money is going down. Certain financial denominated assets do even worse than the inflation adjusted value of money, but you're right that the correct selection of commodities and other hard assets can't help in this kind of an environment. Part of the problem is particularly since 2008 so many other kinds of assets have been "securitized" introducing volatility into categories that otherwise would've been relative safe havens.
 
A

Authentic Nouveau

Well-known member
Thistle said:
It's a very challenging environment when the value of money is going down. Certain financial denominated assets do even worse than the inflation adjusted value of money, but you're right that the correct selection of commodities and other hard assets can't help in this kind of an environment. Part of the problem is particularly since 2008 so many other kinds of assets have been "securitized" introducing volatility into categories that otherwise would've been relative safe havens.
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AIG was inventing new instruments.

The trader frenzy happened and they didn't have risk managers.

On the Brink: Inside the Race to Stop the Collapse of the Global Financial System Hardcover – February 1, 2010​


CDO's?
 
Thistle

Thistle

Well-known member
Authentic Nouveau said:
AIG was inventing new instruments.

The trader frenzy happened and they didn't have risk managers.

On the Brink: Inside the Race to Stop the Collapse of the Global Financial System Hardcover – February 1, 2010​


CDO's?
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I actually had a broker who reported to me whose family owned a large number of founder shares of AIG and he was trying to get them to diversify out in to other securities. I made a number of suggestions that he might try to convince them to spread their risk and he was unsuccessful. I suggested a series of stop sell orders and gave them a number of different ideas that would possibly help, but the psychology of a big winner somehow makes people lose access to their better judgment. So when AIG cratered in the immediate aftermath of the financial collapse in the late fall of 08, it was ugly.
 
B

Backup

Well-known member
Thistle said:
Not my experience. And I have 35 years of professional experience in this exact industry. In fact in my experience I've seen individuals running into snags for amounts as little as $120,000 and even in the form of wire transfers were the entire transaction is tied down at both ends.

"Might?"

A lot of Americans are being and have been denied access to their money.

I'm not relying on a "worldview" I have decades of actual real world experience. And not just my direct experience but the supervisory experience of many dozens of subordinates.
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So if this is just business as usual, what, exact, breakdown has begun?
 
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