Big Blitz Posted March 13, 2023 Share Posted March 13, 2023 “Listen, everyone that sold their house to take advantage of low interest rates should be ashamed - you greedy f***s. You should have known high rates were coming and your new home might soon be underwater.” —-Lib Logic on SVB These rates are rising because we wanted everyone to stay “employed” during the Covid Coup and spent 10 trillion dollars to prop this disaster up. No Covid coup - you still should be able to buy eggs for 99 cents a dozen. 1 Link to comment Share on other sites More sharing options...
Joe Ferguson forever Posted March 13, 2023 Share Posted March 13, 2023 (edited) 7 minutes ago, Big Blitz said: “Listen, everyone that sold their house to take advantage of low interest rates should be ashamed - you greedy f***s. You should have known high rates were coming and your new home might soon be underwater.” —-Lib Logic on SVB These rates are rising because we wanted everyone to stay “employed” during the Covid Coup and spent 10 trillion dollars to prop this disaster up. No Covid coup - you still should be able to buy eggs for 99 cents a dozen. If they weren't dumb enough to buy with an ARM, they're fine, at least for now. You gotta live somewhere. Rents are at record highs in most places. Those that bought rental units on low rates are doing well. Buying a home looks like a good investment to me, historically but a black swan is always possible https://fred.stlouisfed.org/series/MSPUS Edited March 13, 2023 by redtail hawk 1 Link to comment Share on other sites More sharing options...
Precision Posted March 13, 2023 Share Posted March 13, 2023 27 minutes ago, Gene Frenkle said: I mean, they weren't very smart with their money, I guess. Still, Forbes just named SVB the best bank in the country for 2023, so how does one safely navigate this mess? This is 100% on our overleveraged banking system and they deserve to fail and likely see prison time for some of it. People/companies banking with them are mostly just collateral damage. The bank deserves the blame, but individuals have a responsibility to manage their money. Many have made the argument that $250K is too low of an amount but if that is the rule then individuals should be smart enough to live by it. I am far from an expert, but I typically move money around and time multiplex the movement in smaller amounts. We also have accounts at a couple of institutions and only pool large amounts of equity on a very short-term basis for transactions requiring it (real estate purchases/etc). Similarly, we have a few annuities that we had to divide into smaller chucks ($175K) to make sure they are insured (I know, annuities are not FDIC insured for those about to flame me) even though I would have preferred a single annuity at one institution. Link to comment Share on other sites More sharing options...
Joe Ferguson forever Posted March 13, 2023 Share Posted March 13, 2023 4 minutes ago, Precision said: The bank deserves the blame, but individuals have a responsibility to manage their money. Many have made the argument that $250K is too low of an amount but if that is the rule then individuals should be smart enough to live by it. I am far from an expert, but I typically move money around and time multiplex the movement in smaller amounts. We also have accounts at a couple of institutions and only pool large amounts of equity on a very short-term basis for transactions requiring it (real estate purchases/etc). Similarly, we have a few annuities that we had to divide into smaller chucks ($175K) to make sure they are insured (I know, annuities are not FDIC insured for those about to flame me) even though I would have preferred a single annuity at one institution. When you can't trust cash as a safe investment it's a big problem. This bank appears to have engaged in malpractice. Laws were changed to protect against this but were rescinded. Time to reenact those laws. In the meantime, spreading your cash around in "reputable" banks seems wise to me. Link to comment Share on other sites More sharing options...
Wacka Posted March 13, 2023 Share Posted March 13, 2023 17 minutes ago, redtail hawk said: In economics? What I was talking about was all undergrad subjects. I worked in a department in the Stanford Medical School (was when Chelsea Clinton went to Stanford). My PhD is in Molecular and Cellular Bio from UB. Link to comment Share on other sites More sharing options...
Big Blitz Posted March 13, 2023 Share Posted March 13, 2023 Oh. 1 Link to comment Share on other sites More sharing options...
Joe Ferguson forever Posted March 13, 2023 Share Posted March 13, 2023 (edited) 10 minutes ago, Big Blitz said: Oh. from your citation: "The regulatory rollback is overwhelmingly supported by Republicans, but it could not have cleared the Senate without the support of 17 Democrats. Members of that coalition continually cited Frank's stance to make their case." 17 dems, maybe they're dirty, maybe not but 17 out of over 50. So who is more culpable? R's or D's? Who signed the bill into law?. " And though he said he would vote against the measure, " "Frank is one of the “non-employee” members on Signature’s board of directors. In this role, Frank said, he has mostly worked with a community group upset over some of Signature’s lending practices." Edited March 13, 2023 by redtail hawk Link to comment Share on other sites More sharing options...
T&C Posted March 13, 2023 Share Posted March 13, 2023 20 minutes ago, redtail hawk said: When you can't trust cash as a safe investment it's a big problem. This bank appears to have engaged in malpractice. Laws were changed to protect against this but were rescinded. Time to reenact those laws. In the meantime, spreading your cash around in "reputable" banks seems wise to me. The Spectator Index @spectatorindex · 15m BREAKING: Bloomberg reports US Treasury as saying there are other institutions with similar problems to Silicon Valley Bank Link to comment Share on other sites More sharing options...
Joe Ferguson forever Posted March 13, 2023 Share Posted March 13, 2023 3 minutes ago, T&C said: The Spectator Index @spectatorindex · 15m BREAKING: Bloomberg reports US Treasury as saying there are other institutions with similar problems to Silicon Valley Bank Hopefully they have mostly "retail" depositors. With $250k or less in the bank... Link to comment Share on other sites More sharing options...
SCBills Posted March 13, 2023 Share Posted March 13, 2023 Link to comment Share on other sites More sharing options...
Joe Ferguson forever Posted March 13, 2023 Share Posted March 13, 2023 1 minute ago, SCBills said: Fear and panic...just what America needs... Link to comment Share on other sites More sharing options...
Precision Posted March 13, 2023 Share Posted March 13, 2023 17 minutes ago, redtail hawk said: When you can't trust cash as a safe investment it's a big problem. This bank appears to have engaged in malpractice. Laws were changed to protect against this but were rescinded. Time to reenact those laws. In the meantime, spreading your cash around in "reputable" banks seems wise to me. I agree that there is malpractice at SVB but they had expectations of the Fed/market/economy that other banks do as well. That's why there will be more defaults in the near future. I have never viewed cash as a safe investment, cash is a medium of exchange. It's a tough read but try "When Money Dies" by Adam Ferguson. In 1915 the dollar and German mark were roughly on par in value. An excerpt from the book..... "In 1923, with its currency effectively worthless (the exchange rate in December of that year was one dollar to 4,200,000,000,000 marks), the German republic was all but reduced to a barter economy. Expensive cigars, artworks, and jewels were routinely exchanged for staples such as bread; a cinema ticket could be bought for a lump of coal; and a bottle of paraffin for a silk shirt. People watched helplessly as their life savings disappeared and their loved ones starved. Germany's finances descended into chaos, with severe social unrest in its wake." Link to comment Share on other sites More sharing options...
JDHillFan Posted March 13, 2023 Share Posted March 13, 2023 6 minutes ago, redtail hawk said: from your citation: "The regulatory rollback is overwhelmingly supported by Republicans, but it could not have cleared the Senate without the support of 17 Democrats. Members of that coalition continually cited Frank's stance to make their case." 17 dems, maybe they're dirty, maybe not but 17 out of over 200. " And though he said he would vote against the measure, " "Frank is one of the “non-employee” members on Signature’s board of directors. In this role, Frank said, he has mostly worked with a community group upset over some of Signature’s lending practices." Civics lesson - there are only 100 senators not 200. Nice try. Also from the article: “Frank has served on Signature's board for three years and has received more than $1 million in payments from the bank during that time.” “And though he said he would vote against the measure, Frank said it would not help the biggest Wall Street banks and denied it would increase the risks of another financial crisis.” Your selections from the article are fascinating coming from someone that has spent the better part of the week whining about ol’ Tuck. Very well done! 1 Link to comment Share on other sites More sharing options...
Joe Ferguson forever Posted March 13, 2023 Share Posted March 13, 2023 (edited) 6 minutes ago, JDHillFan said: Civics lesson - there are only 100 senators not 200. Nice try. Also from the article: “Frank has served on Signature's board for three years and has received more than $1 million in payments from the bank during that time.” “And though he said he would vote against the measure, Frank said it would not help the biggest Wall Street banks and denied it would increase the risks of another financial crisis.” Your selections from the article are fascinating coming from someone that has spent the better part of the week whining about ol’ Tuck. Very well done! I type ideas then edit. took me about 3 mins to realize my mistake. so sue me. "The initial version of the bill passed the House largely along party lines in December by a vote of 223 to 202, and passed the Senate with amendments in May 2010 with a vote of 59 to 39 again largely along party lines. Dodd–Frank Wall Street Reform and Consumer Protection Act" Guess which party supported it much more... Edited March 13, 2023 by redtail hawk Link to comment Share on other sites More sharing options...
Precision Posted March 13, 2023 Share Posted March 13, 2023 21 minutes ago, Big Blitz said: Oh. What memories, I was an undergrad at Northeastern University when old Barney spoke at commencement (in 1987). The campus newspaper had an insert that said, "Barney Who?" that students brought to the ceremony and waved around. It was a huge embarrassment for the school! Good times, good times! Link to comment Share on other sites More sharing options...
Joe Ferguson forever Posted March 13, 2023 Share Posted March 13, 2023 1 minute ago, Precision said: What memories, I was an undergrad at Northeastern University when old Barney spoke at commencement (in 1987). The campus newspaper had an insert that said, "Barney Who?" that students brought to the ceremony and waved around. It was a huge embarrassment for the school! Good times, good times! Yup, saw G Gordon Liddy speak at my school. I was one of many that held signs saying "Crime pays" while he bragged about burning his hand with a lighter in an apparent show of bravery (stupidity) while in prison. Reagan's sec of the interior's speech at U Vermont was also a hoot. 12 minutes ago, Precision said: I have never viewed cash as a safe investment, cash is a medium of exchange. It's a tough read but try "When Money Dies" by Adam Ferguson. In 1915 the dollar and German mark were roughly on par in value. So where would u have put your nest egg after WW1 if you were a German? 1 Link to comment Share on other sites More sharing options...
JDHillFan Posted March 13, 2023 Share Posted March 13, 2023 (edited) 11 minutes ago, redtail hawk said: I type ideas then edit. took me about 3 mins to realize my mistake. so sue me. "The initial version of the bill passed the House largely along party lines in December by a vote of 223 to 202, and passed the Senate with amendments in May 2010 with a vote of 59 to 39 again largely along party lines. Dodd–Frank Wall Street Reform and Consumer Protection Act" Guess which party supported it much more... You should consider proofreading before posting. It will go a ways in making you look less foolish. Now bipartisan legislation has become “yeah, but those guys supported it more”? 🤦♂️ 🤦 What made you keen on sharing Frank’s non-employee status but not sharing the news of the cool 1M he’s raked in from them? Guess we can start calling you ol’ red. Edited March 13, 2023 by JDHillFan 1 Link to comment Share on other sites More sharing options...
Precision Posted March 13, 2023 Share Posted March 13, 2023 1 minute ago, redtail hawk said: Yup, saw G Gordon Liddy speak at my school. I was one of many that held signs saying "Crime pays" while he bragged about burning his hand with a lighter in an apparent show of bravery (stupidity) while in prison. Reagan's sec of the interior's speech at U Vermont was also a hoot. Good stuff! My daughter, wife and I toured UVM, tried to get a grilled cheese outside the library afterwards but everyone had closed up shop. I guess the grilled cheese is a thing there? Link to comment Share on other sites More sharing options...
leh-nerd skin-erd Posted March 13, 2023 Share Posted March 13, 2023 I’m torn on all this. I certainly hate to see people lose their money, and confidence in the banking system props the rest of this mutha up, but it sure didn’t take long for some unprecedented **** to happen. Pays to have friends in high places I suppose. Link to comment Share on other sites More sharing options...
JDHillFan Posted March 13, 2023 Share Posted March 13, 2023 Just now, JDHillFan said: You should consider proofreading before posting. It will go a ways in making you look less foolish. Now bipartisan legislation has become “yeah, but those guys supported it more”? 🤦♂️ 🤦 What made you keen on sharing Frank’s non-employee status but not sharing the news of the cool 1M he’s raked in from them? Guess we can start calling you ol’ red. I didn’t proofread my own stuff just now. 🤦♀️ 🤦♂️ 🤦 Link to comment Share on other sites More sharing options...
Joe Ferguson forever Posted March 13, 2023 Share Posted March 13, 2023 8 minutes ago, Precision said: What memories, I was an undergrad at Northeastern University when old Barney spoke at commencement (in 1987). The campus newspaper had an insert that said, "Barney Who?" that students brought to the ceremony and waved around. It was a huge embarrassment for the school! Good times, good times! Never realized Northeastern was homophobic. 1 Link to comment Share on other sites More sharing options...
Big Blitz Posted March 13, 2023 Share Posted March 13, 2023 “This is going to be true for every bank in America….” Bonds losing value due to rising interest rates 2 Link to comment Share on other sites More sharing options...
Joe Ferguson forever Posted March 13, 2023 Share Posted March 13, 2023 (edited) 8 minutes ago, Precision said: Good stuff! My daughter, wife and I toured UVM, tried to get a grilled cheese outside the library afterwards but everyone had closed up shop. I guess the grilled cheese is a thing there? Don't know. I think the talk was the only time I visited. Now Middlebury and Dartmouth had good sandwiches as I recall. pretty sure the tacos were good. just a guest and ate some food but the beer and the co eds were the highlights. Edited March 13, 2023 by redtail hawk Link to comment Share on other sites More sharing options...
Joe Ferguson forever Posted March 13, 2023 Share Posted March 13, 2023 (edited) 20 minutes ago, JDHillFan said: You should consider proofreading before posting. It will go a ways in making you look less foolish. Now bipartisan legislation has become “yeah, but those guys supported it more”? 🤦♂️ 🤦 What made you keen on sharing Frank’s non-employee status but not sharing the news of the cool 1M he’s raked in from them? Guess we can start calling you ol’ red. I'll take it under advisement. 15 minutes ago, Big Blitz said: Bonds losing value due to rising interest rates yes, that's a well known phenomenon. Interest rates increase, bond values decrease. "Bonds have an inverse relationship to interest rates. When the cost of borrowing money rises (when interest rates rise), bond prices usually fall, and vice-versa. Relationship Between Interest Rates & Bond Prices" Not hard to see why. sTill, a decent return ; https://www.treasurydirect.gov/savings-bonds/i-bonds/i-bonds-interest-rates/ Edited March 13, 2023 by redtail hawk Link to comment Share on other sites More sharing options...
Gene Frenkle Posted March 13, 2023 Share Posted March 13, 2023 1 hour ago, redtail hawk said: You'd think once inflation started ramping up and the fed signaled prolonged and repeated rate increases they'd have adjusted their strategy. Greedy bastards fell in love with cheap credit and screwed their customers. They should pay with their homes and boats and porsches but they won't. The problem, apparently, is that they bought long-term debt that lost value and they couldn't get out of without taking a huge loss. Kind of like "Oh, we're sure interest rates will remain at 0% for the next 10 years, so we should base our risk analysis around that and make lots of money". What could go wrong? 55 minutes ago, Big Blitz said: Oh. No schitt dummass, they are all corrupt. Plenty of greedy blame to go around. This is rich vs. poor, not left vs. right. 2 1 Link to comment Share on other sites More sharing options...
Gene Frenkle Posted March 13, 2023 Share Posted March 13, 2023 Then again, your favorite boy did make this possible by repealing parts of Dodd-Frank. They are all your enemy no matter what Tucker says. 1 1 Link to comment Share on other sites More sharing options...
Precision Posted March 13, 2023 Share Posted March 13, 2023 1 minute ago, redtail hawk said: Never realized Northeastern was homophobic. People tried to make it out as homophobic, but students were disappointed about having a crappy local politician as a commencement speaker for what is supposed to be a nationally recognized private school. I did not answer your question regarding how I would invest were I a German in WWI. Really it would be no different than now by investing in assets that protect against taxes and inflation. I have money in the market, real estate, commodities, foreign investments, very few bonds, very little cash. In the past I put as much as possible into my 401K over the course of 30+ years and invested in Roth's aggressively. I am not a financial expert but by most account am "rich", 56 and retired in January this year. Both our children's higher education has been paid in full by my wife and myself. 1 Link to comment Share on other sites More sharing options...
Joe Ferguson forever Posted March 13, 2023 Share Posted March 13, 2023 1 minute ago, Precision said: People tried to make it out as homophobic, but students were disappointed about having a crappy local politician as a commencement speaker for what is supposed to be a nationally recognized private school. I did not answer your question regarding how I would invest were I a German in WWI. Really it would be no different than now by investing in assets that protect against taxes and inflation. I have money in the market, real estate, commodities, foreign investments, very few bonds, very little cash. In the past I put as much as possible into my 401K over the course of 30+ years and invested in Roth's aggressively. I am not a financial expert but by most account am "rich", 56 and retired in January this year. Both our children's higher education has been paid in full by my wife and myself. 'The most widely studied hyperinflation occurred in Germany after World War I. The ratio of the German price index in November 1923 to the price index in August 1922—just fifteen months earlier—was 1.02 × 1010. This huge number amounts to a monthly inflation rate of 322 percent." I'd love to know any investments paying 322%/month. It was very different. but kudos on your success. I pulled out just before the crash of 2008. had a tough time getting back in and missed significant potential gains. Now I let a financial advisor decide for me mostly. Link to comment Share on other sites More sharing options...
aristocrat Posted March 13, 2023 Share Posted March 13, 2023 1 1 Link to comment Share on other sites More sharing options...
Joe Ferguson forever Posted March 13, 2023 Share Posted March 13, 2023 (edited) Looks like the street isn't overly concerned: https://finance.yahoo.com 1% up tomorrow would be great. Certainly things can change and if I had a crystal ball it would be on my yacht (I did have a fishing kayak once- sold it- too unstable). Edited March 13, 2023 by redtail hawk 1 Link to comment Share on other sites More sharing options...
Gene Frenkle Posted March 13, 2023 Share Posted March 13, 2023 20 minutes ago, aristocrat said: I want a national divorce. Best of luck. 9 minutes ago, redtail hawk said: Looks like the street isn't overly concerned: https://finance.yahoo.com 1% up tomorrow would be great. Certainly things can change and if I had a crystal ball it would be on my yacht (I did have a fishing kayak once- sold it- too unstable). The casino never responds how it should. Rigged game, my friend. 1 Link to comment Share on other sites More sharing options...
Joe Ferguson forever Posted March 13, 2023 Share Posted March 13, 2023 (edited) 5 minutes ago, Gene Frenkle said: I want a national divorce. Best of luck. The casino never responds how it should. Rigged game, my friend. No doubt. Retail investors like us are always the last to know. But even for the insiders, the average needs to increase for them to win. Small consolation, I know. It's ok for now, comfortable is fine. Don't need a mansion, yacht or porsche to be comfortable. That's the other part of the equation. Edited March 13, 2023 by redtail hawk Link to comment Share on other sites More sharing options...
Joe Ferguson forever Posted March 13, 2023 Share Posted March 13, 2023 https://finance.yahoo.com/news/us-says-svb-deposits-safe-230714841.html Link to comment Share on other sites More sharing options...
Joe Ferguson forever Posted March 13, 2023 Share Posted March 13, 2023 11 hours ago, Wacka said: What I was talking about was all undergrad subjects. I worked in a department in the Stanford Medical School (was when Chelsea Clinton went to Stanford). My PhD is in Molecular and Cellular Bio from UB. and I was thinking Creative Writing... Link to comment Share on other sites More sharing options...
Tommy Callahan Posted March 13, 2023 Share Posted March 13, 2023 (edited) 21 minutes ago, redtail hawk said: https://finance.yahoo.com/news/us-says-svb-deposits-safe-230714841.html Mark Cuban: bailout Silicon Valley bank tonight. Feds approve. Lloyd Blankfein: Goldman Sachs needs 824 billion, Feds, approve. Jamie Dimon, JPMorgan needs 421 billion, Feds approve. Average Joe. My wife got cancer; can we get Medicare/lifeline. Feds, we broke. Its gonna be interesting to see what the markets do in a few. Not looking so good outside asia. https://money.cnn.com/data/world_markets/europe/ Edited March 13, 2023 by Chris farley Link to comment Share on other sites More sharing options...
Joe Ferguson forever Posted March 13, 2023 Share Posted March 13, 2023 (edited) 7 minutes ago, Chris farley said: Mark Cuban: bailout Silicon Valley bank tonight. Feds approve. Lloyd Blankfein: Goldman Sachs needs 824 billion, Feds, approve. Jamie Dimon, JPMorgan needs 421 billion, Feds approve. Average Joe. My wife got cancer; can we get Medicare/lifeline. Feds, we broke. Its gonna be interesting to see what the markets do in a few. Not looking so good outside asia. https://money.cnn.com/data/world_markets/europe/ Yes, too big to fail sucks. redistribution of extreme wealth would be the cure. U actually trust CNN?🤔 Edited March 13, 2023 by redtail hawk 1 Link to comment Share on other sites More sharing options...
Tommy Callahan Posted March 13, 2023 Share Posted March 13, 2023 Just now, redtail hawk said: Yes, too big to fail sucks. redistribution of extreme wealth would be the cure. Meh. thats more of the same state choosing who gets who's earned moneys. 1 Link to comment Share on other sites More sharing options...
Joe Ferguson forever Posted March 13, 2023 Share Posted March 13, 2023 2 minutes ago, Chris farley said: Meh. thats more of the same state choosing who gets who's earned moneys. Done everyday and twice on Sundays. It's called lobbying...and the average Joe doesn't have any lobbyists save Bernie Link to comment Share on other sites More sharing options...
Tommy Callahan Posted March 13, 2023 Share Posted March 13, 2023 (edited) 6 minutes ago, redtail hawk said: Done everyday and twice on Sundays. It's called lobbying...and the average Joe doesn't have any lobbyists save Bernie Meh. any more it seems many donate to charities that are actually political pacs. ACT blue claims to be all small donations from us normies. same with priorities USA. And sanders has taken in at least 3 million from lobbies over his lifetime of being a "representative." https://www.politifact.com/factchecks/2020/mar/09/alexandria-ocasio-cortez/bernie-sanders-has-taken-corporate-lobbyist-money-/#:~:text=And figures compiled by the Center,whether Sanders has ever taken contributions&text=And figures compiled by,has ever taken contributions&text=compiled by the Center,whether Sanders has ever https://www.opensecrets.org/members-of-congress/industries?cid=N00000528&cycle=CAREER Edited March 13, 2023 by Chris farley Link to comment Share on other sites More sharing options...
Joe Ferguson forever Posted March 13, 2023 Share Posted March 13, 2023 (edited) 6 minutes ago, Chris farley said: And sanders has taken in at least 3 million from lobbies over his lifetime of being a "representative." over his lifetime? what's that average per year. Now do McCarthy or McConnell. What is it with the Mc's?. Edited March 13, 2023 by redtail hawk Link to comment Share on other sites More sharing options...
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