That's what I did, and I only keep a small amount in 2 local banks. The rest I keep in cash. And collectible porn. I mean, comics. I mean, bullets and beans.
Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.
Posted on 11/14/2010 9:27:06 AM PST by The Comedian
There is plenty of gold to underwrite what we have now, assuming Ft. Knox has not been raided. Gold just needs to be valued much, much higher. It is durable and divisible, and most all of it that has ever been mined is still around, and it can’t be printed.
After 39 years with one bank, plus 2 other banks for 8 to 10 years, begain to glaring big changes in most all banking.
The rates for almost every service began to grow, and the banking rules changed almost every month. These new policies did not favor the customer.
The employees of these banks seemed to think the customer was of little importance.
Then there seemed to be much evidence that they were hiring their children, grandchildren, neices and nephews, at very large salaries.
Now it also seemed these newly hired young bankers had to find ways to charge bigger and larger fees to the customer to compensate thier large salaries.
Let me say, not only to the banking business, but to all those that serve their customers, you will destroy your own business when you keep socking it to your customers.
I’m sorry to say, most of the banking industry, along with the credit card business have become operations of flim flam practices!
I recommend the book “Last Man Standing” about Jamie Dimon of JP Morgan. You’re right about WaMu but the risk will be borne by us. Dimon demanded and received huge guarantees from the government in order for him to agree to take WaMu over. The other shoes haven’t dropped with the mountain of WaMu pick-a-pay mortgages that will fall into foreclosure.
Please take a look at Karl Deninger’s web site—or Zero Hedge.
These banks are lying snakes who used their political clout to get Congress to pressure FASB to cook the accounting rules to hide their astronomical losses.
It is not just that they are broke—their boards of directors should be wearing orange outfits on a chain gang somewhere.
That is the point the regulators are not shutting down these banks. No money.
Check out the web sites I indicated, there is a lot of information out there on the real financial state of these banks.
Also the main problems are the CDO’s and MERS, that is another reason why there is so much mess in the system. No one reall knows who is holding the paper.
BoA made all those loans to the illegals, remember? Remember how they chased after the illegal alien market share ? Didn’t want to hear anything from the rest of us Americans about bending over backward for the illegals. Now they’ll want us to bail them out. F’ em. Choices have consequences.
You are so right about Wells and JP Chase. The Fed does not want an audit because they don’t want the public to know exactly how bad these banks are and how much money had to be used to prop them up. They are all hanging by a thread. One day soon the whole thing is going to come apart. Can you say “Banking Holiday?”
That's what I did, and I only keep a small amount in 2 local banks. The rest I keep in cash. And collectible porn. I mean, comics. I mean, bullets and beans.
1) They go under and are picked up by Goldman Sachs, who now owns your mortgage. You now pay them.
2) They go under and nobody knows who owns your mortgage. You pay it off, and they foreclose on you anyway.
3) Something equally weird and unpleasant that I can't think of at the moment.
Does it seem like the only banks that appear to be stable are the ones that sock it to its customers? Do you take risks and patronize banks that treat customers nicely in hopes that FDIC is still solvent? These are confusing times.
BofA picked up Countrywide, which was a disaster for them, plus all the loans to illegals, etc.
They were also the WORST in terms of taking Fed money to make adjustments to mortgages, and then NOT making the adjustments at all. They modified less than 1% of the non/underperforming loans that they held that applied for modification, after taking billions in taxpayer money and promising to make adjustments.
i’m not big on the government doing the assistance thing, but if the bank takes the taxpayers’ money pursuant to an agreement, they should at least do what they agreed to do. To NOT do it like BofA did is fraudulent, and no better than the guy who walks into one of their branches with a gun and robs the place.
You're quite wrong. Most of the bad mortgages have *not* been booked, and they have not been foreclosed on. They are being held in limbo, or otherwise placed into a non-paying or under-paying purgatory so the actual loss doesn't go against the banks' bottom lines. That's what prevents valid fundamental analysis of the books.
That was the case, Once Upon A Time, Long, Long Ago, Far, Far Away, but the current rules are "Can be carried on the books at full value until the foreclosed property is actually sold. Doesn't have to be written down until then."
GET OUT OF “BANK OF AMERICA” NOW, BANK HOLIDAY IS COMING SOON
http://www.youtube.com/watch?v=SLKeko69Kx0
Take all assets out of any national bank chain, period. They are all far too deep into the mortgage debacle to stay solvent for much longer.
Local banks and credit unions, or your mattress.
thx for the ping.
Good advice. I'm with Bank of America right now: their customer service is abysmal and their fee policies are draconian.
I'm going to switch, and I would strongly warn anyone and everyone against putting their money with these arrogant clowns.
Does anyone have any recommendations as far as national banks?
This is the same bank that pandered to Mexico and illegal aleins...
Good riddance!!
Not Wells Fargo...Them and BofA pander to illegal aliens...
Avoid them like the plague.
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