i have the enitre document (a 13 page pdf and 10 or so are charts) if any one is interested send a PM with an email addy
The author is a banking analyst for Ladenburg Thalmann.
spin or not? >>
Ladenburg Thalmann printed a list of 300 banks that could fail in a pretty short period of time didn't they? >>
honestly couldn't tell you. finance is not my gig. my bro sent me the report.
the charts did show that the banks were in more serious trouble in the late 80's and early 90's than today. i don't know if is comparing apples to oranges now or a just different colored apples.
Perception becomes very very important now. I could give you research from every firm on the street saying banks are in trouble and hundreds if not 1000s will fail. We already know this. It is no longer an unknown.
I am not calling for a bottom in banking stocks--although it may be-- but perhaps a tremendous tradable rally. I just traded FRE for 8.15% in 10 min. And UYG for 7% in 2 hours. While I certainly dont advocate trading such as this, the emotional and unfounded fear among IndyMac customers that had $5000 in the back that I saw on the nightly news last night created a wonderful opportunity.
If you want to understand how markets work, you must understand philosophy and psychology, not necessarily balance sheets and income statements. And this applies to all markets, for whatever they may be. Fear has also gripped the commodity and currency markets.
i have the enitre document (a 13 page pdf and 10 or so are charts) if any one is interested send a PM with an email addy
The author is a banking analyst for Ladenburg Thalmann.
spin or not? >>
Ladenburg Thalmann printed a list of 300 banks that could fail in a pretty short period of time didn't they? >>
honestly couldn't tell you. finance is not my gig. my bro sent me the report.
the charts did show that the banks were in more serious trouble in the late 80's and early 90's than today. i don't know if is comparing apples to oranges now or a just different colored apples. >>
That's because many of these assets are "off the book". An example:
"And we thought that after ENRON we'd have this under control."
Didn't they invent or at least expand on the concept of leveraged derivatives? I don't think Enron ended it, I think it just showed the rest of the people how to do it and how not to get busted...but once again, it didn't work because the only thing you can create out of nothing is an Illusion. That famous quote...You can fool some of the people all the time and those are the ones we are looking for.
It should have never gone this far. Those banking regulators new what was going on and did nothing to stop it...WHY!!!! It will be found out, and hope the carnage is not so great...These people need to be tried for Treason, there should have been Regulators regulating the Regulators...there is more than just greed here.
I just spoke with someone at HSBC and they told me that say you have 100K in one account, 100K in another, 100K in yet another, etc etc etc. You are insured for 100K by the FDIC.
I guess you're fked ( oh I'm sorry, I mean "uninsured" nor fked. Don't want to sound too harsh ) for the rest.
<< <i>I just spoke with someone at HSBC and they told me that say you have 100K in one account, 100K in another, 100K in yet another, etc etc etc. You are insured for 100K by the FDIC.
I guess you're fked ( oh I'm sorry, I mean "uninsured" nor fked. Don't want to sound too harsh ) for the rest.
That's direct from HSBC. >>
The problem with that can you wait if the bank fails for a payout? The other concern is if just one mid-size bank fails all the FDIC reserves are gone, then what? Print more money and wait or you get pennies on the dollar?
This is much like Sept 11th, no one knows what the Hell they are doing....This time it did not kill anyone but it sure is breaking the Financial stability of the United States... This is a Financial Assault against our Financial system and it had to be known by many.
<< <i>I just spoke with someone at HSBC and they told me that say you have 100K in one account, 100K in another, 100K in yet another, etc etc etc. You are insured for 100K by the FDIC.
I guess you're fked ( oh I'm sorry, I mean "uninsured" nor fked. Don't want to sound too harsh ) for the rest.
That's direct from HSBC. >>
Each account if in different name is covered. So if you have 300k, then put 100k in your name, 100k in your wifes name and 100k in joint name.
And to add to roadrunners question about brokerage firm protection. Most brokers carry an insurance policy for additional coverage. Most are insured up to at least $25 million. That coverage does depend on the stability of the insurers though.
<< <i>I just spoke with someone at HSBC and they told me that say you have 100K in one account, 100K in another, 100K in yet another, etc etc etc. You are insured for 100K by the FDIC.
I guess you're fked ( oh I'm sorry, I mean "uninsured" nor fked. Don't want to sound too harsh ) for the rest.
That's direct from HSBC. >>
Each account if in different name is covered. So if you have 300k, then put 100k in your name, 100k in your wifes name and 100k in joint name. >>
That's for personal accounts. I was speaking for business accounts.
And to add to roadrunners question about brokerage firm protection. Most brokers carry an insurance policy for additional coverage. Most are insured up to at least $25 million. That coverage does depend on the stability of the insurers though.
The FED, regulators, and bankers are making up new rules along the way. Nothing is off the table and anything goes if it helps to bail out their friends. I'd say at this point forget the rules and protect yourselves. There will not be enough money to pay off all the losses so it's either print it into worthlessness or pay pennies on the dollar. It all comes down to the stability of the banks, insurers, corporations, govt's, etc. $$ TRILLIONs in Derivatives are based on the loser being able to pay off the bet.....who do you trust? Banks or gold?
I like one comment by a reader of one of the many articles on doctorhousingbubble.com
May 16th, 2008 at 8:53 am Hey Doc, great article again. Before I put much thought into this mess, I did see a warning sign (2000?) and fortunately reacted to it. I heard on a business report that many retailers were making more profit on their credit divisions than on sales. Companies that had selling as their core business making more money on interest on consumer debt. That fact spoke to the cost of spending tomorrow’s income today, as there profit is our expense. After that I approached debt very cautiously. The whole situation reminds me of the Matrix. People are trapped in a cocoon (web of advertising and bad advice) and live in a false reality (middle class lifestyle fueled by debt.) The machines (Wall Street) live off the people, feeding off their lifeforce (interest). It does seem like the goal of Wall Street was to keep people on the edge, drawing off as much income (in the form of interest) as possible, to maximize their profits. They had to do this without pushing too many over the edge. Clearly they went too far.
1. banks or gold 2. dollars or yen 3. yen or euro 4. hybrid or public transport 5. bonds or stocks 6. currency market or commodities 7. corn or oil 8. savings account or CD 9. coins or bullion 10. silver or gold 11. church plate or food kitchen 12. i-phone or quarter eagle 13. platinum? 14. iran or not 15. 1200 or 850 16. cash or credit 17. consumer or consumee
OK, that should be a good start. It always helps to have a list, particularly when you're trying to plot a more correct course and as 57's tag states...
Below is a chart of something. What it is doesnt matter. My question, would you be a buyer at this level, todays close? Would you buy if it pulled back? At what level would you buy? Is it in a bubble?
That chart can be misleading imo. I'm guessing that's the hedged gold miners chart (XAU). If you crunched it even tighter together it would look even worse. But let's look at a 5 yr or 10 year chart of XAU and that massive spike at the end looks far less intimidating. This is a 10-15 yr market, not a 1 year bull. I'd rather see the 3-10 yr pics before making a decision. But no, I'd probably not be buying at 210. It would have been better to be in the market at 90-150.
That chart can be misleading imo. I'm guessing that's the hedged gold miners chart (XAU). If you crunched it even tighter together it would look even worse. But let's look at a 5 yr or 10 year chart of XAU and that massive spike at the end looks far less intimidating. This is a 10-15 yr market, not a 1 year bull. I'd rather see the 3-10 yr pics before making a decision. But no, I'd probably not be buying at 210. It would have been better to be in the market at 90-150.
roadrunner >>
Sorry for the short time frame as this "thing" has only been in existance for the time frame graphed.
Here are charts of XAU for 2 years and for 20 yrs.
<< <i>I just spoke with someone at HSBC and they told me that say you have 100K in one account, 100K in another, 100K in yet another, etc etc etc. You are insured for 100K by the FDIC.
I guess you're fked ( oh I'm sorry, I mean "uninsured" nor fked. Don't want to sound too harsh ) for the rest.
Tincup, annuities are almost exclusively isssued by [life] insurance companies, and not one of them went out of business during the Great Depression. In fact, they were amongst the more successful survivors throughout the 8-10 year period of recovery. By the time the depression hit, there were a great many companies that had been in existence for decades, the oldest since about 1840. Conservative by default, these companies were loathe to take big risks with their assets - a circumstance which prevails to this day - and so, not having TAKEN significant risk, their investments pretty well weathered that debacle, as they will very likely also do today.
In most cases, different insurers of different products (life, health, auto, etc.) are required by law to adhere to strict investment practices, but can vary how they approach it within prescribed limits. In my case (I've been in the insurance business for about 30 years), my own company has about 20% of asseets in equities, and 80% in fixed income/bonds, [commercial] real estate, and cash. Most companies in similar lines have between 12%-15%.
UBERCOINER
A Truth That's Told With Bad Intent Beats All The Lies You Can Invent
<< <i>I just spoke with someone at HSBC and they told me that say you have 100K in one account, 100K in another, 100K in yet another, etc etc etc. You are insured for 100K by the FDIC.
I guess you're fked ( oh I'm sorry, I mean "uninsured" nor fked. Don't want to sound too harsh ) for the rest.
That's direct from HSBC. >>
FDIC insures to 100,000 per DEPOSITOR, per Bank. >>
As I understand it, it is $100K per account type per depositor. So $100k each per person on joint accounts, 2 names $200K, 3 names $300k. Plus $100k each on single accounts. Retirement accounts are $250k ea.
Coin Collector, Chicken Owner, Licensed Tax Preparer & Insurance Broker/Agent. San Diego, CA
<< <i>I just spoke with someone at HSBC and they told me that say you have 100K in one account, 100K in another, 100K in yet another, etc etc etc. You are insured for 100K by the FDIC.
I guess you're fked ( oh I'm sorry, I mean "uninsured" nor fked. Don't want to sound too harsh ) for the rest.
That's direct from HSBC. >>
FDIC insures to 100,000 per DEPOSITOR, per Bank. >>
As I understand it, it is $100K per account type per depositor. So $100k each per person on joint accounts, 2 names $200K, 3 names $300k. Plus $100k each on single accounts. Retirement accounts are $250k ea. >>
Well it would seem that there are a lot of different understandings and I still can't get THE actual ruling. Let's pose a hypothetical question on a possible very real situation. You're a small scale widget dealer and at times you have a million dollars ( or more ) in your business checking. The bank is taken over by the Feds ala Indybank. What happens to the million dollars that was in your checking account?
<< <i>You're a small scale widget dealer and at times you have a million dollars ( or more ) in your business checking. The bank is taken over by the Feds ala Indybank. What happens to the million dollars that was in your checking account? >>
You get $100K
<< <i>As I understand it, it is $100K per account type per depositor. So $100k each per person on joint accounts, 2 names $200K, 3 names $300k. Plus $100k each on single accounts. Retirement accounts are $250k ea. >>
Interesting enough I spoke with one of the big wigs at my bank today. Someone who overseas a number of branches. She could not tell me FDIC rules on this stuff. Has to look it up and get with me tomorrow.
So let's take this so called hypothetical situation a bit further shall we? A client or clients wire funds totalling hundreds of thousands of dollars to your account on a friday morning. Late friday afternoon the Feds take over the bank. Only 100K is insured?
<< <i>I just spoke with someone at HSBC and they told me that say you have 100K in one account, 100K in another, 100K in yet another, etc etc etc. You are insured for 100K by the FDIC.
I guess you're fked ( oh I'm sorry, I mean "uninsured" nor fked. Don't want to sound too harsh ) for the rest.
That's direct from HSBC. >>
FDIC insures to 100,000 per DEPOSITOR, per Bank. >>
As I understand it, it is $100K per account type per depositor. So $100k each per person on joint accounts, 2 names $200K, 3 names $300k. Plus $100k each on single accounts. Retirement accounts are $250k ea. >>
Well it would seem that there are a lot of different understandings and I still can't get THE actual ruling. Let's pose a hypothetical question on a possible very real situation. You're a small scale widget dealer and at times you have a million dollars ( or more ) in your business checking. The bank is taken over by the Feds ala Indybank. What happens to the million dollars that was in your checking account? >>
Your account is insured up to $100k, so theoretically you could lose any amount in excess of $100k. However, the FDIC usually steps in before it gets too bad and in most cases 70% of cash or more is recovered. I the case of IndyMac, you would get $100K + about 50% of the amount over $100K. So if you had $1 miilion at IndyMac you would get about $550K back. It may take some time to recover any amount over $100k though.
Securities held at a brokerage firm are protected up to $500k by SIPC. Money market mutual funds are considered securities and are used by many, including myself, as an alternative to a checking account.
“James Sherman, an IndyMac customer with more than $100,000 in the bank, was hoping to get 50 cents on the dollar above the federally insured limit, with the remainder of his money possibly being applied to his mortgage with IndyMac.”
The SEC is more than happy to enforce the ban on naked short selling of mortgage companies....and of course financial stocks. But they are currently turning a blind eye towards commodities short selling and esp. silver and gold. If short selling were banned on all stocks the PPT would be out of business immediately. Naked short selling is their primary means of ammo.
An article by Alex Wallenwein on the above topic. The FED is quite fearful that J6P might discover commodity stocks (and PM's in particular) so they are sitting on every commodity of note they can to keep the volcano from erupting. For now J6P plows his safe money into treasuries without really knowing how risky they are. I was very impressed that they were able to dump down oil during the president's speech. Even more ironic was the president noting that the economy is strong, growing, and people are working. He must only pay attention to the BLS stats (Bureay of Laughing Statistics). In actuality GDP is negative, the economy is stalled, and people are losing jobs in increasing numbers. It might be that the Bush family fortunes are strong, growing, and everyone is working.
Yesterday, Alex also called today a down day for gold with the FED continuing to have the PPT and banks short sell gold.
In the July 14th TOCOM Goldman Sachs covered 1475 short gold contracts to bring their net short position to 5,756 making this the LOWEST NET SHORT position they have EVER held in the past 30 months. This is GS typical move just before a run up in gold. So they covered on the slam down, now waiting for rebound. At some point GS could remove this entire short position as they watch gold perform its biggest run up.
<< <i>The SEC is more than happy to enforce the ban on naked short selling of mortgage companies....and of course financial stocks. But they are currently turning a blind eye towards commodities short selling and esp. silver and gold. If short selling were banned on all stocks the PPT would be out of business immediately. Naked short selling is their primary means of ammo.
An article by Alex Wallenwein on the above topic. The FED is quite fearful that J6P might discover commodity stocks (and PM's in particular) so they are sitting on every commodity of note they can to keep the volcano from erupting. For now J6P plows his safe money into treasuries without really knowing how risky they are. I was very impressed that they were able to dump down oil during the president's speech. Even more ironic was the president noting that the economy is strong, growing, and people are working. He must only pay attention to the BLS stats (Bureay of Laughing Statistics). In actuality GDP is negative, the economy is stalled, and people are losing jobs in increasing numbers. It might be that the Bush family fortunes are strong, growing, and everyone is working.
Yesterday, Alex also called today a down day for gold with the FED continuing to have the PPT and banks short sell gold.
In the July 14th TOCOM Goldman Sachs covered 1475 short gold contracts to bring their net short position to 5,756 making this the LOWEST NET SHORT position they have EVER held in the past 30 months. This is GS typical move just before a run up in gold. So they covered on the slam down, now waiting for rebound. At some point GS could remove this entire short position as they watch gold perform its biggest run up.
Today I post the update to the chart I posted yesterday. This time I left the name of the security on the chart. It is the Proshares Ultrashort Financials ETF. It is designed to move double the inverse of the underlying stocks which make up the ETF. In other words, if financials are down 10%, this is designed to go up 20%. As you can see it had a dramatic runup as financial stocks came crashing down. The chart clearly went parabolic as did the negative rhetoric in the nightly news and newspapers. Someone in this thread even posted a link to some website that tracked pending bank failures. Video of panicked people fighting with police to withdraw their money from what may be the safest bank in the country right now was the tipping point.
My point here was to illustrate that the greatest trades can be made when fear has its tightest grip. I highly doubt that the banking crisis is over and fully expect to hear much more negative news, especially from overseas, in coming months, but one should not ignore opportunity when it is presented. Profit from fear. Profit from panic. Profit from greed. You could have shorted this or bought its counterpart--UYG, which I mentioned I trade yesterday. Congrats to those who said to stay clear of this "thing".
<< <i>Today I post the update to the chart I posted yesterday. This time I left the name of the security on the chart. It is the Proshares Ultrashort Financials ETF. It is designed to move double the inverse of the underlying stocks which make up the ETF. In other words, if financials are down 10%, this is designed to go up 20%. >>
Bearish or not, it takes some serious stones to play with this one...
Comments
<< <i>Trouble with probing for the bottom,
I find that my probe just isn't long enough.
Oh man, tempting but I'm not gonna go there.
Bank Failure: IndyMac Bank. Lessons from the Great Depression Part XIV.
<< <i>bank article citing Bove
i have the enitre document (a 13 page pdf and 10 or so are charts) if any one is interested send a PM with an email addy
The author is a banking analyst for Ladenburg Thalmann.
spin or not? >>
Ladenburg Thalmann printed a list of 300 banks that could fail in a pretty short period of time didn't they?
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>
<< <i>bank article citing Bove
i have the enitre document (a 13 page pdf and 10 or so are charts) if any one is interested send a PM with an email addy
The author is a banking analyst for Ladenburg Thalmann.
spin or not? >>
Ladenburg Thalmann printed a list of 300 banks that could fail in a pretty short period of time didn't they? >>
honestly couldn't tell you. finance is not my gig. my bro sent me the report.
the charts did show that the banks were in more serious trouble in the late 80's and early 90's than today. i don't know if is comparing apples to oranges now or a just different colored apples.
I am not calling for a bottom in banking stocks--although it may be-- but perhaps a tremendous tradable rally. I just traded FRE for 8.15% in 10 min. And UYG for 7% in 2 hours. While I certainly dont advocate trading such as this, the emotional and unfounded fear among IndyMac customers that had $5000 in the back that I saw on the nightly news last night created a wonderful opportunity.
If you want to understand how markets work, you must understand philosophy and psychology, not necessarily balance sheets and income statements. And this applies to all markets, for whatever they may be. Fear has also gripped the commodity and currency markets.
Knowledge is the enemy of fear
<< <i>
<< <i>
<< <i>bank article citing Bove
i have the enitre document (a 13 page pdf and 10 or so are charts) if any one is interested send a PM with an email addy
The author is a banking analyst for Ladenburg Thalmann.
spin or not? >>
Ladenburg Thalmann printed a list of 300 banks that could fail in a pretty short period of time didn't they? >>
honestly couldn't tell you. finance is not my gig. my bro sent me the report.
the charts did show that the banks were in more serious trouble in the late 80's and early 90's than today. i don't know if is comparing apples to oranges now or a just different colored apples. >>
That's because many of these assets are "off the book". An example:
Off-balance-sheet debt
Citigroup's $1.1 Trillion of Mysterious Assets Shadows Earnings
Greed and lack of regulation is a real problem at present. And we thought that after ENRON we'd have this under control.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Ladenburg Thalmann printed a list of 300 banks that could fail in a pretty short period of time didn't they?
I would not be surprised if IndyMac was NOT among those 300.
roadrunner
Didn't they invent or at least expand on the concept of leveraged derivatives? I don't think Enron ended it, I think it just showed the rest of the people how to do it and how not to get busted...but once again, it didn't work because the only thing you can create out of nothing is an Illusion. That famous quote...You can fool some of the people all the time and those are the ones we are looking for.
I guess you're fked ( oh I'm sorry, I mean "uninsured" nor fked. Don't want to sound too harsh ) for the rest.
That's direct from HSBC.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>I just spoke with someone at HSBC and they told me that say you have 100K in one account, 100K in another, 100K in yet another, etc etc etc. You are insured for 100K by the FDIC.
I guess you're fked ( oh I'm sorry, I mean "uninsured" nor fked. Don't want to sound too harsh ) for the rest.
That's direct from HSBC. >>
The problem with that can you wait if the bank fails for a payout? The other concern is if just one mid-size bank fails all the FDIC reserves are gone, then what? Print more money and wait or you get pennies on the dollar?
<< <i>I just spoke with someone at HSBC and they told me that say you have 100K in one account, 100K in another, 100K in yet another, etc etc etc. You are insured for 100K by the FDIC.
I guess you're fked ( oh I'm sorry, I mean "uninsured" nor fked. Don't want to sound too harsh ) for the rest.
That's direct from HSBC. >>
Each account if in different name is covered. So if you have 300k, then put 100k in your name, 100k in your wifes name and 100k in joint name.
Knowledge is the enemy of fear
Knowledge is the enemy of fear
<< <i>
<< <i>I just spoke with someone at HSBC and they told me that say you have 100K in one account, 100K in another, 100K in yet another, etc etc etc. You are insured for 100K by the FDIC.
I guess you're fked ( oh I'm sorry, I mean "uninsured" nor fked. Don't want to sound too harsh ) for the rest.
That's direct from HSBC. >>
Each account if in different name is covered. So if you have 300k, then put 100k in your name, 100k in your wifes name and 100k in joint name. >>
That's for personal accounts. I was speaking for business accounts.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
The FED, regulators, and bankers are making up new rules along the way. Nothing is off the table and anything goes if it helps to bail out their friends. I'd say at this point forget the rules and protect yourselves. There will not be enough money to pay off all the losses so it's either print it into worthlessness or pay pennies on the dollar. It all comes down to the stability of the banks, insurers, corporations, govt's, etc. $$ TRILLIONs in Derivatives are based on the loser being able to pay off the bet.....who do you trust? Banks or gold?
roadrunner
Tempers Flare at Indy Bank-Police Called
But Ron Paul was essentially dismissed huh?
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>Enron was just the appetizer to show the bankers how to take things to the next plateau....and not get caught. They learned a lot.
Ladenburg Thalmann printed a list of 300 banks that could fail in a pretty short period of time didn't they?
I would not be surprised if IndyMac was NOT among those 300.
roadrunner >>
i think there is one source where the "300" came from
http://www.guardian.co.uk/business/feedarticle/7649271
and yes, RR indyMAC was not on this list list because it is/was considered a larger bank.....
I like one comment by a reader of one of the many articles on doctorhousingbubble.com
May 16th, 2008 at 8:53 am
Hey Doc, great article again.
Before I put much thought into this mess, I did see a warning sign (2000?) and fortunately reacted to it. I heard on a business report that many retailers were making more profit on their credit divisions than on sales. Companies that had selling as their core business making more money on interest on consumer debt. That fact spoke to the cost of spending tomorrow’s income today, as there profit is our expense. After that I approached debt very cautiously.
The whole situation reminds me of the Matrix. People are trapped in a cocoon (web of advertising and bad advice) and live in a false reality (middle class lifestyle fueled by debt.) The machines (Wall Street) live off the people, feeding off their lifeforce (interest). It does seem like the goal of Wall Street was to keep people on the edge, drawing off as much income (in the form of interest) as possible, to maximize their profits. They had to do this without pushing too many over the edge. Clearly they went too far.
Box of 20
Hummmmmm...
1. banks or gold
2. dollars or yen
3. yen or euro
4. hybrid or public transport
5. bonds or stocks
6. currency market or commodities
7. corn or oil
8. savings account or CD
9. coins or bullion
10. silver or gold
11. church plate or food kitchen
12. i-phone or quarter eagle
13. platinum?
14. iran or not
15. 1200 or 850
16. cash or credit
17. consumer or consumee
OK, that should be a good start. It always helps to have a list, particularly when you're trying to plot a more correct course and as 57's tag states...
Knowledge is the enemy of fear
That chart can be misleading imo. I'm guessing that's the hedged gold miners chart (XAU). If you crunched it even tighter together it would look even worse. But let's look at a 5 yr or 10 year chart of XAU and that massive spike at the end looks far less intimidating. This is a 10-15 yr market, not a 1 year bull. I'd rather see the 3-10 yr pics before making a decision. But no, I'd probably not be buying at 210. It would have been better to be in the market at 90-150.
roadrunner
<< <i>Cohodk,
That chart can be misleading imo. I'm guessing that's the hedged gold miners chart (XAU). If you crunched it even tighter together it would look even worse. But let's look at a 5 yr or 10 year chart of XAU and that massive spike at the end looks far less intimidating. This is a 10-15 yr market, not a 1 year bull. I'd rather see the 3-10 yr pics before making a decision. But no, I'd probably not be buying at 210. It would have been better to be in the market at 90-150.
roadrunner >>
Sorry for the short time frame as this "thing" has only been in existance for the time frame graphed.
Here are charts of XAU for 2 years and for 20 yrs.
Knowledge is the enemy of fear
roadrunner
or don't we want to go their
<< <i>I just spoke with someone at HSBC and they told me that say you have 100K in one account, 100K in another, 100K in yet another, etc etc etc. You are insured for 100K by the FDIC.
I guess you're fked ( oh I'm sorry, I mean "uninsured" nor fked. Don't want to sound too harsh ) for the rest.
That's direct from HSBC. >>
FDIC insures to 100,000 per DEPOSITOR, per Bank.
In most cases, different insurers of different products (life, health, auto, etc.) are required by law to adhere to strict investment practices, but can vary how they approach it within prescribed limits. In my case (I've been in the insurance business for about 30 years), my own company has about 20% of asseets in equities, and 80% in fixed income/bonds, [commercial] real estate, and cash. Most companies in similar lines have between 12%-15%.
A Truth That's Told With Bad Intent
Beats All The Lies You Can Invent
is fundamentally sound" and all is under control, then
one should be afraid......be very afraid. I know that a bank
account is FDIC insured for 100,000 dollars, I have spread
my money over three banks. The run on the Indy Mac Bank
is continuing today, with long lines in front of the California
branches.
Camelot
<< <i>
<< <i>I just spoke with someone at HSBC and they told me that say you have 100K in one account, 100K in another, 100K in yet another, etc etc etc. You are insured for 100K by the FDIC.
I guess you're fked ( oh I'm sorry, I mean "uninsured" nor fked. Don't want to sound too harsh ) for the rest.
That's direct from HSBC. >>
FDIC insures to 100,000 per DEPOSITOR, per Bank. >>
As I understand it, it is $100K per account type per depositor. So $100k each per person on joint accounts, 2 names $200K, 3 names $300k. Plus $100k each on single accounts. Retirement accounts are $250k ea.
San Diego, CA
<< <i>
<< <i>
<< <i>I just spoke with someone at HSBC and they told me that say you have 100K in one account, 100K in another, 100K in yet another, etc etc etc. You are insured for 100K by the FDIC.
I guess you're fked ( oh I'm sorry, I mean "uninsured" nor fked. Don't want to sound too harsh ) for the rest.
That's direct from HSBC. >>
FDIC insures to 100,000 per DEPOSITOR, per Bank. >>
As I understand it, it is $100K per account type per depositor. So $100k each per person on joint accounts, 2 names $200K, 3 names $300k. Plus $100k each on single accounts. Retirement accounts are $250k ea. >>
Well it would seem that there are a lot of different understandings and I still can't get THE actual ruling. Let's pose a hypothetical question on a possible very real situation. You're a small scale widget dealer and at times you have a million dollars ( or more ) in your business checking. The bank is taken over by the Feds ala Indybank. What happens to the million dollars that was in your checking account?
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>You're a small scale widget dealer and at times you have a million dollars ( or more ) in your business checking. The bank is taken over by the Feds ala Indybank. What happens to the million dollars that was in your checking account? >>
You get $100K
<< <i>As I understand it, it is $100K per account type per depositor. So $100k each per person on joint accounts, 2 names $200K, 3 names $300k. Plus $100k each on single accounts. Retirement accounts are $250k ea. >>
That's what I've been told too.
So let's take this so called hypothetical situation a bit further shall we? A client or clients wire funds totalling hundreds of thousands of dollars to your account on a friday morning. Late friday afternoon the Feds take over the bank. Only 100K is insured?
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>
<< <i>
<< <i>
<< <i>I just spoke with someone at HSBC and they told me that say you have 100K in one account, 100K in another, 100K in yet another, etc etc etc. You are insured for 100K by the FDIC.
I guess you're fked ( oh I'm sorry, I mean "uninsured" nor fked. Don't want to sound too harsh ) for the rest.
That's direct from HSBC. >>
FDIC insures to 100,000 per DEPOSITOR, per Bank. >>
As I understand it, it is $100K per account type per depositor. So $100k each per person on joint accounts, 2 names $200K, 3 names $300k. Plus $100k each on single accounts. Retirement accounts are $250k ea. >>
Well it would seem that there are a lot of different understandings and I still can't get THE actual ruling. Let's pose a hypothetical question on a possible very real situation. You're a small scale widget dealer and at times you have a million dollars ( or more ) in your business checking. The bank is taken over by the Feds ala Indybank. What happens to the million dollars that was in your checking account? >>
Your account is insured up to $100k, so theoretically you could lose any amount in excess of $100k. However, the FDIC usually steps in before it gets too bad and in most cases 70% of cash or more is recovered. I the case of IndyMac, you would get $100K + about 50% of the amount over $100K. So if you had $1 miilion at IndyMac you would get about $550K back. It may take some time to recover any amount over $100k though.
Securities held at a brokerage firm are protected up to $500k by SIPC. Money market mutual funds are considered securities and are used by many, including myself, as an alternative to a checking account.
Knowledge is the enemy of fear
http://www.dailynews.com/breakingnews/ci_9887404
IndyMac besieged as it reopens after takeover
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
5% huh?
could, would, will this change move over to commodities?
Blog
“James Sherman, an IndyMac customer with more than $100,000 in the bank, was hoping to get 50 cents on the dollar above the federally insured limit, with the remainder of his money possibly being applied to his mortgage with IndyMac.”
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
An article by Alex Wallenwein on the above topic. The FED is quite fearful that J6P might discover commodity stocks (and PM's in particular) so they are sitting on every commodity of note they can to keep the volcano from erupting. For now J6P plows his safe money into treasuries without really knowing how risky they are. I was very impressed that they were able to dump down oil during the president's speech. Even more ironic was the president noting that the economy is strong, growing, and people are working. He must only pay attention to the BLS stats (Bureay of Laughing Statistics). In actuality GDP is negative, the economy is stalled, and people are losing jobs in increasing numbers. It might be that the Bush family fortunes are strong, growing, and everyone is working.
FED sitting on mulitple Volcanoes
Yesterday, Alex also called today a down day for gold with the FED continuing to have the PPT and banks short sell gold.
In the July 14th TOCOM Goldman Sachs covered 1475 short gold contracts to bring their net short position to 5,756 making this the LOWEST NET SHORT position they have EVER held in the past 30 months. This is GS typical move just before a run up in gold. So they covered on the slam down, now waiting for rebound. At some point GS could remove this entire short position as they watch gold perform its biggest run up.
roadrunner
<< <i>The SEC is more than happy to enforce the ban on naked short selling of mortgage companies....and of course financial stocks. But they are currently turning a blind eye towards commodities short selling and esp. silver and gold. If short selling were banned on all stocks the PPT would be out of business immediately. Naked short selling is their primary means of ammo.
An article by Alex Wallenwein on the above topic. The FED is quite fearful that J6P might discover commodity stocks (and PM's in particular) so they are sitting on every commodity of note they can to keep the volcano from erupting. For now J6P plows his safe money into treasuries without really knowing how risky they are. I was very impressed that they were able to dump down oil during the president's speech. Even more ironic was the president noting that the economy is strong, growing, and people are working. He must only pay attention to the BLS stats (Bureay of Laughing Statistics). In actuality GDP is negative, the economy is stalled, and people are losing jobs in increasing numbers. It might be that the Bush family fortunes are strong, growing, and everyone is working.
FED sitting on mulitple Volcanoes
Yesterday, Alex also called today a down day for gold with the FED continuing to have the PPT and banks short sell gold.
In the July 14th TOCOM Goldman Sachs covered 1475 short gold contracts to bring their net short position to 5,756 making this the LOWEST NET SHORT position they have EVER held in the past 30 months. This is GS typical move just before a run up in gold. So they covered on the slam down, now waiting for rebound. At some point GS could remove this entire short position as they watch gold perform its biggest run up.
roadrunner >>
thanks RR
consider me a lapdog....lol
My point here was to illustrate that the greatest trades can be made when fear has its tightest grip. I highly doubt that the banking crisis is over and fully expect to hear much more negative news, especially from overseas, in coming months, but one should not ignore opportunity when it is presented. Profit from fear. Profit from panic. Profit from greed. You could have shorted this or bought its counterpart--UYG, which I mentioned I trade yesterday. Congrats to those who said to stay clear of this "thing".
Knowledge is the enemy of fear
<< <i>Today I post the update to the chart I posted yesterday. This time I left the name of the security on the chart. It is the Proshares Ultrashort Financials ETF. It is designed to move double the inverse of the underlying stocks which make up the ETF. In other words, if financials are down 10%, this is designed to go up 20%. >>
Bearish or not, it takes some serious stones to play with this one...
Kusnstler
Box of 20