Like the illusion of Wall Street, with its vast and powerful investment banks, now shuttered, China too is an illusion perpetuated by the Globalists that gave us the 15,000 mile Caesar salad, poisoned cat food and lead based paint on babies' pacifiers. Like the illusion that money would come from thin air to always push housing prices higher, China has spent a generation pursuing its illusion. Pursuing an unattainable dream to be like the West, while 6000 years of its carefully shepherded top soil blows into the sea.
Posted: Tue Aug 26, 2008 1:21 am Post subject: "Everything's Fine" letter from my bank today . .
I consider it a very bad sign - a VERY bad sign - that my main bank felt it prudent to send out a letter to all of its clients today indicating that, "we're in fine shape", and "no FDIC insured depositor has ever lost money."
WTF is that?
It's the same damn thing as my wife coming up to me and saying, "I just want you to know dear, I haven't cheated on you and you have no reason to worry."
DAMN! _________________ Massive Human Dieoff must occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where you live. If you fail to recognize this, then your odds of living move toward the "going to die" group.
Posted: Tue Aug 26, 2008 4:51 am Post subject: Re: "Everything's Fine" letter from my bank today
"Never believe anything until it has been officially denied."--Claud Cockburn _________________ "By the time individuals discover that remaining resources will not be adequate for the next generation, the next generation has already been born. " David Price
Posted: Tue Aug 26, 2008 5:03 am Post subject: Re: "Everything's Fine" letter from my bank today
Oh, don't worry at all, after all a corporation or government would NEVER lie to you, would they... I mean really... DDT is good for the environment, Saddam had massive stockpiles of WMD, genetically engineered food is good for you, and there is no such thing as global warming. Really. Its OK to trust the banks, I mean after all they are all insured by the Federal Reserve Bank, which is actually a privately owned corporation and currently driving down the value of the Dollar on the international market.
Whether or not your bank was safe yesterday is one thing, but I feel that the real question is "Will it be safe tomorrow??" _________________ Beware the Grooooooooove!
Posted: Tue Aug 26, 2008 5:25 am Post subject: Re: "Everything's Fine" letter from my bank today
If you go to the bank today to withdraw all your money, I wonder if they will let you have it. There is another thread on the subject somewhere around here.
Small towns with few banks can present a problem if employer payroll accounts and the employee checking/savings account share the same bank. If your paycheck is no good and your deposits are on hold you get screwed from both ends.
When a plane is about to crash into the side of a mountain the captain will reassure the passengers that all is well to avoid a panic.
If all is well, why would the bank send out letters to everyone telling them all is well?
Your kid borrows your car. 2 hours later you get a call "Everything is fine dad, the car has great insurance, there is nothing to worry about."
Your wife calls you at the office, leaves a message with the secretary: "Everything is fine dear, we have great homeowners insurance, there is nothing to worry about."
I can smell the bullhsit from here.
Max out the ATM card if the bank is closed.
Be in line when the doors open.
I hear news like this, I invest in more stored food.
I think I will pick up extra today, after I stop at my bank. _________________ If you want a picture of the future, imagine a boot stamping on a human face--for ever."
-George Orwell, 1984
Posted: Tue Aug 26, 2008 6:29 am Post subject: Re: "Everything's Fine" letter from my bank today
I've got a ton of money in this bank. There is no way of withdrawing it all.
The bank was on the watch list of 100 banks compiled by some guy right after Indy Mac.
I'm not worried about the money being locked down for a while, and, as the 10th bank failure of the year, the FDIC would have the reserves, no problem, to open the bank on Monday.
But I will certainly set the gears in motion to move the money - the real risk is that Leh and WB decide to sh-t the bed on the same Friday, and we get a systemic convulsion.
It's just a huge hassle - lots of things tied to the account.
Read the letter yourself: _________________ Massive Human Dieoff must occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where you live. If you fail to recognize this, then your odds of living move toward the "going to die" group.
Joined: May 18, 2006 Posts: 4867 Location: Minneapolis, MN
Posted: Tue Aug 26, 2008 6:36 am Post subject: Re: "Everything's Fine" letter from my bank today
Cashmere wrote:
I've got a ton of money in this bank. There is no way of withdrawing it all.
The bank was on the watch list of 100 banks compiled by some guy right after Indy Mac.
I'm not worried about the money being locked down for a while, and, as the 10th bank failure of the year, the FDIC would have the reserves, no problem, to open the bank on Monday.
But I will certainly set the gears in motion to move the money - the real risk is that Leh and WB decide to sh-t the bed on the same Friday, and we get a systemic convulsion.
It's just a huge hassle - lots of things tied to the account.
Posted: Tue Aug 26, 2008 7:51 am Post subject: Re: "Everything's Fine" letter from my bank today
1. They see a bank run as a possibility.
2. They are probably experiencing some large withdrawals.
3. They are concerned as they are probably not in the best position regarding their books.
4. They feel real concern.
5. They are prudently trying to manage perception and forestall any mass run on deposits.
Posted: Tue Aug 26, 2008 8:08 am Post subject: Re: "Everything's Fine" letter from my bank today
At least they are covered by the FDIC. I am worried about our local bank, but what can I really do? I don't have much in there anyway.
I think it's time to get things we really need, because the bank system seems to be tanking and it may be difficult to buy things soon. _________________ Deep in the mud and slime of things, even there, something sings.
Posted: Tue Aug 26, 2008 8:27 am Post subject: Re: "Everything's Fine" letter from my bank today
Cashmere wrote:
I consider it a very bad sign - a VERY bad sign - that my main bank felt it prudent to send out a letter to all of its clients today indicating that, "we're in fine shape", and "no FDIC insured depositor has ever lost money."
WTF is that?
It's the same damn thing as my wife coming up to me and saying, "I just want you to know dear, I haven't cheated on you and you have no reason to worry." DAMN!
Nobody will escape the wrath of this deleveraging, and that is why I call it Credit Crisis II. Credit Crisis I was only the preliminary round…Credit Crisis II is characterized by the realization that the gigantic losses of capital cannot be purged from the financial system, even with big public bailouts. And that this deleveraging cannot be stopped. There are too many interlinkages. And, without writing a book on this, the next victim when Credit Crisis II unfolds, will be massive world currency instability. This will make any of the banking and currency crises we have seen since WW2 look like child’s play. It is not clear when Credit Crisis II begins but it is threatening already.
This is happening now. _________________ 500 MPH into a brick wall - me
Joined: Oct 04, 2004 Posts: 5719 Location: Body in OK, Heart in TX
Posted: Tue Aug 26, 2008 8:30 am Post subject: Re: "Everything's Fine" letter from my bank today
Jotapay wrote:
5. They are prudently trying to manage perception and forestall any mass run on deposits.
Sending out such a letter seems counter to this goal, but I guess they are counting on most people being idiots. _________________ "Every junkie's like a setting sun..." - Neil Young
Posted: Tue Aug 26, 2008 8:37 am Post subject: Re: "Everything's Fine" letter from my bank today
Shannymara wrote:
Jotapay wrote:
5. They are prudently trying to manage perception and forestall any mass run on deposits.
Sending out such a letter seems counter to this goal, but I guess they are counting on most people being idiots.
At my old corporation (a financial services company), every person who was fired elicited an "Person-x decided to pursue other opportunities outside the company. We wish them luck," email sent to everyone in the entire company. Every single person who quit on their own never produced such an an email. Everyone knew about the hypocrisy. It is so prevalent in fact, there is a Dilbert comic strip about it.
The people who run these finance companies are incredibly arrogant and think the rest of us are really, really stupid. The owners of this bank are putting off some strong fear pheromones with this letter.
Last edited by Jotapay on Tue Aug 26, 2008 8:37 am; edited 1 time in total
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