View Full Version : The Banks
fencerider2
02-27-2008, 11:59 PM
Their is some real trouble stirring in the banking system that has never disappeared. Anyway you ever heard the old polish blanket joke in which the old Polack wanted a longer blanket, so he cut twelve inches off the top and sews it on the bottom.
Borrowing more money when your broke doesn't make you less insolvent. The game is over and the real players know it, they can probably keep the gig going a little longer but the consequences will be greater.
What are you going to do when you don't have a job and the money runs out? Have really gave this much though that it can happen, are you prepared to fight or kill for food?
What a joke the collapse of the American empire inspired by greed.
PS, your debit card wont work no more.
billybongthorton
02-28-2008, 12:43 AM
hey, this brings on the darwin theory only the strong survive and when and or if this happens, if anyone or anything stands in my way of a meal and providing for my family there going to be done dealing plain and simple. mark my words i wont go down like a pussy
edit: thats some incredibly fucking deep shit dude rep for bringing that question up
We've seen what happens when the population is used to being supported by the government....
We've also seen what happens when the population in the area is used to supporting itself and working together...
Personally, I have no worries as I live in a very rural area with plenty of "food" and CLEAN water around... You guys with houses for neighbors... good luck... :lol:
MianoSM
02-28-2008, 09:53 AM
So....blood in the streets?
amirite?
So....blood in the streets?
amirite?
I just talk to him like he's right about the blood in the streets being literal... it keeps him happy... :roll:
Personally... I don't see that shit coming... then again, neither did the Romans... :lol:
Oh well...
TampaDude
02-28-2008, 11:40 AM
Their is some real trouble stirring in the banking system that has never disappeared. Anyway you ever heard the old polish blanket joke in which the old Polack wanted a longer blanket, so he cut twelve inches off the top and sews it on the bottom.
Borrowing more money when your broke doesn't make you less insolvent. The game is over and the real players know it, they can probably keep the gig going a little longer but the consequences will be greater.
What are you going to do when you don't have a job and the money runs out? Have really gave this much though that it can happen, are you prepared to fight or kill for food?
What a joke the collapse of the American empire inspired by greed.
PS, your debit card wont work no more.
You read that on Jim Kunstler's Clusterfuck Nation Blog, didn't ya??? :lol:
He's one of those "Peak Oil" wackos...
fencerider2
02-28-2008, 11:50 AM
You read that on Jim Kunstler's Clusterfuck Nation Blog, didn't ya??? :lol:
He's one of those "Peak Oil" wackos...
Yep got the Polack thing from him, but this has been my thoughts for a long time on the credit bubble. It just seems that we both agree on the same subject.
TampaDude
02-28-2008, 12:38 PM
Yep got the Polack thing from him, but this has been my thoughts for a long time on the credit bubble. It just seems that we both agree on the same subject.
Oh, I agree...we're all pretty much fucked now...
fencerider2
02-28-2008, 01:20 PM
Oh, I agree...we're all pretty much fucked now...
We are going to see a lot of bank failure, its just a matter of time. Fuck, if they marked to market today their would be some serious skull fucking.
I just listen to BB answer some questions about the problems, you could tell he was holding back.
The biggest joke was when talked they about houses deflating, I yelled at them and said " their just going back to affordable whats wrong with that "
Love Doctor
02-28-2008, 02:23 PM
should I pull my money out of my Credit Union?
PEACE-
MianoSM
02-28-2008, 02:27 PM
should I pull my money out of my Credit Union?
PEACE-
:lol: If we all did it the banks would fail today, your money isn't really there. :lol:
should I pull my money out of my Credit Union?
PEACE-
Why? The dollar will be worthless if the banks fail...
fencerider2
02-28-2008, 05:28 PM
Just because some banks are failing that does not mean our dollars are worthless, even during the thirty's. The banks are failing because of no capital reserves, what a nit wit.
Just because some banks are failing that does not mean our dollars are worthless, even during the thirty's. The banks are failing because of no capital reserves, what a nit wit.
Hey... nit whit...
You missed the boat on my post... You're gonna tell me that BB won't sacrafice the dollar's value for saving the banking system?
Come on... the dollar will be worth less then the paper it is printed on by the time BB lets the banking system fail...
The ONLY reason the dollar survived as much as it did during the 30s was the gold reserves were MUCH more matched to actual dollars... not no more... by a long shot...
Come on Jim... I expect better from you.
fencerider2
02-28-2008, 08:07 PM
Joe Joe Joe, at this point gold is going up on pure speculation, the dollar is still considered the standard bearer of the world and always will be. So you can cry and complain all you want, but when the SHTF the dollar will still be sought after.
Joe Joe Joe, at this point gold is going up on pure speculation, the dollar is still considered the standard bearer of the world and always will be. So you can cry and complain all you want, but when the SHTF the dollar will still be sought after.
Agreed... right after Gold, Euro, Yen, Pound, Francs, and if BB keeps it up... the peso... ;)
Aharon
02-29-2008, 02:30 AM
Yes, the US is having economic issues..
What I wonder is why the EU hasn't crashed worse then us yet. Horrible business climate, where businesses are taxed to death, and you cant fire employees when you are forced to hire them for life (France). The euro is mega inflated, and is due to crash worse then the dollar soon.
fencerider2
02-29-2008, 09:01 AM
Nearly two-thirds of the worlds central bank reserves are made up in dollars, so anyone who thinks the dollar will be worthless, well you need to explain how.
Also there is no trading alternative currency in Asia.
Nearly two-thirds of the worlds central bank reserves are made up in dollars, so anyone who thinks the dollar will be worthless, well you need to explain how.
Also there is no trading alternative currency in Asia.
The world has been dropping the dollar as it's reserve currency ever since the Euro hit the "street"....
The Euro has gained 8% of the reserves since introduction and during the same timeframe the dollar has lost over 6% of it's use. The biggest drop for the Dollar was during the recession of 01... it lost 4% of it's ground. It will CONTINUE to loose it's ground as this recession becomes more apparent. Eventually, there _could_ be a flip to the euro as the largest reserve currency, ESPECIALLY if OPEC makes the switch, which is more and more possible everyday... and if you don't think that could ever happen, you're in a circus tent smoking pot with the clowns...
Currency Reserve Info:
Link (http://en.wikipedia.org/wiki/Reserve_currency)
fencerider2
02-29-2008, 11:03 AM
you're in a circus tent smoking pot with the clowns...
and you :lol:
and you :lol:
Maybe so... at least we can all shoot our "dangerous assault rifles" after smoking down the sticky green... :roll:
:D
BTW, when the US is in it's SHTH mode, you're always welcome to be a crop picker at my compound when you start getting low on your food reserves... :P
Oh and by the way... just so people get my tongue in cheek posts on this section of the site... here is some MORE REAL data for you to chew on...
Compare the "banking problems" of today to that of the 90s... (which we made it through just fine... Dollar value too)
http://www.fdic.gov/bank/statistical/stats/2007dec/FDIC.pdf
It's factual and REAL data... draw your own conclusions from it...
:)
Don't worry Jim... you'll still get to stand on the corner soon enough... ;)
http://www.lifeandlibertyministries.com/archives/Tom%20photo%20for%20tract.JPG
Damn... this thread was so active until I posted up some data...
Sorry I ruined the thread...
fencerider2
03-04-2008, 07:41 AM
Housing Bust Creating a New Superboom
by Fencerider2, Ph.D.T.F 03-03-08
After last week's bombardment of news reports, anyone who still thinks the U.S. economy is not sinking rapidly into recession is either trying to push a biased agenda or living on another planet.
The dire reality:
This recession is undeniable, with a greater abundance of evidence at this early stage than any other economic downturn of modern times — plunging home sales and prices, falling consumer confidence and spending, surging unemployment and more.
This recession is unavoidable, with nothing the Federal Reserve, the Treasury, the White House or Congress can do quickly enough or forcefully enough to stop it.
Indeed, with inflation already surging and the dollar already plunging, it's now likely that their grab-bag of housing market bailouts, stimulus packages and interest-rate cuts are likely to accomplish little more than push the dollar over the brink, drive commodity prices through the roof, propel inflation beyond control and, ultimately, deepen the crisis.
This recession is incomparable, unlike anything you've seen in the past or are likely to see in the future.
For the first time since the early 1980s, we are witnessing the virtual shutdown of some of the nation's most important credit markets — for many kinds of mortgages, certain types of corporate bonds and, in the past few days, even municipal bonds.
For the first time since the Great Depression, the value of residential real estate is plunging nationwide.
For the first time in U.S. history, countless middle-class Americans — even many with good credit — are defaulting on their mortgages, abandoning their homes, sending a whole new set of shockwaves through the banking system.
And for the first time ever, trillions of dollars in derivatives — debts and bets that did not even exist in recessions or panics of yesteryear — are now blowing up.
Fortunately, however, thanks to a series of new revolutionary instruments now available to average investors ...
This recession is also eminently escapable! Unlike during any prior crisis, you now have multiple opportunities to protect your family from the declining value of your real estate ... create a solid defense against the falling dollar ... hedge your portfolio against a falling stock market ... and even turn each of these situations into life-changing profit opportunities.
Most stock investors, however, are frozen in limbo. They're continually waiting for the government to swoop down with the next big rescue. They don't yet recognize the severity of the storm. They don't yet understand how quickly it can destroy their portfolios.
If you — or someone you care for — is among them, join me now in a brief guided tour of last week's events. And at each stop along the way, let me share with you my thoughts regarding what I see coming next and what you can do right now to escape the dangers.
Worst Home Price Decline on Record
First, take a long, hard look at the home price decline.
The recession has barely begun — and the decline in residential real estate values is already the worst since modern records were kept.
The S&P/Schiller Home Price Index, which not long ago was soaring by more than 30%, just plunged 9.1% in December.
Worse, the median price of new homes sold has tanked 15.1% from January of last year, the biggest drop in any month since at least 1964, when they first began tracking this measure.
Is this decline as deep as what our parents or grandparents experienced in the Great Depression? Probably not. But ...
- In the Depression, the cost of living was going down, helping to ease the burden for many homeowners. Today, it's going up.
- In the Depression, a much smaller percentage of families borrowed money to buy a home. Today, it's the purchase of a home without debt that's the rarity.
- If you walked into a bank in the 1930s, it's absolutely certain that the mere mention of mortgages with no down payments, no documented income or no principal payments would have been universally greeted with ridicule. Today, these wacky new loans have been created by over 10,000 banks, thrifts and mortgage lenders in 3,000 counties and 25,000 towns across the U.S.
- I did not write this, Fencerider2
- From everything we know, it's quite certain that adjustable-rate mortgages (ARMs) did not exist. Today, so many ARMs are resetting at higher rates, they are threatening to help trigger up to two million foreclosures.
- Back then, very few home owners were upside-down — with more debt than home value — and it was unheard of for Americans to abandon their homes for that reason alone. Today, this situation is so widespread, a half dozen government agencies and thousands of lending institutions are desperately scrambling to find ways to reverse the trend.
What's next:
The political forces for an unprecedented, national bailout are now mounting by the day. So expect massive government efforts to forestall an equally massive wave of foreclosures. But while the likely success of these efforts is doubtful, the unintended consequences are obvious ...
* Bigger losses for lenders when they delay seizing homes and wind up selling them at lower prices.
* A bigger burden on taxpayers as the government spends money it does not have.
* A bust in commercial real estate sales and prices. This is beginning right now, following a pattern very similar to the bust in housing. It's still a few steps behind. But it's likely to catch up quickly.
* Severe damage to the U.S. dollar and a superboom in commodities. (More on these in a moment.)
Your escape:
* If you're selling your home, price it aggressively.
* If you're pondering what to do with commercial properties, stop guessing and start acting: Sell!
* If you're looking for a new place to live, don't buy. Rent.
* If you're seeking bargains, don't rush. Wait. It's far too soon. And for the truly great bargains that will come later, be ready to pay cash or a very substantial down payment.
* If you own real estate but can't sell, hedge with an inverse ETF like ProShares UltraShort Real Estate (SRS).
Consumer Confidence Plunges to Lowest Level Since 2003
Second, look how this situation is starting to impact consumers.
With home prices plunging and the cost of living soaring, consumer confidence is getting hit hard.
Just in the last few months, it has fallen from some of the highest levels on record to the lowest level in five years.
The best evidence: The Conference Board just reported that its confidence index fell to 75 in February. That's far below the 83 reading that analysts had forecast. And it's down to the lowest level since February 2003, a time when Americans were intensely fearful of a new war that was about to begin.
What's next:
* Consumer spending, already slowing to a standstill, will shrink rapidly. With just a few exceptional items that they must buy no matter what, Americans will snap their wallets shut, slashing their purchase of high-priced luxuries and bargain-basement discounts, big-ticket items and everyday tidbits.
* Corporate profits will plunge. In already-blighted industries, don't be surprised to see floods of red ink and a string of bankruptcies.
* Layoffs and unemployment will surge.
Your escape:
* Get the heck out of vulnerable stocks as fast as you possibly can.
* If you're unwilling or unable to sell, at least hedge with inverse ETFs. (For more specific instructions, see my free report, How to Protect Your Stock Portfolio From the Spreading Credit Crunch.)
Wholesale Prices Surge by 7.4%
Third, prices are surging.
The U.S. Labor Department has just announced that wholesale prices ...
• jumped by 1% last month, more than double what analysts expected, and ...
• surged by a whopping 7.4% in the last 12 months, the largest yearly gain since late 1981.
Moreover, these numbers do not yet include the new explosion in energy prices — crude's surge past $100 per barrel, natural gas' big double-digit gains, and gasoline's run toward the $4-per-gallon level.
Nor do they include the most recent parabolic surge in food prices.
And most important, they do not include the most recent downward spiral in the dollar, which inevitably drives up the prices Americans pay for massive quantities of imported goods.
What's next:
* A continuing free-fall in the value of the U.S. dollar, despite surprise rallies.
* A continuing, parabolic rise in commodity prices, despite sharp intermediate corrections.
* A sudden and shocking jump in the government's Consumer Price Index, despite a deeply-ingrained institutional bias that chronically understates its severity.
Your escape:
* Revolutionary new investments that give average investors immediate and easy access to the world's strongest foreign currencies: Currency ETFs and World Currency Options.
* Commodity-ETFs — exchange-traded funds that invest in pure commodities such as gold, silver, oil and copper.
Bottom line: The great housing bust is creating a new superboom. So hold on to your hat. This journey is just beginning.
Good luck and God bless!
Fencerider2 the King of Kings
President of Triming the Fat Foundation.
Housing Bust Creating a New Superboom
by Fencerider2, Ph.D.T.F 03-03-08
Jim....
If you're going to post someone else's work.... Then at least give credit, not take it.
You definitely don't have a PhD and now you've made it even more obvious that you don't know shit about what's coming... mainly because you've been posting someone else's words constantly...
Seriously... you look like more and more of a tard when you take someone else's work and try to make it out like you know anything...
It's pretty low when you have nothing good to say, so you have to cut and copy someone else's words and then change their name and take credit. You couldn't write something that coherent and that long if you tried...
Here is the link to the real source : Howestreet (http://www.howestreet.com/articles/index.php?article_id=5867)
Weiss is a well known Bear and has predicted widespread bank failures since the 80s. He makes good points but is a classic bear all the way. Do a google search on some of his stuff from the 2000-2001 recession and you'll see what I mean.
Jim, next time bother to give credit where credit is due... :roll:
fencerider2
03-04-2008, 09:20 AM
Jim....
If you're going to post someone else's work.... Then at least give credit, not take it.
You definitely don't have a PhD and now you've made it even more obvious that you don't know shit about what's coming... mainly because you've been posting someone else's words constantly...
Seriously... you look like more and more of a tard when you take someone else's work and try to make it out like you know anything...
It's pretty low when you have nothing good to say, so you have to cut and copy someone else's words and then change their name and take credit. You couldn't write something that coherent and that long if you tried...
Here is the link to the real source : Howestreet (http://www.howestreet.com/articles/index.php?article_id=5867)
Weiss is a well known Bear and has predicted widespread bank failures since the 80s. He makes good points but is a classic bear all the way. Do a google search on some of his stuff from the 2000-2001 recession and you'll see what I mean.
Jim, next time bother to give credit where credit is due... :roll:
Thank you for exposing the fraud, your so predictable.
Did you know that I wrote the Constitution for the USA and discovered who really shot JFK.:lol:
Take a Blue pill.
Fencerider2
corey r.
03-04-2008, 10:53 AM
Joe why are you so synical?
fencerider2
03-04-2008, 11:11 AM
Joe why are you so synical?
Cory you hit the nail on the head.
cynical...
I'm only that way towards Jim, mainly because he earned it... :)
I do like how his advice to people is to "rent"... A lot of people seem to be taking that advice, from the number of calls I get on homes I already rented...
I also like his advice to invest in EFTs related to metals... That will help me nicely also... :)
fencerider2
03-04-2008, 12:45 PM
I believe you should follow this up with telling everyone how much make, and then cry about the AMT.:lol:
I believe you should follow this up with telling everyone how much make, and then cry about the AMT.:lol:
AMT is no longer an issue for me... I formed a S-Corp. :D
Nice try though... :roll:
fencerider2
03-04-2008, 03:30 PM
You were crying about the AMT on the 27th, now your S, sounds like a line of SHIT to me.:lol:
MianoSM
03-04-2008, 03:43 PM
Ibtl
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