OT "move your money" was A One-Trick Pony?
there was a blurb on teh news tonight about a movement to "move your money"
out of BIG banks into smaller community banks. i'm not well informed about this but it seems like a good idea to me. "starve the cancer within us". http://www.huffingtonpost.com/ariann..._b_406022.html b.w. |
OT "move your money" was A One-Trick Pony?
On Dec 30, 3:21*pm, "William Wixon" wrote:
there was a blurb on teh news tonight about a movement to "move your money" out of BIG banks into smaller community banks. *i'm not well informed about this but it seems like a good idea to me. *"starve the cancer within us". http://www.huffingtonpost.com/ariann...our-money-a-ne... b.w. The real reason there is no money to loan is the Government is loaning banks enormous sums at 0.25% or less, so they can buy Government securities paying 4% or more. This is what is keeping the GNP moving up a little bit each month. The small banks continue to go under because of their real estate backed loans. Here in Central Oregon, most unbuilt subdivisions are now owned by banks. Most unbuilt industrial land and even newly built industrial buildings are either owned by local banks or will be soon when the loans come due in a few months. The real problem, now, for the FDIC is finding a bank that is willing or able to take over operation of another bank. Most have already absorbed several other banks and can't have branches duplicated on the same block. If you want to move your money, move it to a Credit Union. Paul |
OT "move your money" was A One-Trick Pony?
On Wed, 30 Dec 2009 17:21:52 -0600, "William Wixon"
wrote: there was a blurb on teh news tonight about a movement to "move your money" out of BIG banks into smaller community banks. i'm not well informed about this but it seems like a good idea to me. "starve the cancer within us". http://www.huffingtonpost.com/ariann..._b_406022.html b.w. ================= While a capital idea [pun intentional] the problem is that the big banks can and do use the Federal "knee knockers" to "make you an offer you cannot refuse." If you won't deposit your money with them, they will come and take it anyhow. see: http://money.cnn.com/2009/12/30/news.../gmac_bailout/ GMAC receives 3rd round of bailout funds http://www.businessweek.com/news/200...-update1-.html http://online.wsj.com/article/SB1000...579461138.html also see http://online.wsj.com/article/SB1000...s_Most_Popular and http://www.businessweek.com/magazine...2024080832.htm Unka George (George McDuffee) The past is a foreign country; they do things differently there. L. P. Hartley (1895-1972), British author. The Go-Between, Prologue (1953). |
OT "move your money" was A One-Trick Pony?
On Wed, 30 Dec 2009 18:06:31 -0600, F. George McDuffee
wrote: there was a blurb on teh news tonight about a movement to "move your money" out of BIG banks into smaller community banks. i'm not well informed about this but it seems like a good idea to me. "starve the cancer within us". http://www.huffingtonpost.com/ariann..._b_406022.html b.w. ================= While a capital idea [pun intentional] the problem is that the big banks can and do use the Federal "knee knockers" to "make you an offer you cannot refuse." If you won't deposit your money with them, they will come and take it anyhow. ----------------- Some follow up information on GMAC/Ally Bank [and ResCap/Diatech Funding] The U.S. Taxpayer's are now majority owners as more TARP funds are flushed down the toilet. http://www.ft.com/cms/s/0/d32f296c-f...nclick_check=1 US Treasury takes majority stake in GMAC By Tom Braithwaite in Washington Published: December 30 2009 21:39 | Last updated: December 30 2009 23:52 The US Treasury will become the majority shareholder of GMAC, the former lending arm of General Motors, as part of a restructuring announced on Wednesday. GMAC is to receive $3.8bn in new government investment via the troubled asset relief programme, the Treasury said, in the final stage of filling a capital hole identified in the “stress tests” on banks earlier this year. The deal brings to a close a busy end to the year for the Treasury’s $700bn Tarp scheme, with most elements of the bail-out programme winding down and companies such as Bank of America and Citigroup racing to repay the government and escape restrictions on pay and hiring. snip ================= As I have observed before, very important U.S. financial information continues to be first reported in the foreign media, and sometimes only in the foreign media. [Financial Times is a UK publication] Unka George (George McDuffee) The past is a foreign country; they do things differently there. L. P. Hartley (1895-1972), British author. The Go-Between, Prologue (1953). |
OT "move your money" was A One-Trick Pony?
On Wed, 30 Dec 2009 17:21:52 -0600, "William Wixon"
wrote: there was a blurb on teh news tonight about a movement to "move your money" out of BIG banks into smaller community banks. i'm not well informed about this but it seems like a good idea to me. "starve the cancer within us". http://www.huffingtonpost.com/ariann..._b_406022.html b.w. ================ For some info on how this was circumvented before it even started see http://www.sacbee.com/business/story/2429569.html NEW YORK – When financial titan Goldman Sachs joined some of its Wall Street rivals in late 2005 in secretly packaging a new breed of offshore securities, it gave prospective investors little hint that many of the deals were so risky that investors could end up losing hundreds of millions of dollars on them. McClatchy has obtained previously undisclosed documents that provide a closer look at the shadowy $1.3 trillion market since 2002 for complex offshore deals, which Chicago financial consultant and frequent Goldman critic Janet Tavakoli said at times met "every definition of a Ponzi scheme." snip --------------- Unka George (George McDuffee) The past is a foreign country; they do things differently there. L. P. Hartley (1895-1972), British author. The Go-Between, Prologue (1953). |
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