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m...@n...com wrote on 11/29/08 6:09 AM:
> Blash <b...@c...net> wrote:
>
>> I was talking with a guy yesterday who is prez of a small regional
>> bank......Evidently, small banks have correspondent relationships with
>> larger banks where they keep an open line of credit for emergencies........
>> His bank has had such a relationship for 10+ years with another bank and
>> has NEVER used that borrowing power........He got a call on Wednesday and
>> was told that his line of credit was cancelled.......
>> It ends up that this was part of an an inverted pyramid where the same
>> thing had been passed down on their credit line from an even larger
>> bank.......
>> Bottom line is that nobody is lending money right now......This is NOT
>> good news for the economy........
>
> There's been too much money-lending for too long. The negative net
> worth crowd is about to have their asses handed to them on a platter.
> A cardboard platter. Soggy. Cold.
>
> Shame nobody in the past couple generations has implemented the
> concept "savings", if they had they wouldn't need to be borrowing to
> fulfill every passing desire for a new ipod or a shinier car.
>
> Of course given the demands of equity "investors" for increasing
> quarter-over-quarter profits (who cares about dividends nowadays) in
> order to prevent employee incentive pay from dropping to zero (who
> cares about salary nowadays), and the demands of real-estate
> "investors" for monotonically rising prices, the cost of living has
> been forced through the roof, employee wage requirements have been
> driven into the noncompetitive region, jobs have gone overseas to
> places where OSHA and building codes are inapplicable, and "saving" is
> nearly a ridiculous concept because in order to save you have to make
> more than you must spend to live.
>
> People want out of the rat-race so badly that they've made it hellish
> enough that even those who might not otherwise mind it are desperate
> to escape. The game has become so fugly that nobody wants to play
> except for the few who are by nature suited only to eating the
> entrails of others.
>
> It's a house of lies built on cards of deceit and baseless hope,
> fuelled by the entertainment and advertising industries in order to
> take advantage of the suckers, bailed out over and over by a
> government too stupid to suck it up and deal with the pain while it's
> at a nonlethal level.
>
> You want some GOOD news for the economy? Wait until after the
> real-estate market has totally collapsed and workers can pay for
> housing on about 25% of their wages. Wait until saving becomes a
> concept that is possible for anybody with a job. Wait until the
> concept of "minimum wage" loses meaning because employers are
> competing for good workers again.
>
> Right now, it's a joke. "BAD news"? Fucksake blash, you're old
> enough and ugly enough to understand by now aren't ya? You've seen it
> happening for several generations now, weren't you paying attention?
Yep.....I've seen it happen & I understand it......I learned early how
to take care of myself and not to depend on others.....Unfortunately, John
Q. Public didn't think that way......They thought they could borrow their
way into "The Good Life" somebody would always be there to hand them a
check..........
I worked my ass off......except for my 1st new car and my 1st house(both
paid off early), I NEVER bought anything I couldn't write a check for, and
then retired without worrying if somebody was going keep sending me a
pension check........
The banker that I mentioned earlier in this post has told me some
"horror stories" of what's going on with people trying to maintain
appearances........With credit drying up, in effect, they're getting margin
calls on their lifestyle.........
> The piper has his hand out dude, it's payback time.
On Nov 29, 6:09?am, m...@n...com wrote:
>
> People want out of the rat-race so badly that they've made it hellish
> enough that even those who might not otherwise mind it are desperate
> to escape. ?The game has become so fugly that nobody wants to play
> except for the few who are by nature suited only to eating the
> entrails of others.
>
They hurt you at home and they hit you at school
They hate you if you're clever and they despise a fool
Till you're so fucking crazy you can't follow their rules
A working class hero is something to be
A working class hero is something to be
John Lennon
On Nov 28, 11:10?am, Blash <b...@c...net> wrote:
> ? ? I was talking with a guy yesterday who is prez of a small regional
> bank......Evidently, small banks have correspondent relationships with
> larger banks where they keep an open line of credit for emergencies........
> ? ? His bank has had such a relationship for 10+ years with another bank and
> has NEVER used that borrowing power........He got a call on Wednesday and
> was told that his line of credit was cancelled.......
> ? ? It ends up that this was part of an an inverted pyramid where the same
> thing had been passed down on their credit line from an even larger
> bank.......
> ? ? Bottom line is that nobody is lending money right now......This is NOT
> good news for the economy........
I have a real cheap asian bank(Cathay) that I kept my company account
in. Most of my CD are kept with other banks because Cathay's rates are
a lot lower. A few months ago their rates were like 2.5% on a 6 month
$50,000 CD. A few weeks ago they jumped to 3.25% on the same CD. Today
I went to the bank and they had a special for the next week, 4.09%.
While the FED rate is going down, they are going up. I think I'll wait
until the FED drops to .5% maybe they will offer 5.5%.
Lawyerkill wrote on 11/29/08 10:54 AM:
> Today I went to the bank and they had a special for the next week, 4.09%.
That's because they can't get money through "normal" channels......
You can use those "teaser" rates to spot a bank that needs cash........
I hope you checked to see if that Cathay bank is a member of FDIC......
Blash <b...@c...net> wrote in message news:C5558239.C572E%blash1@comcast.net...
> I was talking with a guy yesterday who is prez of a small regional
> bank......Evidently, small banks have correspondent relationships with
> larger banks where they keep an open line of credit for emergencies........
> His bank has had such a relationship for 10+ years with another bank and
> has NEVER used that borrowing power........He got a call on Wednesday and
> was told that his line of credit was cancelled.......
> It ends up that this was part of an an inverted pyramid where the same
> thing had been passed down on their credit line from an even larger
> bank.......
> Bottom line is that nobody is lending money right now......This is NOT
> good news for the economy........
Gee, "Blash", thanks for the timely "inside information" news alert
from over SIX FRIGGIN' MONTHS AGO!!! Next you'll be breathlessly
relaying the "inside information" you got from a "friend" about the
historically high levels of the London Interbank Offering Rate (LIBOR)...
As a matter of ACTUAL news, LIBOR has been ticking up recently,
after falling quite a bit from its ridiculous highs at the peak
of the credit "freeze", as the world's governments have been
furiously squandering their taxpayer's CHILDREN'S money in a
vainglorious but misguided effort to prop up the financial system.
The WORST thing about all of this is that I read an article
the other day that supported "BuffyTheProfitHater"'s contention
that COMMERCIAL real-estate was now about to go the route of
"sub-prime" mortgages, and one of the largest holders of commercial
real-estate echoed my feelings that Paulson made one of the
worst mistakes in the history of the modern world's economy by
not going through with the original Volcker idea of buying all
the "sub-prime" crap from the banks at 10 cents on the dollar...
---
William Ernest Reid
Post count: 1353
On Nov 30, 8:59 am, "Bill Reid" <h...@h...net> wrote:
> Blash <b...@c...net> wrote in
messagenews:C5558239.C572E%blash1@comcast.net...
> > I was talking with a guy yesterday who is prez of a small regional
> > bank......Evidently, small banks have correspondent relationships with
> > larger banks where they keep an open line of credit for emergencies........
> > His bank has had such a relationship for 10+ years with another bank and
> > has NEVER used that borrowing power........He got a call on Wednesday and
> > was told that his line of credit was cancelled.......
> > It ends up that this was part of an an inverted pyramid where the same
> > thing had been passed down on their credit line from an even larger
> > bank.......
> > Bottom line is that nobody is lending money right now......This is NOT
> > good news for the economy........
>
> Gee, "Blash", thanks for the timely "inside information" news alert
> from over SIX FRIGGIN' MONTHS AGO!!! Next you'll be breathlessly
> relaying the "inside information" you got from a "friend" about the
> historically high levels of the London Interbank Offering Rate (LIBOR)...
>
> As a matter of ACTUAL news, LIBOR has been ticking up recently,
> after falling quite a bit from its ridiculous highs at the peak
> of the credit "freeze", as the world's governments have been
> furiously squandering their taxpayer's CHILDREN'S money in a
> vainglorious but misguided effort to prop up the financial system.
>
> The WORST thing about all of this is that I read an article
> the other day that supported "BuffyTheProfitHater"'s contention
> that COMMERCIAL real-estate was now about to go the route of
> "sub-prime" mortgages, and one of the largest holders of commercial
> real-estate echoed my feelings that Paulson made one of the
> worst mistakes in the history of the modern world's economy by
> not going through with the original Volcker idea of buying all
> the "sub-prime" crap from the banks at 10 cents on the dollar...
>
> ---
> William Ernest Reid
> Post count: 1353
Hello William... regardless all this, your post hints that you
might not expect the commcl real estate to tank allng with the
residential real estate. is that a correct read on my part?
Personally, I think the same macro economics that is currently
collapsing residential real estatate will take commercial real estate
down, on an identical trajjectory, for the same reasons.
I attended an SF calif commcl real estate owners meeting a few years
ago. one of the local big shots was retiring and spoke for an hour, a
very polite, sarcastically humours, scalthing assessment of those
present ... mentioning in detail the nepotism in management, putting
the incompetent relatives to work etc...utterly insane prices paid
with all the figures on some major SF pptys..., and other such
idiiocy... as he smled and looked them in the eye.
that not withstanding, it is my view that the collapsing US economy,
retirement demographic, with mfgr, and now finance and engineering
going offshore, that many of these buildings will be half empty this
time next year.... its beginning already in the malls.... it will
accelerate during 2009... and not abate for a decade or more...imo.
meantime, the face of the worlds mfgr and commerce will change so
radically that such infracture will become to some degree or the
other, obsolete.... not driving up prices obviouly..
for an example the US rust belt, which monker stuck for a reason....
detroit is next... the new breed of cars can be built in entirely
different fashion... when we get a notch brighter, they will be
snapped together in the front yard by the buyers... as many things
already are. Modular construction.
(I design my industrial infrastucture components that way... (smaller
sub systems, under 500k as a rule.).. the rest of the world is
accomodating the approach by default.
Phil scott
On Nov 29, 3:09 am, m...@n...com wrote:
> Blash <b...@c...net> wrote:
> > I was talking with a guy yesterday who is prez of a small regional
> >bank......Evidently, small banks have correspondent relationships with
> >larger banks where they keep an open line of credit for emergencies........
> > His bank has had such a relationship for 10+ years with another bank and
> >has NEVER used that borrowing power........He got a call on Wednesday and
> >was told that his line of credit was cancelled.......
> > It ends up that this was part of an an inverted pyramid where the same
> >thing had been passed down on their credit line from an even larger
> >bank.......
> > Bottom line is that nobody is lending money right now......This is NOT
> >good news for the economy........
>
> There's been too much money-lending for too long. The negative net
> worth crowd is about to have their asses handed to them on a platter.
> A cardboard platter. Soggy. Cold.
>
> Shame nobody in the past couple generations has implemented the
> concept "savings", if they had they wouldn't need to be borrowing to
> fulfill every passing desire for a new ipod or a shinier car.
>
> Of course given the demands of equity "investors" for increasing
> quarter-over-quarter profits (who cares about dividends nowadays) in
> order to prevent employee incentive pay from dropping to zero (who
> cares about salary nowadays), and the demands of real-estate
> "investors" for monotonically rising prices, the cost of living has
> been forced through the roof, employee wage requirements have been
> driven into the noncompetitive region, jobs have gone overseas to
> places where OSHA and building codes are inapplicable, and "saving" is
> nearly a ridiculous concept because in order to save you have to make
> more than you must spend to live.
>
> People want out of the rat-race so badly that they've made it hellish
> enough that even those who might not otherwise mind it are desperate
> to escape. The game has become so fugly that nobody wants to play
> except for the few who are by nature suited only to eating the
> entrails of others.
>
> It's a house of lies built on cards of deceit and baseless hope,
> fuelled by the entertainment and advertising industries in order to
> take advantage of the suckers, bailed out over and over by a
> government too stupid to suck it up and deal with the pain while it's
> at a nonlethal level.
>
> You want some GOOD news for the economy? Wait until after the
> real-estate market has totally collapsed and workers can pay for
> housing on about 25% of their wages. Wait until saving becomes a
> concept that is possible for anybody with a job. Wait until the
> concept of "minimum wage" loses meaning because employers are
> competing for good workers again.
>
> Right now, it's a joke. "BAD news"? Fucksake blash, you're old
> enough and ugly enough to understand by now aren't ya? You've seen it
> happening for several generations now, weren't you paying attention?
>
> The piper has his hand out dude, it's payback time.
> --
> victim: A newbie who has it all figured out.
superb piece Mills... Indeed the demographics will drive this mess
precisely in the direction you are suggesting... timing is the only
issue open for tweeking. but not by more than a few years max, as
our boomers die off, with few suitably educated replacements.... and
govt having spent us terminally into the pits.
Phil scott
On Nov 29, 5:53 am, Blash <b...@c...net> wrote:
> m...@n...com wrote on 11/29/08 6:09 AM:
>
>
>
>
>
> > Blash <b...@c...net> wrote:
>
> >> I was talking with a guy yesterday who is prez of a small regional
> >> bank......Evidently, small banks have correspondent relationships with
> >> larger banks where they keep an open line of credit for emergencies........
> >> His bank has had such a relationship for 10+ years with another bank and
> >> has NEVER used that borrowing power........He got a call on Wednesday and
> >> was told that his line of credit was cancelled.......
> >> It ends up that this was part of an an inverted pyramid where the same
> >> thing had been passed down on their credit line from an even larger
> >> bank.......
> >> Bottom line is that nobody is lending money right now......This is NOT
> >> good news for the economy........
>
> > There's been too much money-lending for too long. The negative net
> > worth crowd is about to have their asses handed to them on a platter.
> > A cardboard platter. Soggy. Cold.
>
> > Shame nobody in the past couple generations has implemented the
> > concept "savings", if they had they wouldn't need to be borrowing to
> > fulfill every passing desire for a new ipod or a shinier car.
>
> > Of course given the demands of equity "investors" for increasing
> > quarter-over-quarter profits (who cares about dividends nowadays) in
> > order to prevent employee incentive pay from dropping to zero (who
> > cares about salary nowadays), and the demands of real-estate
> > "investors" for monotonically rising prices, the cost of living has
> > been forced through the roof, employee wage requirements have been
> > driven into the noncompetitive region, jobs have gone overseas to
> > places where OSHA and building codes are inapplicable, and "saving" is
> > nearly a ridiculous concept because in order to save you have to make
> > more than you must spend to live.
>
> > People want out of the rat-race so badly that they've made it hellish
> > enough that even those who might not otherwise mind it are desperate
> > to escape. The game has become so fugly that nobody wants to play
> > except for the few who are by nature suited only to eating the
> > entrails of others.
>
> > It's a house of lies built on cards of deceit and baseless hope,
> > fuelled by the entertainment and advertising industries in order to
> > take advantage of the suckers, bailed out over and over by a
> > government too stupid to suck it up and deal with the pain while it's
> > at a nonlethal level.
>
> > You want some GOOD news for the economy? Wait until after the
> > real-estate market has totally collapsed and workers can pay for
> > housing on about 25% of their wages. Wait until saving becomes a
> > concept that is possible for anybody with a job. Wait until the
> > concept of "minimum wage" loses meaning because employers are
> > competing for good workers again.
>
> > Right now, it's a joke. "BAD news"? Fucksake blash, you're old
> > enough and ugly enough to understand by now aren't ya? You've seen it
> > happening for several generations now, weren't you paying attention?
>
> Yep.....I've seen it happen & I understand it......I learned early how
> to take care of myself and not to depend on others.....Unfortunately, John
> Q. Public didn't think that way......They thought they could borrow their
> way into "The Good Life" somebody would always be there to hand them a
> check..........
> I worked my ass off......except for my 1st new car and my 1st house(both
> paid off early), I NEVER bought anything I couldn't write a check for, and
> then retired without worrying if somebody was going keep sending me a
> pension check........
> The banker that I mentioned earlier in this post has told me some
> "horror stories" of what's going on with people trying to maintain
> appearances........With credit drying up, in effect, they're getting margin
> calls on their lifestyle.........
>
>
>
> > The piper has his hand out dude, it's payback time.- Hide quoted text -
>
> - Show quoted text -- Hide quoted text -
>
> - Show quoted text -
I have just relocated out of Marin Countly calif (SF north 5
miles)..one of the richest per capita in the US... now Im located
farther south into the silicon valley/ coastal area. I havent
been back to Marin until yesterday on business... those folk are a
different breed... some of those women especially dont use their
brakes, but their horns... I can here them now telling a cop after
they have center punched someone at an intersection...'but officer *I
was HONKING*...
that seems to be rule in Marin, many already even two years ago living
on the raggeed edge, now with their portolio's in collapse, and taxes
sky rocketing I think I will stay off the roads in the area...as more
than a few of these get their ass handed to them on a soggy, cold,
cardboard platter as you i believe had mentioned.
Phil scott
On Nov 29, 7:01 am, Lawyerkill <L...@a...com> wrote:
> On Nov 29, 6:09 am, m...@n...com wrote:
>
>
>
> > People want out of the rat-race so badly that they've made it hellish
> > enough that even those who might not otherwise mind it are desperate
> > to escape. The game has become so fugly that nobody wants to play
> > except for the few who are by nature suited only to eating the
> > entrails of others.
>
> They hurt you at home and they hit you at school
> They hate you if you're clever and they despise a fool
> Till you're so fucking crazy you can't follow their rules
> A working class hero is something to be
> A working class hero is something to be
>
> John Lennon
Im 67 yrs old, tradesman then consulting engineer..now a mix. Ive
noticed that the tradesmen remain sane was most others go nutz... a
tradesman stays sane imo because any errors he makes, such as cutting
a board or a pipe too short, or mis-ordering materials etc. bites him
in the ass immediately, often fatally... so that his operation must be
self correctoring... precluding the insanity I see almost wall to wall
everywhere else... well..not with waitresses, and laborers...some
other aspect keeps those sane.
but not management or many others... it is indeed insanity that rules.
thanks for the lyrics.
Phil scott
On Nov 29, 7:54 am, Lawyerkill <L...@a...com> wrote:
> On Nov 28, 11:10 am, Blash <b...@c...net> wrote:
>
> > I was talking with a guy yesterday who is prez of a small regional
> > bank......Evidently, small banks have correspondent relationships with
> > larger banks where they keep an open line of credit for emergencies........
> > His bank has had such a relationship for 10+ years with another bank and
> > has NEVER used that borrowing power........He got a call on Wednesday and
> > was told that his line of credit was cancelled.......
> > It ends up that this was part of an an inverted pyramid where the same
> > thing had been passed down on their credit line from an even larger
> > bank.......
> > Bottom line is that nobody is lending money right now......This is NOT
> > good news for the economy........
>
> I have a real cheap asian bank(Cathay) that I kept my company account
> in. Most of my CD are kept with other banks because Cathay's rates are
> a lot lower. A few months ago their rates were like 2.5% on a 6 month
> $50,000 CD. A few weeks ago they jumped to 3.25% on the same CD. Today
> I went to the bank and they had a special for the next week, 4.09%.
> While the FED rate is going down, they are going up. I think I'll wait
> until the FED drops to .5% maybe they will offer 5.5%.
you money is depreciating in goods purchasing value at about 10% a
year, as it is appreciating in bubble markets, such as real estate...
with 4 trillion and counting issued to bail out bogus banks etc real
inflation will sky rocket, ruining the value of your money held in
dollars...esp at 5% or whatever... imo
ymmv.
where to move it... I have no cloo. Other fiat currency is in
similar straights ..put into real assets it becomes taxable in a
market that is soon to be short as hell on renters.
You might consider buying a boat, a few hundred cases of wiskey,
loading the boat with babes and sailing to Oz... or maybe New Zealand,
out of the fall out regions..
Phil scott.
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