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Posted

It seems pretty clear that bank fees are continuing on an upward

trajectory, and these institutions are experimenting with all sorts of

ways to make them palatable to customers.

again i ask "what's new about that?" coffee1.gif

the big multinationals don't even make an effort to make fee hikes

or new fees palatable to customers because the customers know

their choices are limited. it takes months, if not a year or two, to

get used to the new environment and the pros and cons which

come with the switch to another bank.

two save a few thousand dollars in fees could mean might mean

a multiple of that in losses if the new bank has problems to provide

access buying or selling certain assets or getting unfavourable

prices for trading assets.

disclaimer: i am talking from the standpoint of an active investor

and i am well aware that my posting does not apply to people who's

main assets are rice fields and gold bars under the mattress and who's

income is a modest fixed monthly amount.

What is new is simply they have lost the respect and trust they once had, which is a game changer

From you. Yes a real game changer. annoyed.gif

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Posted (edited)

It is rather ironic that you allude to “educating' complete financial ignorants “ and yet you seem unaware yourself that banks have indeed been charging for holding customers money and in some cases quite obscene amounts when compared to their abysmally low interest rates.

You’ll Never Guess What Banks Have Started Charging For Now

http://business.time.com/2013/02/20/youll-never-guess-what-banks-have-started-charging-for-now/

Banks exist to make money, not as your personal piggy-bank.

And negative interest rates are not a new phenomenon.

yeah well negative interest rates may have been acceptable when banks managed to portray themselves as bastions of the community. But all that is now gone out of the window. They dropped their pants and exposed themselves.

Now we know that even insured amounts could have received a haircut and maybe next time they will

Any investment is subject to risk. In fact, believe it or not, investments are risk. Deposited savings are no different. Those with limited understanding of economics don't understand this and that is why those with the poorest understanding are often reduced to quivering wrecks waving their bag of coins against an iniquitous world.

Rather than a “ limited understanding “ I think it is a “ misunderstanding “ as to precisely what a deposit account in the bank was meant to represent the fallout from which will see gradually unfolding. Edited by midas
Posted

It is rather ironic that you allude to “educating' complete financial ignorants “ and yet you seem unaware yourself that banks have indeed been charging for holding customers money and in some cases quite obscene amounts when compared to their abysmally low interest rates.

You’ll Never Guess What Banks Have Started Charging For Now

http://business.time.com/2013/02/20/youll-never-guess-what-banks-have-started-charging-for-now/

Banks exist to make money, not as your personal piggy-bank.

And negative interest rates are not a new phenomenon.

yeah well negative interest rates may have been acceptable when banks managed to portray themselves as bastions of the community. But all that is now gone out of the window. They dropped their pants and exposed themselves.

Now we know that even insured amounts could have received a haircut and maybe next time they will

for the record:

-the idea to tax deposits within the EU guarantee of €100k originated from politicians, not from banks.

-banks do not "hold" deposits. they accept deposits and these deposits are active positions in their balance sheet as if they owned these deposits. that a lot of people don't know about this does not change the facts.

-banks did not cause "abyssmally low interest rates". these rates are caused by the various Bernankes in a bunch of countries.

Posted (edited)

Banks exist to make money, not as your personal piggy-bank.

And negative interest rates are not a new phenomenon.

Yes the good old reliable piggybank. No matter how long it stood there, you could turn it upside down and with a knife all the coins would drop down one by one…. But not with the banks anymore.

Here is another totally unjustifiable example of looting and theft...

“HOUSEHOLDS face losing up to $109 million from their family savings as the Federal government moves to seize cash from inactive bank accounts.

After legislation was rushed through parliament, the government will from May 31 be able to transfer all money from accounts that have not been used for three years into their own revenues.”

http://www.news.com.au/money/banking/cash-grab-inactive-bank-accounts-to-be-seized/story-e6frfmcr-1226585867131

Then keep your money in a piggy bank on the mantelpiece and cancel all your bank accounts.

Alternatively just operate with a building society account or a post office account.

Just save us from your endless snivelling.

anyone who thinks a building society or post office is any safer are fools . look at the collapse of the Scottish building society as an example. They are ultimately still under the control of same criminal politicians and financiers in collusion.

No UK safety net for Post Office savers

More than 500,000 Post Office account holders have been sent letters telling them that their money is not now covered by Britain's savings protection scheme.

http://www.telegraph.co.uk/finance/personalfinance/savings/4347782/No-UK-safety-net-for-Post-Office-savers.html

Edited by midas
Posted

midas:

Rather than a “ limited understanding “ I think it is a “misunderstanding “ as to precisely

what a deposit account in the bank was meant to represent the fallout from which

will see gradually unfolding.

i agree that there might be indeed a "fallout". unfortunately hardly any alternatives exist.

Posted

midas:

Rather than a “ limited understanding “ I think it is a “misunderstanding “ as to precisely

what a deposit account in the bank was meant to represent the fallout from which

will see gradually unfolding.

i agree that there might be indeed a "fallout". unfortunately hardly any alternatives exist.

I would agree with that in the case of the bigger depositors.

But it would be interesting to know what percentage of a banks intake is from middle class customers.

Who in reality do not need much of an alternative.

Posted

midas:

Rather than a “ limited understanding “ I think it is a “misunderstanding “ as to precisely

what a deposit account in the bank was meant to represent the fallout from which

will see gradually unfolding.

i agree that there might be indeed a "fallout". unfortunately hardly any alternatives exist.

I would agree with that in the case of the bigger depositors.

But it would be interesting to know what percentage of a banks intake is from middle class customers.

Who in reality do not need much of an alternative.

bank accounts are important even for "little" people. how would they pay monthly recurring expenses such as rent, electricity, gas, water and a dozen other things?

Posted (edited)

bank accounts are important even for "little" people. how would they pay monthly recurring expenses such as rent, electricity, gas, water and a dozen other things?

Probably the old fashioned way in cash.

I know where I lived in the USA all the utility companies

were right near each other in town & had walk up windows to accept cash payments.

If they had rent I doubt the landlord would not accept cash either in person or deposited into his account.

I knew many folks who did keep a small credit union or bank account just to have for check cashing

but even that these days can be done elsewhere for a small fee or no fee at the originating bank if

you have proper ID

Again these are not big depositors but middle class folks who have a savings so small a hiding spot or safe

at home would do just as well. Especially if like Yosh said negative interest rates or more banking fee's become

common place.

Edited by mania
Posted
ts totally new knowledge for most people. They think the bank is literally holding their money. Most don't believe it when I try explaining the way money is created through debt / banks aren't lending out existing funds but "creating" new money many times greater than what they have. They think get this quizzical perplexed look like "no; surely not; he must be mistaken" then blank not to think about it too much and carry on life in the matrix

Which explains quite nicely why I like the Nationwide building society so much.

Sorry- why do you like them so much? They are still working in a similar fashion to a bank and can still go under just as easily no?

No, they are limited by their charter to the type of investments they can make, the percentage of funds they can invest and the percentage of funds they can raise from wholesale markets, consequently they are seen as less risky than banks, Building Societies are owned by their members hence stock price/dividend payments is not an issue and neither is take over, given the size and asset base of Nationwide and the fact that it ranks on par with HSBC in the UK in terms of risk, these things seem to be true. But can they fail, of course they can, if the value of UK assets secured against Nationwide's mortgage book were to fall in value by say 25%, that would do the trick, perhaps it explains why UK plc is so keen to keep UK house prices high!

Posted

All the gold in the world above ground would form a cube of only 20x20x20meters apparently

Check it out at bbc

Posted (edited)

So, that's it. I've now reached the point where I am ready to join up.

Bring on the revolution. I have had enough of

Politicians - who were given the trust and responsibility to represent and protect us, paying themselves millions in the process.

Bankers - who accepted our money and gamboled it away, paying themselves billions in the process.

These governments have presided over populations who they know are not always going to make the right personal decisions. That is why we have laws and politicians to make them, codes of conduct, FSA's to prevent your average George, Joe or John from himself. So what happened? They have FAILED.

Now I am one of the most passive people I know. But I am now very angry that my trust has been proven to be misplaced, and I have been let down.

If I now feel this way, then, once the immensity of what is about to hit the UK in particular, including all the 1,000,000 ex pat pensioners and their families, where will it lead to? The Icelandic government is besieged, in Greece there have been riots. The Brits can take a lot, but once they get riled then the fighting becomes very bitter.

I bet you thought you would never be a socialist...........

“Owners of capital will stimulate the working class to buy more and more expensive goods, houses and technology, pushing them to take more and more expensive credits, until their debt becomes unbearable. The unpaid debt will lead to bankruptcy of banks, which will have to be nationalized, and the State will have to take the road which will eventually lead to communism.”.........Karl Marx: 1867 ohmy.gif

I hate to break the news to you...

Our economic system is a product of left-wing academics.

Monetising banks, trickle down-keynsian economics... investing public money in business. He pretty much invented the welfare state to (keep the masses poor and subdued). These are all socialist things.

You would be struggling to find a capitalist politician. They are mainly just socialists who want to use public money and government to redistribute money to their friends.

Bank bail out.. again, public money being invested in banks... guess what, its SOCIALIST. Now the bankers who caused/contributed to (either through negligence or arguably on purpose) the crisis are infiltrating governments. Its not clear if they banks own the government or vice versa.. or if both is true. Its SOCIALIST

Having said this.. clearly socialism has caused a huge disparity between rich and poor. We do need a revolution, and a redistribution of wealth. Heres hoping we can have a capitalist/libertarian revolution.. like thats ever going to happen

Edited by BuffaloRescue
Posted (edited)

So, that's it. I've now reached the point where I am ready to join up.

Bring on the revolution. I have had enough of

Politicians - who were given the trust and responsibility to represent and protect us, paying themselves millions in the process.

Bankers - who accepted our money and gamboled it away, paying themselves billions in the process.

These governments have presided over populations who they know are not always going to make the right personal decisions. That is why we have laws and politicians to make them, codes of conduct, FSA's to prevent your average George, Joe or John from himself. So what happened? They have FAILED.

Now I am one of the most passive people I know. But I am now very angry that my trust has been proven to be misplaced, and I have been let down.

If I now feel this way, then, once the immensity of what is about to hit the UK in particular, including all the 1,000,000 ex pat pensioners and their families, where will it lead to? The Icelandic government is besieged, in Greece there have been riots. The Brits can take a lot, but once they get riled then the fighting becomes very bitter.

I bet you thought you would never be a socialist...........

“Owners of capital will stimulate the working class to buy more and more expensive goods, houses and technology, pushing them to take more and more expensive credits, until their debt becomes unbearable. The unpaid debt will lead to bankruptcy of banks, which will have to be nationalized, and the State will have to take the road which will eventually lead to communism.”.........Karl Marx: 1867 ohmy.gif

I hate to break the news to you...

Our economic system is a product of left-wing academics.

Monetising banks, trickle down-keynsian economics... investing public money in business. He pretty much invented the welfare state to (keep the masses poor and subdued). These are all socialist things.

You would be struggling to find a capitalist politician. They are mainly just socialists who want to use public money and government to redistribute money to their friends.

Bank bail out.. again, public money being invested in banks... guess what, its SOCIALIST. Now the bankers who caused/contributed to (either through negligence or arguably on purpose) the crisis are infiltrating governments. Its not clear if they banks own the government or vice versa.. or if both is true. Its SOCIALIST

Having said this.. clearly socialism has caused a huge disparity between rich and poor. We do need a revolution, and a redistribution of wealth. Heres hoping we can have a capitalist/libertarian revolution.. like thats ever going to happen

A completely fake made-up quotation from Marx. A quote just copied and pasted from some viral bullshit.

Waza should not be so lazy. Anybody who has read some Marx would spot it as smelly in an instant.

Edited by yoshiwara
Posted

Just read this on Pravda (English.Pravda.RU) and thought you guys might be interested in their take:

"Lets review:

The United States, that super debtor of all historical debtors, the nation who in today's dollars, has a bigger debt than all previous nations of earth's history put together, is presently flooding $100 BILLION into the currency swill each and every month. Quantitative Easing 4 is the perpetual round and it came a lot faster than anyone had anticipated. There was narry even a pause between QE 3 and QE 4.

Comrade Obama is on a rip roll, promising one program after another, all with a nation that spends twice as much as it takes in and with every state effectively bankrupt, too. Is anyone in their right mind to think that that tap would be shut off for even a second? The US government spending is now making up 25-30% of GDP and rising. At this point a shut off of the tap would cardiac arrest the economy in an instant. Instead, they prefer for it to die more slowly, from dry land drowning. So, no chance of that ever happening...let the dollars role.

The EU? That is France, Germany, Italy, Spain and the rest of the riff raff? Really? That Euro train wreck which has been going in mad scramble from one currency crisis to another, declaring victory and the final righting of all wrongs, only to look like keystone cops. The EU and its member cattle are screwed beyond the word's very meanings. They are the headless corpse. Even the head has stopped blinking and sticking out its tongue but the body still runs and runs."

post-58274-0-83812500-1364869282.jpg

Posted

That Euro train wreck which has been going in mad scramble from one currency crisis to another...

please tell us ignorants when exactly a currency crisis, as far as the €UR is concerned, happened.

you can't? then why do you copy and paste Pravda rubbish? smile.png

Posted

"A federal judge has ruled that Stockton, California will be allowed to enter bankruptcy. The city, located near San Francisco and home to 300,000, is the largest yet in the US to file for bankruptcy, marking a new low point in a trend sweeping California.

US Bankruptcy Judge Christopher Klein ruled Monday that Stockton would be allowed to begin reorganizing its debt in order to continue carrying out its obligations to its citizens on fundamental public safety as well as other basic government services.

Next, city officials must win the judges approval for a specific adjustment plan that allows them to adjust financial debts held by Wall Street creditors who have fought Stocktons bankruptcy claim and, in the opinion of Judge Klein, acted in bad faith.

The creditors got a big black eye today, attorney Karol Denniston, who helped draft bankruptcy legislation for city officials, told the Los Angeles Times. Now the stage is set for the real dogfight.

Legal experts have kept a close watch on the case, because when it comes to massive pension bills combined with housing market debt, Stockton is far from alone and could set legal precedents. Last year Moodys Investors Service warned of a domino effect on American cities crippled by poor financial planning.

In the early 2000s Stockton's financial planners forecast city salaries, benefits, pensions and borrowing on long-term developer fees and slowly-rising tax revenue. That plan fell apart in the mid-2000s as tax revenues plummeted amid the national economic recession.

Theres nothing to celebrate about bankruptcy, said Stockton city manager Bob Deis. But it is a vindication of what weve been saying for nine months.

Financial gurus from California Common Sense, a state legislative think tank, pointed the blame squarely on Stockton politicians who, they say, staked the areas financial future on booming home property values that were unlikely to last. The biggest piece of debt is a $900 million bill to the California Public Employees Retirement System (CalPERS) that the city has, so far, been able to continue paying while ignoring other fees.

Since Stockton filed for Chapter 9 in June of 2012, fellow California cities San Bernardino and Mammoth Lakes have followed suit.

To summarize, we expectmore bankruptcy filings and bond defaults among California cities reflecting the increased risk to bondholders as investors are asked to contribute to plans for closing budget gaps, read an August 2012 report by California Common Sense.

In the current environment, as more municipalities approach the economic or political limit to raising taxes or adjusting spending, we expect an increase in defaults and bankruptcies over the next few years.

While California has carried the heaviest debt, areas including Jefferson County, Alabama and the City of Central Falls, Rhode Island have also filed for bankruptcy.

Every city in the state is looking on with some concern, said Dave Vossbrink, a spokesman for the city of San Jose, California in an interview with CBS. Governments of all kinds borrow money, usually to build infrastructure that lasts a long time. Its like getting a mortgage to build roads, a sewage plant, whatever it might be. If the investment community perceives greater risk, you may not be able to borrow as much for public purposes."

Posted

Above from RT app

I wonder how many cities can declare bankruptcy before risks re evaluated by the market. Maybe this could be where the bond bubble starts to burst

Posted (edited)

I find it incredible that these cities in America are allowed to collapse and disintegrate while the government prints billions a month to give to the banks. Are people at street level not wondering what the F is going on? Especially when its these same banks that seem to of "acted in bad faith" seeing gov / people as a dumb cash cow bound to pay forever.

No regulations or attempt to confront the practices that lead to this situation either. More like greater enabling and support for the banksters business model than ever before.

Edited by mccw
Posted (edited)

I find it incredible that these cities in America are allowed to collapse and disintegrate while the government prints billions a month to give to the banks. Are people at street level not wondering what the F is going on? Especially when its these same banks that seem to of "acted in bad faith" seeing gov / people as a dumb cash cow bound to pay forever.

No regulations or attempt to confront the practices that lead to this situation either. More like greater enabling and support for the banksters business model than ever before.

it all seems so surreal- over 50 million on food stamps, cities going into bankruptcy, not even enough money for White House tours and yet the Obama family ( and Joe Biden )are so obscenely extravagant

$16.4 trillion in debt: Obama spends $7 million in Tax Payer Dollars on Vacation

http://unlawfulnews.com/obamaspends7milliononvacation/

Joe Biden Spends 1 Night In Paris, Racks Up $585K Bill

http://hiphopwired.com/2013/03/22/joe-biden-spends-1-night-in-paris-racks-up-535k-bill-photos/

Edited by midas
Posted

Lets not forget that the US is a republic of states. Debts owed by a city aren't even owed by its state, much less the federal government.

While so many look at the federal debt and spending, the elephant in the room is the debt and deficits of the cities and states - some of them.

One of the biggest problems for a lot of states is that they set up public pension programs for public employees. In the case of California and many others, the state set it up but cities and counties may join. Then this city of Stockton (which is a nasty hell on earth) gets to where it can't pay, partly because the pensions are so generous.

So when a city files for bankruptcy, the money is owed only by that city. If enough big cities file for bankruptcy, I could see it bankrupting California because California's finances aren't any better. The payments would stop going into the retirement system because that agreement would be discharged in the bankruptcy. But it's a state program, mentioned in the article as "the California Public Employees Retirement System (CalPERS)."

I am really concerned about not only the US, but the West in general. The same story is told over and over. "Entitlements," debt, deficits, many on the dole, too few paying taxes, bills can't be paid without borrowing or printing...

Posted (edited)

I find it incredible that these cities in America are allowed to collapse and disintegrate while the government prints billions a month to give to the banks. Are people at street level not wondering what the F is going on? Especially when its these same banks that seem to of "acted in bad faith" seeing gov / people as a dumb cash cow bound to pay forever.

No regulations or attempt to confront the practices that lead to this situation either. More like greater enabling and support for the banksters business model than ever before.

it all seems so surreal- over 50 million on food stamps, cities going into bankruptcy, not even enough money for White House tours and yet the Obama family ( and Joe Biden )are so obscenely extravagant

$16.4 trillion in debt: Obama spends $7 million in Tax Payer Dollars on Vacation

http://unlawfulnews.com/obamaspends7milliononvacation/

Joe Biden Spends 1 Night In Paris, Racks Up $585K Bill

http://hiphopwired.com/2013/03/22/joe-biden-spends-1-night-in-paris-racks-up-535k-bill-photos/

You would prefer the president didn't go round with people who stop him being murdered which would make the saving of a few mil look like the stupidest economy ever made? Or he should have no staff to consult when they're needed?

ps: Obama's expenses are totally in line with previous presidents when Reagan was in Indonesia (I think it was) the hotel was paid cash out of a suitcase.

My friend who knows the management says they left the staff like a couple hundred bottles of super pang wine from Air Force 1 as a tip.

If you think presidential spending should be lowered and they should stay in cheaper hotels that's valid but don't put it on Obama. Of any, Bush is obviously the one who really put the US in debt, and Obama is left with the mess.

Edited by cheeryble
Posted (edited)

No regulations or attempt to confront the practices that lead to this situation either. More like greater enabling and support for the banksters business model than ever before.

Why do you allow this nonsense to just come out of your mouth without even a hint of discipline?

Ever heard of Basel III?

Edited by cheeryble
Posted

.....which is why I use my stockbroker as my bank.

i wouldn't trust a broker with more value than the cost of a dinner for two including a good bottle of wine.

tongue.png

Posted (edited)

I find it incredible that these cities in America are allowed to collapse and disintegrate while the government prints billions a month to give to the banks. Are people at street level not wondering what the F is going on? Especially when its these same banks that seem to of "acted in bad faith" seeing gov / people as a dumb cash cow bound to pay forever.

No regulations or attempt to confront the practices that lead to this situation either. More like greater enabling and support for the banksters business model than ever before.

it all seems so surreal- over 50 million on food stamps, cities going into bankruptcy, not even enough money for White House tours and yet the Obama family ( and Joe Biden )are so obscenely extravagant

$16.4 trillion in debt: Obama spends $7 million in Tax Payer Dollars on Vacation

http://unlawfulnews.com/obamaspends7milliononvacation/

Joe Biden Spends 1 Night In Paris, Racks Up $585K Bill

http://hiphopwired.com/2013/03/22/joe-biden-spends-1-night-in-paris-racks-up-535k-bill-photos/

You would prefer the president didn't go round with people who stop him being murdered which would make the saving of a few mil look like the stupidest economy ever made? Or he should have no staff to consult when they're needed?

ps: Obama's expenses are totally in line with previous presidents when Reagan was in Indonesia (I think it was) the hotel was paid cash out of a suitcase.

My friend who knows the management says they left the staff like a couple hundred bottles of super pang wine from Air Force 1 as a tip.

If you think presidential spending should be lowered and they should stay in cheaper hotels that's valid but don't put it on Obama. Of any, Bush is obviously the one who really put the US in debt, and Obama is left with the mess.

whether or not Obama's expenses are “ in line with previous presidents “ is debatable . Bush spent most of his vacations on his Texas ranch at minimal cost to the taxpayer. Wheras Obama spends huge taxpayers money on exotic and extravagant affairs such as his $1 million golf WEEKEND with Tiger Woods.

But what isn't debatable is the poor state of the American economy .Should he be entitled to a vacation every month knowing as you say the exorbitant cost of all the security that goes with it? It looks vulgar, when so many Americans are suffering financially.

Obamas Averaging A Vacation a Month

http://www.breitbart.com/Big-Government/2013/03/26/Trend-obamas-averaging-a-vacation-a-month

And people who support Obama seem to forget absolute gems like this one , where he criticised Bush for doing exactly what is being done right now but to a much, much greater extent.Obama is clearly UNPATRIOTIC !

Edited by midas
Posted

.....which is why I use my stockbroker as my bank.

i wouldn't trust a broker with more value than the cost of a dinner for two including a good bottle of wine.

tongue.png

At least we agree on something.
Posted

.....which is why I use my stockbroker as my bank.

i wouldn't trust a broker with more value than the cost of a dinner for two including a good bottle of wine.

tongue.png

At least we agree on something.

What's that? Kebab and chips and a bottle of Valpolicella?

Posted

No regulations or attempt to confront the practices that lead to this situation either. More like greater enabling and support for the banksters business model than ever before.

Why do you allow this nonsense to just come out of your mouth without even a hint of discipline?

Ever heard of Basel III?

If you read my post I'm talking about the relationships between the banks and cities. Basel 3 is not relevant. But since you mention it wasn't it the captured American government and banks constantly delaying, pressuring and watering down the agreement to now the point its not even dent the predicament faced in global banking?!

Posted

Youth unemployment has nearly hit 60% in Greece, new figures on EU unemployment have revealed.

According to statistical agency Eurostat's latest available figures, the jobless rate for young Greeks hit 58.4% in December.

The figure is expected to worsen before the start of the traditional summer tourist season.

Meanwhile, Eurostat said February unemployment for the under-25s topped 55.7% in Spain, 38.2% in Portugal and 37.8% in Italy.

The EU described the latest level of unemployment across the eurozone, which stood at 12% for February, as "unacceptable".

With more than 19 million people on unemployment benefits, the EU said it was a "tragedy" for Europe.

-sky news app

Posted

Youth unemployment has nearly hit 60% in Greece, new figures on EU unemployment have revealed.

According to statistical agency Eurostat's latest available figures, the jobless rate for young Greeks hit 58.4% in December.

The figure is expected to worsen before the start of the traditional summer tourist season.

Meanwhile, Eurostat said February unemployment for the under-25s topped 55.7% in Spain, 38.2% in Portugal and 37.8% in Italy.

The EU described the latest level of unemployment across the eurozone, which stood at 12% for February, as "unacceptable".

With more than 19 million people on unemployment benefits, the EU said it was a "tragedy" for Europe.

-sky news app

som nom naa socialist looneys!

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