Financial Crisis

[midas]

So do any Jewish people here agree/disagree with what my Jewish friend said?

Seems these folks are a repeated target for actual mass slaughter which more than turns my stomach. I just wondered why?

I dont know but i dont believe the leaders of two countries within the space of 70 years

expressed their desire to wipe them from the face of the earth ..........' because they value education and hard work '

And I repeat, you are jackbooted piece of filth. Sieg Heil!

Hey OriginalPoster - I went on very interesting trip to Pyong Yang in North Korea last year............

Did you know " they " are now allowed to go there ..................so many countries........I wonder why ........?

[midas]

what was that about " green shoots " ?

U.S. credit card defaults rise to new highs

NEW YORK, May 15 (Reuters) - U.S. credit card defaults surged to record highs in April, with American Express, Citigroup, Bank of America and Wells Fargo posting double digit loss rates, as unemployment climbed to its highest level in 26 years.

Credit card defaults often dip in April as consumers receive tax refunds, so the roughly 10 percent rates reported by most major credit card lenders were disheartening, analysts said, cooling hopes of an early recovery in the industry -- or the U.S. economy.

http://www.reuters.com/article/wtUSInvesti...528213720090515

Edited May 17, 2009 by midas

[12DrinkMore]

what was that about " green shoots " ?

U.S. credit card defaults rise to new highs

NEW YORK, May 15 (Reuters) - U.S. credit card defaults surged to record highs in April, with American Express, Citigroup, Bank of America and Wells Fargo posting double digit loss rates, as unemployment climbed to its highest level in 26 years.

Credit card defaults often dip in April as consumers receive tax refunds, so the roughly 10 percent rates reported by most major credit card lenders were disheartening, analysts said, cooling hopes of an early recovery in the industry -- or the U.S. economy.

http://www.reuters.com/article/wtUSInvesti...528213720090515

From the same article

If credit card losses across the industry surpass 10 percent this year, as some analysts and bank executives expect, loan losses could top $70 billion.

Here we go again, another 100 Billion Bail Out coming up.

On a different note

http://www.saverstrike.com/

and the uk version

http://www.saversonstrike.org.uk/

Make an interesting suggestion. Savers should withdraw their cash from the banks.

Not that I believe it will happen and enough people will do this, but with the "fractional reserve" playing in reverse, for every 1,000 Quid of savings that is withdrawn, the banks will have to recall, in theory at least, 10,000 Quids worth of loans to maintain their ratio.

However, it won't ever work, because Brown and Bernanke will simply print off another bunch of notes to "Bail 'em out" again.

[teletiger]

"The Contract" has just been drawn up and is awaiting confirmation and signature.

Dallas Fed (how ironic) president Richard Fisher:

Fisher also spoke out against mounting pressure in Washington to reexamine the Federal Reserve's structure and, specifically, to reduce the role of the 12 regional banks.

"I trust that the Congress will resist this initiative and not upset the careful federation that has for so long balanced the interests of Main Street with those of Washington," he said.

Whole thing: http://www.cnbc.com/id/30763048

Regards.

[Abrak]

what was that about " green shoots " ?

U.S. credit card defaults rise to new highs

NEW YORK, May 15 (Reuters) - U.S. credit card defaults surged to record highs in April, with American Express, Citigroup, Bank of America and Wells Fargo posting double digit loss rates, as unemployment climbed to its highest level in 26 years.

Credit card defaults often dip in April as consumers receive tax refunds, so the roughly 10 percent rates reported by most major credit card lenders were disheartening, analysts said, cooling hopes of an early recovery in the industry -- or the U.S. economy.

http://www.reuters.com/article/wtUSInvesti...528213720090515

I hope you realize that the following argument makes sense.

I do not regard that credit card losses can illustrate much.

Interest rates on credit loans are so high that to the extent that people have them they are being illogical and total credit card debt person at about US$9k indicated that there was always a high number of people who couldnt repay those debts. Now as I remember repayment of credit card debt in March was the equivalent to about 6.8% of the total outstanding which is a record figure.

In other words, as I see it, US consumers are either repaying what should be considered unsustainable high debt levels, or in other cases, not repaying them on the basis that they do not believe they have the means to do so. This would seem to indicate that they are addressing a central problem with the US economy - namely that levels of consumer debt (on which historical levels of growth were achieved) had reached unsustainable levels.

The fact that there are increasing numbers of those who cannot repay outstanding debts (but are now admitting it) while others are repaying it on the grounds they shouldnt have generated these debts at such high interest rates, I see as a very that as a ver7 positive sign that the US consumer is doing its best to resolve an inherent problem.

So to the a large extent I see the default levels as an obvious sign that people should not have been expected to repay debts as an inevitable consequence of taking then on in the first place, see this as a 'banking problem' rather than it is an inevitable of the consequences of which have a problem has arisen.

I fully realize that you are entitled to take a different view but I would like to think that you might like to see my argument.

I have a belief that the current problems in the US will lead to an inherent deleverraging of the US consumer - whether this is right or wrong will only time will tell. To the extent I am I right, I take statistics I choose to prove it - to the extent I am wrong, the CbO and the FED predict otherwise (they are in a far better to better to make predictions than - although their pretidcitions maybe be politically bias. Also that their predictions are obviously controlled by the actions that they take, gives them an enormous advatageous.)

I merely wish to point out that 'defaults on credit card debts' is merely a statement of the obvious and should not be taken as a serious argument one way or another on whether there are a 'green shoots' or otherwise. (full apoloizes for mentioning 'green shoots' in twice post).

[midas]

I do not regard that credit card losses can illustrate much.

I have a belief that the current problems in the US will lead to an inherent deleverraging of the US consumer - whether this is right or wrong will only time will tell. To the extent I am I right, I take statistics I choose to prove it - to the extent I am wrong, the CbO and the FED predict otherwise (they are in a far better to better to make predictions than - although their pretidcitions maybe be politically bias. Also that their predictions are obviously controlled by the actions that they take, gives them an enormous advatageous.)

I merely wish to point out that 'defaults on credit card debts' is merely a statement of the obvious and should not be taken as a serious argument one way or another on whether there are a 'green shoots' or otherwise. (full apoloizes for mentioning 'green shoots' in twice post).

Abrak no one is suggesting this is the only indicator - I interpret it as another piece of the puzzle.

Then you have increasing unemployment, increasing rates of foreclosure etc.etc

It just tends to counteract those arguing that things are " recovering "

USA - the biggest economy which relies on consumerism - this article merely

suggests there will be less of that occuring in the immediate future until this

problem is sorted out ?

[BygonKeaw]

I did not realize the Bilderberg

meeting this year is from May 14-17th

http://www.guardian.co.uk/world/2009/may/1...h-of-bilderberg

http://www.guardian.co.uk/world/2009/may/1...berg-rich-cabal

http://www.prisonplanet.com/geithner-to-ta...bilderberg.html

http://www.prisonplanet.com/leaked-agenda-...depression.html

http://www.prisonplanet.com/dutch-prime-mi...et-article.html

http://www.americanfreepress.net/html/troublemakers_178.html

Just something about this weekends bilderberg meeting

<<<<<<<<<<<<<<<<<<<< make sure u listen to this.

http://www.prisonplanet.com/spontaneous-pr...berg-hotel.html

Edited May 17, 2009 by BygonKeaw

[Abrak]

I do not regard that credit card losses can illustrate much.

I have a belief that the current problems in the US will lead to an inherent deleverraging of the US consumer - whether this is right or wrong will only time will tell. To the extent I am I right, I take statistics I choose to prove it - to the extent I am wrong, the CbO and the FED predict otherwise (they are in a far better to better to make predictions than - although their pretidcitions maybe be politically bias. Also that their predictions are obviously controlled by the actions that they take, gives them an enormous advatageous.)

I merely wish to point out that 'defaults on credit card debts' is merely a statement of the obvious and should not be taken as a serious argument one way or another on whether there are a 'green shoots' or otherwise. (full apoloizes for mentioning 'green shoots' in twice post).

Abrak no one is suggesting this is the only indicator - I interpret it as another piece of the puzzle.

Then you have increasing unemployment, increasing rates of foreclosure etc.etc

It just tends to counteract those arguing that things are " recovering "

USA - the biggest economy which relies on consumerism - this article merely

suggests there will be less of that occuring in the immediate future until this

problem is sorted out ?

I cannot argue with any statement you make 'in particular any statistic should only be taken as another 'piece of the puzzle''. In particular I am very concerned that while the US consumer averaged 108% MPC from 2000-2008 and is now 99% or so, the US is getting nowhere, and to the extent that US GDP is 'only' going to fall 3% the 'paradox of thrift'/Ricardo-Barro theory should indicate that they are achieving nothing to the extent that higher fiscal deficits would indicate that nobody is achieving anything.

I do like to think that the average american consumer is addressing the underlying problem while the US Government doesnt think one exists.

[midas]

I did not realize the Bilderberg

meeting this year is from May 14-17th

http://www.guardian.co.uk/world/2009/may/1...h-of-bilderberg

http://www.guardian.co.uk/world/2009/may/1...berg-rich-cabal

http://www.prisonplanet.com/geithner-to-ta...bilderberg.html

http://www.prisonplanet.com/leaked-agenda-...depression.html

http://www.prisonplanet.com/dutch-prime-mi...et-article.html

http://www.americanfreepress.net/html/troublemakers_178.html

Just something about this weekends bilderberg meeting

<<<<<<<<<<<<<<<<<<<< make sure u listen to this.

http://www.prisonplanet.com/spontaneous-pr...berg-hotel.html

three cheers for the power of the Internet !

Hopefully we have enough time to outsmart these b**tards !

Did you see these that 12 posted ?

http://www.saverstrike.com/

and the uk version

http://www.saversonstrike.org.uk/

[flying]

Just something about this weekends bilderberg meeting

<<<<<<<<<<<<<<<<<<<< make sure u listen to this.

http://www.prisonplanet.com/spontaneous-pr...berg-hotel.html

That You Tube was interesting.....I wonder how his book is?

You know during that You Tube what he mentions at 3 minutes in..........

That is going on right now with regards to the Mexican Drug Wars.

They ( the govt ) are trying to use that drug war to curtail gun ownership here.

They are claiming that the drug lords are buying their guns here because of how easy it is to get.

What a crock of sh!t........Full Auto weapons? In a recent raid they recovered 811 million. They also pay folks like Military Generals there 450,000 to warn them about raids.

Do these folks sound like the type that need to buy guns from trunks of cars?

These folks buy what they want where they want anywhere in the world.

Sorry to go off topic but what they mention at 3 minutes into that video is the same story. Whispering Campaign

Edited May 17, 2009 by flying

[AlexLah]

Sorry to interrupt but what about this?

Edited May 18, 2009 by AlexLah

[MJP]

Sorry to interrupt but what about this?

It's madness Alex. Utter lunacy. But here's hoping!

Nice find. Is it from 1995?

[AlexLah]

Nope, date is mentioned.......

Not sure what to think of it.

[MJP]

Nope, date is mentioned.......

Not sure what to think of it.

Well, everywhere is screwed. GBP went down first. Got to be the first back up perhaps in a bear market rally. Barclays FX guys were saying 2009 was going to be the most volatile on record for currencies.

Could be good.

Nice find.

Thanks for giving me a little hope.

[12DrinkMore]

Sorry to interrupt but what about this?

It's madness Alex. Utter lunacy. But here's hoping!

Nice find. Is it from 1995?

No, it's from here

http://bloomberg.com/apps/news?pid=2060108...&refer=home

The headline is a little misleading. In fact the context was

“The U.K. property market is a screaming buy compared to rivals in continental Europe.”

Who knows which way it is going? But a stronger GBP will be welcome around here too. But if the currency appreciates, then the "screaming buy" will surely drop out. And, to be honest, in the current climate I cannot see a massive move to buying property in the UK.

And there are a couple of opinions in the opposite direction, so it's not a one way bet....

[Abrak]

Personally I switched all my dollars into sterling at almost precisely the bottom. I tell you this - not because i think I am an investment genius -quite the opposite - I realized that I was switching from one pile of of crap into another and when when the holdings prove worthless in a few years time everyone one will have a good laugh at my at my expense.

I am just stuck for ideas at the moment.

[MJP]

Personally I switched all my dollars into sterling at almost precisely the bottom. I tell you this - not because i think I am an investment genius -quite the opposite - I realized that I was switching from one pile of of crap into another and when when the holdings prove worthless in a few years time everyone one will have a good laugh at my at my expense.

I am just stuck for ideas at the moment.

Buy yourself a great big red motorcycle with shiny bits.

I have no idea what to put cash into.

[MJP]

http://forums.moneysavingexpert.com/showth....html?t=1695901

All that tax over all those years. The UK has no sense of social justice.

[lannarebirth]

Crisis? What crisis? Another example of why shorting emerging markets can be dangerous to your financial well being. I hope Bongo didn't get impaled on that spike:

http://finance.yahoo.com/q/bc?s=%5EBSESN&a...&q=c&c=

Edited May 18, 2009 by lannarebirth

[MJP]

Crisis? What crisis? Another example of why shorting emerging markets can be dangerous to your financial well being. I hope Bongo didn't get impaled on that spike:

http://finance.yahoo.com/q/bc?s=%5EBSESN&a...&q=c&c=

WOW!

[AlexLah]

Yeah!!!!!!!!!!

The winner is me!!!!!!!!

Posting the number 2000 reply in this historic thread.

12 what do I win?

[MJP]

Yeah!!!!!!!!!!

The winner is me!!!!!!!!

Posting the number 2000 reply in this historic thread.

12 what do I win?

You've got your popcorn there already.

[AlexLah]

Yeah but need some liquid to wash away the pieces that got stuck between my teeth.

Anyways, continuing the saga there is some interesting "News" you might find it has no relevance but I see that differently.

I wonder if this happy lady now can apply for a job as burger flipper.

I like giving back but could she first tell what exactly was taken or is it token?

And to keep the Harmonica spirit alive, the following chart from the "wave" guru's.

Where are Naam, Vegas Vic and Billy Bongo by thye way?

159/163

[MJP]

Yeah but need some liquid to wash away the pieces that got stuck between my teeth.

Anyways, continuing the saga there is some interesting "News" you might find it has no relevance but I see that differently.

I wonder if this happy lady now can apply for a job as burger flipper.

I like giving back but could she first tell what exactly was taken or is it token?

And to keep the Harmonica spirit alive, the following chart from the "wave" guru's.

Where are Naam, Vegas Vic and Billy Bongo by thye way?

159/163

Thank you for the chart. Been looking for that one.

Here's a few in exchange.

[BlackJack]

BEIJING -- China is stockpiling commodities such as copper and iron ore as part of a reallocation of its sovereign wealth amid concern that the value of its dollar assets may decline, according to the Royal Bank of Canada.

"It's part of an overall desire to decrease its exposure to dollar assets," said Brian Jackson, senior strategist at Royal Bank of Canada in Hong Kong, in an interview today. China fears that the hundreds of billions of dollars the U.S. is spending on bank bailouts and stimulus will cause "higher inflation and a weaker dollar," he said.

lets see

[MJP]

BEIJING -- China is stockpiling commodities such as copper and iron ore as part of a reallocation of its sovereign wealth amid concern that the value of its dollar assets may decline, according to the Royal Bank of Canada.

"It's part of an overall desire to decrease its exposure to dollar assets," said Brian Jackson, senior strategist at Royal Bank of Canada in Hong Kong, in an interview today. China fears that the hundreds of billions of dollars the U.S. is spending on bank bailouts and stimulus will cause "higher inflation and a weaker dollar," he said.

lets see

Biflation in the West!

[flying]

Crisis? What crisis? Another example of why shorting emerging markets can be dangerous to your financial well being. I hope Bongo didn't get impaled on that spike:

Nice spike...maybe a favorable meeting?

Bilderberg 2009 to be in Greece May 14-17 at Elite Resort

[flying]

Brazil and China eye plan to axe dollar

By Jonathan Wheatley in São Paulo

Published: May 18 2009 18:24 | Last updated: May 18 2009 23:31

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The move follows recent Chinese challenges to the status of the dollar as the world’s leading international currency.

Mr Lula da Silva, who is visiting Beijing this week, and Hu Jintao, China’s president, first discussed the idea of replacing the dollar with the renminbi and the real as trade currencies when they met at the G20 summit in London last month.

Rest of article here........

http://www.ft.com/cms/s/0/996b1af8-43ce-11...?nclick_check=1

[midas]

12, what do you make of this kind of " disconnect " between the so called signs of recovery :-

U.K. Home Sellers Raised Asking Prices in May, Rightmove Says

- U.K. home sellers raised asking prices in May by the most in more than a year as buyers' access to mortgages improved and the number of properties for sale dwindled, Rightmove Plc said.

http://www.bloomberg.com/apps/news?pid=206...&refer=home

compared to this - nine societies downgraded ?

Is your building society safe?

The financial strength of building societies has been called into question following reports that the West Bromwich is seeking a white knight.

Savers and mortgage holders with the West Bromwich may be alarmed by reports that the Financial Services Authority is planning to bail out the building society. The reports come just days after ratings agency Moody's downgraded nine societies, which in turn led to local authorities withdrawing large sums of money. ( that sounds serious ! )

http://www.telegraph.co.uk/finance/persona...ciety-safe.html

Edited May 19, 2009 by midas

[flying]

Jeez sorry looks like my post died a reformatted death after I left.

Edited May 19, 2009 by flying