A Desperate FDIC Begs Americans To Open Savings Accounts During "America Saves" Week
Just in case Americans weren't schizophrenic enough, listening to Obama and CNBC telling them to spend, spend, spend, even if that means maxing out all credit cards (relax, Uncle Sam will take care of that 1,800 day delinquent account by covering 99.999% of principal losses once hyperinflation hits a few quadrillion % per day), here comes the FDIC, with the other side of the coin, imploring "consumers across the nation to consider establishing a basic savings account or boosting existing savings." And with that the insanity that is now the United States of America is laid ba(ir)re for all to see. The question of just how underfunded US banks are if the FDIC has to resort to such fund raising gimmicks is obviously irrelevant. Well, not quite - luckily, the FDIC will come out this week with its quarterly banking update so we can all see how many tens of billions the DIF burned through in the past 3 months.
FOR IMMEDIATE RELEASE
February 22, 2010 Media Contact:
Greg Hernandez (202) 898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov
The Federal Deposit Insurance Corporation (FDIC) is calling upon consumers across the nation during America Saves Week to consider establishing a basic savings account or boosting existing savings. FDIC Chairman Sheila Bair said, "One fundamental lesson of the financial crisis is that savings can help families withstand sudden changes in their economic well being. Establishing a savings account in a federally insured institution is a great first step to build wealth and begin a savings habit that will last a lifetime."
The personal savings rate rose to 4.6 percent in 2009 from 2.7 percent in 2008, according to the U.S. Department of Commerce. "I am pleased to see that people are saving more of their hard-earned money and building wealth. Having personal savings for an emergency fund or saving for a future expenditure, such as a college education, can make a big difference in avoiding other costly alternatives. I've always been a big advocate of a back-to-basics approach to financial services; it's my hope that Americans' increase in savings is the beginning of a long-term trend," Bair said.
"Money saved by consumers also provides a stable source of funding for investments in the economy that benefit all Americans," said Bair. "In fact, a country with robust savings generally has more capital to fund investments and support economic growth over the long-term. As demonstrated recently, it is harmful to an economy when consumers spend beyond their means, financed by debt that they cannot afford to repay."
To learn more about America Saves Week and about savings-related resources from the FDIC, please visit http://www.fdic.gov/deposit/deposits/savings.html.
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on Mon, 02/22/2010 - 18:21
#240799
I've been hard on Zerohedge recently. I would like to point out the content is getting better again the last few weeks
stuff I wouldn't normally see is posted here. FDIC is pathetic....begging people to open up savings accounts for a 1.5% interest rates
if they want people in cash....#1 create jobs in this economy
#2- raise the fricking interest rates and people will move assets back to cash! simple stuff here.
on Mon, 02/22/2010 - 18:32
#240811
You actually get 1.5% on a savings account?
on Mon, 02/22/2010 - 18:37
#240817
where ? My online bank dropped the rate from 1.65 to 1.40 to 1.25 % this month.
on Mon, 02/22/2010 - 19:23
#240885
you're right..sorry. 1.15% with ING
i'm getting PORKED to save. that is why its laughable to see this fdic pr blitz
on Mon, 02/22/2010 - 20:59
#241011
My credit union gives 2.25% on savings. Sweet.
on Mon, 02/22/2010 - 23:44
#241189
Move to Aus - I get a standard 5.70% in an ING saving account
on Wed, 02/24/2010 - 15:26
#243743
ING? Might as well as have been in Lehman Bros in 2008. ING is one of the doomed. Don't know when, but I'd be prepared to jump out of that sinking ship....well if not soon...before everyone else exits at the same time. Good luck. It's like keeping anything above 250k in any of our big failed banks still operating here in the U.S. under the assumption that the worst is behind us.
Even then, I wouldn't count on the broke fdic to pay me out of even that much.
I have no idea how it works down under, but I know I wouldn't trust ING with any faith they aren't completely mucking everything up.
Plus when you consider the Spain/Brazil Santander RBS troubles that will start striking right at the ING Inter-Alpha group nexus may or may not pop off before Greece, the time for ING to go AIG may be sooner than thought of. Good luck.
on Tue, 02/23/2010 - 01:13
#241241
Well, 1.25% is slightly better than watching equities dissolve (soon)...
on Mon, 02/22/2010 - 18:43
#240822
but still losing due to inflation
on Mon, 02/22/2010 - 19:06
#240857
There's no monetary inflation you ignoramus.
We've got asset bubbles in liquid investments driven by free money given to the elite.
Houses - deflating
Cars - deflating
Electronics - deflating
Clothes - deflating
Need I go on?
All that being said though, interest rates should also be higher. I'd consider saving if the interest rates were higher. For now, I'll stick with mattress bank and trust.
on Mon, 02/22/2010 - 19:18
#240877
Inflation is the increase in the money supply, not rising asset prices. rising asset prices is a (usually) consequence of inflation.
So im gonna agree with the ignoramus, and say that yea, youre still losing becaues of inflation.
Deflation rears its head when you price assets in gold. But because of the recent inflating of the money supply asset prices are not deflating on par with real money (gold), but holding steady or losing moderately.
Massive inflation does not equal massive asset prices instantly, but in the end it will. Enjoy the ride.
on Mon, 02/22/2010 - 19:20
#240881
And before everyone argues that debt destruction is making the money supply smaller, you'd be right if the Fed didnt buy it all up and let it sit on the balance sheet. So the 'dollars' are still there.
There is no spoon (deflation).
on Mon, 02/22/2010 - 19:48
#240918
food - inflating
energy - inflating
medical expenses - inflating
All according to the CPI.
So basically the shit you need is going up in prices, and the crap you can no longer afford is going down in price. Excellent.
on Mon, 02/22/2010 - 20:06
#240942
-
on Mon, 02/22/2010 - 21:14
#240978
all the more reasons to grow a ghostface garden
on Mon, 02/22/2010 - 21:45
#241058
^^ This.
There's no inflation or deflation or hyperinflation or stagflation. There's only this modification of prices -- transflation, if you have to have a 'flation' term for it.
Prices are going lower for the very wealthy and higher for everyone else.
on Mon, 02/22/2010 - 22:15
#241099
+1
on Tue, 02/23/2010 - 11:34
#241608
i'm dying in here you got to stop with the wit.
on Mon, 02/22/2010 - 21:49
#241060
Will Sheila mail this to the millions of uncounted unemployed who've emptied their savings accounts and run up their credit cards so that they can buy food?
Calling Marie Antoinette, "Where's my cake!"
on Mon, 02/22/2010 - 22:56
#241146
Don't forget the oh-so-useful educations that are being sold for $40k or $50k per year in private colleges.
on Tue, 02/23/2010 - 00:36
#241219
I was gonna say that.
on Tue, 02/23/2010 - 01:16
#241243
Indeed... pondering whether to even send my 9yr old girlie to the ivy towers at this point... maybe a mtn man education is the ticket now
on Tue, 02/23/2010 - 07:36
#241325
As a Mounting man I agree
on Mon, 02/22/2010 - 20:35
#240982
Make sure you have a NEW mattress...................
Or, what happened to Grandma, will get you.You forgot tires............
Also, Grandma, lost 1 Million dollars....for real, Mattress Savings & Loan.
Kids bought her a new one, cause hers was old, and worn.
Took it to the dump................replaced it w/ a new one.
Sans the 1 mil.
on Mon, 02/22/2010 - 20:38
#240987
Ignoramus 2 here,
NO INFLATION?, you buy gas, or eat?.
CPI at 1.4x12=16.8%....................is that not Inflationary?.
on Mon, 02/22/2010 - 21:51
#241070
Thank you both. I shop. Wallstreet steals
I hope we all see a better day
on Mon, 02/22/2010 - 20:59
#241012
Prices remaining level amidst massive unemployment and eleveraging = inflation
on Mon, 02/22/2010 - 21:20
#241032
Unfortunately, for a good debate on fundementals, inflation versus deflation, we must first define what we mean. However, the traditional use of these operators, in many ways do not apply to what we have today, when extrapolated from their historic norms. Some aspects may apply, but traditional models are broken. So this debate is perhaps a poor use of our time. What is more beneficial is in understanding what we would lossely describe as an economy.
Let me provide a few items:
1) First I would like to say that the actions of the FED are what I would call plausible distractors. That is an action, to fundementally address some economic historical norm, but in reality just a proping up of the banking sector, or some other FED agenda. The striking similarity to many of the FED programs are that success is plausible, but not likely (in terms of overall effects aiding our citizens), and funded from increasing the money supply (pulling aggregate worth into the present) or committing tax revenue (real worth = tax on labor).
Now this could be construde as monetary inflation, yes. However, there are more items in our economic soup.
2) Price manipulation (asset bubble creation or support), under the guise of price stability. Here again we see the FED hide behind the mask of plausibility. As to real estate, what really is their goal (as looked at over the past two years with the GSEs). Price stability as a goal is a misnomer when used to address the free market (self adjusting). For real estate the market should set the price, not the FED, and certainly not the FED at the destruction of our currency.
Is GSE FED action to prevent price deflation on this asset class? Perhaps, but this is a little strange on the surface. Because, really to be responsible, one would have to look at possible outcomes before committing to such massive programs. For example; what happens to price when the FED backs out? How will the MBS securities hold their value when the underlying asset class drops in price, or is there a market to sell these derivatives at or near cost? If not now, when? Maybe the MBS GSE buy is just to, once again, support the banking sector. This time to help de-leverage banking real estate debt.
3) What is really amazing is with all of the money spendt from the FED and the Administration (Treasury), that unemployment has not really been addressed. I also would like to say that, at some point destruction of the working base will diminish, because we simply do not have the possibility of a decline to zero employment. Companies can only lay off so many people before they cannot address their markets, and when this happens will either look for a buyer of file for bankruptcy. So the dynamics of employment go far beyond what is published publically.
And in closing, Fed Mission:
http://www.federalreserve.gov/aboutthefed/mission.htm
Also from within the FED purposes doc,
"The Federal Reserve sets the nation’s monetary policy to promote the objectives of maximum employment, stable prices, and moderate long-term interest rates. The challenge for policy makers is that tensions among the goals can arise in the short run and that information about the economy becomes available only with a lag and may be imperfect."
In the hearings we always here of these admirable objects, but without any accountability, or performance based on "real" FED costs. It must be nice to work where, there is no consequences of failure, and Trillion dollar mistakes are are resolved through destruction of a nations currency and dollar denominated savings.
Mark Beck
on Tue, 02/23/2010 - 10:06
#241468
Mark, your three items above go along way to describing prestidigiflation. Add a little bit more detail regarding the role of the failed fourth estate and you have it nailed.
on Tue, 02/23/2010 - 03:10
#241279
are boobs inflating? or are they on the downtrend too?
on Tue, 02/23/2010 - 11:43
#241621
stagflation on the boobs.
on Tue, 02/23/2010 - 09:01
#241394
My Oreos, Ho-Hos, Banana Flips, Hershey's Dark Kisses, and Ganache Truffles cost twice as much as they did in January last year so I bought some sugar futures in November and have more than doubled my money.
In chaos there is profit. I love inflation.
on Mon, 02/22/2010 - 19:01
#240846
No, it is now less than 1% I keep getting letters from the assholes trying to get my cash back.
"Quick, get in fast 1%APR!!" They want to pay you 1% to have your funds in an insolvent bank. Hahahahhahaa!!
on Mon, 02/22/2010 - 20:10
#240945
"raise the fricking interest rates and people will move assets back to cash! simple stuff here."
Exactly Tripps!!! +1111.
Nothing price can't fix. Pay a decent interest rate and you may get deposits! That is why Bernank-ster upped the interest paid on Bank Reserves, right? Bobble that head Shelia...
As I learned from ZH commenters... 1.5% interest on constantly devalued Bennie Bernank-ster Bucks means...
Gold Bitches... and I would buy Silver blanks before I would take 1.5% on toilet paper Fed money too, bitches...
I learn so much reading here...
on Mon, 02/22/2010 - 18:25
#240802
This made my stomach turn. The government first had to step in to cover the bad investments with blankets of cash and now they have to propagandize saving in order to cover another inflow of cash for bad investments.
Yes, America, start saving because the banks need to cover your eight neighbors on your street walking away from their houses. Our America has turned into a place of no-responsibility, a place where the leaders want to ignore cause and effect.
on Mon, 02/22/2010 - 22:13
#241094
Maybe FDIC can commission some giant propaganda posters (as from the Soviet era) showing hardworking industrial workers taking their paychecks to the trustworthy bank.
This would go well with some big bronze statues of our esteemed leaders.
Kim Jong-il, welcome to America!
on Mon, 02/22/2010 - 18:26
#240804
Are they fucking kidding?
You want to really fuck the banks? Pay down, or default, on your debt, your choice. No debt = no banks.
Putting your hard earned wealth into them so they can lend it out over 10X? No thanks, I will keep my wealth in gold, fuck you very much.
on Mon, 02/22/2010 - 23:36
#241180
Yes
NO DEBT=NO BANKS
easy, it changes everything,
its the one thing individuals can do
on Mon, 02/22/2010 - 18:27
#240805
Whip Inflation Now.
on Mon, 02/22/2010 - 18:34
#240814
bugs...very, very good! I remember that campaign. wow, brought back a memory.
gonna get my cardigan sweater out of moth balls and maybe do some orange barrel.......
on Mon, 02/22/2010 - 23:17
#241165
sunshine
on Tue, 02/23/2010 - 02:27
#241266
A better idea. The little orange barrels were STP and nasty. The OS was straight up LSD 28 I believe.
on Mon, 02/22/2010 - 19:55
#240926
bugs +1000, back in the day!!
http://millercenter.org/scripps/archive/speeches/detail/3283
on Mon, 02/22/2010 - 18:28
#240807
"The Federal Deposit Insurance Corporation (FDIC) is calling upon consumers across the nation during America Saves Week to consider establishing a basic savings account or boosting existing savings."
What's the problem? Both sides can be happy with this request. America can save for one week and spend the other 51 weeks. Problem solved.
NEXT!
on Tue, 02/23/2010 - 22:29
#242712
I am a citizen... not a consumer.
Put that bobble head to use and blow me Sheila...
To honor "American Banks Blow Week" of course...
NEXT!
on Mon, 02/22/2010 - 18:28
#240808
Are those interest bearing accounts ,Bair Bair?
on Mon, 02/22/2010 - 18:33
#240813
Here is what the FDIC is doing with your money (hint, assume the position):
OneWest bank profit: $1.6 billionAs IndyMac, it sold last year for less than that. Investors win, but the FDIC could still lose nearly $11 billion on bad loans that the Pasadena institution made before its sale.
http://www.latimes.com/business/la-fi-onewest20-2010feb20,0,880625.story
On on Friday: OneWest Bank purchased La Jolla Bank’s $3.6 billion in assets, according to the Federal Deposit Insurance Corp. In yesterday’s transaction, OneWest assumed $2.8 billion in deposits and will share losses with the FDIC on $3.31 billion of the assets, the FDIC said.
http://www.bloomberg.com/apps/news?pid=20601087&sid=a_StJNEqWrDY&pos=6
on Mon, 02/22/2010 - 18:42
#240821
Someone is noticing.
I think they got handed another banks as well.
Oh yeah, here it is.
Pure theft.
http://www.fdic.gov/bank/individual/failed/firstfederal-ca.html
All deposit accounts have been transferred to OneWest Bank, FSB, Pasadena, CA ("assuming institution") and will be available immediately. On Saturday, December 19, 2009, the former First Federal Bank of California locations will reopen as branches of OneWest Bank, FSB.
on Tue, 02/23/2010 - 03:17
#241281
and lets remind the class that OneWest is a Goldman spawned venture...gobble gobble
and not publicly traded.. until they feel like dumping it.. then bring on the IPO and that great track record of hard work!! massive earnings!!
on Mon, 02/22/2010 - 18:34
#240815
Heh, heh, heh, heh...
My evil plan of keeping my money (except the bair minimum) is working.
Suffocate on the vacuum that is the absence of my funds and my brother's and sister's funds.
Starve the beast.
Suffocate the beast.
Money out of TBTF. Money only for bills, put that into credit unions,
on Mon, 02/22/2010 - 19:00
#240843
pray tell me. i said i wouldn't come back to this site it is so depressing. i am not into gold. what to do if you have a lot of cash. out of stocks for now, tried to hide thousands of $100.00 bills that is a real drag. have any of you experienced putting back into the “system” large amounts of cash. well it is huge and takes hours and hours, you feel like the criminal coming back to return the money so not get arrested. you have to tell them reasons where all this money came from and how did you get it. it is terribly invasive. money is quite dirty. unaccountable dollars that aren't in our system i heard is huge. i put it in safety deposit boxes but that sucks it is still in a phucking bank. any ideas people, i dumb and blonde.
on Mon, 02/22/2010 - 20:03
#240940
Allocate 90% in LQD. 10% in DOG. Adjust DOG exposure depending on your loss tolerance.
This gives you IG corp yield with downside insurance. Approx 5.25% less small basis point loss if DJIA goes up.
I'm not an advisor, just a quant.
on Mon, 02/22/2010 - 20:21
#240958
i said i am dumb and blonde. what does LQD or DOG or IG or PM mean. i had to dictionary quant. what in the heck is downside insurance. i know dow jones.
i have been thinking about this loaning it out to fellow americans with a pretty good interest rate return?
At Prosper.com individual private investors are able to assist in serving the needs of potential borrowers
on Mon, 02/22/2010 - 20:43
#240993
Sorry. LQD is an exchange traded fund. You can buy or sell it like a stock. It tracks the IBoxx index for investment grade bonds. Every month it pays you a coupon payment for about 5.25%.
DOG is another ETF that tracks the inverse of Dow Jones.
By putting 90% of your money in LQD you get the 5.25% return and appreciation on the bond index.
By putting 10% of your money in DOG, you protect your principal from downside shocks, because equity valuations go up and down more than fixed income paper like corporate bonds.
So... you have 5.25% yield. You have some potential upside on the corporate paper. Your insurance is that if a shock to bonds drops their value, the DJIA could go down more, and you make money on that, covering your losses.
Hope this helps.
on Mon, 02/22/2010 - 22:14
#241098
thanks jm, still just a little over my head. i use to think i was a genius when i knew how to press the buy button on my tdameritrade account page.
on Mon, 02/22/2010 - 22:48
#241134
if i was a dumb blond (oh shit i am) I would have a big german shepherd. Maybe 2.
To guard me and my actual metal in my pretty little hands.
Gold can be trusted to remain gold.
Dogs loyalty and love goes bejond most mens. And the dog will never try to steal my gold.
Its just so hard to get them to cook.
on Mon, 02/22/2010 - 23:30
#241172
crazy but i am a bob dylan fan only the way to get by right now i am thinkin'
on Mon, 02/22/2010 - 23:38
#241184
you? a bob fan? who knew....
"I woke up on the roadside, daydreamin' 'bout the way things sometimes are....."
on Tue, 02/23/2010 - 11:18
#241593
"You don't need a weatherman to know which way the wind blows"
on Mon, 02/22/2010 - 23:36
#241178
if i was a dumb, uh, not blonde, i would say you need an avatar. woof!
http://salinakansas.files.wordpress.com/2009/09/puppy-009.jpg
on Tue, 02/23/2010 - 00:44
#241222
Waay cute!
on Tue, 02/23/2010 - 08:40
#241370
when do you people sleep?
on Mon, 02/22/2010 - 21:04
#241020
Use 60 percent to buy gold. Use the rest to buy safe, guns, etc.
The baby boomers are the problem. They are so fucked. They had problems with this during the 60's and instead of actually waking the fuck up and refusing to go along with it. Half of them are back buying pot and smoking it. Their denial ability seems endless for at least 1/4 of thier group and 1/2 will flounder around and only 1/4 seem willing to wake the fuck up. So I guess we just have to wait for the system to kill them before it becomes a more cohesive fight against power. I bet they have driven the pot prices up 50 percent the freaking ponzi loving bastards.
I generally don't prescribe to generational "faulting" but these fuckers won't leave their positions and they won't fire themselves. If you're a baby boomer and this offends you why let it. You are not your generation or your race or your religion or any of that shit. It seems pretty evident at this point in time that those who are ready to march to thier own drum are doing it and those that demand to be lead or will give you no choice but to follow are doing what they do.
on Mon, 02/22/2010 - 21:53
#241072
+1
I commented on Leo's pension thread yesterday, I really can't stand these prickly old farts..the greediest generation.
You hit it on the head...they watched friends and family be sent to a jungle to die and spoke out against the establishment and promptly proceeded to shed all responsibility for themselves and handed their future to the nanny state. Well, it worked for a while and now it doesn't, and it's getting worse.
They really are fucked for not learning from the get-go. How? It's beyond me...
And yes the FDIC had a huge impact on this. Bank runs are healthy and keep the system in check. A total collapse is now imminent. Could be 2 weeks or 10 years. Who knows?
on Tue, 02/23/2010 - 08:51
#241379
jd,
Your too young to know WTF your talking about.
Sorry, but that's obvious.
The folks YOUR speaking of, are the same SOB's RUNNING this damn carnival.( the D.C. Crew).................
Who do you think put MORE into the system, only to NOW potentially get LESS back?.
Since inception?.
The 50-65yr old group.........
No pot smoking, drug taking BS,went to war, came back got jobs, raised a family, sent kids to college, got degree's, and all WE ask is what those that went before us( we paid for)recived.
WHO, BTW, paid in a hell of a lot less than the 55-65 generation DID.
Stop and think about it, before you make assertions you have no clue about.
on Tue, 02/23/2010 - 00:51
#241226
Yep...if we did not have the baby boomers we would not have Apple (iPod, Mac PC), Intel ( Quad Processors), Qualcomm (3G Cell phones), Xerox (copier Machines), Microsoft, and the Internet. Geeeze.
How would that work out. We would still have land line phones and Main Frame computers because all of the above companies were started by baby boomers and their corresponding technology sure would not have been invented in Japan, China or India.
on Tue, 02/23/2010 - 08:54
#241384
Thank you Anon,nice to know SOMEONE thinks of us as more than USELESS EATERS.
And looks at the FACTS.................
Were we/ are we perfect,hell no............but, WHO Is?.
on Tue, 02/23/2010 - 17:31
#242350
Fuck apple, Fuck Microsoft, and MOST OF ALL FUCK Intel. Nice post. Reminds me of why I use Linux. Use a energy efficient Dual core processor and played with setting up a hackintosh boot for a few days before deciding that it was not worth any amount of trouble.
Once these companies die. And they will die. Things will be better.
on Tue, 02/23/2010 - 03:19
#241282
i thought it was 90% in liquor and 10% on a new pooch
on Mon, 02/22/2010 - 21:18
#241028
Babe,
Your story cracked me up! I think you can understand ;) I want to ask you to ask yourself exactly what you think is going to happen with the economy short, medium, and long term, then go from there on allocating your money. You may be blonde, but you are smart enough to be on this site.
I have some friends who remind me of you. They are learning bout the system, and are asking about what to do with their cash. I told them to buy gold coins. I also like silver coins. I could give you a million reasons why to hold physical (one being it looks nice). Babe, I can not give you one reason not to hold it.
Also, I know it can all be depressing, but honestly, it is the truth that sets you free.
on Mon, 02/22/2010 - 22:08
#241091
gold weighs a ton. i think their is blood of their hands mining physical gold just like all my diamonds i own. i have a ton of silver coins with a female on them. doesn't do anything for me. i loaned my friend $100,000. to buy grapes with for his crush in 2008, and he pays me 8%. Hep, you crack me up so much i can't barely read your post. i thought we were in a deflationary pattern with pot prices. i know it is hard for us to raise our price for a bottle of wine, and we have to but the market won't tolerate it. i was in bernstein wealth management for years, but a friend told me to get out because they are just buying all their buddies stocks (banks). phuck
on Mon, 02/22/2010 - 22:21
#241103
look I know there is no good option. i know. i feel the same way (blood on the hands) about doelarrs. i do not like supporting such a fascist country as the US, so I try to get rid of them as fast as possible. The other day Shameful (of ZH) said "If [he] had so much gold he couldn't carry it he would consider [himself] blessed." I think this is the right way to think about gold. and by the way, you sound like you are doing fine....
on Mon, 02/22/2010 - 23:09
#241159
blood on your saddle
on Mon, 02/22/2010 - 22:42
#241127
Velobabe, a million bucks in gold weighs 57 lbs.
Put at least half of it in gold, other half go
solars! (kidding about the solars)
Just about everything has blood on its hands, now
is NOT the time to worry about that
Good advice from JM
Careful loaning money to friends, unless you can
afford the loss
But put some in Au soon,before its too late, unless
you have confidence in Timmy, Larry, Moe, and Curly..
on Tue, 02/23/2010 - 00:55
#241230
Forget that. If you have alot of money. Get a solar/wind system. Seriously if you are hording money in mattresses then you should be installing a damn solar system. You don't have to go completely off grid but at least get one for emergencies. Because if this GOES far and it seems like it is going to. The derivatives shit will infest the power companies and some asshole will end up OWNING the rights to power that is produced on you grid. They'll then talk the power companies into turning your meter way up and charging you 300 bucks for 100 buck worth of power. This is just starting but it seems like there is going to have to be severe pressure to get people to wake the hell up.
http://www.altestore.com/store/
on Tue, 02/23/2010 - 10:10
#241473
Good suggestion Hephastus and she should definitely do that.
But she needs to have Au/Ag as a wealth base that will
be persistent into the future.
on Tue, 02/23/2010 - 12:07
#241674
Great link. Here is an immediately actionable, inexpensive starter kit that would allow you to extend daylight, watch TV, and other relatively low-power devices. It won't power your entire house, but it's a damn good start.
http://www.amazon.com/Sunforce-50044-60-Watt-Solar-Charging/dp/B000CIADLG
You do need to get a deep-cycle battery, however. Recharge car batteries for people, post collapse, for barter.
This also a great website for alternative energy:
http://www.northerntool.com/webapp/wcs/stores/servlet/category_6970_770399
If your main concern is to at least extend daylight so you don't have to burn candles, or sit in the dark, this is a great starting point (with battery!):
http://www.amazon.com/Sunforce-Watt-Solar-Lighting-Kit/dp/B001J3SI60/ref...
on Tue, 02/23/2010 - 12:40
#241778
I looked into solar for my house. They wanted 38 K and then they were not sure it was going to work. No local installers so everything was coming in from out of state. Sure wish I had someone competent to pay to do this.
on Tue, 02/23/2010 - 13:06
#241818
DIY and buy more Au/Ag/Pb with the savings (forget large-scale and wiring your house; think charging a short row of batts in your garage/basement/wherever and running some extension cords (disclaimer: I have not tried this yet myself; my current solution is focused on mobility and basic needs). You might have to leave it all behind anyway. Imagine a 5x5 storage unit in an advance location as a back-up plan: some storable food, small energy solutions for cooking, heating, power and a four-season tent (put precious metals and firearms in an 8" PVC pipe and bury it nearby) - unless you are friendly with the locals (they will likely welcome trustworthy, armed individuals that have "extra food". Your house is too many eggs in one basket. Most Americans are about to have their basket run over by a MACK truck.
Acquire one less gold coin and get one of these:
http://www.cabelas.com/cabelas/en/templates/links/link.jsp?type=product&...
and a stove:
http://www.cabelas.com/cabelas/en/templates/links/link.jsp?type=product&...
Read the reviews for the stove.
on Tue, 02/23/2010 - 13:22
#241861
us original homeland security call those teepee's. had my first one in '69, even painted it with horses and wapiti.
on Tue, 02/23/2010 - 15:39
#242146
Nice. Sounds romantic now.
on Tue, 02/23/2010 - 17:52
#242386
Ya MsCreant you are falling for the all or nothing trap. Don't get an all or nothing system. Get a system that is reasonable. You can survive on a killowatt a day. You can be comfortable on 10 killowatts a day.
The trick is switching things to DC. Switch computer to DC. Switch fridge to DC. Get a 12 volt dc coffee maker, switch TV to DC. Wiring them is expensive as you have to use huge bus bars or huge gauge wires. But just using a pure DC-DC power supply on computer and charging batteries with a power factor corrected charger saves me a good 1/2 a killowatt a day. When you pay 12 cents for a killowatt it seems like a lot of trouble. But when power is out and you are trying to be comfortable theres nothing quite like being able to have the luxury of using a computer because your entire system only uses 100 watts. And heck even having 6 60 watt panels charging a battery and a 300 watt DC heater to be able to hold up in a room on a 20 degree night without needing to eat an entire seal to get your body to ramp up and make heat cause the house is 40 degrees. Those kinds of things. And the trick is to actually USE THEM. Not build an emergency plan system that you don't use at all. My charger runs every day. I don't have enough panels to use them yet all the time. But I deploy them sometimes.
The last icestorm here killed 2 people. Stuck in a frozen house without power. They were not healthy but even putting up with that kind of stuff for a healthy person is draining.
It's a fun way to learn about science and learn new skills and change your lifestyle and think about what you really really need and what you can live without.
Get the emergency stuff. Cause propane heaters and stuff are nice emergency equip but why not have a solar cooker and use the propane when you want to cook something and it's not sunny. And why not cook with it all the time when you can.
50 lb bags of rice are nice to have but you gotta cook it. Having it and not being able to eat it is just as bad.
http://www.12volt-travel.com/12-volt-fans-heaters-c-94.html
http://www.google.com/products?q=fresnel+lenses+for+sale&oe=utf-8&rls=or...
on Sun, 02/28/2010 - 20:56
#249096
Thanks to you and Waterwings. Wish there was a chatroom...
on Wed, 02/24/2010 - 13:07
#243485
"power companies into turning your meter way up and charging you 300 bucks for 100 buck worth of power"
You are not supposed to let commoners know that concentration of wealth, speculation and consolidation into oligarchy can raise prices for the debt slaves or they might start figuring things out and get rebellious, you should say instead that magical powers of inflation is causing prices to go up so they'll say "inflation, what can we do about it, thats just the way it is" and preferably show an image of a printing press next to the word inflation so people forget about profiteering or that most of the money is not cash but created by private banks through loans and that when that fake money hops from bubble to bubble and gets out of fake ponzi investments into commodity speculation people will think the printing press is causing the gauging. Finaly when fake money rushes into a sector, stock market for example, then there's a word thats even better than inflation, talk about rubust "growth" so people will actually be happy to pay more for the same thing. ;)
on Tue, 02/23/2010 - 11:12
#241576
One thing savvy people do (or did) certain states have very favorable adverse tax possession laws on the books for delinquent properties. They have a "courthouse step" auction.
One doesn't necessarily want the property itself, but by paying the past due property tax, an income stream of 8 per cent or better is due from the mortgager if he wants to keep the property. Sounds like you are already doing some nice things with the grape crush! Cheers!
As far as your cash is concerned, why worry about it? Spend it, after all that's what it's for. If you have found returning large amounts "to the system" is problematic with cash, it's got to be worse with gold or silver and then, you are back to your original problem?
Since this is ZH after all, if you have a truly large amount of cash, than perhaps gold is a viable option. Nice problem to have, most people won't worry that it's "heavy".
Long standing advice says to keep an "emergency" fund to tap into, there's nothing like cash in this respect.
on Tue, 02/23/2010 - 11:46
#241627
i care about people. innovation + people + money makes me happy.
on Mon, 02/22/2010 - 21:22
#241036
I've invested my money into hard assets that can't be devalued. My choice is heavy shop machinery and CNC machines that will last many years and can make things of value for years to come. I still need more investment before I have a fully functional shop. Perhaps you'd like to invest in my startup American manufacturing company?
Matt
Kraemer Milling,
Tucson Arizona
workingsmart a t gmail.com
on Mon, 02/22/2010 - 23:03
#241151
Empty pockets. I have given away silver. 30 oz last 2 months to various strangers and aquaintences. I believe in sharing, always have and found life has given me back much. Its not in me to hold on to tight to anything but my freedom and personal ethics.
I can be forgiven for this, as i am barely human
and less than a shadow.
If more of us did that we would all be lighter.
on Tue, 02/23/2010 - 00:16
#241210
Busted. This is a line from an Archie comic.
on Tue, 02/23/2010 - 01:09
#241239
Visit a couple of your favorite casinos and trade some of that stash for high denomination gaming plaques. Better than money in the bank.
A handful or two of lightly included, good color natural emeralds are useful as a compact, portable, and metal-detector-proof way of storing rainy day funds. If you never need to convert them (via borrowing, pawn, sale, ...), you have the option to discretely bestow them as gifts later in life.
Owning productive farmland in a state with agricultural exemptions on property taxes is nice for rental income production. Bonus if it comes along with subsurface mineral rights you can option or lease out. Double the bonus if able to enroll it in a farm subsidy or conservation payment program. (US gov't throws away $280B a year on this crap).
- Heretic
on Tue, 02/23/2010 - 22:37
#242726
"have any of you experienced putting back into the “system” large amounts of cash. well it is huge and takes hours and hours, you feel like the criminal"
So? Do like Ruthie Madoff and deposit $9900 at a time. Stay under that $10k IRS reporting limit, wear your designer pant suit and the usual diamond bracelet, earrings plus the 5 ct. marquise cut wedding ring... and no questions will be asked...
on Mon, 02/22/2010 - 23:44
#241190
Amen, Sistah!
We all must excercise the only control we have left-- to do any sort of business with these stinking criminal banksters at all! We are the fuel that keeps their criminal arson burning.
Starve THE BEAST!
on Mon, 02/22/2010 - 18:52
#240825
Monkey bussiness I tell ya...
http://www.welltrainedmonkey.be/images/Monkey-Business2.jpg
http://www.no-monkey-business.info/images/no-monkey-business-mem-card.jpg
How the f*ck do I insert an image ?
Tried BBCode- no luck...
on Mon, 02/22/2010 - 18:47
#240828
They are all vampires, and the monie is their lifeblood.
on Mon, 02/22/2010 - 18:49
#240829
FDIC, does it still count if the only thing I can put in my new savings account are the few pennies left over from my unemployment check?
on Mon, 02/22/2010 - 18:52
#240831
Sorry FDIC, I store my wealth in PM's
The banks have lost me, as a customer , for good.
I keep a minimum in the bank for payment of monthly bills
All debts paid off, I will never be a debt slave again
and will preach to everyone who will listen that they
shouldn't be a debt slave either
on Tue, 02/23/2010 - 00:50
#241225
Ditto. What he said. :)
on Mon, 02/22/2010 - 18:53
#240833
You know the FDIC could really do us all a
favor if they would get specific and tell us
_which_ banks we need to open our savings
accounts at - LOL!
on Mon, 02/22/2010 - 23:05
#241153
up 1000
on Mon, 02/22/2010 - 18:57
#240837
Saving? That's Communism!
on Mon, 02/22/2010 - 18:57
#240838
Hey, until I start seeing 4% plus in interest, fuck you. It stays in the safe or overseas.
I didn't pull funds from the banks for no reason, NO BANK will speculate with my savings. The nerve of this scum.
on Tue, 02/23/2010 - 11:50
#241639
whats overseas?
on Mon, 02/22/2010 - 19:01
#240845
You want to encourage savings? Raise interest rates.
Inflation? Really? With rising unemployment, credit contraction, commercial and residential real estate dropping, developing drama in Greece, Spain, Italy, Iceland?
Governments can print all the money they want but if it doesn't get into the hands of the people how can there be inflation? Unless wages go up significantly or the government starts sending everyone huge checks in the mail what would drive prices higher? I'm confused as to why so many are worried about this. Shouldn't we be more worried about deflation?
on Mon, 02/22/2010 - 23:07
#241157
Inflation is like a secret. Dont tell.
on Mon, 02/22/2010 - 19:01
#240849
Not interested in taking on counterparty risk without being compensated. First Bank of Sealy Posturpedic gets my deposit until JPM can offer, say, 12% ?
on Mon, 02/22/2010 - 19:05
#240855
If the crooked banks paid more than 0.19% interest then maybe someone would save. What is the point? Before the FDIC begs people to save. maybe they should force the banks to offer a decent interest rate since they are charging people 30% on credit card interest. People are finally waking up in this country it seems, and are not falling for the crap anymore. Get all incumbents out of office this Nov.
www.goooh.com run for office in your local area
on Mon, 02/22/2010 - 19:06
#240858
> "[...] it's my hope that Americans' increase in savings is the beginning of a long-term trend," Bair said.
The apparent cognitive dissonance here is striking. So the Administration is hoping for continued consumer deleveraging? In that case can we cut the BS about imminent recovery, and for that matter inflation risks? And vice versa. AFAICT the only way that both can happen is if the US is about to experience an export boom.
on Mon, 02/22/2010 - 19:09
#240865
HEHE, reminds me also about Shitibank commercial offering 1.5% on a $25,000 minimum 5yr CD earlier this year. ROFLMAO I can get an I-bond right now for 3.36%, so why the hell would I put money in an insolvent bank like Shitibank?
on Mon, 02/22/2010 - 19:12
#240871
An "I-bond"? Is that issued by Sanford Financial?
on Mon, 02/22/2010 - 20:45
#240998
Not sure if you are being sarcastic or not, ROFL but just in case you are serious
http://treasurydirect.gov/indiv/products/prod_ibonds_glance.htm
on Mon, 02/22/2010 - 21:20
#241030
Ok you guys may laugh at me...
I've just started looking into the I bonds and they are a pretty cool product..
Does anybody know how to get around the fact that you can only invest $5,000 in them per year?
Seriously, the gold bugs are wearing a little thin on me. If the world goes the way you guys are hoping, whatever gold you may have will be forcibly taken from you by the starving mobs. I really like gold as a hedge but I hopefully grew up and moved beyond the delusional stage of this crisis.
If the dollar hyperinflates we are all fucked beyond your wildest dreams. Learning how to fish, hunt and grow food should be your number one concern at this moment, not dreaming about how rich you'll be.
on Mon, 02/22/2010 - 21:46
#241061
Do you really think there will be enough deer and fish to feed all the poachers that will be shooting at eachother in the woods? It's already a challenge managing wildlife populations to meet the recreational demands. There's no sure way out of this one my friend. We are entering a period of scarcity.
on Mon, 02/22/2010 - 22:06
#241089
LOL!
Yes I really do think so, just have to have a workable getaway plan to get to an area that wouldnt be over run by those crazy poachers...there are millions and millions of acres wide open land to scour for survival, I've been there and worked cattle in these areas. However, those in the cities with no way to get out are truly fucked. It's unimaginable, really.
I do foresee the period of scarcity you speak of. The supply chain collapse will be big and it will be bad.
on Tue, 02/23/2010 - 03:21
#241284
I'm going to raise chickens and sell eggs and vegetables (in season). My neighborhood doesn't allow livestock, but that won't matter if the SHTF. So, I have chicken wire, lumber for a coop, and 250 lbs of chicken feed in totes under the house. Already have a big garden. Half an acre of corn to feed chickens won't be a problem.
on Tue, 02/23/2010 - 12:30
#241746
+1
Eggs contain everything needed for healthy living save Vitamin C. Make a pine needle broth for that. Nature provides.
on Tue, 02/23/2010 - 08:32
#241339
Good plan. I'm already out. Surrounded by lakes and have deer roaming through my back yard for now. That could change. The woodticks living in these parts have no sense of conservation. It will be open season all year round if the situation gets desperate. There's no way I'm going to allow my children to live in the shitholes cities are about to de-evolve into. Chickens and some top soil are this years investment.
on Tue, 02/23/2010 - 10:24
#241493
i can't stand it you people really are funnier than .........every comic i admire.
on Mon, 02/22/2010 - 21:53
#241073
You can buy up to 10k in I-bonds as an individual. Hold $5k electronic at Treasury Direct and buy the other $5k in paper form from any bank or credit union. Then get more in a spouse's, childs, parents, name and rinse and repeat.
on Mon, 02/22/2010 - 23:16
#241162
Suicide Match
For a small fee we match you with someone who also wishes to die.
We include a one time euphoria package.
Senior discounts at request.
Please pay your Federal premature death tax
in advance of application.
You may not waive video taping.
Dont wait! See the unknown, discover mysteries never before seen.
Ressurection by government approval only
on Tue, 02/23/2010 - 00:55
#241229
Problem is your contestants would miss the show. And oh what a show, like none other. Get your Zen on babe.
on Tue, 02/23/2010 - 10:05
#241465
A few of us "gold bugs" are prepared for your 3rd paragraph scenario. Past History drives us. This isn't the proper forum for details, so I will not go there.
A start for you would be to read Jared Diamond's book "collapse"
Granted, 99.9 percent of people will be unable to deal with
a collapse scenario, and that is sad....
But the collpase signs are everywhere around us.
Society should never allow a complex system to get this far
out of whack. Complex systems, once they start failing, can
experience catastrophic failure from an unexpected source.
Good Luck
on Mon, 02/22/2010 - 19:23
#240886
Go blow a goat Sheila. Sleazy lending whorehouse FDIC, agencies, FHLB. None of them can be trusted.
Listen to me people. Pay off mortgages and other debts, the banks are screwing you with zirp. Hide your remaining cash in the mattress or Ts. Starve the beast.
on Mon, 02/22/2010 - 23:18
#241166
Have you heard of "MATTRESS FINDER?
on Mon, 02/22/2010 - 19:24
#240888
If you're gonna tell the truth, you'd better use humor. Otherwise the mob will kill you for it.
I think Tyler (and Marla) get that. One funny mofo.
on Mon, 02/22/2010 - 19:29
#240891
OK Sheila...but, but can you find me a job first. Please.
Beyond words all, I wish I was good enough to make this stuff up
on Tue, 02/23/2010 - 01:01
#241232
Lotta folks on here in this fix. Many of us are just waiting, waiting, waiting, for the hammer to drop. You would not believe the stress I am under keeping my fucking job. I am both ashamed (survivor's guilt) and grateful. Talk to Dead Head, Tom Joad if you see him.
I once asked Marla to run a poll for ZH. The question would be:
Are you employed:
Yes
No
I could see other ways to word it, there are so many inbetween statuses to acknowledge. My way is like Clinton's revision.
on Tue, 02/23/2010 - 02:02
#241257
That poll would be interesting and a 'nope' for me. A degree in CS from a good UC yet I feel TPTB had to crush I.T., sys admin, and software engineering. Done everything, had great feedback, but laid off continually once things were cleaned up (having things work is an 'expense' you know). Looking around, it's a wasteland. Healthcare is not for me - and I keep warning those I know in the field that if the H1C ever passes - expect things to go the way of the dodo (or Jedi). Congress almost passed allowing +400k foreign medical workers in for the first year. There goes that avenue toward middle class pay (although the latest study shows many healthcare jobs are pretty low-paying jobs vs. mfg.)
Not sure why the administration keeps pimping education and information techonology, because besides silly 'ole SEO, affiliate marketing, and social networking positions for children - people with real skills a.k.a. engineers are out of work. If I wasn't a saver and didn't always despise debt, my family would be hosed, but things are still terrible. It's depressing. Anyone need a house painted? ("under the counter" of course) - maybe I'll buy me a taxicab - ludicrous - bad trade policies and bad representatives all. Speaking of Clinton - hope he and Rubin are still happy about NAFTA (pretty sure they are) - and when it comes to Cheney's evil-sac popping today, hopefully somebody will refuse to suture it...
on Tue, 02/23/2010 - 09:38
#241437
Sorry to hear that, IT bro. Don't know where you are at but I see a fair number of job listings come out all the time in different places for computer programmers. Most places want the magic land of 3-5 years experience but I see work out there. My best friend who is in the biz and damn good at it keeps getting offers from places. The work is out there, don't give up hope.
on Tue, 02/23/2010 - 13:14
#241842
Thanks man... We'll see how it goes. IT always gets shafted - I would love to see a nationwide strike so we could get some respect. Things seemed to quiet down after the hospitals laid off everyone and sent all the work to IBM Global Services (who themselves ended up getting let go - the irony) - but my bro up in Seattle sent me the news that 1020 IT folks were given slips yesterday from Boeing - ~500 in Seattle, ~300 in Cali, the rest in St. Louis I think. Anyway, something may come up - a lot of those ads are still fake (+5 yrs experience with Oracle, Crystal, SQL, Unix, Server2003, Access, Ruby, Perl, multithreaded OO Javabean COMs, and 2 years cleaving fiber =P whatever!) - All to show lawmakers there's a shortage of I.T. staff - hence the need for visas, which is complete and utter B.S. I'd just as soon find another field - when shit is falling apart (like our roads and bridges) and our country's productivity is in the tank because the physical layer can't be troubleshot from Chindiazil - we may regret letting go of so many IT jobs.
Gonna put some Sangiovese vines in the ground - in 2 years make some wine - and say a cheers for everyone. Hope ZH and all will be doing well. peace.
on Tue, 02/23/2010 - 10:33
#241515
poor fella, apparently this mancession is what you are experiencing. this is what i am condoning with supporting innovation, alternative thinking. taxi cabs maybe go further.
on Tue, 02/23/2010 - 12:40
#241765
Mancession: when only gov't-sponsored Education and Healthcare grow (non-exportable); small businesses, manufacturing, and construction are crushed; tech jobs go to H1-B visas.
Innovation: new ideas that are born in top, often American, universities that become owned by corporations that produce the products wherever predatory wages can be found (not in America).
Yes. Amerimancession. We are all screwed. Now Harry Reid is blaming this intentional de-industrialization for domestic violence:
http://thehill.com/blogs/blog-briefing-room/news/82803-reid-men-when-the...
on Tue, 02/23/2010 - 13:38
#241903
human nature isn't it. word of the day Amerimancession send this to huffpost.
i just went to my local whole foods, the homeless are just stacked out there. sitting around on the outside seating looking really comfortable, it actually warms my heart.
on Mon, 02/22/2010 - 19:31
#240893
Who would have thought that John Maynard Keynes would be thrown under the bus...
on Mon, 02/22/2010 - 19:33
#240895
I have an online checking account that pays 4.30% - FDIC insured.
I had one that paid 4.75% but they recently lowered their rate to 4.01%
Here's a site that helps you find the best offers https://www.checkingfinder.com/
on Mon, 02/22/2010 - 20:10
#240949
Dude, if you are in the USA, and are banking with a domestic institution getting 4.3%, I'll eat shit. There is NOTHING right now offering that type of interest unless it is Lenny the Loanshark in Brooklyn, who is lending your cash out at 100%, and may not collect it all back.
on Mon, 02/22/2010 - 21:03
#241017
You have cause to be skeptical, Steve, but it does happen:
https://www.cambridgesavings.com/pg_View.aspx?PageID=401
Shop around for small, local community banks and you may get lucky. I realize this is promotional and likely temporary, but has lasted thus far since Oct. 2009 - and is with a brick-n-mortar bank, if that matters (though not really close to NYC).
on Mon, 02/22/2010 - 21:31
#241045
Maybe it's a special deal for cats.
on Tue, 02/23/2010 - 19:18
#242502
Royal Banks of Missouri 4.30%
https://www.royalbanksofmo.com/home/home
County Bank - South Carolina 4.01%
https://www.ecountybank.com/index.html
You need to keep an open mind, and do a little research.....
on Mon, 02/22/2010 - 19:33
#240896
I just sent Mr. Hernandez an email telling him "No thanks, I'll keep my money in gold!"
on Mon, 02/22/2010 - 19:36
#240901
They need more pigeons to keep the ponzi scheme going. Deposit your hard earned reserve notes into one of their shops, and out it goes the very same day to pay off their big clients.
Folks. This is the equivalent of their attempt to suck the marrow out of the bones after they've devoured the collective American Middle Class' carcass.
on Mon, 02/22/2010 - 19:45
#240906
The FDIC can get phucked; it goes without saying.
Folks, we are at war, whether you know it or not. It is a battle for your freedom, your liberty, your soul.
It is time to MOVE YOUR MONEY if you have not already done so! http://moveyourmoney.info/
Allright, I will now go back to sipping Crown.
on Mon, 02/22/2010 - 20:36
#240984
Excellent choice......the Crown, I mean.
on Mon, 02/22/2010 - 20:41
#240991
What about Jack Daniels?
on Mon, 02/22/2010 - 21:21
#241033
makers mark and wild turkey.
on Mon, 02/22/2010 - 21:25
#241038
I like Makers as well. thumbs up.
on Mon, 02/22/2010 - 23:21
#241169
yea, but i would miss that funky odor.
on Tue, 02/23/2010 - 01:05
#241234
A nice red gents, or two, maybe three if I start too early...
on Mon, 02/22/2010 - 19:45
#240912
Let's make this simple....
What the hell reason would I put my money in a bank that pays me nothing to do so....
What I have I will save and put in my own safe....
Whu do I want to wait in line ...and get more crap from the government interms of not being to get at my money ....as in Arentina.....?
You do think it can happen in the US ?
To have money in a bank...not get paid....but pay them...and wonder when the day comes that I am limited on what I can withdraw....
I will leave it to your imagination as to what I really want to write....
on Mon, 02/22/2010 - 19:47
#240915
Which is why I have changed my direct deposit to check in the mail. The banks will not be able to lever my future government deposits. I suggest everyone else cancel their direct deposits as well.
on Tue, 02/23/2010 - 01:09
#241238
You won't believe this shit. I was the last one at my institution to get direct deposit. There were three of us, and instead of putting our checks in our boxes, they made us go to the pay window. Fine. Then the other two dropped out (guess they did not like walking). I was the only one out of thousands. They told me I had to take direct deposit. Ya see I know this is illegal. I decided not to fight it. But THEY WON'T LET ME GET A CHECK. I am forced to have direct deposit or not get paid.
on Tue, 02/23/2010 - 10:41
#241523
honey i don't know this direct experience but it is serious if your singing the blues.
on Tue, 02/23/2010 - 15:43
#242063
Coercion is coercion. Please, forgive my asking and don't answer this one publicly MsCreant, but I gotta ask. Do you feel violated by your employers actions to make you accept renumeration in this way in violation of the law and your own sense of propriety? If so then perhaps this may end up being a subject that should be addressed beyond an internet comment thread... Especially if your employer receives direct or indirect government funding and through that funding source a condition is to have the employees engage in DD to support the banking system as a condition of maintaining access to this flow of funding...... As the sickness and the actions needed to support it are spread through society, apparently by force when necessary.
BTW, check this one out. I just got an offer in the mail from the Mint to purchase a "2010 American Veterans Disabled For Life Silver Dollar" for the low, low price of only 39.95. Of course as one of those disabled for life veterans I would be able to purchase this item with the pension the government provides me with for being one of the folks depicted. Classic!
http://catalog.usmint.gov/webapp/wcs/stores/servlet/ProductDisplay?catal...
on Tue, 02/23/2010 - 11:42
#241619
Did it about six months ago - now I know all my local 20-year-old tellers that ask me why I don't DD when I come in and cash the MFing check every two weeks. "It's a long story" - and sometimes they want to hear about it - to which I reply, "Look up 'fractional reserve banking'."
I get a puzzled look (he must be a crazy person), and my MFing FRNs, which are quickly converted into tangibles and for the last, few, minimal bill payments that keep me on the grid at all. If I went totally of the grid I'm sure my family would report me as a crazy person. In an insane world, a sane man must appear insane.
I don't feel like looking it up, but a DD authorization includes the employer's ability to revoke funds. "You're fired, we took a chunk from your account, see you in court if you don't like it."
on Tue, 02/23/2010 - 15:37
#242049
Yes indeed. As a government pensioner the banks can use my known monthly federal government DD as a known future increase to the deposit base permitting increased leverage of this source of future funding. Cancel my SSA & VA DD and the bank loses thousands in "known" paper deposit flows. Plus I get the added bonus that the bank has to pay for establishing a local branch and staffing it to meet the needs of costumer deposit taking operations. hahahahahahahaha FTB! Free enterprise still works two ways at times....
on Mon, 02/22/2010 - 19:51
#240919
" As demonstrated recently, it is harmful to an economy when consumers governments spend beyond their means, financed by debt they cannot afford to repay ."
on Mon, 02/22/2010 - 19:53
#240920
The FDIC will be waiting a long time before an American manages to squirrel together some of this stuff called 'savings' and is incentivised to sock it away in a thing called a 'savings account'.
on Tue, 02/23/2010 - 01:11
#241240
I wonder if a growing number of us "savers" already get how it is, and will not be saving with the banking system any time soon.
on Mon, 02/22/2010 - 19:59
#240931
HOLY CARP!
Nice find TD! That should put everyone into some deep thought as to WHY they would need to promote something unless they intend to scoop up savings accounts as part of the great retirement theft they are planning.
WOW, we are truly on the road to Buenos Aires.....
on Mon, 02/22/2010 - 20:02
#240938
...yes. The " great retirement theft ". The final solution.....phase 2.
on Mon, 02/22/2010 - 20:12
#240951
Unless the home guard comes to us first. ;-)
on Mon, 02/22/2010 - 20:11
#240950
Just starve the BEAST.
The only bank worth mentioning is the Bank of North Dakota.
State owned and for the state. No stinking bailout $ required or needed.
on Tue, 02/23/2010 - 06:34
#241316
Along the "starve the beast" line, how many here are reducing their withholding to a minimum, paying taxes quarterly instead? In view of the rumored "delay" in sending out refund checks, this would appear prudent, but I haven't heard it proposed or discussed.
on Mon, 02/22/2010 - 20:13
#240952
Well, I guess Ms. Bair knows not to put one's savings into a money market account. The Feds will just freeze it. Oh, and by the way, forget about certificates of deposit. She does not want people buying those pitiful things. And stay away from gold. Purchasing that stuff is just plain dumb. Yes, Christmas accounts, that is what we need. Save and do not borrow. We will all be better off.
"it is harmful to an economy when consumers spend beyond their means, financed by debt that they cannot afford to repay."--- I do not know about you guys, but I am going to go roll in that opossum that has been dead for 3 days on the side of the road. It will take my mind off the fact that the FDIC is why we are in this mess.
on Mon, 02/22/2010 - 20:19
#240957
" the FDIC is why we are in this mess."
Well, one reason, but definitely A reason, no doubt.
on Mon, 02/22/2010 - 20:20
#240960
I only bank where my $ is safest.
http://www.banknd.nd.gov/banking_services/
This is the model. End the Fed
on Mon, 02/22/2010 - 20:23
#240964
This is absolutely idiotic.
The government should be encouraging spending. Reflation (that is not in fact possible) is the goal of everything the TPTB have done till this point right? Now they're encouraging savings with interest rates as low as they can possibly go? HA! That's funny.
At this point the powers that be are like a chicken with its head cut off. It's running around and flapping it's wings, to no real effect, and meanwhile we're all just a'waiting for the damned thing to fall over and admit death.
on Mon, 02/22/2010 - 21:19
#241031
It's interesting. At first I assumed this was a case of poor coordination (Bair expressing the FDIC's thirst for bank reserves even though it undermines the overall plan for animal-spirits-driven releveraging) or cognitive dissonance (after all, the government can't really admit to itself that the only possible way to get the desired, promised, imminent V-shaped recovery is to restart the lethal debt Ponzi). But on second thoughts, *maybe* the administration has just quietly given up hope of igniting releveraging and has switched to Plan L: managing a lost decade of zombie banks, deleveraging and fiscal stimulus. In that case you would expect it to stop trying to get the consumer to spend and borrow again, and start encouraging the consumer to prop up the banks through saving - while leaving interest rates at zero, because keeping the banks undead and their losses unrecognised would remain Job One. The big difference would be that under Plan L the banks' losses are to be hidden until they can be slooowly backfilled, while under the old "Keynesian" Plan V the idea was to hide the losses until they can be erased by a sudden economic rebound. I suppose we'll find out what the plan is soon enough.
on Tue, 02/23/2010 - 11:03
#241565
plan L spell this out for me.
on Tue, 02/23/2010 - 11:44
#241622
"flat-lined" recovery; dead - get ready for war.
on Mon, 02/22/2010 - 20:23
#240965
The Japanese government routinely begs their citizens to save so that Nomura can purchase all the JBGs that get issued. Be on the lookout for this:
Japan Turns to Taxi Cabs for Help in Selling Bonds
http://www.bloomberg.com/apps/news?pid=20601101&sid=awQopeDIR2X8
on Mon, 02/22/2010 - 20:24
#240967
Feb 19, 2010
"Citigroup Warns Customers It May Refuse To Allow Withdrawals"
Hmmmmmmmmmm........
on Mon, 02/22/2010 - 20:26
#240970
For those who have not seen this, do so.......................QE to infinity, as Jim say's.......here's why.
http://jessescrossroadscafe.blogspot.com/
on Mon, 02/22/2010 - 20:31
#240976
" As demonstrated recently, it is harmful to an economy when consumers spend beyond their means, financed by debt that they cannot afford to repay."
Uh, er', excuse me...................but, when your BOSS does it, then ask us.
Why would we be SO stupid to SAVE dollars, and keep them in the US Banking Institutions?.
Ala, CitiBank?.
on Mon, 02/22/2010 - 20:33
#240981
Why would anyone want to keep their money in a bank at nearly 0% interest? The FDIC should make it worth one's wild. As such, the FDIC should make banks give depositors 80% of the interest rate of whatever the average interest rate is on credit cards as suppled from that institution. That seems fair as am sure the bank, clearing a nice hefty 20% profit, will be doing well.
Oh, who am i kidding?!?! Only a fool would trust a bank nowadays when they can shut you off from you money during a 'holiday' or even lock you out for a full week.
Ptffffff, screw the banks an the FDIC. They are getting what they deserve.
on Mon, 02/22/2010 - 22:26
#241110
Amazingly the banks are losing money on their credit card businesses despite 30% usury charges. Anyone paying these high rates or saving at the ridiculously low .1% rate is subsidizing their less responible neighbors who have either spent more than they can pay back or have just decided not to pay back their debts. There is no free lunch!
on Mon, 02/22/2010 - 20:43
#240996
But if Americans saved more money, wouldn't that mean that they're not spending it?
And if Americans aren't spending money, then how the hell are the economy and jobs supposed to come back?!?
on Mon, 02/22/2010 - 20:54
#241007
Just when you thought government agencies could not get anymore sleazy and despicable.
Pull your money out while you can, the gangstas and bankstas are getting ready to sieze it.
on Mon, 02/22/2010 - 21:01
#241014
Let the gangstas and bankstas bring their worst. The regular people of this country are getting ready to open up a can of Joe Stack.
on Tue, 02/23/2010 - 11:06
#241567
crab cake i think i am following in love.
on Mon, 02/22/2010 - 20:58
#241010
Pull your cash and tell your bank they can't use your money because the return is too far below the rate you require to keep it there. There's no incentive to keep your savings in an institution when you get nothing for it and they get to x10 it in lending. Too much pulle and all of a sudden they have to contract their loan book, or borrow from uncle sugar.
give me a reasonable return and I'll keep my cash there...otherwise, screw you.
on Mon, 02/22/2010 - 22:11
#241095
Right on man. Let's rebrand that America Saves week as Punish Banks week. I propose everyone that is able to remove money from the bank that week.
on Mon, 02/22/2010 - 21:10
#241022
I opened a saving account too. My bank is open 24/7. If I need cash, there are no lines, no waiting time, I get it within seconds as much as I have in my account. If I do a bank run, I'll get my savings 100% in cash within seconds. Pays only 0% but's worth the service. Higher interest at other institutions rates are not worth the risk.
on Mon, 02/22/2010 - 21:22
#241035
Oh yeah and we take gold deposits too and pay 1.6%. You look thirsty here you want some kool-aid.
on Mon, 02/22/2010 - 21:25
#241037
WOW. Even Warren Buffett is bailing out, says "It's Over, basically for the U.S."
http://moneynews.com/Headline/munger-buffett-economy-debt/2010/02/22/id/...
on Mon, 02/22/2010 - 21:35
#241051
The best medium term trade remains:
1. Get a government job. Any government job.
2. Get into debt up to your eyeballs
Not the way I'm playing it but that's the trade.
on Mon, 02/22/2010 - 21:36
#241052
I pulled my money last month and paid off the mortgage. Now I'm debt free, the bank can't multiply my money and loan it out and I don't have to worry about 0% interest on my deposits that would eventually be confiscated anyway. It's a win for me. Now I can work less and pay less in taxes. Fuck the bank. Fuck the federal government. I couldn't care less.
on Tue, 02/23/2010 - 01:21
#241245
Congrats Anon. I am in the same boat. No debt. You'll save money faster now. And if you are not a big spender, real fast. Good job. I can't say enough good things. They got us still on property tax, but otherwise, they don't own you so much any more.
I salute you.
on Tue, 02/23/2010 - 16:16
#242230
And five states still have *real* homestead laws so ruthlessly stacked in the little guy's favor - none of those laws could be passed today.
Not a complete fix (most of us still need income for food and tax shakedowns) - but does reduce the risks.
on Mon, 02/22/2010 - 21:52
#241071
That's the scariest press release I've ever seen.
on Mon, 02/22/2010 - 21:58
#241076
My former bank just changed the deposit limit on checking accounts to 500.00 when before it was nothing, and if not mantained you will be penalized. This is the first of many changes to come. Do not use banks, atm cards or credit cards this will and is having an effect.
on Mon, 02/22/2010 - 21:58
#241078
Like trying to salvage a fucked up recipe:
Gov agencies crossing wires, trying this and that hoping the fallen souffle will reflate. No leadership, no themes, no ideas. Just another huge gamble, betting all the chips on reflation with no plan B.
Bair wants more of your money in the broken piggy bank to give Ben some breathing room with the inflation hawks. Oh and they want to hold gold down asap so their screw ups look less obvious.
on Mon, 02/22/2010 - 22:01
#241083
Congratulations, Ms Creant! Seems your “evil plan”--Money out of TBTF. Money only for bills, put that into credit unions—is taking hold!
Credit Union VS. Bank: Is It Time to Make the Leap? | Brent Hunsberger, The Oregonian | February 20, 2010
quote
…Deposits at the nation's 7,800 nonprofit financial co-operatives are up 8 percent nationwide through the 12 months ending in September. They're up 11 percent at Oregon's 83 credit unions. By comparison, bank deposits are up 4 percent nationally and 9 percent in Oregon.
It's all part of the backlash against big banks -- their taxpayer bailouts, high fees and reluctance (or inability) to lend money. Witness the online "Move Your Money" drive, which encourages consumers to leave "casino-style Too Big To Fail banks and give their money to community banks and credit unions."
… Credit unions, with less than $750 billion of U.S. deposits, have a long way to go to surpass the $9 trillion squirreled away in banks.
…That said, if you haven't considered a credit union, you're missing out on better rates for savings and loans in an arguably safer savings system. You might also get better customer service. You'll probably sacrifice some convenience, but perhaps less than you think.
…Credit unions, on average, beat banks in what they pay on savings, money market and long-term share deposits. Vainer's new "Save 4 It" account at USAgencies pays 1.51 percent annual interest on as much as $5,000.
…Nationally, lending to consumers declined 7.3 percent last year, Federal Reserve data show. But credit unions reported a slight increase in "consumer installment credit," which includes auto, credit card and other smaller loans.
…Last week, classic credit cards issued through Oregon credit unions, on average, charged 11.2 percent interest, according to Datatrac, a market research firm. Bank-issued cards charged 17.2 percent
…Though their rates on home mortgages usually aren't better, they charge you about 1 percentage point less interest on auto loans. A $25,000 car loan at a credit union in Oregon would have saved you more than $1,000 over the five-year life of the loan, according to Mike Schrenk, senior economist from the Credit Union National Association, a trade group…
…The National Credit Union Share Insurance Fund backs deposits up to $250,000 at 7,800 credit unions, much like the Federal Deposit Insurance Corp.'s Bank Insurance Fund does with bank deposits. Over time, credit unions have had lower failure rates than comparably sized banks, costing their insurance fund less, according to 2004 research by the Federal Reserve Bank.
http://blog.oregonlive.com/finance/2010/02/credit_union_vs_bank_is_it_tim.html
on Tue, 02/23/2010 - 01:25
#241246
;-)
on Mon, 02/22/2010 - 22:50
#241139
Maybe we can get movie stars to sell "Hamptons Bonds" to savers. The new twist is that the bond holder pays interest to the bank. The gift that keeps on taking.
on Mon, 02/22/2010 - 23:06
#241155
memo to the media: ZHers have their thinking caps on tonight
on Mon, 02/22/2010 - 22:58
#241141
Fast forward ten years:
on Tue, 02/23/2010 - 01:26
#241247
I'll try to find you.
on Tue, 02/23/2010 - 11:15
#241586
i'm following you your phuckin funny.
on Mon, 02/22/2010 - 23:01
#241149
the US better start buying gold. we should free up the fdic to the states, right. let the states back the banks. and not just any bank either, not the majors. i want regionals and credit unions only. and then the states should be free to back their banks with whatever the f$$$ we are supposed to back currencie with....like gold and silver (commodities, hemp too?).
on Mon, 02/22/2010 - 23:09
#241158
All you need to know about Amurika Slaves Week:
http://www.americasavesweek.org/about/coordinating.asp
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