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Postal at the Bank
Minor altercation at the bank today. I was in a long line looking to
cash some checks. I happened to notice a lady talking to a loan guy in a
cubicle across the way. It was clear, even from a distance, she was not
happy with the way the conversation was going. She gets up and the
banker comes out with her. She turns to him and says in a voice that was
deliberately loud enough for all to hear:
“I wanna know. Just who’s dick do I have to suck to get a loan? Can you tell me that?”
You could’ve heard a pin drop for a second or two. The banker looked
like he’d been hit with a shovel. A red-faced manager comes out of a
hole and leads the lady out. It’s over in seconds.
Half the people start laughing. The other half don’t know what to make
of it. I am watching this bit of drama and I am thinking of shorting
bank stocks and what a bizarre world we live in.
Banks aren’t really making any loans. They are doing their very best to
avoid that pitfall. It is much easier for them to buy securities with a
fixed coupon from big cap multinationals, bankrupt government guaranteed
agencies and of course the Treasury Department. The banks are having an
easy time of it. With ZIRP as their ally they can just ride the yield
curve. No need for complicated loans. No wonder America is hating its
banks.
-The equity markets are soaring and so is gold. An unlikely outcome. One
market is the measure of optimism the other is the best "smell test" of
the collective fear of the future.
-Banks aren’t lending, but they are making a bundle.
-The economy has recovered to a significant extent. We will not get back
to the growth and 5% unemployment we had three years ago. The emergency
is clearly over both in the US and overseas. But the Federal Reserve is
about to start a meeting that will set in motion another multi-trillion
monetization program.
None of these things (including people going postal at the bank) make
sense to me. The sum of all of these pieces takes me one place.
Instability.
»
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Hmmm, it seems like the Fed sucks dick best, while at the same time f*cking the American people!
LOL, daisy chain. 'Nuff said.
"None of these things (including people going postal at the bank) make sense to me. The sum of all of these pieces takes me one place. Instability."
Bruce, I think that "instability" might not be strong enough wording...perhaps "ball-busting insanity" is a more accurate term?
When folks REALLY start going 'postal' at the bank and robberies start occuring in greater numbers, we'll know we're approaching an inflection point of some sort.
kind of begs us to question who really were the bank robbers of the thirties. what was there motive
In the words of Al "Swingen"- cocksuckers!
All the blowing in the world won't make much difference when all the recipient has is dead...wood.
I just had a credit limit dropped from $25,000 to $2,000 last week. Fortunately I didn't need it (never asked them to raise the limit, but they used to every six months or so for no reason at all).
This ain't over; it's barely begun. At this point in the Great Depression we were still being told that everything was just fine. Today, American consumers are buying crap they don't need and can't afford...out of simple pride. Can't send the kids to school without Dora underpants, or nurse along an old tired lawnmower, because, well, just because!
Lifestyles are just beginning to change. Deleveraging has barely begun. The banks are well aware of this. Now they hate us and we hate them. That'll probably go on about a twenty-year cycle, so most haven't even noticed yet.
Since 2007 I've been buying $1,000 of PM's every month, usually using my debit card or cash. Just lately switched to using the CC so now the higher end purchases are at their risk.
This dropping of credit limits started in 2008 like you described, same time as HELOCs were frozen. Very surprised your bank is so late to the game OR is it FURTHER limiting of credit?
Yet here I sit, paying for repairs to our old lawn mower and trying to figure out how to make things last longer (mostly by NOT buying the least expensive thing first!) Guess it's all my fault the consumer society is in the drain, sorry folks!
I had my HELOC closed out a few months ago. First I got a letter, stating that since I had no balance and hadn't in some time, they would pay me 250 dollars to close it out early.
The terms on the HELOC were excellent, and we had used it as a net in the past, so I had my wife roll a couple of grand into it. Within a couple of days I got a check for the 250 and a notice that it was closed. Oh Well.
i don't recall them ever liking me or me liking them. i do recall them giving me money however and they remember giving it to me. even at this late date. now "beer for horses, bartender!"
September 1929
“There is no cause to worry. The high tide of prosperity will continue.” — Andrew W. Mellon, Secretary of the Treasury.
October 14, 1929
“Secretary Lamont and officials of the Commerce Department today denied rumors that a severe depression in business and industrial activity was impending, which had been based on a mistaken interpretation of a review of industrial and credit conditions issued earlier in the day by the Federal Reserve Board.” — New York Times
September 12, 1930
“We have hit bottom and are on the upswing.” - James J. Davis, Secretary of Labor.
October 16, 1930
“Looking to the future I see in the further acceleration of science continuous jobs for our workers. Science will cure unemployment.” - Charles M. Schwab.
Thanks SS - keep it coming - I copy and paste all you write to email to friends and hope they'll see the writing on the wall.
Latest BS to be emitted by MSM: Gun sales up in 2009 over 2008 (12.7 mil in 2008 and 14.0 mil in 2009) being attributed to more people being unemployed and thus needing to hunt for food. But the stats don't indicate hand guns v. long guns and few I know hunt with handguns. My bet is, is that it was hand gun sales up, long guns lower.
http://www.fbi.gov/hq/cjisd/nics/Total%20NICS%20Background%20Checks.htm
Great thought. I think things might get interesting if we get some inflation and people have to make the choice between energy, food and new gadgets.
FAZ
this thread is worthless without pics
YAF,R?
If she could take out her fake teeth, I would have given her the loan. Woman without teeth give good blowjobs.
Frank Zappa "baby take your teeth out".
It must be true. Frank said so.
http://www.youtube.com/watch?v=Mbc5-pI6eLg
"But the Federal Reserve is about to start a meeting that will set in motion another multi-trillion monetization program. "
How can they do that tomorrow when the market is on a moonshot for the last couple of weeks? "Things are so bad with the market that we have to institute another QE program". I can't see that statement coming out. What happens if there is no language about a QE that is apparently being baked into the cake over the last few sessions?
Bruce, read this:
http://www.debtdeflation.com/blogs/
should clarify.It is a brilliant piece.
Brilliant, indeed. Thank you, Budd Fox.
Mine!
I think her question is a great description of the economy. Complete prostitution and the middle class is not allowed to play.
So......did she ever figure out who's dick needed to be hosed?
I worked at a bank for nearly a decade and I still get all the trade publications just to stay in touch. While they all have the mandatory articles expounding upon the recovery, when you read the comments sections and the smaller articles, clearly the industry is treading water and more and more dead loan weight is beginning to pull them under.
QE 2.0 will include another bankster bailout, of this I'm certain.
I cannot see this how can happen without the bond holders taking some pain this time. Can you, CD ?
The thing that would make the most sense is progressive (income graduated) bond haircuts. This is of course something that you have never heard of or seen discussed, and you should probably forget you read this. It would be very easy to use the tax code or programmed rebates to accomplish. Let the poor and middle class be made partially or totally whole. But oh, those deserving billionaires, sheikhs and Chinese overlords!?!?! What about THEIR haircuts???
Not Happening. The Big Policy Call is this exactly: No Bond Haircuts. Everything is predicated on that call. Twenty years of economic hell in the USA is the price you say? Oh my yes. Count on it.
QE 2.0 is coming after the mid term elections, when the coast is clear. They no longer need Congressional votes to pump pump pump. At least not in any significant way. So they will do what they want to do. What exactly that entails I don't know. But a second bank bailout is coming.
Personally I think all the stalling for time over the past 18 months was to give the bond holders time to sell to that big bond buyer in the sky, the Fed and the Federal Treasury. We shall see. But always remember that nothing is as it appears. Corporations can now legally cook the books when ordered to do so. And that most likely includes who owns what and when, including who the bondholders really are.
http://www.businessweek.com/bwdaily/dnflash/may2006/nf20060523_2210.htm?campaign_id=rss_daily
Intelligence Czar Can Waive SEC Rules Now, the White House's top spymaster can cite national security to exempt businesses from reporting requirements
President George W. Bush has bestowed on his intelligence czar, John Negroponte, broad authority, in the name of national security, to excuse publicly traded companies from their usual accounting and securities-disclosure obligations. Notice of the development came in a brief entry in the Federal Register, dated May 5, 2006, that was opaque to the untrained eye.
sad...
Shoe on the other foot: I was informed by a sweet teller that my cd would be rolling over at 0.7%. I should take the $$$ and make a porn movie w/said teller. Think I'll buy a bag of US junk silver instead.
...you might want to re-think that....
Well, all I've got to say is are we missing something by being, in general, bearish?
I see NOTHING that makes me bullish (today's NAHB Index still last month's record low for example) and yet the market continues to soar.
Maybe I'm totally wrong and the economy IS recovering...
DavidC
Market does not equal economy, especially on a day-to-day basis.
double post
Why is it 6 banks each week that are closed out? Why not 60 or 600? Because Sheila doesn't have the scratch to close all the bad banks.
Your point is valid only with regard to the biggest and worst banks with internal hedge fund operations. Small and regional banks are dead in the water. They can't make loans because they are in slow motion liquidation. They make little or nothing off ZIRP. The whole thing is pissing off their customer base, and driving them away.
This may not be the way the world ends, but it feels that way.
...also, the banks left open would be overwhelmed by their new FDIC payments. As it is, there is a never ending increase for the banks still standing of higher and higher payments into the FDIC. One regional bank I have dealt with went under 2 weeks ago due to the FDIC and the rise required in their capital ratio. We have 2 commercial real estate projects that will now have some new holder....shovel ready projects, provided the guy wielding the shovel is a grave digger.
Have you noticed how quiet Shiela Bair is? Through the financial crisis she was ver vocal ... now, a lot more muted.
Quiet? She's at the bank doing a little undercover work and ends up yelling about blow jobs.
And here I'm thinking that Bruce completely blew it.
Not only could he have made some money, but he could've gotten a blow job as well.
I like your observation better though.
Washington works in mysterious, but predictable ways. Didn't take long to spay that...dog that don't bark no more.
/dbl post
Was she hot?
My question as well . . .
Probably not, considering that she didn't get the loan.
Apparently she didn't have a pretty mouth.
If she was cute there would have been 10 guys yelling at her that they would give her a loan!
well which comes first. i mean even that can be the subject of a negotiation.
The slut doesn't need a loan if she's willing to give hummers for $$.