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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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Carl,
Slut?.........no one knows what she's gone thru with that bank for her to say, or act in that manner.
Walk a mile in her shoes, plus, she HAD ZERO intent of doing what she said,she was making a VERY bold statement,that she had tried everything she knew how, to take out a loan.
(sounds like she had had it with NO response,or reasons), and pissed off and dripping with Sarcasm.
As evidenced by her Statement, sounds to me like she was simply wanting an Intelligent, any answer to her question.
One that she had theretofore, had not recieved.
Bruce, as always thank you. I really enjoy your work.
'Course when Joe Davola made the commenet about the pretty mouth, my cartoon bubble said, "kind chin".
/sarcasm,snark,pervert
A couple of weeks ago, I had to meet with my banker. I sat there waiting, and could hear her talking to the person in front of me in line. This young woman was trying to roll over a blown up car, AND borrow out like nineteen years on the next one. The answer was the same over and over and over... Can't happen.
The sad part of the whole deal isn't that she couldn't get the loan today. Guess what? It was a bad loan. The sad part is that she had been able to get one similar in the past. Only natural to expect to keep kicking that can down the road once you've been conditioned right?
Charlie Munger?
It looks like it makes perfect sense to you.
You are answering your own questions.
The banks are robbing us blind on a tidal wave of fraudulent money, while they have bankrupted the middle class by destroying their life savings.
It doesn't look confusing at all to me.
As The Carpenters so eloquently sang, "we've only just.....beguuuunnnnnn."
and looking at this market today and what the "boyz' are doing....
i get down on my knees and thank god almighty i was smart enough to sell out and buy gold.
Good that it does not make sense to you. If it did it would mean that you are completely, irretrievably insane.
NO LOAN !
ah-ha-ha-haaaa. ( <--crazy laugh )
SANTANDER
You've been warned.
"The equity markets are soaring and so is gold". "An unlikely outcome"
SPY first made it to 1180 in 1998, adjust for inflation/cost of real goods and services and the same SPY now at 1180 is not soaring at all.... its not even close.
"But the Federal Reserve is about to start a meeting that will set in motion another multi-trillion monetization program".
Says who?
Says who? BNP Paribas, for one. They are confident that QE2 Lite will be ramped to QE2 Magnum immediately after the election, if not before.
They're not the only ones to make that call.
QE is in the markets daily, this is nothing new. Have the "Markets" priced in the certainty that the Federal Reseve will make everything good ( in wich case we no longer have markets )? Apparently we are close, the volume on this "breakout" has "fakeout" written all over it.
Just who is buying any of the recovery/QE will save us shit? Its a Trading range with negative divergence building on weak volume... on bullshit "good news".
Look out below
they just took over processing for my car loan from Citi.. I only have about a year and a half left and they seemed to have good initial customer support and flexibility... it was refreshing..
what have you heard? i was wondering why they entered the picture..
Santander clearly needs new assets - a lot of them, quickly - and is showing a willingness to be very generous on terms.
That is often a bad sign, in my view. Bankers are supposed to be stingy - particularly when other bankers are being stingy.
The problem with Santander is not what one hears but what one does not hear from its balance sheet - specifically, the sound of all those Spanish real estate assets going "crash".
The more I look into "dynamic provisioning", the more it looks like a good idea that - if not carefully regulated - could provide a very big accounting slush fund.
Basically, to believe the Santander story you have to believe in a LOT of internal marks for assets. I don't even believe in marks-to-market these days. It just seems to me that Santander's results are consistent to an extent that beggars belief and that its sudden need for new assets is....disturbing.
I could be completely wrong. Maybe Santander is the bank that really gets it. Maybe they saved money when times were good and they know that a bright future requires investment. I really hope that's the case, but....well, here's hoping.
So, Citi has given you a STD, not really surprising to any ZH reader!
good one.