In a stunning development for millions of American who no longer pay their mortgages with the blessing of Uncle Obama, only to use all this "excess" money to buy Apple apps and whatever latest gadget Steve Jobs' gizmo factory comes out with, they are now fresh out of luck in redirecting cash flow that otherwise would go to adding some much needed realistic cash to support bank mark-to-myth balance sheets (we wonder if the FASB will ever release a pro forma analysis of how many hundreds of billions, if not trillions, the combined TBTF capitalization is underwater if banks are indeed forced to mark their loans to market). In an internal AT&T memo, reported by the Boy Genius Report, and likely leaked intentionally to drive up the iPhone 4 release frenzy a few notches higher, the firm has told its employees "that pre-orders for the iPhone — whether they be new activations, upgrades, or exchanges — have been “temporarily suspended.” What will the great unwashed masses do now? Could this, gasp, force the pathetic US Savings rate to increase above its one year low reading in the mid 3%, thus spitting in the face of the Fed Chairman, whose doctrine of "spend now, worry about maxed out credit cards tomorrow" is being flagrantly ignored? Surely civil disobedience can not be far behind if Americans are thus prevented from spending the money that contractually belongs to their mortgage servicers.
Full memo from Boy Genius Report
Pre-orders for iPhone 4 and iPhone 3GS 8GB are Temporarily Suspended
Effective close of business on June 15, 2010, the ability to place pre-orders (new activations, upgrades and exchanges) has been temporarily suspended. There is a special team that will be manually working all pre-orders from June 15th that were held in a pending status. Under no circumstances should new pre-orders be attempted in the system.
This suspension impacts Phoenix, Premier, OPUS (COR), and System X (DMDR).
Please stay tuned to future bulletin communications for any updates.