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partypup
Participant[quote=afx114]Wow, partypup using a Huffington Post link to back up her argument. The end truly is near!!![/quote]
LOL. I knew it carried the greatest weight on this forum. Gotta know your audience 😉
Participant[quote=afx114]Wow, partypup using a Huffington Post link to back up her argument. The end truly is near!!![/quote]
LOL. I knew it carried the greatest weight on this forum. Gotta know your audience 😉
Participant[quote=afx114]Wow, partypup using a Huffington Post link to back up her argument. The end truly is near!!![/quote]
LOL. I knew it carried the greatest weight on this forum. Gotta know your audience 😉
Participant[quote=afx114]Wow, partypup using a Huffington Post link to back up her argument. The end truly is near!!![/quote]
LOL. I knew it carried the greatest weight on this forum. Gotta know your audience 😉
Participant[quote=Eugene]I liked the part about FDIC being technically insolvent.
By the way, we’re also going to run out of air, so I suggest to stock up on compressed oxygen.[/quote]
Eugene: this Bud’s for you. Hope you got that compressed air handy.
“FDIC bankrupt as of 9/30/09”
“FDIC Proposes Banks Prepay Deposit Fees Through 2012
By Alison Vekshin
Sept. 29 (Bloomberg) — The Federal Deposit Insurance Corp. proposed asking banks to prepay three years of premiums to replenish reserves dented by a rash of bank failures that the agency said will cost $100 billion through 2013.
The insurance fund will run a deficit as of tomorrow after 120 banks failed in the past two years, the agency said today. Half the costs from seized banks have been incurred already and prepaying the fees will raise $45 billion, the FDIC said. The agency rejected options for a second special fee or borrowing from the Treasury Department.
“What we are proposing to do is to tap the ample liquidity of the banking industry to improve our own liquidity position without borrowing from the Treasury,” FDIC Chairman Sheila Bair said at a Washington board meeting. The agency raised its five- year loss estimate by 43 percent.”
Participant[quote=Eugene]I liked the part about FDIC being technically insolvent.
By the way, we’re also going to run out of air, so I suggest to stock up on compressed oxygen.[/quote]
Eugene: this Bud’s for you. Hope you got that compressed air handy.
“FDIC bankrupt as of 9/30/09”
“FDIC Proposes Banks Prepay Deposit Fees Through 2012
By Alison Vekshin
Sept. 29 (Bloomberg) — The Federal Deposit Insurance Corp. proposed asking banks to prepay three years of premiums to replenish reserves dented by a rash of bank failures that the agency said will cost $100 billion through 2013.
The insurance fund will run a deficit as of tomorrow after 120 banks failed in the past two years, the agency said today. Half the costs from seized banks have been incurred already and prepaying the fees will raise $45 billion, the FDIC said. The agency rejected options for a second special fee or borrowing from the Treasury Department.
“What we are proposing to do is to tap the ample liquidity of the banking industry to improve our own liquidity position without borrowing from the Treasury,” FDIC Chairman Sheila Bair said at a Washington board meeting. The agency raised its five- year loss estimate by 43 percent.”
Participant[quote=Eugene]I liked the part about FDIC being technically insolvent.
By the way, we’re also going to run out of air, so I suggest to stock up on compressed oxygen.[/quote]
Eugene: this Bud’s for you. Hope you got that compressed air handy.
“FDIC bankrupt as of 9/30/09”
“FDIC Proposes Banks Prepay Deposit Fees Through 2012
By Alison Vekshin
Sept. 29 (Bloomberg) — The Federal Deposit Insurance Corp. proposed asking banks to prepay three years of premiums to replenish reserves dented by a rash of bank failures that the agency said will cost $100 billion through 2013.
The insurance fund will run a deficit as of tomorrow after 120 banks failed in the past two years, the agency said today. Half the costs from seized banks have been incurred already and prepaying the fees will raise $45 billion, the FDIC said. The agency rejected options for a second special fee or borrowing from the Treasury Department.
“What we are proposing to do is to tap the ample liquidity of the banking industry to improve our own liquidity position without borrowing from the Treasury,” FDIC Chairman Sheila Bair said at a Washington board meeting. The agency raised its five- year loss estimate by 43 percent.”
Participant[quote=Eugene]I liked the part about FDIC being technically insolvent.
By the way, we’re also going to run out of air, so I suggest to stock up on compressed oxygen.[/quote]
Eugene: this Bud’s for you. Hope you got that compressed air handy.
“FDIC bankrupt as of 9/30/09”
“FDIC Proposes Banks Prepay Deposit Fees Through 2012
By Alison Vekshin
Sept. 29 (Bloomberg) — The Federal Deposit Insurance Corp. proposed asking banks to prepay three years of premiums to replenish reserves dented by a rash of bank failures that the agency said will cost $100 billion through 2013.
The insurance fund will run a deficit as of tomorrow after 120 banks failed in the past two years, the agency said today. Half the costs from seized banks have been incurred already and prepaying the fees will raise $45 billion, the FDIC said. The agency rejected options for a second special fee or borrowing from the Treasury Department.
“What we are proposing to do is to tap the ample liquidity of the banking industry to improve our own liquidity position without borrowing from the Treasury,” FDIC Chairman Sheila Bair said at a Washington board meeting. The agency raised its five- year loss estimate by 43 percent.”
Participant[quote=Eugene]I liked the part about FDIC being technically insolvent.
By the way, we’re also going to run out of air, so I suggest to stock up on compressed oxygen.[/quote]
Eugene: this Bud’s for you. Hope you got that compressed air handy.
“FDIC bankrupt as of 9/30/09”
“FDIC Proposes Banks Prepay Deposit Fees Through 2012
By Alison Vekshin
Sept. 29 (Bloomberg) — The Federal Deposit Insurance Corp. proposed asking banks to prepay three years of premiums to replenish reserves dented by a rash of bank failures that the agency said will cost $100 billion through 2013.
The insurance fund will run a deficit as of tomorrow after 120 banks failed in the past two years, the agency said today. Half the costs from seized banks have been incurred already and prepaying the fees will raise $45 billion, the FDIC said. The agency rejected options for a second special fee or borrowing from the Treasury Department.
“What we are proposing to do is to tap the ample liquidity of the banking industry to improve our own liquidity position without borrowing from the Treasury,” FDIC Chairman Sheila Bair said at a Washington board meeting. The agency raised its five- year loss estimate by 43 percent.”
Participant[quote=svelte][quote=partypup]
If the Fed does not intend to raise interest rates – and let’s face it, they can’t – then we really are witnessing the end of the buck – first as a reserve currency (which has technically already happened over the last 2 months as banks have radically shifted their allocation of reserves), then as a currency, period. I suspect the first milestone will officially be crossed at the end of the month. By the end of next year, I think we will be hearing Congress and Obama bleat about developing a new currency/alternative to the dollar.[/quote]Wow, now you’ve gone on record: end of 2010 we get a new currency if the Fed does not raise interest rates.
I admire your willingness to go on record with something so radical. I don’t think I agree with you, but I certainly respect your convictions.
I’m still kicking my arse for not heeding your warning in Sept 2008 and not moving my 401K monies, I would be so much happier right now had I pulled out and jumped back in this summer. Argh.[/quote]
Not quite, Svelte. I think by the end of 2010 we will hear the pols start to agonize about what to do with the dollar once everyone realizes over the course of 2010 that the dog has died and can’t be resurrected. How long it actually takes them to DO something about the situation is another story entirely. This is precisely why I advocate accumulating gold (and especially silver). Because bewteen the time that people realize their currency is f****d and the time we actually develop a viable alternative, we will still need to transact business. Barter will be key, but I also think metals will find a growing role as interim currency.
Participant[quote=svelte][quote=partypup]
If the Fed does not intend to raise interest rates – and let’s face it, they can’t – then we really are witnessing the end of the buck – first as a reserve currency (which has technically already happened over the last 2 months as banks have radically shifted their allocation of reserves), then as a currency, period. I suspect the first milestone will officially be crossed at the end of the month. By the end of next year, I think we will be hearing Congress and Obama bleat about developing a new currency/alternative to the dollar.[/quote]Wow, now you’ve gone on record: end of 2010 we get a new currency if the Fed does not raise interest rates.
I admire your willingness to go on record with something so radical. I don’t think I agree with you, but I certainly respect your convictions.
I’m still kicking my arse for not heeding your warning in Sept 2008 and not moving my 401K monies, I would be so much happier right now had I pulled out and jumped back in this summer. Argh.[/quote]
Not quite, Svelte. I think by the end of 2010 we will hear the pols start to agonize about what to do with the dollar once everyone realizes over the course of 2010 that the dog has died and can’t be resurrected. How long it actually takes them to DO something about the situation is another story entirely. This is precisely why I advocate accumulating gold (and especially silver). Because bewteen the time that people realize their currency is f****d and the time we actually develop a viable alternative, we will still need to transact business. Barter will be key, but I also think metals will find a growing role as interim currency.
Participant[quote=svelte][quote=partypup]
If the Fed does not intend to raise interest rates – and let’s face it, they can’t – then we really are witnessing the end of the buck – first as a reserve currency (which has technically already happened over the last 2 months as banks have radically shifted their allocation of reserves), then as a currency, period. I suspect the first milestone will officially be crossed at the end of the month. By the end of next year, I think we will be hearing Congress and Obama bleat about developing a new currency/alternative to the dollar.[/quote]Wow, now you’ve gone on record: end of 2010 we get a new currency if the Fed does not raise interest rates.
I admire your willingness to go on record with something so radical. I don’t think I agree with you, but I certainly respect your convictions.
I’m still kicking my arse for not heeding your warning in Sept 2008 and not moving my 401K monies, I would be so much happier right now had I pulled out and jumped back in this summer. Argh.[/quote]
Not quite, Svelte. I think by the end of 2010 we will hear the pols start to agonize about what to do with the dollar once everyone realizes over the course of 2010 that the dog has died and can’t be resurrected. How long it actually takes them to DO something about the situation is another story entirely. This is precisely why I advocate accumulating gold (and especially silver). Because bewteen the time that people realize their currency is f****d and the time we actually develop a viable alternative, we will still need to transact business. Barter will be key, but I also think metals will find a growing role as interim currency.
Participant[quote=svelte][quote=partypup]
If the Fed does not intend to raise interest rates – and let’s face it, they can’t – then we really are witnessing the end of the buck – first as a reserve currency (which has technically already happened over the last 2 months as banks have radically shifted their allocation of reserves), then as a currency, period. I suspect the first milestone will officially be crossed at the end of the month. By the end of next year, I think we will be hearing Congress and Obama bleat about developing a new currency/alternative to the dollar.[/quote]Wow, now you’ve gone on record: end of 2010 we get a new currency if the Fed does not raise interest rates.
I admire your willingness to go on record with something so radical. I don’t think I agree with you, but I certainly respect your convictions.
I’m still kicking my arse for not heeding your warning in Sept 2008 and not moving my 401K monies, I would be so much happier right now had I pulled out and jumped back in this summer. Argh.[/quote]
Not quite, Svelte. I think by the end of 2010 we will hear the pols start to agonize about what to do with the dollar once everyone realizes over the course of 2010 that the dog has died and can’t be resurrected. How long it actually takes them to DO something about the situation is another story entirely. This is precisely why I advocate accumulating gold (and especially silver). Because bewteen the time that people realize their currency is f****d and the time we actually develop a viable alternative, we will still need to transact business. Barter will be key, but I also think metals will find a growing role as interim currency.
Participant[quote=svelte][quote=partypup]
If the Fed does not intend to raise interest rates – and let’s face it, they can’t – then we really are witnessing the end of the buck – first as a reserve currency (which has technically already happened over the last 2 months as banks have radically shifted their allocation of reserves), then as a currency, period. I suspect the first milestone will officially be crossed at the end of the month. By the end of next year, I think we will be hearing Congress and Obama bleat about developing a new currency/alternative to the dollar.[/quote]Wow, now you’ve gone on record: end of 2010 we get a new currency if the Fed does not raise interest rates.
I admire your willingness to go on record with something so radical. I don’t think I agree with you, but I certainly respect your convictions.
I’m still kicking my arse for not heeding your warning in Sept 2008 and not moving my 401K monies, I would be so much happier right now had I pulled out and jumped back in this summer. Argh.[/quote]
Not quite, Svelte. I think by the end of 2010 we will hear the pols start to agonize about what to do with the dollar once everyone realizes over the course of 2010 that the dog has died and can’t be resurrected. How long it actually takes them to DO something about the situation is another story entirely. This is precisely why I advocate accumulating gold (and especially silver). Because bewteen the time that people realize their currency is f****d and the time we actually develop a viable alternative, we will still need to transact business. Barter will be key, but I also think metals will find a growing role as interim currency.
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