Thank you for making me laugh out loud. I nearly broke a few ribs. All this from a guy with the name DeepFried to boot.
Heh. BTW Eliot, you were right the other day with your article and post about the BS meeting that was held re the monolines. I was saying "ah, it's too big not to fix it and soon" but I've since gotten more pessimistic. I think the only "solution" anyone has for this mess is to cut rates to zero but that won't change the bad debt situation.
It is too big not to fix. I (and apparently everyone else) don't know how. Fed bailout a la LTCM? But that was peanuts compared to this. Oh, and MBIA just posted quarterly results. http://www.bloomberg.com/apps/news?pid=20601087&sid=aZigOJfgnaB0&refer=home Jan. 31 (Bloomberg) -- MBIA Inc., the world's largest bond insurer, posted its biggest-ever quarterly loss and said it is considering new ways to raise capital after a slump in the value of subprime-mortgage securities the company guaranteed. The fourth-quarter net loss was $2.3 billion, or $18.61 a share, raising concern the Armonk, New York-based company will lose its Aaa rating at Moody's Investors Service. The loss came a day after FGIC Corp.'s insurance unit became the third company to be stripped of its AAA credit rating.
This is getting a bit off topic but now they are having trouble selling new bonds. S&P and Moody's have to do something quick. People are starting to disbelieve the AAA ratings. http://www.reuters.com/article/companyNews/idUSN3020977620080131
Citibank has for a long time had these kinds of limits. This has nothing to do with withdrawals. They in no way and have never had, limits on how much of your own money you can simply withdraw, or even wire out.
Verrry interesting. There will be many and varied consequences coming out of this for municipalities, schools, etc.
The original links shows the major risk is LONG bonds rate rising. 30yr and 10yr bond are the ones to watch !!
Banks have to file a report to some Fed agency if you bring in more than $10k in cash too... I notice that the original article quotes Geo Soros... he predicted a recession for the USA for the latter half of 2007, wrong on that one...
Sheeple will go about their daily lives much like the orchestra on the Titantic as it sunk. Ship is going down! <img src="http://bv.diesis.it/288/Foto/titanic-3.jpg">