He - Citibank... Guess what? I try to deposit 16K check from Citibank account and electronic verification from Citibank denies it. Basically it returns some unspecified error about the originating account. So the local bank does deposit the check but put money on hold. Never ever happened before. It looks like they are short of cash but to go that far...
I couldn't agree more! The masses don't care, or even notice when the government yanks away their freedoms. In the 1995 movie Se7en, Brad Pitt's character was <b>shocked</b> at the notion that the government would dare snoop into people's library book borrowing habits. Just six years later, the proles just shrugged, bent over, and accepted this loss of freedom without even batting an eyelash.
HELLO USA, WAKE THE F**K UP The banks have no reserves and we are only 15% the way thru ARMS mortgage resets. http://www.elitetrader.com/vb/showthread.php?threadid=116357
I've been watching H3 and H6 for twenty years. And I've worked with the data since 1955. I've never seen a collapse in reserves like this in all that time. This is a special time indeed. And the financial markets have not fully priced in this dearth of liquidity. There's going to be a nice crash in a few weeks. The last few weeks has been horrible. So I expect m2 to decelerate rather dramatically soon.
THE GRAPHS THAT SHOW THE TRUTH, WHY THE FED IS WEARING BROWN TROUSERS.... http://www.marketoracle.co.uk/Article3570.html From the above URL..."A careful review of these graphs should convince even the most hardened skeptic that the banking system is basically underwater and insolvent. We are entering uncharted waters. The sudden and shocking depletion of bank reserves is due to the huge losses inflicted by the meltdown in subprime loans and other similar structured investments. "..... http://benbittrolff.blogspot.com/2008/01/really-scary-fed-charts-why-bernanke.html USA is TOAST, USA will need to bring back JP Morgan to go off to the UK, China, Europe to raise monies to bail them out. Basically the USA banking systems is in need of HUGE FOREIGN CAPITAL INJECTIONS ( at 14% coupon rates or better, no doubt). Wall Street cowboys have done what Bin Laden could not, sink wall street. If you still think I am being chicken little, I suggest you reseach the the Black Swan theory. http://en.wikipedia.org/wiki/Black_swan_theory http://www.fooledbyrandomness.com
it's sort of ironic that so many of the same everyday americans who can't be bothered to notice or defend against the political looting of our country ... somehow think they're intrinsically superior to every other citizenry on the planet