tag:blogger.com,1999:blog-4921988708619968880.post1242277146017301017..comments2024-02-28T22:03:57.237-05:00Comments on The Automatic Earth: Debt Rattle, July 8 2008: Don't look downIlargihttp://www.blogger.com/profile/09698428009501267664noreply@blogger.comBlogger31125tag:blogger.com,1999:blog-4921988708619968880.post-62597766667037901252008-07-09T10:43:00.000-04:002008-07-09T10:43:00.000-04:00Flying the flag again at DailyKos ...http://www.da...Flying the flag again at DailyKos ...<BR/><BR/>http://www.dailykos.com/story/2008/7/9/91656/91263/528/548646.https://www.blogger.com/profile/03915219261001181341noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-18559195447974959542008-07-09T02:13:00.000-04:002008-07-09T02:13:00.000-04:00Shibbly:They are wrong.It means nothing when thing...Shibbly:<BR/><BR/>They are wrong.<BR/>It means nothing when things are doing better for week or two.<BR/>The rates are low and FED officers are in the press, because they can't go lower anymore.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-67934145356966959252008-07-08T23:47:00.000-04:002008-07-08T23:47:00.000-04:00For those keeping cash under your own control, I s...For those keeping cash under your own control, I suggest you invest in a fire-proof, flood-proof box to keep it in, and be creative about storing it. Minimize risks as much as possible.Stoneleighhttps://www.blogger.com/profile/15099878430757036461noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-87077010219142057042008-07-08T23:42:00.000-04:002008-07-08T23:42:00.000-04:00El Pollo,FWIW I don't think the rebound in the mar...El Pollo,<BR/><BR/>FWIW I don't think the rebound in the market was a result of Bernanke's speech. Rallies happen and people find a post-hoc rationalisation for them from the news of the day.<BR/><BR/>We could be seeing the beginning of a bear market rally, although I would have expected more fear into even a short-term bottom. If a rally does materialize, it could be quite sharp (largely thanks Stoneleighhttps://www.blogger.com/profile/15099878430757036461noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-19383021209886293872008-07-08T22:23:00.000-04:002008-07-08T22:23:00.000-04:00I was reading the NYT just now and they gave as a ...I was reading the NYT just now and they gave as a primary reason for a drop in the price of crud, the recognition that Hurricane Bertha would not go into the Gulf of Mexico. I just wish to state as both a former teacher of the physical sciences (chemistry and physics) and an 11 year resident of the Caribbean who spends a good deal of his summer months studying NHC analyses, that it was a near Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-45012024201967957882008-07-08T20:22:00.000-04:002008-07-08T20:22:00.000-04:00Nothing to worry about. Bernanke turned around, b...Nothing to worry about. Bernanke turned around, bent over, and passed wind into the microphone this morning, and the DJ US Financials went up 6%. The power of a well trimmed beard. And crude fell to $136.<BR/><BR/>Happy times are here again. So I am going to go out and buy that 6 bedroom house I always wanted and that Hummer with roof mounted .50 cal tomorrow.<BR/><BR/>Even the people who Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-9713121848644491452008-07-08T20:18:00.000-04:002008-07-08T20:18:00.000-04:00That's good that electronic deposits and payments ...That's good that electronic deposits and payments should be ok, for awhile. I dreaded the thought of contacting all these companies to make other arrangements, although some day that may happen.<BR/><BR/>I am also setting up some electronic revolving Treasury Bills such that when one matures, it will be deposited at the credit union, at about the same time as another Treasury is bought. <BR/><BR/Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-52165015752232945812008-07-08T19:40:00.000-04:002008-07-08T19:40:00.000-04:00Don't get too worked up guys.OC for one be could w...Don't get too worked up guys.<BR/><BR/>OC for one be could well be flagged alright, but as a substance abuser. Ramming through a few K a week is not something that flags anything or anyone. Doing it in cash means drugs, booze, gambling, things that don't do plastic well. That's just as valid in the States. Big Brother doth not protest; he makes his money in those trades.Ilargihttps://www.blogger.com/profile/09698428009501267664noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-15566184153188798672008-07-08T19:38:00.000-04:002008-07-08T19:38:00.000-04:00Anon Reader,Automatic payments will definitely be ...Anon Reader,<BR/><BR/>Automatic payments will definitely be an issue, but it's difficult to say just how that will play our yet. In Argentina during their bank freeze, some electronic payments were still permitted, although physical access to savings was not. Mind you, this might have been a reflection of the fact that electronic payments were much less common in Argentina in 2001 than they are Stoneleighhttps://www.blogger.com/profile/15099878430757036461noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-29762482222834598022008-07-08T19:23:00.000-04:002008-07-08T19:23:00.000-04:00OC,For the time being I think the cash withdrawl r...OC,<BR/><BR/>For the time being I think the cash withdrawl red-flagging is more of an American issue than a Canadian one. Since Canada is lagging behind the US in terms of financial upheaval, there isn't the same sense of looming crisis that there is south of the border. Our government is still (at least apparently) less suspicious and controlling, so our freedom of action is less curtailed.Stoneleighhttps://www.blogger.com/profile/15099878430757036461noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-17566879836344772282008-07-08T19:18:00.001-04:002008-07-08T19:18:00.001-04:00Oh yeah. And having said all of the previous, as ...Oh yeah. And having said all of the previous, as soon as I'm able to convert all that paper into something tangible, like a farm, then I will. Unfortunately, real estate prices here are still rediculous.<BR/><BR/>All this talk of money depresses me. I think I would be much happier if I didn't spend so much time thinking about financial, energy and ecological doom and focussed instead of livingFarmerodhttps://www.blogger.com/profile/03492165772535123915noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-11723521363130313292008-07-08T19:18:00.000-04:002008-07-08T19:18:00.000-04:00EB,I wouldn't worry about taking out more than a c...EB,<BR/><BR/>I wouldn't worry about taking out more than a certain amount a few times, especially if you're only withdrawing up to the daily limit on your card from an ATM.<BR/><BR/>After all, some lucky people with larger amounts in savings will need to withdraw greater amounts in order to be able to extract their money in a timely fashion. For them, it's definitely a risk worth taking (in a Stoneleighhttps://www.blogger.com/profile/15099878430757036461noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-41164200005294602302008-07-08T19:14:00.000-04:002008-07-08T19:14:00.000-04:00Guess I'm flagged then. I took out $20k a few mon...Guess I'm flagged then. I took out $20k a few months ago. I called my local banker and told her that I believed the banking system itself and her bank particularly was at risk of collapse. Her resonse was to have me speak to her mutual fund guy. I said (in email), with all due respect, can I please just have the cash please. A day later, I had it. If I'm flagged, I'm not aware of any Farmerodhttps://www.blogger.com/profile/03492165772535123915noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-26597051166775248262008-07-08T17:06:00.000-04:002008-07-08T17:06:00.000-04:00Personally, I don't think bankrate.com is very rel...Personally, I don't think bankrate.com is very reliable. Two months ago, I looked up several banks in my area. A couple of the banks had only 3 stars, primarily because they have been exposed to delinquent loans. Today, both banks have 4 stars. Delinquencies at these banks are going to rise, so I don't think the 4-star rating is reliable.<BR/> <BR/>Anonymous ReaderAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-53545147469345371692008-07-08T16:49:00.000-04:002008-07-08T16:49:00.000-04:00Check the status of your bank at bankrate.com. I ...Check the status of your bank at bankrate.com. I have my money in local banks with 5 star ratings.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-15903174244382809612008-07-08T16:26:00.001-04:002008-07-08T16:26:00.001-04:00What happens if a bank were to freeze up, and the ...What happens if a bank were to freeze up, and the automatic deposits for paychecks and pension checks are not able to be deposited, and automatic payments for bills are not able to be deducted? <BR/><BR/>Would those companies who send deposits mail us the check to deposit at a different bank?<BR/><BR/>I would think for automatic payments, that a person could use a different bank to send a Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-55470592689568333932008-07-08T16:26:00.000-04:002008-07-08T16:26:00.000-04:00Outtacontrol,Almost everyone I know believes that ...Outtacontrol,<BR/>Almost everyone I know believes that the worst is over, or that we will rebound soon enough because we always have in the past.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-49735527171165053172008-07-08T15:06:00.000-04:002008-07-08T15:06:00.000-04:00ottacontrol,I'd like to take comfort in BofC annou...ottacontrol,I'd like to take comfort in BofC announcement that the crisis was over! From what I currently know Carney wants the same " tool kit" as the Feds. He has arranged to change the Canada Banking Act! Not good news in my view! We don't have transparency here either. why not? McCain made a recent trip to Canada, not to pay his respects to the elected gov't but to the real seat of power, thescandiahttps://www.blogger.com/profile/07924260428840006237noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-35765411900406462832008-07-08T15:04:00.000-04:002008-07-08T15:04:00.000-04:00Stoneleigh, I totally agree with you that oil/ga...Stoneleigh,<BR/> I totally agree with you that oil/gas prices are due to go down in the near to medium term, and that does not mean gas will become more affordable. Losing a job presents a much larger hit to discretionary spending than increasing gas prices does, no matter how much people complain about "expensive gas". As more and more jobs are lost, demand destruction will again create a EBrownhttps://www.blogger.com/profile/02894676347259218501noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-52146984262946670542008-07-08T14:49:00.000-04:002008-07-08T14:49:00.000-04:00Linda,It's not that IndyMac wouldn't be able to fi...Linda,<BR/><BR/>It's not that IndyMac wouldn't be able to find buyers for their risky portfolio, but that they aren't willing to accept the fire-sale price that willing buyers would be prepared to pay. In other words, they object to the prospect of their assets being marked-to-market, as opposed to marked-to-model (or marked-to-make-believe).<BR/><BR/>Banks desperately want to avoid a fire-sale Stoneleighhttps://www.blogger.com/profile/15099878430757036461noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-82179739408032572502008-07-08T14:31:00.000-04:002008-07-08T14:31:00.000-04:00EB,I don't think there's a single set limit for ca...EB,<BR/><BR/>I don't think there's a single set limit for cash withdrawls that would set off alarm bells. My guess is that you would be fine withdrawing, say, $1000 a week, especially if you varied the amount over time and made withdrawls perhaps 2-3 times per week. Asking for a large sum all at once would be risky though.<BR/><BR/>Not being able to drive will indeed be a huge issue for most Stoneleighhttps://www.blogger.com/profile/15099878430757036461noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-81643568132109783772008-07-08T14:16:00.000-04:002008-07-08T14:16:00.000-04:00Stoneleigh, How much cash at one go is, "too muc...Stoneleigh,<BR/> How much cash at one go is, "too much"? Do you know of a particular amount that will set off alarm bells? <BR/><BR/>On a different topic - I thought I'd share a conversation I had with an older woman the other night. I live in northern Vermont, and the lady I spoke with was 91 years old, had grown up in a neighboring "town", moved to Mass as a young woman. She then moved EBrownhttps://www.blogger.com/profile/02894676347259218501noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-21830266236935254192008-07-08T12:56:00.000-04:002008-07-08T12:56:00.000-04:00Be careful withdrawing too much cash at once, as t...Be careful withdrawing too much cash at once, as the powers-that-be are very distrustful of untraceable cash. They won't give you the benefit of the doubt as to your reasons for wanting it (even though it's your own hard-earned money), and will red-flag you (under anti-money-laundering provisions) if you take out too much at once.<BR/><BR/>Little and often is a better strategy, but that means youStoneleighhttps://www.blogger.com/profile/15099878430757036461noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-19477685044435626692008-07-08T12:46:00.000-04:002008-07-08T12:46:00.000-04:00Canada is an island of stability in this ocean of ...Canada is an island of stability in this ocean of turmoil.<BR/><BR/><A HREF="http://www.reportonbusiness.com/servlet/story/RTGAM.20080708.wcreditcrunch0708/BNStory/Business/home" REL="nofollow">Central bank signals worst of credit woes over</A>Farmerodhttps://www.blogger.com/profile/03492165772535123915noreply@blogger.comtag:blogger.com,1999:blog-4921988708619968880.post-38766606412415875942008-07-08T12:44:00.000-04:002008-07-08T12:44:00.000-04:00anon czechia- your currency example speaks volumes...anon czechia- your currency example speaks volumes.<BR/>The availability of future generations to service gov't debt is now in question.At least a question I ask.scandiahttps://www.blogger.com/profile/07924260428840006237noreply@blogger.com