Camouflaged Bank Run. Evidence:
1. This New York Times article, among hundreds of other articles, that does not mention the fact that for the first time, there are no assets in the banks other than government IOUs.
2. Somebody has taken $170 billion out of the banking system in the last year. Money continues to flow out of bank ‘reserves’.
Someone has put the word out to keep quiet this very significant withdrawal of money from the banks. It could be the government trying to avoid a panic. But if so, it is BS. The government should not be covering for insiders who are taking their money out while Mr. & Mrs. Smith get hung out to dry.
The New York Times makes the following statement:
“The nation’s banks are in far less danger than they were in the late 1980s and early 1990s.”
What do they base this statement on? Why did they make it? Stinky stinky.
2 comments:
My credit rating is pretty close to max, but JP Morgan-Chase Bank, which holds the paper on my house, just froze my HELOC. They've been freezing HELOCs for customers with lesser credit ratings for months, but when they get up to my level, there's something wrong.
BTW, they "devalued" my residence by 23%, despite the fact that there is no real estate in Portland, OR which has lost a fifth of that, and prices are still escalating in my particular neighborhood.
I view this devaluation of theirs as actionable, since, according to disclosure laws, I have to reveal their figure to any potential buyer, and it is capricious and arbitrary.
By the time I could file suit and get my first court hearing though, Chase will be toast along with the rest of the banks, and we'll all be farmers again.
It may be starting to sink in George. The boys in New York with the big bank connections were spooked. The one with the “tens-of-millions of dollars” flat had an ugly unfinished stairwell that you had to walk through to get to the street. There were two more flats for sale that were a ‘bargain’.
I believe that this will be healthy.
Post a Comment