Stock Market is ROCKING

[Nugget]

They were depressions era kids too, and only had limited trust of the banks.

At the end of the day, it still comes down to risk assessment and tolerance. The chances your house will be robbed or burn down during your lifetime are probably still greater than the chance that your bank will go under and FDIC won't pay you back. Good luck convincing State Farm that you had $127k of $20 bills stuffed in your curtains and under your dishes.

 

[Slow Hand]

At the end of the day, it still comes down to risk assessment and tolerance. The chances your house will be robbed or burn down during your lifetime are probably still greater than the chance that your bank will go under and FDIC won't pay you back. Good luck convincing State Farm that you had $127k of $20 bills stuffed in your curtains and under your dishes.

True to a point. I doubt many meth heads will go checking the drapes for benji’s. And this was all ‘extra’ money anyways. Also, they HAD lived through a bank collapse, so that was much more real to them than it is to us watching gangster movies and maybe reading about it in middle school…

 

[asevans]

 

[Ark]

Wow. Gonna be a holocaust for small/community banks. She just said outright that the boards will only bail out >$250k deposits at big national banks, not small ones. That's green light for every deposit over $250k to get yanked and transferred to the big politically connected banks.

God help us with these people in charge.

 

[Ingomike]

My grandma worked at bank during the depression. She saw it all up close and firsthand.

When stock in banks was selling for fractions of pennies, her and her little brother bought all of it they could afford. This was a pretty insightful and very ballsy move for what were really just kids, in their early 20s.

Grandma and grandpa cashed most of theirs out in the 1940s for a decent return and bought the land that would be their farm. Her brother told them this was a dumb move. It would be smarter to borrow the money to buy land and hold that stock.

Grandma's brother held onto his. Worked as butcher until he was in his 60s. As those small banks he owned stock in got gobbled up by bigger and bigger banks, he eventually owned stock in several of the mega-banks. He was worth millions when died.

Oh for the simplicity of that bygone era…

 

[foszoe]

Religion in the form of “currency”. You just have to have faith it exists.

I have heard the same thing about dollars since leaving silver and gold behind though.

It has value because we believe it.

I can find threads here telling me our dollars are worthless and other countries are moving away from it.

Maybe it's a relativity thing.

 

[bobzilla]

I have heard the same thing about dollars since leaving silver and gold behind though.

It has value because we believe it.

I can find threads here telling me our dollars are worthless and other countries are moving away from it.

Maybe it's a relativity thing.

DON'T worry, crypto will save us.

 

[smokingman]

Wow. Gonna be a holocaust for small/community banks. She just said outright that the boards will only bail out >$250k deposits at big national banks, not small ones. That's green light for every deposit over $250k to get yanked and transferred to the big politically connected banks.

God help us with these people in charge.

Not a joke.
They are not doing the same for all banks(insuring all deposits).This is from yesterday. If you do not follow the correct narrative(if the bank is not) and does not donate to the correct political party,that banks depositors will be sol if it fails(ie not win a super majority vote and any deposit over 250k is not insured). It has already happened this week.

Treasury Secretary Janet Yellen was caught flat-footed on Thursday during testimony before the Senate Finance Committee, after Sen. James Lankford (R-OK) grilled her over whether all deposits at Oklahoma community banks would now be fully insured like those at Silicon Valley Bank and Signature Bank.

"Will they get the same treatment that SVB just got, or Signature Bank just got?" asked Lankford.

"I'm concerned you're...encouraging anyone who has a large deposit at a community bank to say, 'we're not going to make you whole, but if you go to one of our preferred banks, we will make you whole," Lankford said.

"That is certainty not something that we’re encouraging," Yellen replied.

"A bank only gets that treatment" under the systemic risk exception rule, Yellen continued, explaining that it takes a 'supermajority' vote to do so.

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

In short banking is now political 100%

 

[asevans]

DON'T worry, crypto will save us.

You keep your dollars and I’ll keep my bitcoin.
Let’s see who come out on top.

 

[BugI02]

Those who cannot remember the past are condemned to repeat it.
-the great musical artist George Santayana

He also said "Only the dead have seen the end of war"

 

[smokingman]

You keep your dollars and I’ll keep my bitcoin.
Let’s see who come out on top.

My opinion is neither.
People with physical assets and actual resources always come out ahead historically.

I will not bash your bitcoin,but you should at the very least understand the risk. Current legislation in the works for a US digital currency would make it illegal to trade any previous digital currency for the new FED one(not just bitcoin,but any). You would need to convert bitcoin to something else(likely not in the USA as banks will not legally be able exchange in them) before you could actually use it as currency(you have to do that now as well,but it is still legal(and you will be taxed) to change them into USD, in the future it looks like that will not be possible legally).

New Draft U.S. Law Will Make It Illegal to Issue Stablecoins Without Federal Reserve Approval – Regulation Bitcoin News

Three U.S. lawmakers have introduced a bill that will force private stablecoin issuers to obtain a banking charter (or license) and approval from the

news.bitcoin.com

 

[foszoe]

DON'T worry, crypto will save us.

An excellent response

 

[asevans]

That is exactly why the narrative is to bunch bitcoin with all crypto. So low IQ people who are to lazy to learn what bitcoin is will stay silent. Thus making bitcoin illegal and insure future generations of debt slaves.

 

[Route 45]

That is exactly why the narrative is to bunch bitcoin with all crypto. So low IQ people who are to lazy to learn what bitcoin is will stay silent. Thus making bitcoin illegal and insure future generations of debt slaves.

How high does one's IQ have to be to invest in a medium that can be made illegal with the stroke of a pen?

 

[BugI02]

That is exactly why the narrative is to bunch bitcoin with all crypto. So low IQ people who are to lazy to learn what bitcoin is will stay silent. Thus making bitcoin illegal and insure future generations of debt slaves.

 

[Nugget]

How high does one's IQ have to be to invest in a medium that can be made illegal with the stroke of a pen?

Or made obsolete with the death of electricity or the internet. "I promise there's money saved on this thumb drive... can I have a loaf of bread now?"

 

[DoggyDaddy]

That is exactly why the narrative is to bunch bitcoin with all crypto. So low IQ people who are to lazy to learn what bitcoin is will stay silent. Thus making bitcoin illegal and insure future generations of debt slaves.

The last time my IQ was measured, it was 146. Is that low? I do like an afternoon nap, so maybe I'm lazy.

 

[BugI02]

How high does one's IQ have to be to invest in a medium that can be made illegal with the stroke of a pen?

Or one that crashes more often than Danica Patrick

 

[daddyusmaximus]

Good friend of mine follows the markets and posted this on bookface...


“Investors in the banks will not be protected,” Mr. Biden said. “They knowingly took a risk, and when the risk didn’t pay off, investors lose their money. That’s how capitalism works.”
He added, “No losses will be borne by the taxpayers. Let me repeat that: No losses will be borne by the taxpayers.”
But.........
"Senator James Lankford (R., Okla.) pressed Yellen on the matter during a Senate Finance Committee hearing held days after Silicon Valley Bank collapsed.
“It has been reported publicly that SVB had a large number of Chinese investors that are there, including some companies that were directly connected to the Chinese Communist Party,” Lankford said. “So what I’m asking is: will my banks in Oklahoma pay a special assessment to be able to make Chinese investors whole in Silicon Valley Bank?”
Secretary Yellen confirmed that they would."




So, they want taxpayers to pay for their voters college loans... but NOT to get their bank deposits secured...
Well, except for CHINESE investors.

 

[asevans]

Geeze. I wasn’t talking about anybody on here.