I dont know if anyone saw this but I bet it gets Jas out of the woodwork:
Drop in consumer prices is most since 1932
The U.S. consumer price index fell by a seasonally adjusted 1.7%, the department reported, the biggest drop since the government began adjusting the CPI for seasonal factors in 1947.
But on a non-seasonally adjusted basis, the CPI fell by 1.9%, the biggest decline since January 1932, at the nadir of the Great Depression.
"This is scary stuff," said Mike Schenk, an economist for Credit Union National Association. "We are teetering on the brink of a massive downward spiral. Deflation is a threat."
What a bunch of cheapskates. Paulson gave their new owners enough money to make this interesting. Why not make it a $1,000 if you open a checking account and leave it for a year? That is what is wrong with American Business. No imagination!
BellSouth gave me $180 cash back + free modem on signing up for a $29.95/month FastAccess DSL service. I can cancel any time without pentalty. Deals everywhere. Deflation nation.
I'm waiting for a major bank to breakaway from the status quo and offer 5% to 7% on checking and savings without a minimum balance prereq. Until then, it's a no-go economy.
Not too new... BoA has been doing $75 for sometime. Of course BoA tries to fee your new acct to death so they recapture some of that freebie.
It doesn't "cost" WaMu (Chase) very much to do this...
the $100 is 1098 to you as interest income that is reported to IRS.
See? They bring in lots of new deposits with the gimmick at the same time they create lots of tax deductions for themselves which can offset losses (which WaMu has lots of) - win, win whoopee!
I just got one of those "revisions to your agreement" notices from one of my credit-card companies yesterday, with this interesting tidbit: The base rate (typically prime) from which they calculate interest has been changed to a permanent floor of 6%, regardless of how low prime goes. Default rate has bumped-up, too.
I don't carry a balance on that card, but still...
Last xmas, citibank gave me a $10 credit on my cc. I held out. They increased the cc credit to $20. Shysters, scum of the earth, ponzi-men, slime.....all united under the big TARP umbrella.
However, WaMu's free checking accounts (which actually follow truth in advertising for the most part) will be grandfathered in if opened before whatever the cutoff date will be on WaMu products. If one doesn't have one of these free checking accounts with WaMu, may want to consider it.
I've had one of these for years. It has worked great for a basic checking, billpay, cash account.
My understanding is that Chase's fees are much like Wells Fargo - they both suck.
deflation is a gov't hoax, designed to divert your attention while they inflate the hell out the money supply manja_cake | 12.16.08 - 12:17 pm | # While I don't doubt the threat of inflation over the next 24 months, what do you mean by "hoax", exactly?
The U.S. consumer price index fell by a seasonally adjusted 1.7%, the department reported, the biggest drop since the government began adjusting the CPI for seasonal factors in 1947.
I always knew the fed credit-binge tactic of promoting anticipatory buying by scaring consumers with perpetual inflation would fail, and I hope Mish succeeds in presiding over the failure of the fed too.
We're getting this in Britain too; Halifax have just announced an account in which (assuming you deposit your salary of more than £1000 per month) they pay you five pounds a month.
Not sure how this is sane, and the when-I-started extremely boring bank in which I own shares and with which I bank is acquiring Halifax at the start of next year.
They can fling what they like at the problem, but the Black Hole will swallow it, and it, the money, will never be seen again. CITI Bank has $33 Trillion in derivatives exposure. The $306 Billion they are getting is like an ant pissing on a 5 alarm fire.
BOA just offered a friend (and solid credit risk) a new mortgage rate lowering payments by $185/month for NO fees. Offer was made over the phone and unsolicited by my friend.
what I mean by "hoax" is that when economists (usually employed by or beholder to banks) and central bankers talk about the deflation threat, when they know the proper definition of deflation is a decrease in the money supply, then they are deliberately lying, made worse by the fact that money supply is leaping by double digit increases recently
and no, credit is not contracting, whatever consumer or mortgage debt may have gone bad recently is DWARTHed by the goverment bailouts and guarantees and unfunded liabilities
there is no deflation (stamps feet angrily on soapbox)!!!!
Surely, you jest. I had a savings account with our emergency funds there that until I moved it that had been earning a whopping 1%. Checking accounts are 0.05% - assuming they pay at all since you have to be above a certain level to get any interest.
Asked them if they would match other interest rates. Answer: Nope - Chase doesn't buy deposits.
money supply can be raised a ton and not cause inflation if the velocity of money reduces to offset (or even reduce) the effect of the increased dollars in supply.
if there were $10 in supply and they changed hands 10 times per year (a $100 GDP) and then you injected $5 more into the system and the new level of $15 changed hands only 5 times per year (a $65 GDP)...you probably wouldn't have inflation.
manga cake, you are so wrong. There are 1 Quadrillion Dollars in OTC and Private Derivatives which have no chance of being settled. Notional my ass! When your counterparty is screwed, so are you!
They aren't the only ones. I received a crisp $1 FRN in the mail yesterday along with an offer to get another $99 free from a local branch of Wintrust (WTFC) in suburban Chicago to open a new checking account.
ades, don't let them fool you with the ole' notional jargon. When your counterpary is screwed so are you. Think of it like a ping pong ball being thrown into a room full of mousetraps.
there is no deflation (stamps feet angrily on soapbox)!!!!
manja_cake | 12.16.08 - 12:24 pm | #
"It was a year in which every major asset class - stocks, real estate, commodities, even high-yield bonds - suffered significant double-digit percentage losses, resulting in the destruction of over $30 trillion of paper wealth." Bill Gross - 8 really, really scary predictions in Fortune 12-9-08
ades, I'm talking total at this point. Think the Madoff case only many magnitudes higher. It's a race to the bottom in a ZIRP world. The Ponzi scheme is worldwide and complete.
Yesterday we learned that our wealth as a nation is equal to or slightly less than our unfunded liabilities. They would call an individual insolvent.
Think of all the formally 401Ks that are now 201Ks which people counted on for retirement, yet the SIPC will step in on the Madoff case and save the rich. Why am I not surprised. There is a day of reckoning coming for these thieves, but it won't be the SEC doling out the justice. Let them eat cake has been tried before!
[money supply can be raised a ton and not cause inflation if the velocity of money reduces to offset (or even reduce) the effect of the increased dollars in supply]
Of course. But as producing enterprises fail and volumes contract (with lower velocity) we can still get price inflation by losing economies of scale, no?
yes, there are so many iterations of what could happen, and what effects offset each other, that it's tough to draw definitive conclusions ex ante.
you could take your scenario a step further and say the failed enterprises fire people and that reduces demand such that it offsets any pricing power from reduced supply. and what price companies set in the short term may be irrespective of cost structure from reduced econ of scale.
WaMu beats the Capital One branch passed this morning on the way to work - which was offering a free coffee if you come inside to bank.
None of its all that great or different, considering the rules about keeping so much in reserve to qualify for the checking.
No good; pony costs more than $100.
... but worse than a pony.
Hold out, people. It'll come.
Gimme, gimme, gimme, GIMME!!!11!
Maybe I just need to settle for a pony steak.
They sure is givin aways money
NEW Promo: Open WaMu Free Checking , Get $100. Offer Expires 2/8/2009 - SlickDeals.net Forums
ZIRP
I think ING is also doing something like that for online accounts.
This seems like a lot of money for the simple act of setting up a checking account. Then again I'm not going to do it....
Wow, they must be desperate. That or the U.S. dollar is basically worthless, so why not give away free money?
bearly writes:
Maybe I just need to settle for a pony steak.
I tell ya, that's the growth market of 2009!
I assume WaMu requires direct deposit...
Got Popcorn?
Neil
I could have swore I posted a photo of this I got in the mail almost 2 weeks ago in the comment section. I guess not.
The first offer of this sort came to us about 1 month back from Chase.
I dont know if anyone saw this but I bet it gets Jas out of the woodwork:
Drop in consumer prices is most since 1932
The U.S. consumer price index fell by a seasonally adjusted 1.7%, the department reported, the biggest drop since the government began adjusting the CPI for seasonal factors in 1947.
But on a non-seasonally adjusted basis, the CPI fell by 1.9%, the biggest decline since January 1932, at the nadir of the Great Depression.
"This is scary stuff," said Mike Schenk, an economist for Credit Union National Association. "We are teetering on the brink of a massive downward spiral. Deflation is a threat."
Drop in consumer prices is most since 1932 - MarketWatch
.......
What a bunch of cheapskates. Paulson gave their new owners enough money to make this interesting. Why not make it a $1,000 if you open a checking account and leave it for a year? That is what is wrong with American Business. No imagination!
BellSouth gave me $180 cash back + free modem on signing up for a $29.95/month FastAccess DSL service. I can cancel any time without pentalty. Deals everywhere. Deflation nation.
MaMu: "It's the first of many free things headed your way."
Banks passing out TARP money this way is the new government cheese.
Government cheese - Wikipedia, the free encyclopedia
Anonymouse,
LOL! I came home last week and my wife was telling me about "deflation" (she listens to my rants!).
Timewarner cut our bill by 30$, gave a new modem and upgraded the speed.
I got a hoot out of it!
....
The more "free" things, the poorer America gets.
Skip the $100. Pay better CD rates.
mouse-
i posted last night, but you prob didnt see it
i have the other side of your DTO trade ...i bought DXO yesterday
Is the money back negotiable? Can I call them and ask for $200 back?
REBear's camcorder cost - REBear's sony points = $200.
I'm waiting for a major bank to breakaway from the status quo and offer 5% to 7% on checking and savings without a minimum balance prereq. Until then, it's a no-go economy.
Will you looky there... a bank with free samples!
Deaco
Now that I think about it, how about giving $100 to people who have paid their credit cards on time for the last year?
How about giving $100 to whoever doubles their credit card balance?
Ever bank at Chase? Once WaMu becomes Chase, $100 should be good for about the first month of fees.
Nemo: Not enuff for a pony, only pony rides.
The FOMC must just be fretting right now over how they can juice Oil up over $100/bbl.
Not the only thing headed our way, none of it good.
[Banks passing out TARP money this way is the new government cheese]
"An internet connection in every pot"
A student at Dr. Bernanke's Quantitative easing lecture...
"Hey guys... there are some popping out this end undigested!!
Not too new... BoA has been doing $75 for sometime. Of course BoA tries to fee your new acct to death so they recapture some of that freebie.
It doesn't "cost" WaMu (Chase) very much to do this...
the $100 is 1098 to you as interest income that is reported to IRS.
See? They bring in lots of new deposits with the gimmick at the same time they create lots of tax deductions for themselves which can offset losses (which WaMu has lots of) - win, win whoopee!
Looks like someone's bonus is tied to new account growth.
why only 100 $
why not 1000 $???
(Semi-OT)
I just got one of those "revisions to your agreement" notices from one of my credit-card companies yesterday, with this interesting tidbit: The base rate (typically prime) from which they calculate interest has been changed to a permanent floor of 6%, regardless of how low prime goes. Default rate has bumped-up, too.
I don't carry a balance on that card, but still...
S.
j marston --
Banks passing out TARP money this way is the new government cheese.
So I read the Wiki article, and before you know it I had stumbled onto an old classic.
Last xmas, citibank gave me a $10 credit on my cc. I held out. They increased the cc credit to $20. Shysters, scum of the earth, ponzi-men, slime.....all united under the big TARP umbrella.
I'm up in Toronto, but love the sound of this.
If any of you regulars are interested, go to WaMu, set up the account, provide me with proof and a crisp $100 US bill and I will give you $150.
I want a piece of the TARP as my own souvenier from the greatest f*^% up in American history.
It's the first of many free things headed your way
...so you had better duck, quick!
Turbo - right on Chase's onerous fees.
However, WaMu's free checking accounts (which actually follow truth in advertising for the most part) will be grandfathered in if opened before whatever the cutoff date will be on WaMu products. If one doesn't have one of these free checking accounts with WaMu, may want to consider it.
I've had one of these for years. It has worked great for a basic checking, billpay, cash account.
My understanding is that Chase's fees are much like Wells Fargo - they both suck.
So get it while you can.
excuse me, but a $100 bonus coupon, or a rebate offer do NOT infer a deflation...
deflation is a gov't hoax, designed to divert your attention while they inflate the hell out the money supply
don't be caught off guard, hyperinflation is coming up next year
don't believe me, look at what gold and the PM-mining stocks have been doing the last month
I got both the wamu and ING offers in the mail. Both went straight into the trash. Can't wait to see what GMAC offers.
Matt - is that $150 Canadian?
Can I take a raincheck on that deal once the USD tanks again?
Can't wait to see what GMAC offers.
deflationary jane | Homepage | 12.16.08 - 12:17 pm | #
a free car - what else?
CR, just wait till you get a bank for buying a toaster.
deflation is a gov't hoax, designed to divert your attention while they inflate the hell out the money supply
manja_cake | 12.16.08 - 12:17 pm | #
While I don't doubt the threat of inflation over the next 24 months, what do you mean by "hoax", exactly?
The U.S. consumer price index fell by a seasonally adjusted 1.7%, the department reported, the biggest drop since the government began adjusting the CPI for seasonal factors in 1947.
I always knew the fed credit-binge tactic of promoting anticipatory buying by scaring consumers with perpetual inflation would fail, and I hope Mish succeeds in presiding over the failure of the fed too.
3rdbillygoat writes:
Matt - is that $150 Canadian?
Can I take a raincheck on that deal once the USD tanks again?
--
hell i'll pay you $45 000 Lira if it sweetens the pot.
how about some pony meat tenderizer?
I'm waiting for the free repo'd boat bought with Wamu HELOCs offer until I open an account.
We're getting this in Britain too; Halifax have just announced an account in which (assuming you deposit your salary of more than £1000 per month) they pay you five pounds a month.
Not sure how this is sane, and the when-I-started extremely boring bank in which I own shares and with which I bank is acquiring Halifax at the start of next year.
Welcome to lloydsbankinggroup.com
This is all about tax manipulation and writing off some crap while dressing the window on the other page --- total crap!
They can fling what they like at the problem, but the Black Hole will swallow it, and it, the money, will never be seen again. CITI Bank has $33 Trillion in derivatives exposure. The $306 Billion they are getting is like an ant pissing on a 5 alarm fire.
only $100? Big whoop. National City gave me $150. There is significantly more farting around involved, but still...
BOA just offered a friend (and solid credit risk) a new mortgage rate lowering payments by $185/month for NO fees. Offer was made over the phone and unsolicited by my friend.
He's been TARPED!
CITI Bank has $33 Trillion in derivatives exposure.
How much exposure is there tho?
....
what I mean by "hoax" is that when economists (usually employed by or beholder to banks) and central bankers talk about the deflation threat, when they know the proper definition of deflation is a decrease in the money supply, then they are deliberately lying, made worse by the fact that money supply is leaping by double digit increases recently
and no, credit is not contracting, whatever consumer or mortgage debt may have gone bad recently is DWARTHed by the goverment bailouts and guarantees and unfunded liabilities
there is no deflation (stamps feet angrily on soapbox)!!!!
They are praying for a slow burn down, but I have serious doubts concerning all their facilities which to now is spelled F.A.I.L.U.R.E.!!
Shnaps isnt that south of the border tho? I dont have the centry pass!
Chase pay interest?
Surely, you jest. I had a savings account with our emergency funds there that until I moved it that had been earning a whopping 1%. Checking accounts are 0.05% - assuming they pay at all since you have to be above a certain level to get any interest.
Asked them if they would match other interest rates. Answer: Nope - Chase doesn't buy deposits.
I moved it that day.
manja cake:
money supply can be raised a ton and not cause inflation if the velocity of money reduces to offset (or even reduce) the effect of the increased dollars in supply.
if there were $10 in supply and they changed hands 10 times per year (a $100 GDP) and then you injected $5 more into the system and the new level of $15 changed hands only 5 times per year (a $65 GDP)...you probably wouldn't have inflation.
just my 2 cents
ades - you're a Canuck?
manga cake, you are so wrong. There are 1 Quadrillion Dollars in OTC and Private Derivatives which have no chance of being settled. Notional my ass! When your counterparty is screwed, so are you!
Man from Nantucket, BINGO!!
They aren't the only ones. I received a crisp $1 FRN in the mail yesterday along with an offer to get another $99 free from a local branch of Wintrust (WTFC) in suburban Chicago to open a new checking account.
with the $100 free from the Chicago bank, and another few thousand more out of your pocket, you too could be a US Senator!
ades, don't let them fool you with the ole' notional jargon. When your counterpary is screwed so are you. Think of it like a ping pong ball being thrown into a room full of mousetraps.
Steve Bartman, something tells me if you show up you're more likely to just get punched in the face instead.
No I'm just messing around. I have a foreman who jokes that us gueros dont / shouldn't go south of the 94
Several comments the last couple of days about new mortgage offers being made.
It sounds awfully like the securitization feedback loop got started up again.
-- w
SoD "When your counterpary is screwed so are you."
If we're talking total meltdown good point. I can certainly see a dominoes chain starting too...
there is no deflation (stamps feet angrily on soapbox)!!!!
manja_cake | 12.16.08 - 12:24 pm | #
"It was a year in which every major asset class - stocks, real estate, commodities, even high-yield bonds - suffered significant double-digit percentage losses, resulting in the destruction of over $30 trillion of paper wealth." Bill Gross - 8 really, really scary predictions in Fortune 12-9-08
"No I'm just messing around. I have a foreman who jokes that us gueros dont / shouldn't go south of the 94 :)"
I pretty much follow that rule whenever possible. Can't remember the last time I've had any reason to go to Chulajuana.
New Post.
ades, I'm talking total at this point. Think the Madoff case only many magnitudes higher. It's a race to the bottom in a ZIRP world. The Ponzi scheme is worldwide and complete.
Yesterday we learned that our wealth as a nation is equal to or slightly less than our unfunded liabilities. They would call an individual insolvent.
Citibank offers the same thing
citibank®
Think of all the formally 401Ks that are now 201Ks which people counted on for retirement, yet the SIPC will step in on the Madoff case and save the rich. Why am I not surprised. There is a day of reckoning coming for these thieves, but it won't be the SEC doling out the justice. Let them eat cake has been tried before!
[money supply can be raised a ton and not cause inflation if the velocity of money reduces to offset (or even reduce) the effect of the increased dollars in supply]
Of course. But as producing enterprises fail and volumes contract (with lower velocity) we can still get price inflation by losing economies of scale, no?
Yeah 100$ is about 3 months of fees with them. Plus, they give no interest.
Why would I go with them?
Tell them to stop killing trees with their useless offers
Consider this when debating inflation vs. deflation.
Both inflation and deflation are each possible outcomes of the credit bust. It really comes down to government actions.
The fed & treasury can indeed inflate regardless of what Mish says. That doesn't mean asset prices will rise though or that CPI will rise.
It is safe to say that prosperity has left the building.
The middle class will be crushed before this mess is over.
thanks CR! i just found a way to sign up, hint: google this and be creative
bearly:
yes, there are so many iterations of what could happen, and what effects offset each other, that it's tough to draw definitive conclusions ex ante.
you could take your scenario a step further and say the failed enterprises fire people and that reduces demand such that it offsets any pricing power from reduced supply. and what price companies set in the short term may be irrespective of cost structure from reduced econ of scale.
At the bottom it says "First of many free things headed your way"... What else will they be doing? Hmmmmm
Chase has been giving you $100 for opening a checking account for more than a year. I doubt it's meltdown-related.
Wow. A 100 bucks. Sweet. Perhaps some of the other weak banks can open up checking accounts at WaMu.
Dammit, I want a pony. And a lot of them are free these days -- people can't afford to keep them. I just have no place to put one. Mope.
WaMu beats the Capital One branch passed this morning on the way to work - which was offering a free coffee if you come inside to bank.
None of its all that great or different, considering the rules about keeping so much in reserve to qualify for the checking.
Hot off the press! $100 !
INK IS STILL WET
When you follow the thread at fatwallet you see what often occurs to deals that are too good to last:
"Dead"
I went to Wall-Mart yesterday and bought a toaster and they threw in....wait for it....a bank!
Has anyone tried this? Is it possible to open and close the account in a month and keep the $100?
Day late and a dollar short but BoA just sent me the same offer
http://finance.yahoo.com/echarts?s=^TNX#chart1:symbol=^tnx;range=1y;compare=^tyx+^gspc;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined
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