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Banks to Make Loans to FDIC?
Submitted by
CalculatedRisk on Mon, 09/21/2009 - 7:33pm (186 comments)
in
It's sure to pass. Lobbyists and bankers love it. (so the article states)
But that didn't make retch. Can't say the same for the juxtaposition of the work "tap" and "Shelia Bair" in the same paragraph.
That is one way to get the future deposit insurance funds paid immediately without hurting bank capital.
Tiger butter.
As a next step, can we then finance our federal deficit by having our nation's biggest, healthiest banks lend to the US Government, risk-free and backed by the US Treasury? There seems to be something circular about this, but it reduces our dependence on foreigners.
hoosantibanktax?
There seems to be something circular about this
More financial sleight-of-hand. Since bank loans are essentially Fed credit, it's just another stealth monetization.
Igiveyumoneyandyugivememoneyinthefuture.
The reality is, FDIC/Treasury is just issuing printing presses and setting them up like ATMs
"There seems to be something circular about this,..."
In the tale, an Indian boy named Sambo prevails over a group of hungry tigers. The little boy has to give his colourful new clothes, shoes, and umbrella to four tigers so they will not eat him. Sambo recovers the clothes when the jealous, conceited tigers chase each other around a tree until they are reduced to a pool of delicious melted butter.
Whose in whose back pocket? Dumb question. . . .
The Gilded Age all over again.
This is just the Federal Reserve system with another name. Unbelievable...hence it it sure to be passed.
Well, I don't see anything wrong with it. There certainly aren't any large scale opportunities to deploy capital into productive private investments. Maybe next they can have the nation's biggest, healthiest banks loan money to the new CCC and WPA.
There seems to be something circular about this
healthy banks will loan money to finance the FDIC's loss-share agreement with said healthy banks.
My wife drives 50 miles each way to work - takes her less than an hour. Rural to suburban...
Maybe we should call her drivefly?
Put this in perspective:
Who do you trust more?
Also, when you think about it, the large, "healthy" banks would be loaning their customer's deposited funds to the FDIC in order to help the FDIC insure the aforementioned deposits. Dude, it's official: this whole country is one big Ponzi scheme...
Who said those reserves were going to be unused?
See- a productive use of those excess reserves.
Um,
rules, after all, how can anyone begin to believe that we are not monetizing everything in sight to prop up the markets?
Bah, all I see is endless bailouts, until we can bailout no more.
Someday this war's gonna end...
ifeyegiveyumoneyandyuclosecmicompetitionigetmoremoney?
Woudn't it be simpler for the healthy banks simply to lend to the other healthy banks?
C
Sheila just asked me for $10 grand in "walkin' around money".
We are so very well and truly F'D, I C.
Counterpointer (profile) wrote on Mon, 9/21/2009 - 7:45 pm
Woudn't it be simpler for the healthy banks simply to lend to the other healthy banks?
A classic economist joke starts: First you assume two healthy banks...
Gates: Warren, could you spot me a few?
I hope they say something about good collateral and penalty rates when they hand their dough over.
It's healthy banks all the way down!
Who doesn't like risk-free?
So which are the healthy ones? The ones that are lending, right?
Or is it the ones with capital?
And they must have assets, and have survived this far, so they must be healthy.
In that case it's a wonder they even know who Sheila is!
C
refinancing securiitized loans....
washingmoneywithspecialservices.
Well, it is clearly circular, and an accounting fraud that overstates the aggregate capital in banks.
Banks lend $10 billion to the FDIC, marking it down as an asset that contributes to their capital. The FDIC burns through the money rescuing other banks. But it claims that it's not burning through taxpayers' money, because "the money came from the banks". And the FDIC will repay those banks by levying charges on said healthy banks. But that future charge on the banks, which is the asset backing the banks' original investment in the FDIC, is to be taken from the banks. So the healthy banks should book it as a liability, right? Of course not.
They've set up a way to owe themselves money, booking the receivable as an asset, and ignoring the payable on the liability side of their balance sheets. Fraud.
"It's healthy banks all the way down! "
"If you want a picture of the future, imagine Goldman's boot stomping on a human face -- forever."
Squirrel sighting. Somebody is reading CR: http://imgs.xkcd.com/comics/locke_and_demosthenes.png
2x+ good observation, Winston...
last one,
FED
Hold Steady..
If the government is the one guaranteeing the loans, why doesn't the government just make the loans to the FDIC and therefore at least recoup the fees and interest being charged?
And if the government is the one who has to take over the bad banks and deal with the cruddy assets no one wants anyway, why doesn't it just pay itself the money and cut out the banks altogether?
In fact, why do we even have banks to get in the way? Why not just get all of our credit from the government?
Please recognize the high levels of snark in this comment. kthxbai.
I wonder if the debt ceiling had anything to do with this decision....
I accidently over-cranked my Sheila Bair wind-up doll, and now it says this...
"Since 1934, nobody has ever lost a cent in an individual insured FDIC bank account, can I borrow $5 or $10 Billion for 6 months?"
So one of the people I actually pay for advice from (Chris Weber) posted this link in his September newsletter:
Priceless: How The Federal Reserve Bought The Economics Profession
As Chris wrote: "We are now left with a bought-off profession of economists who are afraid to criticize the Fed because their careers may suffer."
Thank heavens for CalculatedRisk!
I guess the healthy banks lend it to FDIC at the same free rate that they got it from the wholesaler. That would be fair and reasonable.
Otherwise someone might be tempted to make money out of an agency in a tight spot! Naughty!
C
Don Vito Corleone, my FDIC Godfather, I hate to ask you for another loan, but one of my banks is low on funds again and we have trouble with our books...
YouTube - Bonasera
Could be. There's ~$350B left until we crack our noggins again.
"Since 1934, nobody has ever lost a cent in an individual insured FDIC bank account."
Taxpayers = "nobody", per Sheila, and the rest of the bailout crowd.
I find your views intriguing and wish to subscribe to your newsletter.
It did say they were getting government bonds. But the bonds will be repaid by the industry. I'm sure they have it all worked out.
Banks to Make Loans to FDIC?
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.
.
.
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Waiting for go dough?
Agreed. I think we should just trust them.
They seem legit.
Now wait a second, what healthy banks are they talking about? Come on now, this is good for a laugh, but which bank has real money?
Paul, Peter, thievery, payment.
Every picture tells a story, don't it?
I don't think you posters are correct who are saying this appears to be circular.
If it were circular, my money would eventually be returning to my pocket, at least temporarily.
I don't see that happening.
Now wait a second, are you asking which bank has a positive balance sheet? Or which bank has 'real' money?
Because we can get in an hour long flame war if you're asking the latter.
This does not pass the sniff test!
Let me undersand:
1. A loan is made
2. That loan is USG guarenteed
3. An interest rate is assigned
4. Interest is funneled into banks who made the loans
And, all is well
please
"Or which bank has 'real' money?"
JPM and GS come to mind. They are the ones with the
books.
Bingo! We have a winner.
Oh yah, now I get it, the banks that have money to lend to FDIC have TARP funds, is that it?
Let the FDIC take (not borrow) funds from the Treasury. This way the Treasury gets cash hot off the printing press from the Fed at whatever interest rate that comes out to. If the Fed makes any profit, then they can pay it back to the Treasury.
Give less (not more) control to the banks over the commonwealth. Don't make our government and our people slave-debtors to the private banks.
THIS you can sell to J6P...
This is the most ludicrous idea yet. I love it! I'll bail you out, so you can loan me the money, so I can bail you out...
Ouruboros
of the Banksters
What is the DIF ratio if the DIF goes negative?
The FDIC will have NEGATIVE 50 billion in reserves insuring about 4.5 trillion in deposits?
This scares me a lot more than drawing down the Treasury. It makes me think the fraud and insolvency is much, much worse than it appears.
It makes me want to take the rest of my money out of the banking system.
This ruse might be a little too obvious to pass, even by the recent frayed standards of financial sleight of hand. But then another ruse will be found to get to the same conclusion. Ultimately, taxpayers will be made to fund the FDIC bailout of depositors in reckless banks.
Since no one liked "tiger butter" I offer my original albeit risque two word analysis: Elephant walk.
Penalty rates to the FDIC? An interesting thought!
As for collateral, you certainly have a point - $500 Bil of the credit line with US Treasury does not count for much nowadays. Hell, the FDIC had better borrow from Citi than from UST.
Let me get this straight....
Fed gov ( Bush then Obama ) bails out banks to tune of $12Trillion ( taxpayers footing the bill )
The Fed buys the toxic assets from banks to get them off their books ( taxpayers exposure and footing the bill )
Timmy at Treasury says hmmm I have a clever idea lets allow too greedy to fail banks to make Loans to FDIC?
This post should be titled taxpayer make loans to FDIC so they can keep it solvent and buy homes to keep the illusion and dream alive ( more taxpayers exposure and footing of the bill )
Yours is a good explanation, but my first thought was that Sheila does not want to cede any power to Timmy.
Money lend to the FDIC is the money that will NOT be lend to consumer ! Hmmmmm
Did you guys see this?
Edmunds’ SAAR of 8.8 million would be lowest in nearly 28 years
September’s light-vehicle sales rate will fall to 8.8 million units, consumer auto site Edmunds.com said. That would be the lowest rate in nearly 28 years, tying the worst demand on record.
hahahaha - hey!
You know what would be really funny? If the same banks that have issued bonds backed by the FDIC turned around and loaned the FDIC money.
In my childhood book he was little black Sambo.
"September’s light-vehicle sales rate will fall to 8.8 million units, consumer auto site Edmunds.com said. That would be the lowest rate in nearly 28 years, tying the worst demand on record. "
All together now: HOOCOODANODE?
Dawg, you underestimate. I loved your tiger butter story. How can you comment on such a great story? It goes without saying.
I agree. I planned on bolting just as soon as my pocket refilled. I think I will be waiting a long, long time.
There are four definitions of 'elephant walk' and all of them caused me to involuntarily clench my legs together.
[shudder]
My first thought was turf war, too. But then I remembered that Timmay actually doesn't have any money left.
Ahhhhhhh, light dawns.
"In my childhood book he was little black Sambo. "
-10 for political incorrectness.
BTW, last time I was in Santa Barbara, there was still a Sambo's restaurant. Blast from the past.
And it had the original art on the walls.
noob goldberg (profile) wrote (in reply to...) on Mon, 9/21/2009 - 8:12 pm
Since no one liked "tiger butter" I offer my original albeit risque two word analysis: Elephant walk.
There are four definitions of 'elephant walk' and all of them caused me to involuntarily clench my legs together.
[shudder]
I played rugby in college. 'Nuff said?
At the risk of excessive repetition, this made me think, "we are so screwed..."
I'd like to volunteer as an insurer of this new practice, my company name is:
American Investment Guild (AIG)
isn't this similar to the whole FFELP program that Obama is railing against?
Don't worry, it'll be fine.
Now go stand in front of Rob Dawg. The music's starting.
Bernanke said Woman, you going to walk a mile for a Camel
Or are you going to make like Mr. Paulson and satisfy?
She said that all depends on what you're packing
Regular or king-size
Then she pulled out my Jim Beam, and to her surprise
It was every bit as hard as my FDIC Canadian Club
I find it amusing how hard the government is working to avoid hitting the debt ceiling, when in years past Congress would routinely raise the ceiling.
And someone had teh wisdom of naming a restaurant in Boston The Elephant Walk - I $h!t you not - The Elephant Walk Restaurants serving delicious Cambodian and French
cooking
Re: "we are so screwed"
I'll second that motion
This mother of Ponzi schemes would have been moot if Joseph Stiglitz suggestion last Feb that the Government should allow every distressed bank to go bankrupt. Then set up a fresh banking system under temporary state control rather than cripple the country by propping up a corrupt edifice.
However the elites won again including corrupt Congress where avg net worth of Senator is about 12M and Congressiter $5M.
However most Americans ( not the smart folks here ) don't quite understand the sordid implications....
They are not working to avoid hitting the debt ceiling; they are working to postpone begging Congress to raise the debt ceiling.
What's a debt ceiling?
C
I think all these contortions (by the FDIC) are just to fool us (the collective voters). It's a simple IQ test. Let's see if it works!
HahahahahahAHAHAHAH
You kinda wonder what the offspring will look like from this incestuous financial relationship?
Don't worry. It's just imaginary.
TELL us Juvie, tell us.
And Sambo was a hero.
I'm curious too if this will work. I'll be watching the votes.
noob goldberg (profile) wrote (in reply to...) on Mon, 9/21/2009 - 8:15 pm
At the risk of excessive repetition, this made me think, "we are so screwed..."
Don't worry, it'll be fine.
Now go stand in front of Rob Dawg. The music's starting.
In front?!?
Consider two options:
Remind me again why there are bankers in this country who are not swinging from lampposts.
A debt ceiling, in case you haven't heard, is when your credit card company suddenly lowers your card limits. Or cancels them outright.
It's also defined as when the bank tells you that you are no longer eligible to refinance your house.
And your business can no longer obtain financing.
That's called a debt ceiling.
LawyerLiz;
"And Sambo was a hero. "
Be careful, or you'll be getting a call from Jimmy Carter.
I think I'll spend all my money, before it goes away.
Is that the one where we win a whole bunch of
and then sit around a frat house and smoke 
?
I get confused.
I see your interesting examples. They are when a lender says "enough!".
So why is the borrower in this case trying to set one, or avoid one, or whatever?
Very confusing.
C
Yeah, that's a better way of describing the situation. It struck me after hitting the save button that if the FDIC did cave and borrow from the line of credit, that would weaken Sheila relative to Timmy and the other players.
I read the damn book after I learned to read. At the time
it was supposed to be a cute book for little kids with a moral.
I know what it says. And as I recall the pictures were
of persons of the African persuasion, not East Indians.
Counterpointer, I see your confusion.
The debt ceiling only applies to ordinary citizens.
The federal govt. is not necessarily strangleheld under this policy.
This must be the day of weird news with sad implications
Fed Rejects Geithner Request for Study of Governance, Structure
Sept. 21 (Bloomberg) -- The Federal Reserve Board has rejected a request by U.S. Treasury Secretary Timothy Geithner for a public review of the central bank’s structure and governance, three people familiar with the matter said.
The Obama administration proposed on June 17 a financial- regulatory overhaul including a “comprehensive review” of the Fed’s “ability to accomplish its existing and proposed functions” and the role of its regional banks. The Fed was to lead the study and enlist the Treasury and “a wide range of external experts.”
Some top central bank officials, after agreeing to the review, saw a potential threat to Fed independence after the Treasury released the proposal, two of the people said. The Obama plan said the Treasury would consider recommendations from the review and “propose any changes to the Fed’s governance and structure.”
...
House Financial Services Committee Chairman Barney Frank, a Massachusetts Democrat, has also called for more scrutiny of the central bank, saying last year he aims to probe how the 12 regional Fed presidents are appointed and their role in setting interest rates. The Fed banks are semi-private entities, each overseen by a nine-member board of directors.
...
Some analysts said a Fed revision of the role of directors is overdue.
“Allowing local bankers to play a leading role in selecting reserve bank presidents is the most worrying aspect of the current system,” Lou Crandall, chief economist at Wrightson ICAP LLC, wrote to clients in July.
District bank presidents are nominated by committees made up of people whose institutions the nominees may have supervised.
“The conflicts of interest inherent in the current system are glaring,” Crandall said.
Well, I'm for anything that would help Sheila.
Does anyone think the books will ever be balanced, or, you know, if we only instituted the correct policies, all would magically be well? Don't kid yourselves. The world was ever thus.
In a Crunch, Insurers Raise Fees
Seeking to replenish capital depleted by bad real-estate investments, many insurers have cut back on sales and raised prices on life insurance.
meanwhile, other insurers have no qualms about raising their assessments. perhaps these insurers should be like the FDIC and just get recapitalized by borrowing from the policy holders.
"At the time it was supposed to be a cute book for little kids with a moral."
Oceania has always been at war with Eastasia.
Well, it is official, Costco is going galt:
http://www.costco.com/Browse/Product.aspx?Prodid=11487214&search=dried%20food&Mo=3&cm_re=1_en--Top_Left_Nav--Top_search&lang=en-US&Nr=P_CatalogName:BC&Sp=S&N=5000043&whse=BC&Dx=mode+matchallpartial&Ntk=Text_Search&Dr=P_CatalogName:BC&Ne=4000000&D=dried%20food&Ntt=dried%20food&No=0&Ntx=mode+matchallpartial&Nty=1&topnav=&s=1
One year of food- got the costco coupon it only runs $800 bucks.
Stock up now!
Goes great with squirrel.
Someday this war's gonna end...
No.
I'm ok with this as long as the healthy banks can buy CDS against the FDIC and the treasury and crash the system and collect. Still working on who pays the CDS as the counterparty...maybe the securitization of the life insurance policies can be accelerated, be made mandatory and then when the civil war II breaks out the pay off can be a one time pay off leading to the recapitalization of the banking system. err wait, but where will the future deposits come from? Never mind. Bank holiday and break out the Amero. Simpler. /snark
I'm sure it would be tastier with boar.
Well, I'm behind you. Remember, we're all in this walk together, and no one's getting out of this with a clean thumb or their dignity.
Now smile, ABBA's 'Money Money Money' just came on.
Geithner's TARP test: letting the bad banks fail - Jan. 6, 2009
Ah, I see. But the federal govt is trying to stranglehold itself even though it doesn't really need to? And if it needed to, it really wouldn't be the right party to do the strangleholding?
You almost caught me out there, but I think there's a missing strangleholder who really sets the debt ceiling.
C'mon, someone must know.
C
We don't need no stinkin debt ceilings!
Luckily there are an infinite number of numbers.
"Don't kid yourselves. The world was ever thus"
Theft has been around a long time also. But I really like less of it, always.
Perhaps if we hadn't invented all those numbers, we wouldn't
be in this position.
What, strangleheld?
C
ye gawds, that huffpo post on the Fed economists was dead on.
They brook only approved dissent.
Go off the reservation, and they just want you gone.
And so I was...but I get the last laugh- I was right!
The Fed will not last more than 20 years, good odds against five more years without some major changes.
Someday this war's gonna end...
I did until sometime in late 2007. Some nights I still hope that some unheard genius has already figured out the answer and is currently making his way to Washington with a silver bullet policy that will solve everything. But I can't possibly imagine what that policy would be, or how (at this point) it would unwind the moral hazard built into the system over the past little while.
Bond vigilantes, they ride in with a rope and an extra horse. Apparently they were cut off at the pass by a band of hostiles and massacred.
What about chipmunks?
Recovery.gov
The Loan Ranger to shoot silber bullets at . . .who exactly?
liz,
I wouldn't be tossing around your knowledge of Arabic Numerals like that willy-nilly. Homeland Security might be watching...
Counterpointer, does this have something to do with China?
if they are going to be issuing bonds to the banks, they should consider issuing bonds to the general public.
I've still got a 9.5% coupon Resolution Trust bond in a portfolio. Better yet, they should issue a coupon bonds and strips that correspond to the coupon bond cash flows.
We were screwed at 1.
Should have opened up a food dehydration factory two years ago. Business opportunity of a lifetime. dammit
Howls of derisive laughter!
DC and the Fed have been nearly paralyzed with fear and disbelief over the last two years events.
Do you seriously think they want anybody providing solutions they don't have in their little contingency plans?
Groupthink in the political/economic classes runs tremendously deep.
I know, because we talked about solutions here for years now, and only Krugman has been brave enough to bring them up in the MSM.
Quite simply, the system is failing, and until folks without a large stake in the status quo show up, well, status quo.
Someday this war's gonna end...
"But I can't possibly imagine what that policy would be, or how (at this point) it would unwind the moral hazard built into the system over the past little while"
I agree. I am afraid that this country probably has allowed itself to slip into a culture where debt is not taken seriously - in the giving, in the the taking, and in the repayment. Especially the repayment. It's fun to live in a society with lots of ways not to repay one's debts, but anyone who thinks this is a free lunch is going to be disappointed, eventually.
Fixed the link for ya:
Costco Year Supply of Food
'get this definition on a mug'
Heeheeheeheeeeeeee
[wipes tear from eye]
Thanks for that, good comic relief.
Nah, you need at least 2 to screw and be screwed.
Oh bingo! That must be it, bond vigilantes. So they're the strangleholders? They must set the debt ceiling.
Do we know where they live? Are they more like marauding bands, or well-drilled platoons? Any battles or skirmishes recently that they won?
So many questions, sorry...
C
/actually I've got one about owning shares of FDIC but I'll come back to that.
"Do we know where they live? Are they more like marauding bands, or well-drilled platoons? Any battles or skirmishes recently that they won?"
They are currently AWOL.
It's been lovely, but I'm
.
So long, and thanks for all the snark.
Nitey-nite.
WTF -- how can there already be 138 comments on this new thread at this late hour???? I feel like a reader on the back of the short bus!
It certainly feels like two.
It depends how the solution starts. If it starts with 'first we have to move to the gold standard', probably not much traction.
If it starts with 'here's how we extricate the federal government from the credit provision market and return our economy to solid footing', then it would be a matter of the ear being whispered in and the economic circumstances supporting it.
But I've always been an irrepressible optimist.
Not AWOL. They now work for the Fed.
Maybe we should call her drivefly?
Better that then 'Cale' or 'Dale'.... vrooooooooom!
I just put Muse's "Black Holes and Revelations" on the Earsphlittenloundenboomer.
Time to leave the planet for a while.
As Tanta would say, we're all on the short bus now.
Sept. 21 (Bloomberg) -- The Federal Reserve Board has rejected a request by U.S. Treasury Secretary Timothy Geithner for a public review of the central
Which is very odd since Timothy used to be president of the NY Fed. What is the interpretation?
The Biggest Bond Vigilante has already announced their exit strategy- they are slowly bleeding out their dollars- it may take a decade, but the Chinese are spending their dollars to prop up their economy.
But seriously, look at the MSM- everything is just fine.
I just checked my email- no invites to any supersecret fed conferences- gee and I have more than a decade of practicing regulatory economics and overhaul of regulatory structures- but I haven't published dreck that they would read.
Groupthink is destroying the government- that is why Volcker is pissed.
So am I- time to watch ladies play bball.
Someday this war's gonna end...
1984+
Has the FDIC tried CDOs?
"A beautiful haunting reality." -The Boston Globe
"Masterly" -The New York Times
"A wondrous odyssey" -The Wall Street Journal
"A modern banking epic!" -The Washington Post
"A masterpiece...comic, allegorical, and prescient." -St. Louis Dispatch
"Sheila Bair is one of our greatest living regulators." -People
"A regulator of dazzling gifts for the new century." -Alan Greenspan
Awesome.
I do not advocate a return to the gold standard- that has truly passed with the growth in population.
What I do advocate is a much more controlled growth in the money supply, and the abandonment of the dollar as a reserve currency.
The economic restructuring implicit in that sentence guarantees that it will not happen until we have wasted our energies and efforts to avoid it, plunging the economy and the country into a profound crisis.
Someday this war's gonna end...
FFDIC in da houz!
But what about the San Francisco Chronicle? "Transcends traditional stereotypes?"
Excellent!
Track 3, "Supermassive Black Hole" just started. Must go crank it up more.
edited
More like three-card monte.
FDIC Helper Charts
FDIC needs to "borrow" money the old fashioned way: Great charts here for Sheila
graphpaper.com - Dear NY Times: Please make one of these for the NSA phone tap program
Thanks for the Costco link. Not sure I'm going to adopt Textured Vegetable Protein as the mainstay of my diet, but a good option to know about.
FFDIC,
Yo DAWG. Sheila beez tight with SF gonna dooda wicky witch for Halloween..scare me
is japan closed this week?
How much is that Costco pack without shipping? Can you just pick it up at the warehouse? Minmex lives far away from Costco so is uninformed...
The Fed?? They must be the nutgrabbers. I have a friend who's always going on about nutgrabbers.
Guess the nutgrabbers and the strangleholders don't get on too well, huh?
C
Welcome back ffdic.
anybody heard from Tom Stone lately?
Follow it with Mountain House: Food, Meals, Snacks and Kits for Camping, Backpacking, Emergency Preparedness, Food Storage. We have your Food needs covered when it comes to Outdoor Activities, Disaster Survival and Long Term Storage.
But the best discounts are oddly enough on Buy Discount Vitamins, Supplements, Low Carb and More at www.Vitacost.com
Ummm, freeze dried pork chops.
Bah.
Just buy lots of wine- you can always trade some plonk for food.
Hail FFDIC- would love to pick some bones, but
Someday this war's gonna end...
Indeed, I did not intend to infer that was your suggestion, and I agree that fiscal operators have become far too complacent toward their utilization of the money supply.
Then we are in complete agreement. Although I am an optimist, I can't ignore reality, especially the reality of government. I'm just passing on my dreamsicle.
I'm heading off to do other things before bed.
Just say F'ing "no" to TVP -- soy crap like this is not good for yah IMHO, and if your growing old it can help you increase production of estrogen, which will increase cortisol levels and keep you on freakin edge; let the buyer beware!
For me, reading Denninger's post about the very rapidly reducing rate of contribution of debt to GDP. We are at or around the point at which an extra dollar borrowed actually reduces GDP.
This is terrifying right now, since borrowing is soaring.
For the pilots amongst you, this is the region of 'monetary reverse command', or anti-Keynesism.
For those not shy to ask about terminology, reverse command typically is used to describe flying at very slow speeds where pulling 'up' actually makes you sink, and pushing 'down' makes you climb. It's a wing thing.
RockyR -Japan ain't gonna frickin close until Sheila gets her damn sushi loan with wasabi..
Muse's "Black Holes and Revelations"
The raw original is much better than the sanitized remix.
It's not about borrowing. It's about producing.
So the strangleholders can't stranglehold, because the nutgrabbers have their nuts?
I think I've got this now.
Whew!
C
Hey for those you care. Posted for my old FDIC job - exact position in Dallas. Checked posting status couple days later = "You did not score high enough to be referred." I fuckin kid you not so they are paying contractors $200 hourly and have to train them with existing staff. No wonder Sheila needs a fuckin loan.
Now wait a second, what healthy banks are they talking about? Come on now, this is good for a laugh, but which bank has real money?
Now wait a second, are you asking which bank has a positive balance sheet? Or which bank has 'real' money?
Because we can get in an hour long flame war if you're asking the latter.
LOL - very clever... and I thought all you Canadians knew was dump puck & center zone trap.
Curious lead article from AP at Yahoo! Finance right now. The lead sentence of the article opens with
The recession is profoundly disrupting American life
but the headline is
Census: Recession had sweeping impact on US life
Notice the shift in tense?
Counterpointer - would you spit it out already? It's late.
un-f*cking-believable and yet...believable - we are so screwed
Ok, ok, I'm getting there.
In sum: we need a debt ceiling because that's where the squirrels live.
C
I care -- and you must have made some powerful enemies. The "score" argument doesn't hunt.
Aagghh!
Midnight and my battery is low.
{oOo}
DC Rogers - I heard afterwards they were wanting commissioned examiners at the moment and were blocking all others and more jobs would be posted in 4th quarter and to keep trying. I'll probably get accepted at the frickin grade 9 level wich is several grades below where I'm qualified and I was never lower than a grade 11 and quickly rose to a grade 12 in 1986 when hired.
FFDIC - you'd think from that reply to your app - that maybe somebody there doesn't love you.
And, in a shocking revelation, it turns out that Sheila and Timmy's father is Paul Volcker.
Less risk equals less money the banks might make on it.
Are there so many sources for the private sector to drink from?