serphnx Posted August 8, 2011 Share Posted August 8, 2011 To the resident finance pros... Do I need to change banks asap? B of a in free fall. They won't let it fail, although I do expect it to tank another 50%. Even if it does fail, FDIC should have you insured up to $200k. If you have more than that, move the extra amount out. Link to comment Share on other sites More sharing options...
Plus One Posted August 8, 2011 Share Posted August 8, 2011 They won't let it fail, although I do expect it to tank another 50%. Even if it does fail, FDIC should have you insured up to $200k. If you have more than that, move the extra amount out. You should never have more than $100,000 in any bank. Ever. Link to comment Share on other sites More sharing options...
StraightCash Posted August 8, 2011 Share Posted August 8, 2011 Cool, thanks. Link to comment Share on other sites More sharing options...
madmikeisback Posted August 8, 2011 Share Posted August 8, 2011 The bad economy and unemployment is based on (bad) government spending and over regulation of the job sector. They're hand in hand. That isn't based on any economic system that makes sense. Deregulation is what caused the 08 meltdown that what this is all ripples from. It's all based on a lack of demand. Link to comment Share on other sites More sharing options...
villain_the_foe Posted August 8, 2011 Author Share Posted August 8, 2011 That isn't based on any economic system that makes sense. Deregulation is what caused the 08 meltdown that what this is all ripples from. It's all based on a lack of demand. Dude, lol. Okay Mike. Link to comment Share on other sites More sharing options...
madmikeisback Posted August 8, 2011 Share Posted August 8, 2011 Dude, lol. Okay Mike. Deregulation and supply side economics is a religion... It's based on nothing but people still believe in it for some reason. Link to comment Share on other sites More sharing options...
serphnx Posted August 8, 2011 Share Posted August 8, 2011 You should never have more than $100,000 in any bank. Ever. I'm pretty sure at least 80% of American citizens will never have that much in a bank anyway. Link to comment Share on other sites More sharing options...
madmikeisback Posted August 8, 2011 Share Posted August 8, 2011 The FDIC covers you up to $250,000. You know, that horrible job killing government regulation, the FDIC. Link to comment Share on other sites More sharing options...
villain_the_foe Posted August 8, 2011 Author Share Posted August 8, 2011 Deregulation and supply side economics is a religion... It's based on nothing but people still believe in it for some reason. And keynesian economics is a false religion too. lol. If your point proved true then the economy would be getting better, not worse. There are many more people who are smarter than the people running the system and would turn this economy around if only we had free markets. Instead we have "too big to fails" and a government no longer playing referee, but are actually in the markets "stimulating" it. Like I said, Okay Mike. Link to comment Share on other sites More sharing options...
madmikeisback Posted August 8, 2011 Share Posted August 8, 2011 And keynesian economics is a false religion too. lol. If your point proved true then the economy would be getting better, not worse. There are many more people who are smarter than the people running the system and would turn this economy around if only we had free markets. Instead we have "too big to fails" and government no longer playing referee, but are actually in the markets "stimulating" it. Like I said, Okay Mike. To big to fail and government bailouts isn't Keynesian. And BTW neither is anything Obama has done since about 40% of the stimulus which was tiny in context of the state the economy was in. You're arguing that the government isn't playing referee and for deregulation at the same time? I find it hilarious that Obama is called a Keynesian and a socialist when in fact he's done NOTHING that is Keynesian. The fed is actually WAY to the left of Obama. Link to comment Share on other sites More sharing options...
serphnx Posted August 8, 2011 Share Posted August 8, 2011 This is actually comical. I should have listened to my father and quit my day job 2 weeks ago. I'm now down more than I make in half a year. Link to comment Share on other sites More sharing options...
madmikeisback Posted August 8, 2011 Share Posted August 8, 2011 The markets are saying: We fear recession and deflation. Washington consensus: now is the time to fight debt and inflation. This is why we're ****ed. This is the financial equivalent of attacking Iraq after 9/11. Link to comment Share on other sites More sharing options...
serphnx Posted August 8, 2011 Share Posted August 8, 2011 The truly stunning thing is there seems to be no bounce whatsoever, all the support levels seem to be nonexistant. We just crash right through and keep crashing. Even dead cats are supposed to bounce. Link to comment Share on other sites More sharing options...
villain_the_foe Posted August 8, 2011 Author Share Posted August 8, 2011 To big to fail and government bailouts isn't Keynesian. And BTW neither is anything Obama has done since about 40% of the stimulus which was tiny in context of the state the economy was in. You're arguing that the government isn't playing referee and for deregulation at the same time? I find it hilarious that Obama is called a Keynesian and a socialist when in fact he's done NOTHING that is Keynesian. The fed is actually WAY to the left of Obama. lmao. You're too funny. I wasnt even talking about your president, but Obamacare isnt socialist? The marriage of corporate and govt isnt fascist? And deregulating Haliburton while over regulating the local mom & pop isnt corporatism? The belief that its govt's job to provide job growth isnt keynesian? Lmao. You're hilarious bro. Link to comment Share on other sites More sharing options...
madmikeisback Posted August 8, 2011 Share Posted August 8, 2011 lmao. You're too funny. I wasnt even talking about your president, but Obamacare isnt socialist? The marriage of corporate and govt isnt fascist? And deregulating Haliburton while over regulating the local mom & pop isnt corporatism? The belief that its govt's job to provide job growth isnt keynesian? Lmao. You're hilarious bro. He's not my president. The health care plan, that doesn't do ANYTHING about cost control BTW, isn't socialist at all. It's all done within the private insurance market which by definition isn't socialist. The belief that when a lack of demand causes private investment to shrink the government should step in and make up that demand slack is econ 101. All you need to see is how public sector layoffs in the states has pushed the unemployment rate up in the last 6 months to coincide with stimulus money running out. Link to comment Share on other sites More sharing options...
Plus One Posted August 8, 2011 Share Posted August 8, 2011 The truly stunning thing is there seems to be no bounce whatsoever, all the support levels seem to be nonexistant. We just crash right through and keep crashing. Even dead cats are supposed to bounce. Yeah, I got a small bounce in SOXL from 24.6 up to 26, but now it's falling. Looks like I'm now a long-term investor. (Meaning, overnight.) If VIX gets to 50, I'll double down one more time. Then I'll just be a spectator. Link to comment Share on other sites More sharing options...
villain_the_foe Posted August 8, 2011 Author Share Posted August 8, 2011 He's not my president. The health care plan, that doesn't do ANYTHING about cost control BTW, isn't socialist at all. It's all done within the private insurance market which by definition isn't socialist. The belief that when a lack of demand causes private investment to shrink the government should step in and make up that demand slack is econ 101. All you need to see is how public sector layoffs in the states has pushed the unemployment rate up in the last 6 months to coincide with stimulus money running out. That statement is true, however their goal is to change Medicare in order to meet predetermined cost-containment targets. In which they will control if you get or dont get healthcare, dictate what doctors get paid, have pay of doctors be the same across the board no matter what type of doctor you are. etc. Now im being general here...but hopefully you get my point. I also made a statement about keynesian, marriage of corporate & govt, corporatism etc....which you didnt bother to speak on. Am I wrong on those statements too? Link to comment Share on other sites More sharing options...
madmikeisback Posted August 8, 2011 Share Posted August 8, 2011 That statement is true, however their goal is to change Medicare in order to meet predetermined cost-containment targets. In which they will control if you get or dont get healthcare, dictate what doctors get paid, have pay of doctors be the same across the board no matter what type of doctor you are. etc. Now im being general here...but hopefully you get my point. I also made a statement about keynesian, marriage of corporate & govt, corporatism etc....which you didnt bother to speak on. Am I wrong on those statements too? I don't get the connection between Keynesianism and corporatism (which I would agree is a huge problem with our system of government and leads to regulatory capture and elected officals who only do the bidding of the corporations who fund their campaigns) The republican Ryan budget plan is to change Medicare to meet cost targets which is a way to put cost control in place, of course it also would lead to savage benefit cuts for middle class folks. The Obama health care bill cut about 500 million from Medicare Advantage, not traditional Medicare benefits and that involves extra subsidized private insurance coverage beyond what most medicare beneficiaries get. Thats one of the few things in the bill that isn't a giveaway to corporations. You should love that. Link to comment Share on other sites More sharing options...
villain_the_foe Posted August 8, 2011 Author Share Posted August 8, 2011 The truly stunning thing is there seems to be no bounce whatsoever, all the support levels seem to be nonexistant. We just crash right through and keep crashing. Even dead cats are supposed to bounce. It'll bounce. I think once Europe's fiscal situation is finally realized as being equivalent to zombie mode....people will flock to the dollar and cause a bounce...but then when people realize the intertwined nature of the markets globally the dead cats coagulated blood will splash all over the paper market. Link to comment Share on other sites More sharing options...
villain_the_foe Posted August 8, 2011 Author Share Posted August 8, 2011 I don't get the connection between Keynesianism and corporatism (which I would agree is a huge problem with our system of government and leads to regulatory capture and elected officals who only do the bidding of the corporations who fund their campaigns) The republican Ryan budget plan is to change Medicare to meet cost targets which is a way to put cost control in place, of course it also would lead to savage benefit cuts for middle class folks. The Obama health care bill cut about 500 million from Medicare Advantage, not traditional Medicare benefits and that involves extra subsidized private insurance coverage beyond what most medicare beneficiaries get. Thats one of the few things in the bill that isn't a giveaway to corporations. You should love that. Not really. Im not pro limited liability any longer. I believe that the medical industry should be a free market. That by itself will drive prices down given the competition in the market. You know, the opposite of big pharma. I do get what you're saying though. I guess we'll both have to see how it irons out. I just see the history of incompetence in the leaders throughout the years to know that whatever they put forth will eventually not work, while the people in control of it get filthy rich off it. Link to comment Share on other sites More sharing options...
madmikeisback Posted August 8, 2011 Share Posted August 8, 2011 Not really. Im not pro limited liability any longer. I believe that the medical industry should be a free market. That by itself will drive prices down given the competition in the market. You know, the opposite of big pharma. I do get what you're saying though. I guess we'll both have to see how it irons out. I just see the history of incompetence in the leaders throughout the years to know that whatever they put forth will eventually not work, while the people in control of it get filthy rich off it. It would also force a race to the bottom in quality of coverage vs cost. The idea of a mandated baseline for minimum coverage that a insurance plan should provide and laws against pre-existing condition discrimination and rescission for sick people aren't radical socialism. It's not profitable to cover old people thats why in a free market it would be impossible for them to get coverage. Link to comment Share on other sites More sharing options...
villain_the_foe Posted August 8, 2011 Author Share Posted August 8, 2011 It would also force a race to the bottom in quality of coverage vs cost. The idea of a mandated baseline for minimum coverage that a insurance plan should provide and laws against pre-existing condition discrimination and rescission for sick people aren't radical socialism. It's not profitable to cover old people thats why in a free market it would be impossible for them to get coverage. We've never had it so how you would know? We have high priced low quality healthcare right now. More people die year after year from chemical prescription drugs. Maybe the free market could release the "quacks" called holistic doctors and we'll get somewhere, not just with care, but with information to keep you healthy, instead of just having a doctor today scribble on a prescription sheet and push you off to Duane Reade. Link to comment Share on other sites More sharing options...
madmikeisback Posted August 8, 2011 Share Posted August 8, 2011 We've never had it so how you would know? We have high priced low quality healthcare right now. More people die year after year from chemical prescription drugs. Maybe the free market could release the "quacks" called holistic doctors and we'll get somewhere, not just with care, but with information to keep you healthy, instead of just having a doctor today scribble on a prescription sheet and push you off to Duane Reade. Or we could just copy any number of countries that have much cheaper and more effective health care systems than we do. Link to comment Share on other sites More sharing options...
WWWWombat Posted August 8, 2011 Share Posted August 8, 2011 CUBA! Link to comment Share on other sites More sharing options...
villain_the_foe Posted August 8, 2011 Author Share Posted August 8, 2011 Or we could just copy any number of countries that have much cheaper and more effective health care systems than we do. Cuba. Either way, OUR medical system is a broken one. Link to comment Share on other sites More sharing options...
Jetlag Posted August 8, 2011 Share Posted August 8, 2011 Cuba. Either way, OUR medical system is a broken one. Wait are you implying we should use Cuba's medical program? Say it ain't so. Link to comment Share on other sites More sharing options...
WWWWombat Posted August 8, 2011 Share Posted August 8, 2011 Health care costs need to be reduced. Allowing the import of prescription drugs would help a lot imo. Link to comment Share on other sites More sharing options...
villain_the_foe Posted August 8, 2011 Author Share Posted August 8, 2011 Indeed. Health care costs need to be reduced. Allowing the import of prescription drugs would help a lot imo. Which is in the direction of free market health care. I agree. There's no reason why people in this country can go to Canada and get the same drugs for 25% less or down to Mexico for 50% less or lower and its the same ******* thing. We need free markets. We dont have one. Dude, Id rather decide for myself and be wrong, then let the regulations box me into a small space that I cant afford to even be in. Link to comment Share on other sites More sharing options...
Jetlag Posted August 8, 2011 Share Posted August 8, 2011 Which is in the direction of free market health care. I agree. There's no reason why people in this country can go to Canada and get the same drugs for 25% less or down to Mexico for 50% less or lower and its the same ******* thing. We need free markets. We dont have one. Dude, Id rather decide for myself and be wrong, then let the regulations box me into a small space that I cant afford to even be in. Phew I was worried for a second. Link to comment Share on other sites More sharing options...
madmikeisback Posted August 8, 2011 Share Posted August 8, 2011 Cuba. Either way, OUR medical system is a broken one. You aren't gonna find anyone who isn't a complete moron who'd disagree with that. Link to comment Share on other sites More sharing options...
Plus One Posted August 8, 2011 Share Posted August 8, 2011 You guys need to start a seperate healthcare thread. You're conversation has nothing to do with the topic. And, yes. Before you even waste finger energy, yes...I worked on Wall Street for nearly 20 years, and I worked as a consultant for CMS for 5 years. LOL...I actually doubt there is anyone else in the world who can say that. Link to comment Share on other sites More sharing options...
villain_the_foe Posted August 8, 2011 Author Share Posted August 8, 2011 Phew I was worried for a second. lol. What up Jetlag! Link to comment Share on other sites More sharing options...
Jetlag Posted August 8, 2011 Share Posted August 8, 2011 lol. What up Jetlag! Just sitting back and relaxing while my retirement fund begins it's ascent, so basically nothing new. Link to comment Share on other sites More sharing options...
villain_the_foe Posted August 8, 2011 Author Share Posted August 8, 2011 You guys need to start a seperate healthcare thread. You're conversation has nothing to do with the topic. And, yes. Before you even waste finger energy, yes...I worked on Wall Street for nearly 20 years, and I worked as a consultant for CMS for 5 years. LOL...I actually doubt there is anyone else in the world who can say that. wait....WALL ST!?!?! JETNATION, WE HAVE A MOLE! Link to comment Share on other sites More sharing options...
villain_the_foe Posted August 8, 2011 Author Share Posted August 8, 2011 The dow closed down 634 points at 10,809. Gold closed up 55 dollars at $1,718 Where are you bit? lol. Link to comment Share on other sites More sharing options...
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