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| Oh Crap in forum [Market-Ticker]
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Asimov
Posts: 104683
Incept: 2007-08-26
East Tennessee Eastern Time
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I guess that's not illegal in the UK or something?
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It's justifiably immoral to deal morally with an immoral entity.
If you trade based on what other people say, you will lose money. Especially what I say. I won't be held responsible. Festina lente.
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Genesis
Posts: 131485
Incept: 2007-06-26
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It's either not illegal or they don't give a ****.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Radcondive
Posts: 191
Incept: 2010-09-16
Charleston, SC
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I'd go for option 2, they don't give a ****. Oh cwap!!!
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Get_a_grip
Posts: 556
Incept: 2008-10-10
Shoot Your First Zombie - Get the Second One Free
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I'm waiting for the currency swaps that the Fed has with the European banks to come back and bite them soon. Martin Armstrong has a good article out today that describes why the ECB is different than the Fed and helps to explain why the Fed must have felt that it had to do the swaps to keep Europe from blowing, since the ECB can't provide the funding -- the problem is -- if they blow anyway....oppps.... http://www.martinarmstrong.org/files/Fed....
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"When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that justifies it" -- Frederic Bastait
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Etz
Posts: 13922
Incept: 2007-06-26
LA
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The question was never "if they blow". Only when.
Thebernanke literally runs the world's largest hedge fund.
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Legal chicanery and beneficent darkness are the banker's stoutest allies - F.Pecora.
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Montysano
Posts: 134
Incept: 2009-02-23
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"You get up on your little twenty-one inch screen and howl about America and democracy. There is no America. There is no democracy. There is only IBM and ITT and AT&T and DuPont, Dow, Union Carbide, and Exxon. Those are the nations of the world today." -- Arthur Jensen, "Network"
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Delphis
Posts: 1076
Incept: 2009-06-04
Washington
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Am I reading this right?
They are "loaning" out the margin calls and SMA?
This reeks of MF Global and I can certainly replace Managed Futures with another MF'in phrase!
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"Two things are infinite: the universe and human stupidity; and I'm not sure about the universe."....Albert Einstein
"Be courteous to all, but intimate with few, and let those few be well tried before you give them your confidence."...George Washington
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Genesis
Posts: 131485
Incept: 2007-06-26
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If that article is correct they're loaning out margin deposits and free cash in customer accounts, yes.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Asimov
Posts: 104683
Incept: 2007-08-26
East Tennessee Eastern Time
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Betcha they're levering it up too.
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It's justifiably immoral to deal morally with an immoral entity.
If you trade based on what other people say, you will lose money. Especially what I say. I won't be held responsible. Festina lente.
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Wearedoomed
Posts: 3610
Incept: 2009-01-14
slightly red state
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One... last... hit...
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Lies, all of it.
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Dazedncornfused
Posts: 326
Incept: 2010-10-13
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from the article
"CC&G also doesn’t technically lend money to banks, but instead deposits the cash with them on a short-term basis. Under Italian law, this distinction makes CC&G a depositor with the banks, and places it ahead of other creditors looking to get their money back if any financial institution should fail."
Isn't that just special, the creditors who were once first in line are shouldered aside by CC&G. I guess we're all just GM bondholders in the larger scheme of things.
Wow. The 60s riots will be a walk in the park compared to what will happen if TIAA-CREF and the other gov't employee pensions close their doors. I get to listen to the rantings of schoolteachers being deprived of their living by homeschoolers, just imagine if their pension plans run out of cash.
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Stand up and be counted or line up and be numbered.
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Truthseeker
Posts: 8505
Incept: 2007-10-07
NorCal
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When this sucker blows, it's gonna leave a HOLE.
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"...But people better realize that the worst-case scenario could actually happen.9/11 happened. This can happen. An economic 9/11, the likes of which we've never seen." Gerald Celente
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Loudoungroup
Posts: 3739
Incept: 2008-02-01
San Antonio, TX
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Asi, no doubt, they're all MF's:)
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Ser100
Posts: 32
Incept: 2010-06-27
Lincoln California
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Karl,
If some brokerage houses in Europe (desperate for yield thanks to ZIRP) are lending short-term to these failing banks, then is it possible that banks, credit unions (also desperate for yield) may be doing the same thing with customer savings accounts, 401k's, IRA's, etc? This is my fear that it will or maybe will become widespread and everyone including the prudent saver gets taken down. What are your thoughts?
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Genesis
Posts: 131485
Incept: 2007-06-26
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Bingo
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Grf
Posts: 1339
Incept: 2008-12-08
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The deflation is going to be epic. EPIC.
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"Every time we on TF talk about God and gays, God frees a banker and gives him a bonus." --me
"Your farts are interstate commerce and if they want to stick a muffler up your ass they will do it." --Boughtthefarm
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Ser100
Posts: 32
Incept: 2010-06-27
Lincoln California
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Is that "bingo" message to me? If so "oh my god"!!!! I just had a heart palpitation!
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Tesla
Posts: 15560
Incept: 2008-04-03
State of Disbelief
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Good thing I just took another chunk of my IRA and bought some very fine alluvial farmland today...
Things are moving faster and faster towards collapse.
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"Even a dog knows the difference between being stumbled over and being kicked." -Justice Oliver Wendell Holmes
"Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." -Samuel Adams
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Truthseeker
Posts: 8505
Incept: 2007-10-07
NorCal
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Yup, Tesla. Anybody leaving funds at risk *hoping* THEIR account won't be affected is going to end up in tears.
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"...But people better realize that the worst-case scenario could actually happen.9/11 happened. This can happen. An economic 9/11, the likes of which we've never seen." Gerald Celente
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Rule10
Posts: 2519
Incept: 2008-09-30
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Come on people. If cash depositors lose their money, nothing will matter. There will be total chaos and blood in the streets. It's not going to happen like that.
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You are not what you say you are, You are what you do.
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Sparticlebrane
Posts: 287
Incept: 2009-08-25
Banned
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That South Park clip was perfect for this ticker.
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Genesis
Posts: 131485
Incept: 2007-06-26
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It already did with MF Global.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Budxr7
Posts: 51
Incept: 2009-07-08
Mass
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Two and a half weeks ago I drained my Fidelity account for the down payment on my house - about $70k. Should Fidelity blow up tomorrow, they could claw back those funds? Good ****ing luck.
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Neither a borrower nor a lender be;
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.
-Polonius
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Jazen
Posts: 3419
Incept: 2007-07-17
****cago
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Tesla, did you really? What about the penalties?
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I hate our Government, but I still love America.
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