If the bank was paying 10% now, do you think you 'earned' those by going with that bank, even though there is no reasonable way they could pay that rate and shouldn't you have some responsibility in that chase?
So, now I have the responsibility of monitoring the bank's investment policies and avoiding banks that appear to an untrained eye to be aggressive? I don't think that is part of the banking world that we all signed up for.
Let's not forget HFT (High Frequency Trading) strategies that involve building ultra-fast systems with high-speed data pipelines and quantitative analysis to execute lightning-fast trades that have NOTHING to do with investing. All that energy expended to gain microseconds of advantage in getting ahead of other high-speed trading criminals.
I have always wondered how much more honest the markets would be if there was some required minimum holding time for a purchase. It could be something shirt like 10 minutes or probably even less. This would have essentially zero effect on personal investors, but would likely put an end to nearly all of the high speed trading that has led to some of the crazy market moves.
@kcforreal: good reminder of yet another group who get to take from everyone else.
All submitted trades should have to remain open for 10 seconds or until filled or cancelled, whichever comes first. 10 seconds would give people a chance to see the offer, quickly analyze it, and then do the necessary keystrokes to take the trade. Also, no one should get ANY kind of preferential access to market data.
Here are my predictions for everyone to see: S&P 500 at 320, DOW at 2200, Gold $300/oz, and Corn $2/bu. No sign that housing, equities, or farmland are in a bubble- Yellen 11/14/13 Trying to leave
In my little rural county, teachers are quitting... and the school board is panicky about how are we going to replace them. Nobody wants to teach little monsters. No amount of money -- even if our district HAD the money -- can entice people to endure the abuse, frustration, and even trauma that the job so often inflicts now.
DING DING DING!
My wife taught until our son was born in 1990. She's done some sub work in a tiny one-school district on the other side of town. Both DW and DD hold "magic" certifications, so that they can teach in any grade level in any subject. DD graduated in 2014 from Montana State, and within a year gave it up. The entire education system is so politicized and skewed against the actual teaching of students that she found it intolerable.
And she's a raging liberal. Cannot discipline kids; parents are absent completely; administration is just there for the salary, the 9 month contract, and the (incredible) pension and health care.
SIL was a PT "technology" teacher at this one school district, which I find laughable because she can almost run an Ipad or a chromebook. Almost. Powerpoint apparently passes for technology. You would think that a one school district with an incredibly high teacher to student ratio would be great.
Nope. Shithole. The local kids are overwhelmed by the kids that are choiced-in from the larger districts....kids who have exhausted every other school because of their bullying, serious mental issues, violence, and terrible parenting. Third-graders who weigh as much as a sixth grader in the 1970's cold cocking their teacher because they didn't get what they wanted, or just because "I felt like fucking punching someone."
SIL is a teacher in what used to be a high functioning Maryland public school district. Wokeness has ruined this district. The administration refuses to discipline kids and spends its time promoting crap ideologies. Teachers are retiring and quitting as fast as they can. SIL is counting down to her retirement date - three years and maybe sooner.
SIL used to be hyper-conscientiousness about her job. She is coming to grips with the reality that for her mental health she can't care. She must accept the stupid or have a mental breakdown worrying about her students when no administrator cares about the students.
It is stunning how swiftly failure has swept over the public school system, all because of wokeness and people, including parents embracing idiocy and refusing to acknowledge failure.
I taught elementary school for just under ten years in NC. This was around 2000-2010 era. Let's just say the kids know that you can't touch them, even at that age . I'm not talking about a smack across the behind, I'm talking about just getting them to stop talking to each other while you're trying to teach a lesson.
I had one kid (3rd grade) who axed (sic) to use the baffroom (sic) every 15 minutes. I asked him if he was alright and needed to see the nurse (we didn't have one that day as we shared her with another school). He simply said "Nah, I be aw-rye!"
Once my assistant came in to the classroom, I followed the boy into the boy's room (that's what they were called back then), and questioned him as to when he planned on coming out.
The next day, little Jayquanne's baby diddy came in, a strapping 6 foot 4 inch, 220 pound buck, questioned me about following his son into the bathroom. Long story short, I was threatened to never do that again or he would fuck me up real good.
The only thing that changed was "little" Jayquanne (all 95 pounds of him), smirked whenever he felt bored and wandered out of the room.
I don't miss the job or the never ending entitlement of parents and their keeds, who feel that skoo is a free daycare that provides free brek-fuss n' lunch each day, even when skoo isn't in session during the summer.
Generous pensions, vacations, healthcare? Fuck yes! And I'm collecting every cent of it. Looking at "free" healthcare which they later rescinded about five years after I was hired. I was grandfathered in.
I have to laugh when people ask me if I'd like to teach part time now that I'm retired. Are you fucking kidding me??? Even the friends I have (white) who "home school" (Johnny and Jenny read, do maff if and WHEN they damn well feel like it) show no interest in anything other than their ipads. And this in a two parent, upper middle class, 6 figure salary home of professionals.
I visited them this week and found little Johnny to be morose. I asked him what was wrong. Seems his project in the little community home school he "attends" didn't win a prize. I looked at the project: "How long does the flavor of different chewing gum last?"
I said (while noting it looked nothing like a typical 3rd grader could put together himself), "Well, it looks pretty good to me, Johnny! What did they say was wrong?"
"It dint hab a graff!"
So I said, "OH! Well, I can see where a graph might have made your conclusions a bit easier to understand!"
To which dad replied: "Graphs are stupid! They're just pictures!"
Ya'll can have my share of teaching! Good luck with your future (tax paying???) citizens. You're sure as hell going to need it!
Time may be a great healer, but it's a lousy beautician.-Dorothy Parker
Boys don't make passes at girls with fat asses.-slightly modified DP
A bank only gets that treatment ... if I (Janet Yellen), in consultation with the president, determine that the failure to protect uninsured depositors would create systemic risk and significant economic and financial consequences.
You have to wonder why two senile old people like Yellen and Biden are allowed anywhere NEAR a banking system. When Yellen calls Biden they're checking donor lists and which politicians are using the bank. Nothing more.
I taught elementary school for just under ten years in NC. This was around 2000-2010 era. Let's just say the kids know that you can't touch them, even at that age
I had friends teaching school in Western MD in the early 1990s. The elementary school teacher told me there were kids coming to school in the 1st & 2nd grade were not potty trained. There were about 7 housing projects that were in this elementary school's district. The students were of multiple races.
Another friend taught middle school and told me about her and her colleagues having to fight the school system to fail nonperforming students. The school system just wanted to push them through. She had a conference with one of the of the nonperforming student's parents who informed her "They don't have no education and their son don't need none either." Ignorance is bliss and you can't fix stupid.
Another friend teaching in a very rural HS was told by two female students "She could fail them if she wanted to, but they would just get on welfare, and she would have to pay for them." Teach them to beat the system and they will as long as you let them.
This has been going on for decades. You wouldn't think it could have gotten worse, but it has. I think the more letters/degrees after someone's name means they have no clue or care about real life and the skills needed to survive or succeed in it. They are getting their paycheck and a pension. The problem is when their "students" grow up and can't/won't work where will the money come from?
The old work ethic has been removed from the USA's list of requirements to live in a free society. Too high a percentage of people no longer care because there is a taxpayer funded hammock to park yourself for the mediocre life. $32+ trillion in gov't debt bought a lot of stupidity and laziness.
(Politicians), 536 commoditized temple monkeys pawing through the ruins of America in search of bribes. (The District of Corruption) works like a vending machine. You put coins in the slot, select yo
@Joancrawford Regarding what you've seen of what our next generations will consist of... Its been said many times, but good luck running this technological advanced society with a bunch of illiterate illegals, H1B "sir I am very accredited"'s , HR harpies, and Dieverisity hires.
Its sad to think how far we could be if none of this crap had happened. Maybe people In Charge had to kill this society to stop it. I interviewed for a machinist role today. Its a one-man R&D firm, and he needs someone to run his little machine shop and make all his widgets and circuitry fixtures and such.
Lets just say there is such a differences between guys like this and the average citizen that the species might as well be different. He is designing thermo photovoltaic systems to generate electrical energy from solid fuel burn to keep small objects in the air longer. And that's me dumbing it down to my own level; I'm "educated" and could barely keep up, how about the average amerimutt?
I see us hitting a level where our technology is too advanced to keep up with, and reliability will crater.
The banking system does have a self regulating feature. While the depositors have been reimbursed for deposits above the 250 k amount, the stockholders of the bank are facing total loss of value.
Stock Charts.com shows the SVB bank (symbol SIVB) has/had a market cap value of over 6 billion $. All who owned this bank stock get a big Ouch. Multiply this bank failure by 100 more and finding someone to own bank stock will be ???
Every major failure like this should be viewed as an opportunity for someone with good leadership skills.
But theres no way to force people to do their job well. Huh?
Really, you never heard of firing someone for incompetence?"
Pardon my cynicism....I grew up in the Detroit area 50 years ago when the big three were The Big Three. Lack of accountability and inability to fire for incompetence was and is the norm. Gov has been, is, and will always be at an even higher level craziness until the music stops......which is coming soon.