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I am DONE... taking my money out of the banks.

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I am DONE... taking my money out of the banks.

Old 05-15-2010, 03:54 AM
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Default I am DONE... taking my money out of the banks.

Farking thieves, liars, cheats, and greedy bastards that are raping our country daily. If you wonder why main street USA is still struggling this is why:

The latest quarterly reports from the big Wall Street banks revealed a startling fact: None of the big four banks had a single day in the quarter in which they lost money trading.
For the 63 straight trading days in Q1, in other words, Goldman Sachs, JP Morgan, Bank of America, and Citigroup made money trading for their own accounts.
Trading, of course, is supposed to be a risky business: You win some, you lose some. That's how traders justify their gargantuan bonuses--their jobs are so risky that they deserve to be paid millions for protecting their firms' precious capital. (Of course, the only thing that happens if traders fail to protect capital is that taxpayers bail out the bank and the traders are paid huge "retention" bonuses to prevent them from leaving to trade somewhere else, but that's a different story).
But these days, trading isn't risky at all. In fact, it's safer than walking down the street.
Why?
Because the US government is lending money to the big banks at near-zero interest rates. And the banks are then turning around and lending that money back to the US government at 3%-4% interest rates, making 3%+ on the spread. What's more, the banks are leveraging this trade, borrowing at least $10 for every $1 of equity capital they have, to increase the size of their bets. Which means the banks can turn relatively small amounts of equity into huge profits--by borrowing from the taxpayer and then lending back to the taxpayer.
Why is the US government still lending banks money at near-zero interest rates? Ostensibly, for the same reason that the government bailed out the banks in the first place: So the banks will lend money to small businesses, big businesses, and other participants in the "real economy."
But the banks aren't lending money to the real economy: Private sector lending has fallen off a cliff.
And one reason private sector lending has fallen off a cliff is that lending money to the private sector is risky. Lending money to the government, meanwhile, is nearly risk-free. So the banks are just lending money back to the government (by scarfing up US Treasuries), collecting a nearly risk-free 3% spread, and then leveraging up this bet 10-15 times.
THAT's how the big banks made money 63 days in a row. Importantly, doing this required no special genius: If you had the good fortune of working at a big bank, you would be making money every day, too. And then you'd get to take half of that money home as a bonus!
No wonder everyone wants to work on Wall Street.
The government's zero-interest-rate policy, in other words, is the biggest Wall Street subsidy yet. So far, it has done little to increase the supply of credit in the real economy. But it has hosed responsible people who lived within their means and are now earning next-to-nothing on their savings. It has also allowed the big Wall Street banks to print money to offset all the dumb bets that brought the financial system to the brink of collapse two years ago. And it has fattened Wall Street bonus pools to record levels again.
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Old 05-15-2010, 04:18 AM
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I wish somehow an organized movement could be somehow "jump started" against the "Banking Cartel".

The Bailout of Big American Banks Has Cost Trillions More Than We've Been Told
http://www.globalresearch.ca/index.p...t=va&aid=19161

Or maybe watch the U-Tubes Renaissance Lessons here: http://www.silverbearcafe.com/privat...naissance.html if you're willing to take time. Well worth watching IMO, if nothing else skip down to the last two entries.

The banks are taking down the Worlds Economy, and using taxpayers money to subsidize and pay for their efforts.
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Old 05-15-2010, 05:17 AM
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Default I like when Obama and congress posture about the big bad banks,>>

Investment companies, General motors, or government motors, and ofcourse big OIL. Just the other day they were blaming haliburton again, Haliburton has given just as much money to democrats as republicans, Clinton gave out all kind of unbidded contracts to them in kosovo. Its all just posture that makes those companies give more money to the party in charge for favors or silence OR BOTH.
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Old 05-15-2010, 05:23 AM
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Consider your local credit union.
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Old 05-15-2010, 05:37 AM
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I second the credit union.

The Big Banks are simply speculators/gamblers still. And they are still greasing the wheels better than any of us "Main Street" folks can.
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Old 05-15-2010, 05:59 AM
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I know of some guys working as investors for banks that are making HUGE bonuses.....

And I thought they were some sort of geniuses........
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Old 05-15-2010, 06:25 AM
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For the life of me, I've never been able to figure out why anyone would have an account at one of these big banks when Credit Unions are available to the vast majority of Americans.

The only business I do with big banks is to take them for a ride on their credit cards. I pay them off every month, and enjoy them paying me a 1% rebate on everything I buy.
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Old 05-15-2010, 06:52 AM
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Originally Posted by itwonder View Post
For the life of me, I've never been able to figure out why anyone would have an account at one of these big banks when Credit Unions are available to the vast majority of Americans.

The only business I do with big banks is to take them for a ride on their credit cards. I pay them off every month, and enjoy them paying me a 1% rebate on everything I buy.
Yep
I've got to find a credit union close to me. The tellers at my bank can have that fake friendly smile and conversation.
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Old 05-15-2010, 07:45 AM
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I had a business account at BOA. It's gone now. I found a small private bank that one of my clients uses. I get a person on the phone who knows who I am and since they were not really convienient to get to they gave me all the equipment to deposit checks from my home office and never have holds placed on checks. If my acount is under I get a call and the check is paid regardless of whether money is in the account or not. I still pay a fee for that service but at least i know my creditor was paid. BOA was the worst of all the banks I have ever used in my life and they pretty much all suck
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Old 05-15-2010, 08:33 AM
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Corrupt ?

http://usawatchdog.com/is-the-financial-system-corrupt/


Large investment Banks trading for thier own account and not having one losing day for an entire quarter is only possible if they have rigged the markets

NOT POSSIBLE
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Old 05-15-2010, 08:37 AM
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Try this for your $$$$$







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Old 05-15-2010, 08:59 AM
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Originally Posted by nat View Post
Corrupt ?

http://usawatchdog.com/is-the-financial-system-corrupt/


Large investment Banks trading for thier own account and not having one losing day for an entire quarter is only possible if they have rigged the markets

NOT POSSIBLE
Scary

I heard the same thing about no loses for the entire quarter but what banks in particular?
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Old 05-15-2010, 08:59 AM
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..........Doe's that answer why people like Dillinger were public hero's?
Makes you feel kinda helpless, huh?
It doe's me.
Where's Bonnie and Clyde when we need them?
PEOPLE ARE JUST PISSED OFF!
At least people with a brain are.
Not too worry, Nancy Pelosi has it all worked out, except for people like us who work for a living and pay taxes.

Ok, enough from me, "Politics" is a no no on the site.
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Old 05-15-2010, 09:57 AM
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Originally Posted by LI Sound Grunt View Post
Scary

I heard the same thing about no loses for the entire quarter but what banks in particular?

from the post above


Goldman Sachs, JP Morgan, Bank of America, and Citigroup
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Old 05-15-2010, 10:11 AM
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Moveyourmoney.org
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Old 05-15-2010, 02:11 PM
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Originally Posted by bumster View Post
I had a business account at BOA. It's gone now. I found a small private bank that one of my clients uses. I get a person on the phone who knows who I am and since they were not really convienient to get to they gave me all the equipment to deposit checks from my home office and never have holds placed on checks. If my acount is under I get a call and the check is paid regardless of whether money is in the account or not. I still pay a fee for that service but at least i know my creditor was paid. BOA was the worst of all the banks I have ever used in my life and they pretty much all suck
I second BOA being a POS bank to deal with. We handle all of our business and personal accounts at a smaller local bank.

We use a credit union whenever I take a personal loan. They have always quoted me the best rates.

I believe these banks should be repaying the taxpayer funded loans with ALL of their profit, until it is repayed in full.
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Old 05-15-2010, 02:35 PM
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I have been a member of the same Credit Union for 44 years, the only way to go. I remember when I joined the Credit Union in 1966, it was a small building downtown Jacksonville Fl. with a wooden floor. And everbody was known by their first name, and when you called them on the phone a real person would answer. I miss the good old days.
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Old 05-15-2010, 04:13 PM
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Originally Posted by LuckyLaRue View Post
I have been a member of the same Credit Union for 44 years, the only way to go. I remember when I joined the Credit Union in 1966, it was a small building downtown Jacksonville Fl. with a wooden floor. And everbody was known by their first name, and when you called them on the phone a real person would answer. I miss the good old days.
How long to establish credit with the credit unions?
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Old 05-15-2010, 04:34 PM
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good on you brett for putting your money where your mouth is
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Old 05-15-2010, 08:55 PM
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not really different than its always been done. A good book to read is The Creature From Jekyll Island. Pretty eye opening regarding the fed and banks and a ton of other stuff.
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