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Post by Deleted on Jul 9, 2021 19:44:26 GMT
Did anyone see what Wells Fargo did today? They gave people 60 days notice that they are shutting down all lines of credit. Is the economy about to crash? link
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Post by Deleted on Jul 9, 2021 20:02:40 GMT
@farmchix I posted on that yesterday back on page 1. Scary stuff. Doesn’t give me a good feeling at all.
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Post by Deleted on Jul 9, 2021 20:05:34 GMT
@wvfarmgirl, I must have missed it. Hopefully it doesn't cause a run on the banks sooner than expected.....people are posting it everywhere. *sigh*
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Post by Deleted on Jul 9, 2021 20:10:34 GMT
Makes me pretty nervous. I have my mortgage through Wells Fargo with a really good rate but now I’m really thinking about refinancing with someplace else.
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Post by Deleted on Jul 9, 2021 21:01:03 GMT
@wvfarmgirl, Ours is with them as well. I don't think it will matter who your mortgage is through is this all goes South.
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Post by farmgirl on Jul 10, 2021 19:17:22 GMT
Did anyone see what Wells Fargo did today? They gave people 60 days notice that they are shutting down all lines of credit. Is the economy about to crash? linkThis is my concern as well. We've got the current administration spending like drunken sailors (no offense to drunken sailors) with no end in sight. It can't continue. I'm no expert, but I've read a lot about the Great Depression and the start of WWII, and I'm seeing similarities. I'm watching this closely.
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Post by Ozarks Tom on Jul 10, 2021 22:45:57 GMT
When Catherine the Great of Russia decided to tour her countryside her lover, Potemkin, went ahead of her and put facades and fake accouterments in all the villages to hide the abject poverty the Russian people were living in. That's where the term "Potemkin Village" comes from.
How different from that is our media and politicians, along with the Fed in painting over the rust and corrosion that is our economy?
Remember several years ago when Cyprus had a "bail in"? Their central bank didn't bail them out of their upside down positions, they just took their customer's money to make themselves solvent. Laws were changed several years ago making your checking/savings deposits loans to the bank, not your money stored with them for withdrawal upon demand, and your money just makes you a creditor to the bank just like the people supplying water for their water cooler.
Yep, Congress screwed their constituents once again, with absolutely no notice from the media. They made sure the banks would remain at least partially solvent in the event of an economic collapse.
In other words, it's up to us as individuals to make sure we don't go from flush to broke in an instant. There's no way they'd warn us of impending collapse, they'll be ensuring their own survival.
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Post by farmgirl on Jul 11, 2021 2:20:15 GMT
When Catherine the Great of Russia decided to tour her countryside her lover, Potemkin, went ahead of her and put facades and fake accouterments in all the villages to hide the abject poverty the Russian people were living in. That's where the term "Potemkin Village" comes from. How different from that is our media and politicians, along with the Fed in painting over the rust and corrosion that is our economy? Remember several years ago when Cyprus had a "bail in"? Their central bank didn't bail them out of their upside down positions, they just took their customer's money to make themselves solvent. Laws were changed several years ago making your checking/savings deposits loans to the bank, not your money stored with them for withdrawal upon demand, and your money just makes you a creditor to the bank just like the people supplying water for their water cooler. Yep, Congress screwed their constituents once again, with absolutely no notice from the media. They made sure the banks would remain at least partially solvent in the event of an economic collapse. In other words, it's up to us as individuals to make sure we don't go from flush to broke in an instant. There's no way they'd warn us of impending collapse, they'll be ensuring their own survival. Pastor Joe Fox of Viking Preparedness just talked about inflation and used Cypress as an example in his newest video.
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Post by willowgirl on Jul 15, 2021 17:32:47 GMT
The red flag I'm seeing is our infatuation with tech. Was just looking at an IPO; a company that makes money transfers possible between private parties. Lots of tech-speak I couldn't comprehend, but at the bottom, in fine print ... the company isn't profitable and hasn't been, either. I see that a lot.
Stop at think for a moment: look at services like DoorDash, which deliveries groceries. Grocery delivery has always been possible; even before the Internet, a supermarket could have easily set up a delivery service for its customers. But most didn't. Why? Because it evidently wasn't profitable to do so. (If there is a profit to be made, someone will almost always swoop in to make it.)
Now, the current players have employed a neat trick by making their delivery drivers independent contractors, to weasel out of paying their SS and FICA taxes, but I'm not sure that's enough to make delivery profitable. So why have these companies garnered huge investments? Because of the tech element, which makes them all whiz-bangy and thus attractive to investors. But the core service being provided? Very likely there's no money in it, or at least not enough to make the companies sustainable once they've burned through all of their venture capital.
Just my hunch.
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Post by Ozarks Tom on Jul 15, 2021 18:37:55 GMT
It's surprising Door Dash, Uber, Lift aren't making money, they don't bear any cost of field employees or maintenance on vehicles. All those services are strictly middlemen, their only cost is their servers and a few employees working remote. The originators of those services certainly thought they'd be money makers, I wonder what happened?
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Post by farmgirl on Jul 15, 2021 18:58:03 GMT
The red flag I'm seeing is our infatuation with tech. Was just looking at an IPO; a company that makes money transfers possible between private parties. Lots of tech-speak I couldn't comprehend, but at the bottom, in fine print ... the company isn't profitable and hasn't been, either. I see that a lot. Stop at think for a moment: look at services like DoorDash, which deliveries groceries. Grocery delivery has always been possible; even before the Internet, a supermarket could have easily set up a delivery service for its customers. But most didn't. Why? Because it evidently wasn't profitable to do so. (If there is a profit to be made, someone will almost always swoop in to make it.) Now, the current players have employed a neat trick by making their delivery drivers independent contractors, to weasel out of paying their SS and FICA taxes, but I'm not sure that's enough to make delivery profitable. So why have these companies garnered huge investments? Because of the tech element, which makes them all whiz-bangy and thus attractive to investors. But the core service being provided? Very likely there's no money in it, or at least not enough to make the companies sustainable once they've burned through all of their venture capital. Just my hunch. Before our son finished college last fall, he did Door Dash to make money as it worked with his schedule. He chose a 3 mile radius and his car is fuel efficient. He made around $80-$125 for a 3 hour span. He made more if it was raining or snowing. But it was a temporary gig, not meant to be long term.
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Post by roadking on Aug 20, 2021 13:10:25 GMT
Anyone else been noticing the disparity between gold/silver and the stock market? It used to be that stocks up, metals down, and vise versa. For a while now, it has been stocks up, metals up and stocks down, metals down...when, exactly, did that change? Better question...Why?
These are confusing and dangerous times, in my mind...the "normal" has changed...and not just with finances...the world in general.
Wasn't sure if this should go here or in the metals thread...and the manipulation of gold.
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Post by daw on Aug 20, 2021 15:17:13 GMT
Wells Fargo is closing personal loans giving you the only chance to put it on your credit card so they can get more interest. Just another trick they have up their sleeve.
One way people are playing the stock market... The market starts dropping on Friday. Buy stock then and sell on Monday or Tuesday when the stock picks up again.
Also some areas do not take money or check. Credit card only or debit. Plan on going strictly credit card tied to your bank account.
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Post by Ozarks Tom on Aug 20, 2021 19:13:31 GMT
roadking , The manipulation of precious metals has been going on for a very long time, this latest example is probably the most egregious I've seen, although several bank traders have gone to jail in recent years when they were caught manipulating the numbers. I'd say the PM vs market ratio is false in both areas. PMs are being held down to keep the dollar from cratering in ratio to foreign currencies, while the stock market is grossly over-leveraged with nearly free money. Both are being manipulated, but to entirely different ends. As inflation increases, as we know it will, there's going to be limit to the amount of pressure to keep PMs down, after all, they're commodities just like beans/corn/wheat and commodities always find their value against each other over time. As the dollar loses purchasing power PMs will necessarily follow other commodities in value. Also, keep in mind the spot prices of silver & gold are set by the paper PM markets, not physical. When the paper markets, the dollar, and the stock market crash physical PMs will find their true values against other commodities just like they have throughout recorded history. Until then, look at PMs strictly as repositories of wealth, not as investments.
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