Banking regulators close IndyMac

Originally posted by Rockpuck
I honestly don't know where you picked up your economics.

Only from people with PhDs in economics (college, graduate school), and those who make a living off the markets (investment bankers, market analysts). There is always money to be made, but its even easier when panic ensues because people drop their rationality and buy/sell one emotions.

Originally posted by Rockpuck
You said the same thing after every sell off "oo a sale" ... How big did you make out after those "sales"? .. It doesn't make sense to buy a stock and then try and sell it within 1-2 days. I know people that do it, they make money, but thats not how the market was intended.

Who said anything about selling in one to two days? I'm in this for the long haul. I love when the stock market goes down, its a buying opportunity. Remember, you buy LOW...not buy HIGH. I know that over the long term the stock market is a good medium to use for retirement. We can hit DOW 5000 for all I care, I've got 30 years (or more, if I decide to be a professor) until I need to take the money out. The more it goes down now the more value I get out of it.

I have taken only a few opportunities to day trade when its obvious the sheeple were listening to the media and running around hysterically. I've found a good rule of thumb is to go against the crowd - when everyone talks about utter doom its time to buy and when MSNBC say things are looking up its time to sale. I don't have enough capital in terms of day trading to make a killing off of the doom and gloomers, but its been enough of a windfall to make me happy.

If it makes the doom and gloomers feel any better I also made a bit of money off of the "the DOW can never drop" sheep a few years ago. However...as ATS is full of the "the end is nigh" crowd, it seems like I'm an optimist. I'm just a opportunist, I benefit from the fear mongering doom and gloomers and the foolish optimists all the same. However, the day I see an optimist on ATS will be a strange day indeed.

Originally posted by ALightinDarkness

Overall, this is a blip compared to the 1970s or some of the other economic down turns.

[edit on 11-7-2008 by ALightinDarkness]

Greetings ALightinDarkness I have never seen yo0ur posts before but obviously from your prose, way of describing the current markets and your self styled "personality" on ATS can. I ask about the above WTF are you on about?

You state elsewhere you get your information from"Ph.D market Traders and the like" not verbatim.... you work in the industry? I used too to where to? the exchange, the floor, personal, corporate,? software maybe? where to in the industry. This information you get that is from these "experts" you mean you read the papers or got a college degree like me in a subject?

My financial Qualifications (separate to my degree which was in a another 2 subjects! :-)

FPC1,2,3,4, and the hallowed 5. competent advisor status, lapsed 3 years ago (couldn’t drive for one year so couldn’t go and ADVISE my clients had set up a client base but large area.) Ceemap (all uk based) SEC 1, 2, 3. competent trader status 4 yrs ago So as you will know from that I was in Banking, Real Estate and Securities, giving advise to clients on these matters.

I ask again WTF are you on about?


The reason IO ask this is that you are soo far off field from where every other person with any current WORKING experience of this field is that it is mind-boggling literally!

You thing this is the traditional fear mongering? This is no spin this is real and about to redefine the current meaning of "depressions" "stagflation" etc, as any analyst will explain to anyone the current market has never been seen before, so cant be predictably charted, but there is one thing for sure its going down and only that way.

I don’t like to rain on your apparent parade and new found Nexus but please quote some sources for the statements I Quoted you saying. Please from non partisan competent and respected non political sources, Because if you can its not been in the industry news, periodicals, gossips etc for the last 6 months.

3 of my friends in the industry in the UK have lost £40k basic or more, jobs with massive ote within the last 4 weeks all in the industry and related, one was a commercial banking Advisor, one worked for an Tax Specialist as a Auditor and another has lost his position as a trainer within the regulated environment of the UK industry (competence etc)

WTF are you on about sources please? You obviously have no contact with traders etc unless it is as part of a syndicate or through cable or something.

No Aspersions against you my friend its just that the entire attitude you seem to front on this issue is the one, that was used to spin people into buying more, getting more in debt, to pay people who speak like you huge amounts of money, whilst they still have the debt now and the rates are getting higher!

This is fundamentally not a Sub Prime problem, or inflation or oil, it s Personal Finance problem or rather personal debt problem by most of the West.

We are bankrupt and have to settle the books full stop.

PS its dangerous to tell a child it wont hurt his hand to put it in the fire if he hasn’t played with fire before! especially as the flame is getting hotter and the hospital further away!

Kind regards

Elf

On CNN this morning I watched a blip on Indymac and the depositors were lined up at the door of the bank with ZERO knowledge that it had closed up until they tried to use the ATM at the bank!! Makes you wonder what they listen to and watch!!

There are many depositors who have more then 100 k with IndyMac as well.

According to the FDIC, 10,000 IndyMac customers could lose as much as $500 million in uninsured deposits. The agency says the failure will cost the Deposit Insurance Fund between $4 billion and $8 billion, based on preliminary estimates.

money.cnn.com...

[edit on 12-7-2008 by whiteraven]

reply to post by MischeviousElf


Agreed .. Doesn't add up .. "The economy is fine because you can buy cheap stocks!" ..

Thank god to become a Financial adviser in America you need to pass stringent state testings to get your Series 7 and pass the boards to become an "Adviser" ..

whiteraven

One question: Who watches the news at 6pm on a Friday night? The entire point was so that people WOULDN'T know.. and it worked, because people don't like to be "informed"

Some like to pretend they are enlightened but in reality the small effort to keep up on world affairs especially in your own back yard is to much trouble.

reply to post by Rockpuck


Yup instead of watching the news they were checking out the latest on Inside Edition. People truly are sheeple and people wonder why our country is in shambles. Because WE LET IT HAPPEN. The fact is this is not a good thing banks going under. Maybe a good system crash will get us off the FED and back to a constitutionally run money system but I doubt it. No instead they will print & borrow more and more money and we will have to pay for it via the inflation tax and the crushing interest that is adding up fast.

I agree with Light though in the fact that soon stocks will get so cheap that people wont help but jump in. Are we at the point yet? That is the big question but I am kinda hoping for a good tanking on Monday because I do feel we are close.

In final this is not good at all. In fact I think this was caused by the banks like the depression of the 20s so the power grab of the new century can begin. It has started with Bear Stearns and will not end with IndyMac. All this real estate will be bought for pennies on the dollar with printed money that WE pay for via the inflation tax. Sucks doesnt it because we dont reap ANY of those benefits. So unless we can change things and get these crooks our of our lives we need to do this..."if you cant beat them...join them" and make money of this opportunity that does not happen that often.

I read somewhere that one "guru" had stated that we are in a "Bubble" driven economy.

Couple that with the fact that capital migrates westward..ie..babylon, Greece, Italy, Portugal, Spain,Britain, New York, California, Japan, China, Vietnam etc...

I would look into the next bubble. I would guess it to be a Chinese thing...as capital continues to flow "west".

I think the America bubble will burst.

If it does burst the big question would be how do we rebuild?

Or who will be the power behind the rebuild?

[edit on 12-7-2008 by whiteraven]

North America is marching toward a new central bank, with the NAU the ground work is chugging along every day. This aticle is from 2007 but timely just the same.

www.augustreview.com...

reply to post by Perplexed


Believe me, the sheeple shrug...You will only hear a peep out of them if the TV goes blank, the power goes out, or McDonalds and Starbucks closes.

reply to post by MischeviousElf


Unless your a chartered financial analyst and/or have a PhD in economics your "financial qualifications" are nothing that anyone can't do on their own. Listing your credentials is not impressive, in fact, its makes me less likely to believe you because financial planner status isn't really hard to get. You have a degree in two subjects? Me too! Several degrees, in fact! I'm not here to put down anyone's qualifications, but you shouldn't use them if you don't want people to point out their true value.

There is a reason why there are countless droves of certified financial planners who can't make a buck. Because it doesn't really teach you anything. Hell, Ameriprise - one of the worst financial services companies - employs legions of them. I realize you want there to be doom and gloom. I understand you don't care about the research and looking at reality. But I'll trust the facts before I trust hysteria manufactured by CFPs. Really, I know several CFPs - most people would, given the ease of the qualification - and none of them are on the doom and gloom train except Rockpuck.

You can run around trying to fear monger, I'll listen to the experts and profit. No matter how bad you want to be enlightened on doom and gloom, you should really do your research. The sky is not falling.

However, as expected, the resident ATS doom and gloom prophets have rolled out and taken up their assigned posts. The doom is being preached from the hilltops, and I thank you. Your doom makes me money on Monday.

[edit on 12-7-2008 by ALightinDarkness]

To what common end does the universal practice of the fractional lending policy of banks effectively translate?

Redistribution of wealth, although some call it the creation of debt, effectively, the wealth is moving from point "A" to point "B". Is it reasonable to believe that this 'eventuality' MUST have been foreseen by the international banking community. How is the existing wealth, which must have gone SOMEWHERE, protected?

Perhaps they have simply exercised a form of economic alchemy and changed the nature of the wealth into something we cant 'see'. Unfortunately I can only pose questions in the form of speculation.

Maybe one of you kind people can enlighten me?

Can someone tell me what impact this closing of IndyMac will have? I've driven by the bank a few times. I remember the building of the new location in Pasadena. I often wonder though if they knew they were going to be shutdown.

reply to post by BanzaiBoy


There will be no change except for those with more than $100k assets with IndyMac. They get to file with the FDIC to try to get back most of their money. For everyone else, no change. Most IndyMac employees are still reporting for work Monday.

reply to post by ALightinDarkness


Well, that and another hit to the US credit rating which is fragile as is. That leads to global economies not wanting to invest and raise capital to keep these banks afloat. The government nd Fed can;t bail everyone out, right?

But yes, aside from that, nothing to see here folks!

Oh yeah no problem, we will just keep filling the pool from the bath tub. This is only the beginning of this. It's not rocket science this has been explained and predicted for years. No one wants to beleive it. Ron Paul basically ran his platform off this idea. No one wanted to listen to him either. He was like the kid in class who has all the right answers,the teacher starts ignoring that his hand is up.

[edit on 12-7-2008 by Swingarm]

reply to post by TruthWithin


Gee, I guess that is why after EVERY OTHER bank failure we've had there was massive disinvestment from foreign countries and utter economic apocol...err...wait, thats right, there wasn't.

But never mind that. Commence running around in circles screaming hysterically.

[edit on 12-7-2008 by ALightinDarkness]

Originally posted by Swingarm
Oh yeah no problem, we will just keep filling the pool from the bath tub. This is only the beginning of this. It's not rocket science this has been explained and predicted for years. No one wants to beleive it. Ron Paul basically ran his platform off this idea. No one wanted to listen to him either. He was like the kid in class who has all the right answers,the teacher starts ignoring that his hand is up.

[edit on 12-7-2008 by Swingarm]

Yeah did you hear RP grilling Bernenke and Paulson the other day. Its on Youtube. Paulson wouldnt even answer his questions. They know our banking system is a joke and its socialistic in the fact that it transfers wealth from the poor to the rich.

But this is why people need to understand money they refuse to learn. Might as well join these thieves for the sake of our families till something changes. Im totally for getting rid of the FED but until that day comes it makes no sense not using this knowledge of how these crooks work for good use.

reply to post by mybigunit

Yeah did you hear RP grilling Bernenke and Paulson the other day. Its on Youtube.

No I did'nt do you have a link?

I did find this one ,

video.google.com...=Ron%20Paul%20Bernanke%20&sitesearch=&so=1

reply to post by Swingarm


Here you go my friend

reply to post by mybigunit


was there an answer there somwhere?

www.youtube.com...://video.google.com/videosearch?q=Ron+Paul+Bernanke+&sitesearch=v
[edit on 12-7-2008 by Swingarm]

[edit on 12-7-2008 by Swingarm]

[edit on 12-7-2008 by Swingarm]

Originally posted by Swingarm
reply to post by mybigunit

 

was there an answer there somwhere?

www.youtube.com...://video.google.com/videosearch?q=Ron+Paul+Bernanke+&sitesearch=

[edit on 12-7-2008 by Swingarm]

Nope he was dodging and weaving like Mike Tyson fighting Evander Holyfield. Then Paulson was saved by Barney Frank. Ben Bernenke or Paulson cannot hang with Paul. (BTW I was referring to my video) I have seen yours a few times I youtube RP videos at least once every few days. To me the guy is a parking genius. I find it funny also that Ron Paul brings up a replacement for the FED and Frank responds "No Thanks" Why would they need a replacement. They all get greased by the FED so nothing WILL change. Its disgusting. I watched that Zeitgeist for the first time a week ago about the fed and it was put together well. I think it sums up a lot. A few things I dont agree with but wow overall it is quite accurate on its facts. I wish these videos would show more about Louis Thomas McFadden who was the Ron Paul of his day and ended up dead.

[edit on 12-7-2008 by mybigunit]