Economic Collapse?

9071 Views 271 Replies 69 Participants Last post by 1911_Kid, 22 d ago

cavelamb

Discussion Starter · 3 mo ago

It's happening...

The FDIC is racing to find another bank over the weekend that is willing to merge with Silicon Valley Bank, according to people familiar with the matter who requested anonymity because the details are confidential. While the FDIC hopes to put together such a merger by Monday to safeguard unsecured deposits, no deal is certain, the sources added.

U.S. banks have lost over $100 billion in stock market value over the past two days, with European banks losing around another $50 billion in value, according to a Reuters calculation.

"There could be a bloodbath next week as...short sellers are out there and they are going to attack every single bank, especially the smaller ones," said Christopher Whalen, chairman of Whalen Global Advisors.

(and for the really scary part...)

U.S. Treasury Secretary Janet Yellen met banking regulators on Friday and expressed "full confidence" in their abilities to respond to the situation, Treasury said.

The White House said on Friday it had faith and confidence in U.S. financial regulators, when asked about the failure of SVB.

Reactions: 5

241 - 260 of 272 Posts

bradsvette

· #241 · 2 mo ago

I'd jump for joy to get 3% right now!

Reactions: 1

NonHyphenAmerican

· #242 · 2 mo ago (Edited)

bradsvette said:
I'd jump for joy to get 3% right now!

My Local Bank just renewed one of mine at 4.75%.
The rates have been steadily rising.

Note: Don't just take the rate that is publicly quoted. Talk to at least a Manager, a VP if possible, and ask what rates they'll negotiate.

Just an FYI; Here's a local Credit Union and they're quoting 4.3%

Certificates of Deposit | Savings | CD | Meritrust Credit Union in Andover Derby Lawrence Manhattan Wichita Kansas

Invest in your future plans with CDs from Meritrust. Our CDs have flexible maturity terms so you can save or spend your money on your schedule.

www.meritrustcu.org

At my local small town bank that's family owned, they're quoting 4.0%.

So over 4% isn't out of the question.

Sadly, I've had an account at the local bank long enough that I can remember when a Simple Savings Account paid 7.5%.

Back in those days, if you had $1 Million, you could earn $75k per year in simple interest.

So now, that'd be $40k.

I'll tell you, a man could live a lot nicer on $75k in the 1970's than he can now on $40k.

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Reactions: 3

USMM guy

· #243 · 2 mo ago

NonHyphenAmerican said:
I'll tell you, a man could live a lot nicer on $75k in the 1970's than he can now on $40k.

You might want to revisit this statement NHA, just sayin.

Back then a million bucks was real money also.

NonHyphenAmerican

· #244 · 2 mo ago

USMM guy said:
You might want to revisit this statement NHA, just sayin.
Back then a million bucks was real money also.

I guess I'm dense.

What part of my statement ""I'll tell you, a man could live a lot nicer on $75k in the 1970's than he can now on $40k"" isn't right?

Unless some of that beer I drank back then was weird stuff, I could've lived REALLY nice on $75k back then, and $40k now doesn't go anywhere near as far in todays economy as $75k did then.

4% interest now on $1Million is $40k in interest.
7.5% interest then on $1Million was $75k in interest.

Reactions: 3

cadillacmike

· #245 · 2 mo ago

bradsvette said:
I'd jump for joy to get 3% right now!

I bonds are some 6.7% right now. And we found a local CU offering savings accts with 5.2%, but only the first $2,000 of deposit. Still better than other options.

Reactions: 1

PatientWolf

· #246 · 2 mo ago

NonHyphenAmerican said:
I guess I'm dense.

What part of my statement ""I'll tell you, a man could live a lot nicer on $75k in the 1970's than he can now on $40k"" isn't right?

Unless some of that beer I drank back then was weird stuff, I could've lived REALLY nice on $75k back then, and $40k now doesn't go anywhere

I think the reference was along the lines of “Where does the $1M that you park into savings come from? Not only now, but especially back in the 70’s?”

USMM guy

· #247 · 2 mo ago

NonHyphenAmerican said:
I guess I'm dense.

What part of my statement ""I'll tell you, a man could live a lot nicer on $75k in the 1970's than he can now on $40k"" isn't right?

Unless some of that beer I drank back then was weird stuff, I could've lived REALLY nice on $75k back then, and $40k now doesn't go anywhere near as far in todays economy as $75k did then.

4% interest now on $1Million is $40k in interest.
7.5% interest then on $1Million was $75k in interest.

No it was me I read it backwards, not sure what I was thinking. My apologies. Must be early onset Alzheimers.

Reactions: 2

NonHyphenAmerican

· #248 · 2 mo ago

USMM guy said:
No it was me I read it backwards, not sure what I was thinking. My apologies. Must be early onset Alzheimers.

I call it CRS. 🥴

Can't
Remember
S....tuff.

NonHyphenAmerican

· #249 · 2 mo ago

PatientWolf said:
I think the reference was along the lines of “Where does the $1M that you park into savings come from? Not only now, but especially back in the 70’s?”

Like anything else, you had to work to earn it.

But I remember this subject from Community College. We were supposed to do a speech on what we'd do if we won a Million Dollars, tax free.
Many of the students talked about buying this, that or something else. Buying houses for their parents, etc.

One other student and I wrote that we'd deposit the money in the bank, and live off the interest.

I spoke of after taxes being able to budget $4k per month, with $2k left over at the end of the year for Christmas Presents.
At the time, I was living in a $135 per month apartment including utilities, that was the 2nd floor of an old two story Model T Garage, and working up to 5 different jobs at a time, as well as lumping trucks to make bills and pay books & tuition. Note: Back then, you could get $1 per thousand pounds cash for lumping trucks at the local grocery warehouse.

So the thought of $1 Million tax free was a really nice pipe dream back then.

USARV72

· #250 · 2 mo ago

NonHyphenAmerican said:
I call it CRS. 🥴

Can't
Remember
S....tuff.

LOL, better than C.R.A.F.T………

Reactions: 1

longarm

· #251 · 2 mo ago

Old-timers Syndrome... and Lysdexia ;-)

Reactions: 1

NonHyphenAmerican

· #252 · 2 mo ago

USARV72 said:
LOL, better than C.R.A.F.T………

I get that more and more often.
Usually names.

longarm

· #253 · 2 mo ago

Also known as "Walk-In Syndrome": you bust hump, race into the walk-in fridge/freezer and..... No longer have a goddamned clue why you are in there.

edit: the KICKER is... you can stand there, looking around for a trigger-visual or.. Walk away and rememberr when yer 15' away and busy elsewhere.

Reactions: 1

USMM guy

· #254 · 2 mo ago

longarm said:
Also known as "Walk-In Syndrome": you bust hump, race into the walk-in fridge/freezer and..... No longer have a goddamned clue why you are in there.

Been there and done that!

Reactions: 1

USARV72

· #255 · 2 mo ago

Used to not need a grocery list but now I buy a bunch of things really dont need and forget what I do need, so always make a list. Really get CRAFT on new peoples I meet names, long time friends, no problem.
Who takes a memory supplement?

Reactions: 1

longarm

· #256 · 2 mo ago

ALWAYS make a shopping list.... And then leave it at home when you go out.

Reactions: 1

USARV72

· #257 · 2 mo ago

longarm said:
ALWAYS make a shopping list.... And then leave it at home when you go out.

It always goes in my pocket as soon as its finished, prevents leaving it home….

Reactions: 2

NonHyphenAmerican

· #258 · 2 mo ago

USARV72 said:
It always goes in my pocket as soon as its finished, prevents leaving it home….

But then I have to remember which pocket.
And in wintertime, there's more pockets.

LOL.

longarm

· #259 · 2 mo ago

Y'all laugh, but i swear - i need to train myself to snap a pic on the phone when i head out ;-)

Reactions: 1

Srgunner

· #260 · 2 mo ago

And forget the phone.........

Reactions: 1

241 - 260 of 272 Posts