Well, the stock market is doing great, set new records last Tuesday, which scares the shit out of me. There doesn’t seem to be real economic backing for this activity. So what happens when we collectively wake up and realize stock prices no longer reflect company value? Seems we had a similar problem in October 1929.
I only see daily limits at the ATM. If I walked into my credit union today, and said give me my $20,000 in large bills, there would be a meeting with a manager, but they would fucking do it.
OTOH, I’m with a credit union, basically the socialist version of banking. Cannot fathom how anyone other than a business with particular banking needs uses a bank. At my place I’m closer to being an owner than a profit center.
Yeah; my partner and I talked earlier this year about how switching to a credit union aligns better with our politics but, also, especially in this environment and after his “Fair Banking” executive order. I’ll be more than happy to be done with banks, forever.
They’ve got legal obligations, including Know Your Customer and money laundering prevention that started around 10k when I was in school but idk what it is now. Structuring a transaction so as to avoid reporting requirements often does not stand up to scrutiny so it’s not worth the risk. There’s a kid I went to high school with who’s doing 25 for first structuring his business to avoid reporting laws and then using the advantages of not reporting to defraud the government to the tune of 8 digits. Ask him how that is going if you need convincing.
Well, the stock market is doing great, set new records last Tuesday, which scares the shit out of me. There doesn’t seem to be real economic backing for this activity. So what happens when we collectively wake up and realize stock prices no longer reflect company value? Seems we had a similar problem in October 1929.
Bubble do tend to make the stock market look great.
If anything, it’s a sign it’s popping soon.
Another sign is the dollar is down 2 more cents to the Euro, now trading at about 83.5¢ per Euro, when last month it was at an average of 85.5.
They’re gonna try and juice the economy all the way up to the midterm elections, but I’m unsure if the economy even has that much to squeeze.
Either way it’s gonna do a nosedive next year.
Then they can blame Democrats for the crash and re-elect Trump in 2028!
Stocks are up because the dollar is losing value. Lol inflation even affects stocks!
The 10 year cyclically adjusted price/earnings ratio is well past 1929 levels. The only other time to be higher was the dotcom burst.
Except now banks have built in protection from bank runs. There’s a reason you have a daily withdrawal limit on your accounts.
I only see daily limits at the ATM. If I walked into my credit union today, and said give me my $20,000 in large bills, there would be a meeting with a manager, but they would fucking do it.
OTOH, I’m with a credit union, basically the socialist version of banking. Cannot fathom how anyone other than a business with particular banking needs uses a bank. At my place I’m closer to being an owner than a profit center.
Yeah; my partner and I talked earlier this year about how switching to a credit union aligns better with our politics but, also, especially in this environment and after his “Fair Banking” executive order. I’ll be more than happy to be done with banks, forever.
I did the exact thing with my credit union. Mine was a check since I was just moving it to a different credit union, but they did do it.
They’ve got legal obligations, including Know Your Customer and money laundering prevention that started around 10k when I was in school but idk what it is now. Structuring a transaction so as to avoid reporting requirements often does not stand up to scrutiny so it’s not worth the risk. There’s a kid I went to high school with who’s doing 25 for first structuring his business to avoid reporting laws and then using the advantages of not reporting to defraud the government to the tune of 8 digits. Ask him how that is going if you need convincing.
What are the benefits of switching to a credit union?
This is why “debanking” is being scrutinized right now.
They know it’s coming.
“No longer” lmao