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| User Info | Tired Of Getting ROBBED America? in forum [Ticker] | |||
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Genesis Posts: 71366 Incept: 2007-06-26 
KD^2 
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http://market-ticker.org/archives/949-Ti....
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-04-09 10:13:05
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Jstanley01 Posts: 2563 Incept: 2008-07-30 
San Antonio, Texas
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This is an issue even the idgits CONgress ought to be able to grasp.
---------- ...so in short, my fellow Texans, we must secede. "For the children..." --Me
2009-04-09 10:21:58
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Luke428 Posts: 318 Incept: 2009-02-10 
Boston
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Is there a law on the books that dictates the 'maximum' spread?
2009-04-09 10:34:02
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Genesis Posts: 71366 Incept: 2007-06-26
KD^2
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No.
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-04-09 10:34:50
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Vfl Posts: 147 Incept: 2009-03-19 Seattle Metro, WA
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Who was robbed by banks and Bernanke? The savers without mortgages. A refi from 6-3/4% to sub 5% will cost circa 4k for upfront but may save circa 150k over a period of 30 years. So borrowers with mortgage may at least even out from the pain of BAnk/Bernanke robbery. Down the road when the economy does recover, then savers will be robbed again via the depreciation of money by means of hyper inflation. Motto: If you do the right and responsible thing, you will suffer anyway.
2009-04-09 10:40:58
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Sammieboy Posts: 161 Incept: 2008-02-27
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About $4,000 in extra profits per mortgage on top of the "usual" $1,000 profit. That's right - the banks are making five times the "usual and customary" profit per loan, and it is coming right out of your hide. Denninger shouldn't you say 4 times or are should $4000 be $5000 per loan?
2009-04-09 10:57:28
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Nadreck Posts: 569 Incept: 2007-09-06
Highlands Ranch, CO
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The banks are in trouble. The Fed wants to help the banks. One way to do this is to create a wide spread between short term money and long term money. IIRC, the Fed has been admitting that they are doing this. Is this better or worse than giving banks money in the TARP? ---------- Any bank too big to fail must be broken up immediately.
2009-04-09 11:03:07
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Genesis Posts: 71366 Incept: 2007-06-26
KD^2
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Sammie: $5,000 current profit, $1,000 normal profit. 5x "normal" profit. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-04-09 11:04:49
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Ccmdad Posts: 3 Incept: 2009-04-03
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Yes, this is going on, I see it every day. Part of the problem is that the rates are artificially low, and once the rates normalize, anything put on the books at these rates will be underwater. Nobody can realistically expect that rates will remain at these levels. While some lenders may be exploiting the spreads, others are using the increase spread to manage the amount of business coming in. I see lenders swing the rates based on whether or not they can take on more applications, or if they need to slow down the applications.
2009-04-09 11:08:29
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Christiangustafson Posts: 769 Incept: 2007-06-27
Baader-Meinhof Gang
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---------- WE SHALL CLEANSE THE WORLD
2009-04-09 11:12:28
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Reza30 Posts: 233 Incept: 2009-02-15
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This guy explains the theft it like it is:Quote:"Bank earnings are likely to positively surprise and this is just the first example," said Tim Ghriskey Chief investment officer of Solaris Asset Management in Bedford Hills, New York. So Karl, I agree with you (based on you 2009 predictions) that a severe instability in the dollar or a bond market dislocation can bring this game to an end. Do you still believe this to be the case in 2009? 
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2009-04-09 11:31:38 by reza30
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Armedmichigander Posts: 380 Incept: 2009-03-27
MI
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I'm puzzled. A high spread that allows them to make high profits would bring in competitors and push the spread down, as high, profitable prices do in the market for any good. It naturally brings in competition at lower and lower margins and lower the price, or in this case, narrows the spread. That's what should be happening. But even if it's not, where's the misbehavior? I don't see the wrongdoing here.
2009-04-09 11:37:54
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Margincalltime Posts: 830 Incept: 2008-04-01
NJ
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Where's the misbehavior? 1) They wouldn't be in business were it not for taxpayer money along with the other large banks that accepted taxpayer money 2) They are then repaying the taxpayer in the form of higher costs. In one way you're right, its not their fault that Congress/govt allowed them to use taxpayer money in order to rip taxpayers off on the other end.
2009-04-09 11:44:29
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Kab Posts: 625 Incept: 2009-04-02 Colorado
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Except they're doing it with our money, stolen from us, handed to them, without our consent. I don't see any loan payments from WFC being paid to me in my tax return. The whole premise here is that they need this money to survive, so how the hell are they posting record profits? Either they don't need the money and are in fact just plain old robbing you and me via their accomplices in government, or they DO need the money and these profits are a lie, just another fraud.
2009-04-09 11:45:37
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Wisc-xc Posts: 4817 Incept: 2007-07-14
outside chicago Online
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Until we get full, unvarnished, verifiable transparency then it's reasonable if not mandatory to assume misbehavior, aka ROBBERY.
2009-04-09 11:46:32
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Ck_dexter Posts: 1409 Incept: 2007-07-19
SE PA Online
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So the consumer is in trouble and is 70% of GDP. So we give the banks money, so they can lend it back to the consumer at higher rates. So any capacity the consumer had is being sucked up be the banks in order to help the consumer. Party on. ---------- "When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it." - Frédéric Bastiat
2009-04-09 12:15:55
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Stoverny Posts: 250 Incept: 2009-02-25
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Manipulate rates lower causing a refi boom. Then allow the banks to earn 5x the profit on every one of those refis. More politically palatable than another direct handout to the banks, I guess.
2009-04-09 12:18:42
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Themortgagedude Posts: 3928 Incept: 2007-12-17
saint louis
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Yeah but like i've said before, if you were a gas station owner in Post Katrina La this would have got you thrown in jail. But here the banks own congress. Nothing to see here just move along. And this - Oh we were so busy we raised the rates to slow things down thing is bull****. 90% of the loans go thru the big banks such as USB, BAC, WFC before they go to Fannie and Freddie. They service the loans and remit payments to Fannie and Freddie. Never in my 15 years in the mortgage business have I seen margins at these levels. (And we did a lot of business in 2002-2005) I'm going to call it as I see it and I think we have collusion here, most likely encouraged on high by King Henry during his monarchy. These ****ers need to be brought down. I'm talking Paulson, Geithner, Blankfein, Pandit, Frank, Dodd, all of them. If they are not toppled peacefully, they will eventually hang from lampposts I'm afraid. No I will not be stringing them up myself but I will truly not feel sorry for these rapists. I'm sorry but I'm not gonna let em stick it in my ass and smile about it. **** THEM!
---------- "These are interesting times. We don't trust the government, we don't trust the legal system, we don't trust the media, and we don't trust each other! We've undermined all authority, and with it, the basis for replacing it! It's like a six-year-old's dream come true!"
2009-04-09 12:35:49
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Armedmichigander Posts: 380 Incept: 2009-03-27
MI
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Quote:
Right, I get that. They're insolvent, and propped up when they should be in FDIC receivership at this point. I totally get all that. I'm just referring to the point of this particular Ticker which I thought was saying that the high spread by itself is somehow wrong. Last modified:
2009-04-09 13:13:25 by armedmichigander
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Themortgagedude Posts: 3928 Incept: 2007-12-17
saint louis
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The high spread is wrong and is anticompetive and I'll argue all day long that its illegal and collusion and encouraged by treasury.
---------- "These are interesting times. We don't trust the government, we don't trust the legal system, we don't trust the media, and we don't trust each other! We've undermined all authority, and with it, the basis for replacing it! It's like a six-year-old's dream come true!"
2009-04-09 13:11:44
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Logicaloutlaw Posts: 614 Incept: 2008-01-23 Online
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Quote:I'm sorry but I'm not gonna let em stick it in my ass and smile about it. **** THEM! No, they ARE going to stick it in our collective ass and **** US.... ...and no one will do anything about it. ---------- All the money you make will never buy back your soul. - Bob Dylan, Masters Of War
2009-04-09 13:17:14
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Lemonaid Posts: 4776 Incept: 2008-01-20
Detroit Metro
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I can't see why the free market won't self-correct this. Wouldn't the local credit union down the street decide to take just twice normal profits and get all the business?
---------- "There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved." Ludwig von Mises
2009-04-09 13:22:29
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Reza30 Posts: 233 Incept: 2009-02-15
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Guys, please just think about it for a minute... If banks can legally pay you interest at .5% because the Fed sets the rates low, and if they get loans from the Fed at under 1%, and then they turn around and charge you 27% on your credit cards or 6% on mortgages, then something is wrong with this picture. In one case, the law forces the rates to be low. In the other, the banks can charge essentially what they want and this is called free market. I am tired however of people complaining about this (on this ticker and all around me). Put your money where your mouth is like I did: 1. Only deposit your money in credit unions (or similar institutions) that are entirely owned by the depositors and don't receive bailouts. 2. Do not allow the banks to make money off of you by borrowing for things you don't need. You would be amazed how much people pay for that Starbucks coffee or the pizza charged to you credit card. 3. Do not support institutions that benefit from this theft. For example, I decided to opt for a Ford instead of a Chevy. Last modified:
2009-04-09 13:26:11 by reza30
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Hwatti Posts: 245 Incept: 2008-10-22
Suspended
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Themortagagedude: "These ****ers need to be brought down. I'm talking Paulson, Geithner, Blankfein, Pandit, Frank, Dodd, all of them. If they are not toppled peacefully, they will eventually hang from lampposts I'm afraid." "Save the bankers act of 2009"... Won't help, the quilty looters and participants must be brought to justice. Is there justice? Will it be divine? ---------- "He was special arriving at his level of understanding, this day and age some will follow." Said by someone about Krishnamurti. Me, hwatti? I feel not worthy (Sometimes yes) to say anything strongly representative. And, the radical revolution is happening and I am not a "follower" I am a listener. http://en.w
2009-04-09 13:30:28
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Will Posts: 76 Incept: 2008-12-26
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I've been trying to organize and/or hoping someone would organize a non-partisan protest against this government that would not be littered with the annoying polarizing issues like "anti-war", "free-palistine", "english is the national language", etc crap. FINALLY it seems to be happening. Resistance simply focused on breaking up these damn banksters and making them eat their losses. ACTION IS THIS WEEKEND APRIL 11 NATION WIDE http://anewwayforward.org ^PLEASE CONSIDER IT^
2009-04-09 14:17:23
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