Robin Hood Obama

[VRM]

Originally Posted by wtm442

Totally Wrong. Joe six pack will always be able to buy beers.

The current mess started in the financial community ... period. It had absolutely nothing to do with the unemployment at 5%. But the end result WILL be higher unemployment if the bailout bill fails.

Most small business and banks are finding it extremely difficult to get short term loans (less than a week). They are afraid that the other institution might go belly up in a few days, so short term borrowing is extremely tight.

This has spread to Joe Six Pack trying to get a car or house loan. He would have gotten the loan 6 months ago, but he may not get it in today's economy.

You can thank Barney Frank and Dodd for this mess (plus a ton of other Democrats, Republicans and shady wall-street types). It started to unfold many years ago.

Now, because Joe-six-pack does not have the money to buy a house or car without a loan, Joe six pack's brother loses his job at the auto dealer.

And around and around we go.

Warren,
Joe is already cutting back on beers (well maybe not beers, but he is buying them and drinking at home more instead of going to the more expensive bar), cars, and everything else. WSJ (or some other rag) had articles earlier this week about how sports franchises may offer buy now-pay later plans for sports tix, as well as how charitable donations are down. GMC is also not going to give loans unless you have over a 700 FICO score. How many cars do you think are going to be sold?

There are LOTS of people to thank for this mess - it goes a LOT deeper than Frank and Dodd, and I appreciate that you include GOPers and WS types as well. Oh, did you hear about one of our local banks (Sovereign) having a small run before being bought up by a Spanish firm?

Bernie,
But at least a Nihilist will eventually wipe because Nihilists know (unlike some here) that poo does indeed stink regardless of whether it is on the left or right cheek.

Steve

[BeanCounter]

I hear you there Steve.

[wtm442]

Originally Posted by VRM

Oh, did you hear about one of our local banks (Sovereign) having a small run before being bought up by a Spanish firm?
Steve

That's where I have my checking account, but its less than 100K (or 250K whenever that comes into play), so no worries here. I use their bill paying service on the web site. I really like it. No Robin Hood at Sovereign other than the free checking account min balance went from 10K to 15K about 6 months ago.

For the measly 0.000000000000000125% interest that they give on a checking account, the min balance for no service fees should be ZERO.

[VRM]

Originally Posted by wtm442

That's where I have my checking account, but its less than 100K (or 250K whenever that comes into play), so no worries here. I use their bill paying service on the web site. I really like it. No Robin Hood at Sovereign other than the free checking account min balance went from 10K to 15K about 6 months ago.

For the measly 0.000000000000000125% interest that they give on a checking account, the min balance for no service fees should be ZERO.

Hah!! You are getting nearly 4 times the interest rate that I am getting at Sovereign!
I like their online features, but I do get annoyed that they shut the whole thing down for maintenance between midnight and 5 or something like that. I'm usually up until 3am and sometimes I want to check some payments or something like that and I can't. Otherwise they are pretty good. I may end up getting po'ed at them if they change accounts again...I have a bunch of cheques that I would not be fond of having to throw away.

Steve

[wtm442]

Originally Posted by VRM

Hah!! You are getting nearly 4 times the interest rate that I am getting at Sovereign!

I must be an Elite customer. The usually round up the interest income to a penny.

Have you seen some of the dirt the Elite media has dug up on Joe the Plumber? Truly shameful response by the Obama bum-kissers.

If McCain was really smart, he would do a TV ad with Joe the Plumber. This election is really turning into a horse race. I'm also afraid the the ACORN mess is going to cause a lot of bitter feelings and lawsuits after the election no matter who wins, just like the recounts in Florida.

[cobra de capell]

Originally Posted by wtm442

That's where I have my checking account, but its less than 100K (or 250K whenever that comes into play), so no worries here. I use their bill paying service on the web site. I really like it. No Robin Hood at Sovereign other than the free checking account min balance went from 10K to 15K about 6 months ago.

For the measly 0.000000000000000125% interest that they give on a checking account, the min balance for no service fees should be ZERO.

You know - if you believe that Ford is going to be OK, they offer 4.20% on $50K or more - Money Market Account! The good thing is - if the news turns south, you can get the funds out in 1-2 days.

[wtm442]

Originally Posted by cobra de capell

You know - if you believe that Ford is going to be OK, they offer 4.20% on $50K or more - Money Market Account! The good thing is - if the news turns south, you can get the funds out in 1-2 days.

Right now, all my portfolio is in cash, Money Market accounts, CD's and some bonds. No stocks or stock mutual funds. That's a great rate for a MMA. I got some short term CD's (less than a year) at lower rates.

Back to the topic - Robin Hood. Who wants to play Friar Tuck? Ted Kennedy? Bwany Fwank? If Obama does get elected, everyone will be selling all of their holdings to get a lower tax rate now before Obama's higher tax rate on capital gains gets passed.

Of course, if McCain gets elected ... and he pushes for the dramatic lowering of the capital gains tax he has mentioned, you will see a historic flood of money pour into the stock market. The DJIA will take off like a rocket.

[cobra de capell]