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Thread: my companies 401k manager is convinced there's a 'credit crisis'

  1. #1

    my companies 401k manager is convinced there's a 'credit crisis'

    So my companies 401k manager came and spoke during our recent national sales meeting. he kept harping on the difiicult times that lay ahead and how the frozen credit markets and loss of confidence has busted up the economy. He also said it was a great time to buy! (sidebar: i recently dropped my deferral into the plan to 1%)

    anyhow, i got a chance to speak with him after the meeting and have been corresponding through e-mail about this topic ('frozen' credit markets). I've included the following links to him (among others):
    http://www.reuters.com/article/email...BrandChannel=0
    http://www.minneapolisfed.org/research/WP/WP666.pdf

    and his reply to the data:

    "This is all good information and I will take it under advisement;
    however, I have real clients who's line's of credit have been taken off
    the table. Client A's $4,000,000 construction project is on permanent
    hold. Client B's $10,000,000 credit facility - closed. Client C's
    $20,000,000 credit facility, closed. I know for a number of my client's
    the rules have changed and they can't get money for expansion and
    growth. These are not sub-prime borrowers. Ask business owner's you
    know if their banking relationships have changed."

    i know this may be true, but i'm thinking there's more to these examples than just 'hey sorry, we're cutting you off now'. Like orders to fill Client A's building have stopped; that Client B and C's credit facilities aren't closing from the lack of available credit, but due to people ceasing to use credit.
    Any other things i'm overlooking here? are there any other resources i could draw upon? thanks



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  3. #2
    There's a credit crisis insofar as a heroin addict would claim that a heroin shortage is the cause of his withdrawal symptoms.

  4. #3
    The credit is there, the monetary base has increased by 70% (check numbers but close to 70% I think)...the problem is banks don't want to lend, AND people can't meet lending standards. There's probably tons of other related information, BUT the Fed has made sure the credit is there...just no one is doing anything with it.
    Privatize the profits, socialize the losses. - Government at its best.

  5. #4
    Quote Originally Posted by icon124 View Post
    The credit is there, the monetary base has increased by 70% (check numbers but close to 70% I think)...the problem is banks don't want to lend, AND people can't meet lending standards. There's probably tons of other related information, BUT the Fed has made sure the credit is there...just no one is doing anything with it.
    It is not that banks are not lending altogether. The problem is that lending has moved from an "out of control" state back to somewhat "less than normal" in what is a normal over correction. But the banks are still making loans available and lending is still happening. Personally, I could easily take out a $1 million mortgage loan right now if I were so inclined (considerably more several years back). So, part of it is that consumers do not want to take on debt. Savings rates are rising. And as far as the banks are concerned, we have simply moved back to more normal times where the availability of funds is more discriminating (as it should be).

    Brian
    Last edited by gonegolfin; 12-13-2008 at 03:32 PM.

  6. #5
    I went to the bank and asked for a 500K loan on a house. They asked me how much money I made and I told them I didnt make any money at all. I was pretty shocked when they wouldnt give me a loan. There is definitely a credit crisis out there because I couldnt get a loan.

  7. #6
    WTF is a "credit crisis" if that means less credit card offers in the mail that's just $#@! the-$#@!tasticly awesome.
    Believe your Justice.-Metal Wolf Chaos

  8. #7
    Quote Originally Posted by gonegolfin View Post
    It is not that banks are not lending altogether. The problem is that lending has moved from an "out of control" state back to somewhat "less than normal" in what is a normal over correction. But the banks are still making loans available and lending is still happening. Personally, I could easily take out a $1 million mortgage loan right now if I were so inclined (considerably more several years back). So, part of it is that consumers do not want to take on debt. Savings rates are rising. And as far as the banks are concerned, we have simply moved back to more normal times where the availability of funds is more discriminating (as it should be).

    Brian

    ahhhhhhhhhhhhhhhhhhhhhhh.....

    okay let me clarify AGAIN...the banks don't want to lend like they did a few years ago...that doesn't mean they stopped all lending...that would be down right retarded.
    Privatize the profits, socialize the losses. - Government at its best.

  9. #8
    Quote Originally Posted by icon124 View Post
    ahhhhhhhhhhhhhhhhhhhhhhh.....

    okay let me clarify AGAIN...the banks don't want to lend like they did a few years ago...that doesn't mean they stopped all lending...that would be down right retarded.
    icon, you did not clarify anything before. So, you cannot be clarifying AGAIN. You are clarifying your original incorrect statement for the FIRST TIME.

    You originally said ... "the problem is banks don't want to lend". This is not a correct statement, pure and simple.

    Brian



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  11. #9
    Quote Originally Posted by gonegolfin View Post
    icon, you did not clarify anything before. So, you cannot be clarifying AGAIN. You are clarifying your original incorrect statement for the FIRST TIME.

    You originally said ... "the problem is banks don't want to lend". This is not a correct statement, pure and simple.

    Brian
    I'm talking about for the second time on this economics subforum, that's why I said AGAIN. You're acting like you really know everything, but actually you are throwing little tiny pieces of information out there in hopes that others view you as some kind of genius LOL. Like banks not lending...in all honesty do you really think I meant that all banks completely (100%) stop lending? You find ways to act like you are really correcting someone...I could easily do the same for hundreds of posts on here, but I don't because I know what they mean.

    Trust me if you were really this genius you try to come off as you WOULD NOT be here typing responses.

    When I say "the problem is banks don't want to lend" I'm assuming people have at least a half a brain and would understand they aren't lending like the past few years. I mean seriously who would assume banks stopped all lending. That is what I mean by you trying to correct other people all the time. Even when it doesn't need to be done you want to do it...that's what gets very very annoying. Yes you know more than most people here...but some of us know as much as you, if not more.
    Last edited by icon124; 12-13-2008 at 07:25 PM.
    Privatize the profits, socialize the losses. - Government at its best.

  12. #10
    Quote Originally Posted by Mitt Romneys sideburns View Post
    I went to the bank and asked for a 500K loan on a house. They asked me how much money I made and I told them I didnt make any money at all. I was pretty shocked when they wouldnt give me a loan. There is definitely a credit crisis out there because I couldnt get a loan.
    Man this has to be sarcasm, either way its hilarious.
    USE THIS SITE TO LINK ARTICLES FROM OLIGARCH MEDIA:http://archive.is/ STARVE THE BEAST.
    More Government = Less Freedom
    Communism never disappeared it only changed its name to Social Democrat
    Emotion and Logic mix like oil and water

  13. #11
    Quote Originally Posted by icon124 View Post
    I'm talking about for the second time on this economics subforum, that's why I said AGAIN. You're acting like you really know everything, but actually you are throwing little tiny pieces of information out there in hopes that others view you as some kind of genius LOL.
    I do not claim to know everything. Anything but. I enjoy the learning more than anything else. But if I feel I can provide an answer to something, or be of help, I will try (is that not the purpose of such forums?). And BTW, I do not simply post brief opinions. I write regular articles/missives (in reasonable detail), some of which I happen to post on this forum (some members are also on my distribution). But not every post requires such a lengthy response.

    Now, if you and/or others do not find my contributions useful, I can certainly spend my time elseware and will refrain from posting.

    That said, I think you need to do a little reflection. I have seen a number of less than tactful posts from you (not directed at me, but at several others). Some of them are of an attacking/berating nature. I politely corrected you on some statements you made, the types for which you have come down hard on some others (especially in the Griffin thread, which is why I wanted to see how you would respond here ... I admit I parsed your recent posts a little more carefully). You did not handle it very well based on your above response. This leads me to believe you are rather young. I hope you take this the right way, but have not seen any evidence that you will. You will need these skills in the future.

    Regards,
    Brian
    Last edited by gonegolfin; 12-14-2008 at 09:31 AM.

  14. #12
    I heard a story from an accountant (auditor, technically) friend of mine tonite about how the credit crunch is really affecting companies. A client of her firm had their line of credit altered to the point where it was practically unusable for their line of business. The company, a seafood distributor, went from planning large million dollar expansions 6 months ago to doors closed two weeks ago, a week after the credit line was altered. So it's not necessarily that banks are yanking credit, though Im sure many are, but are also altering credit lines to minimize loss risk, causing some business models to fail.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  15. #13
    Quote Originally Posted by ghengis86 View Post
    So my companies 401k manager came and spoke during our recent national sales meeting. he kept harping on the difiicult times that lay ahead and how the frozen credit markets and loss of confidence has busted up the economy. He also said it was a great time to buy! (sidebar: i recently dropped my deferral into the plan to 1%)

    anyhow, i got a chance to speak with him after the meeting and have been corresponding through e-mail about this topic ('frozen' credit markets). I've included the following links to him (among others):
    http://www.reuters.com/article/email...BrandChannel=0
    http://www.minneapolisfed.org/research/WP/WP666.pdf

    and his reply to the data:

    "This is all good information and I will take it under advisement;
    however, I have real clients who's line's of credit have been taken off
    the table. Client A's $4,000,000 construction project is on permanent
    hold. Client B's $10,000,000 credit facility - closed. Client C's
    $20,000,000 credit facility, closed. I know for a number of my client's
    the rules have changed and they can't get money for expansion and
    growth. These are not sub-prime borrowers. Ask business owner's you
    know if their banking relationships have changed."


    i know this may be true, but i'm thinking there's more to these examples than just 'hey sorry, we're cutting you off now'. Like orders to fill Client A's building have stopped; that Client B and C's credit facilities aren't closing from the lack of available credit, but due to people ceasing to use credit.
    Any other things i'm overlooking here? are there any other resources i could draw upon? thanks
    Quote Originally Posted by devil21 View Post
    I heard a story from an accountant (auditor, technically) friend of mine tonite about how the credit crunch is really affecting companies. A client of her firm had their line of credit altered to the point where it was practically unusable for their line of business. The company, a seafood distributor, went from planning large million dollar expansions 6 months ago to doors closed two weeks ago, a week after the credit line was altered. So it's not necessarily that banks are yanking credit, though Im sure many are, but are also altering credit lines to minimize loss risk, causing some business models to fail.
    The business environment has changed, and the economy has changed; customer needs have changed -- which means business plans need to change as well.

    Companies that had "plans" for expansions in the old "E-Z Consumer Credit" model will not (and should not) get loans for those projects.

    If you're trying to get a loan to start up a new "Starbucks" knockoff, or to expand "Linens & Things", or some goofy concept for a "Granite & Marble Countertop Store" -- you're simply not thinking straight.

    But if you have a valid business plan (for say a local auto-repair shop to help people keep their cars running longer), and solid collateral, you can still get loans.

    (I know a local car repair operation that is doing exactly that -- expanding their building and adding in two additional bays with lifts, etc. -- they had no trouble getting a loan. Probably didn't hurt that the existing building and the business were otherwise debt free, very frugally run, and the owner has had increasing demand {provable from the past years worth of repair tickets} and a stack of cars in the lot with even more people on a waiting list).

    There was an old phrase "moving with the times" that has a slightly different meaning now.

  16. #14
    Quote Originally Posted by WRellim View Post
    The business environment has changed, and the economy has changed; customer needs have changed -- which means business plans need to change as well.

    Companies that had "plans" for expansions in the old "E-Z Consumer Credit" model will not (and should not) get loans for those projects.

    If you're trying to get a loan to start up a new "Starbucks" knockoff, or to expand "Linens & Things", or some goofy concept for a "Granite & Marble Countertop Store" -- you're simply not thinking straight.

    But if you have a valid business plan (for say a local auto-repair shop to help people keep their cars running longer), and solid collateral, you can still get loans.

    (I know a local car repair operation that is doing exactly that -- expanding their building and adding in two additional bays with lifts, etc. -- they had no trouble getting a loan. Probably didn't hurt that the existing building and the business were otherwise debt free, very frugally run, and the owner has had increasing demand {provable from the past years worth of repair tickets} and a stack of cars in the lot with even more people on a waiting list).

    There was an old phrase "moving with the times" that has a slightly different meaning now.
    What you're missing is that some industries require their credit lines to operate in certain ways in order to maintain their viability. When the line is altered, it may not fit the business model anymore thus driving the company out of business. Nothing to do with "EZ Credit" issues. In the example I used of the seafood business, the lender changed the line of credit to only be as much as accts receivable 2 weeks or more out, from prior total accounts receivable. For a business that does business in perisable (non-returnable) items to restaurants, many with weekly payment terms, that cut their credit line to 20% of the previous amount. And since many businesses use their credit line for immediate costs while they wait for outstanding receivables, that will cripple the business. It forced them to shut their doors since they couldn't keep up with immediate costs while waiting for payments. Anyway, the point is that there is indeed a credit crunch and that is an example of how it's affecting previously profitable businesses. Some businesses can't move with the times.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book

  17. #15
    I know someone who has only had a year of stable employment and makes 50k a year. She called up Wells Fargo, one of the largest banks in America I might add, to see what she could qualify for. Wells Fargo qualified her for a 250k loan. Standards are still well below where they were in the 1990s. There is no credit crisis. We just aren't giving loans to deadbeats anymore.
    you can buy now using an elevated dollar to get in on things that are poised to go way up when the dollar collapses. If he's right, and I think he is, his profits are going to be ridiculous. I've already showed by referencing some mining stocks that you can make a killing in this market playing Schiff's investment strategy.

    -theoakman, RPF 1/26/09.

    Oh what a difference 10 months makes. Deflationists, where are thou?

  18. #16
    Quote Originally Posted by theoakman View Post
    I know someone who has only had a year of stable employment and makes 50k a year. She called up Wells Fargo, one of the largest banks in America I might add, to see what she could qualify for. Wells Fargo qualified her for a 250k loan. Standards are still well below where they were in the 1990s. There is no credit crisis. We just aren't giving loans to deadbeats anymore.
    The credit crunch isn't affecting individuals as much as it is affecting businesses that rely on lines of credit for day to day operations. Saying there is no credit crunch is flat out wrong. Just because it isnt affecting you, me or your friend doesn't mean it doesn't exist.
    "Let it not be said that we did nothing."-Ron Paul

    "We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book



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  20. #17
    Quote Originally Posted by devil21 View Post
    What you're missing is that some industries require their credit lines to operate in certain ways in order to maintain their viability. When the line is altered, it may not fit the business model anymore thus driving the company out of business. Nothing to do with "EZ Credit" issues. In the example I used of the seafood business, the lender changed the line of credit to only be as much as accts receivable 2 weeks or more out, from prior total accounts receivable. For a business that does business in perisable (non-returnable) items to restaurants, many with weekly payment terms, that cut their credit line to 20% of the previous amount. And since many businesses use their credit line for immediate costs while they wait for outstanding receivables, that will cripple the business. It forced them to shut their doors since they couldn't keep up with immediate costs while waiting for payments. Anyway, the point is that there is indeed a credit crunch and that is an example of how it's affecting previously profitable businesses. Some businesses can't move with the times.
    so a viable business model is one that is bankrupt if nobody pays their bills in 2 weeks? seriously? if they don't have cash reserves to operate on 60 or even 30 day terms, what the hell are they thinking? that business was only profitable in the phony economy of living beyond your means and charging the company credit line for day to day operations.

  21. #18
    Quote Originally Posted by devil21 View Post
    The credit crunch isn't affecting individuals as much as it is affecting businesses that rely on lines of credit for day to day operations. Saying there is no credit crunch is flat out wrong. Just because it isnt affecting you, me or your friend doesn't mean it doesn't exist.
    personal and commercial loans have had positive growth over the past year. credit lines are still there for profitable, viable businesses. are auto repair shops having the credit lines slashed? hell no, that industry is about to boom. anybody involved in any aspect of the healthcare industry? in every sector, that industry is projecting massive growth. think companies in that industry are having a hard time getting credit? not likely.

    the credit is there for good businesses. the market is shifting capital from unprofitable, poorly run business that were once booming in the phony economy to solid, profitable, prudent businesses that don't rely on easy credit to operate.

  22. #19
    Quote Originally Posted by devil21 View Post
    The credit crunch isn't affecting individuals as much as it is affecting businesses that rely on lines of credit for day to day operations. Saying there is no credit crunch is flat out wrong. Just because it isnt affecting you, me or your friend doesn't mean it doesn't exist.
    companies that have no buffer and have trouble functioning without lines of credit should seriously rethink how well they are structured.
    you can buy now using an elevated dollar to get in on things that are poised to go way up when the dollar collapses. If he's right, and I think he is, his profits are going to be ridiculous. I've already showed by referencing some mining stocks that you can make a killing in this market playing Schiff's investment strategy.

    -theoakman, RPF 1/26/09.

    Oh what a difference 10 months makes. Deflationists, where are thou?

  23. #20
    Quote Originally Posted by theoakman View Post
    companies that have no buffer and have trouble functioning without lines of credit should seriously rethink how well they are structured.
    i hear on the news that companies can't access lines of credit and are having trouble meeting payroll!

    are you $#@!ing kidding me?! what business is paying their employees with credit? if they have to use credit to meet payroll they don't deserve to be in business in the first place.

    QED

  24. #21
    the problem is banks don't want to lend
    And methinks the motives behind this stance are sinister: 1)banks won't lend to businesses 2)businesses collapse 3)banks buy businesses (for next to nothing).

  25. #22
    Quote Originally Posted by ghengis86 View Post
    i hear on the news that companies can't access lines of credit and are having trouble meeting payroll!

    are you $#@!ing kidding me?! what business is paying their employees with credit? if they have to use credit to meet payroll they don't deserve to be in business in the first place.

    QED
    My sister works at a national retailer. It's obvious the store is on it's last legs. They are currently proposing to pay their employees with gift cards to the store.
    you can buy now using an elevated dollar to get in on things that are poised to go way up when the dollar collapses. If he's right, and I think he is, his profits are going to be ridiculous. I've already showed by referencing some mining stocks that you can make a killing in this market playing Schiff's investment strategy.

    -theoakman, RPF 1/26/09.

    Oh what a difference 10 months makes. Deflationists, where are thou?

  26. #23
    Quote Originally Posted by DFF View Post
    And methinks the motives behind this stance are sinister: 1)banks won't lend to businesses 2)businesses collapse 3)banks buy businesses (for next to nothing).
    If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them (around the banks), will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered."

    -Thomas Jefferson
    you can buy now using an elevated dollar to get in on things that are poised to go way up when the dollar collapses. If he's right, and I think he is, his profits are going to be ridiculous. I've already showed by referencing some mining stocks that you can make a killing in this market playing Schiff's investment strategy.

    -theoakman, RPF 1/26/09.

    Oh what a difference 10 months makes. Deflationists, where are thou?

  27. #24
    Quote Originally Posted by theoakman View Post
    My sister works at a national retailer. It's obvious the store is on it's last legs. They are currently proposing to pay their employees with gift cards to the store.
    let me guess; Jim Cramer is telling us to buy that retailer's stock too, right?

    who's this retailer anyhow?



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  29. #25
    Quote Originally Posted by ghengis86 View Post
    So my companies 401k manager came and spoke during our recent national sales meeting. he kept harping on the difiicult times that lay ahead and how the frozen credit markets and loss of confidence has busted up the economy. He also said it was a great time to buy! (sidebar: i recently dropped my deferral into the plan to 1%)

    anyhow, i got a chance to speak with him after the meeting and have been corresponding through e-mail about this topic ('frozen' credit markets). I've included the following links to him (among others):
    http://www.reuters.com/article/email...BrandChannel=0
    http://www.minneapolisfed.org/research/WP/WP666.pdf

    and his reply to the data:

    "This is all good information and I will take it under advisement;
    however, I have real clients who's line's of credit have been taken off
    the table. Client A's $4,000,000 construction project is on permanent
    hold. Client B's $10,000,000 credit facility - closed. Client C's
    $20,000,000 credit facility, closed. I know for a number of my client's
    the rules have changed and they can't get money for expansion and
    growth. These are not sub-prime borrowers. Ask business owner's you
    know if their banking relationships have changed."

    i know this may be true, but i'm thinking there's more to these examples than just 'hey sorry, we're cutting you off now'. Like orders to fill Client A's building have stopped; that Client B and C's credit facilities aren't closing from the lack of available credit, but due to people ceasing to use credit.
    Any other things i'm overlooking here? are there any other resources i could draw upon? thanks
    No my sister is a branch manager at a bank and she said that they completely reneged on millions of dollars of loans with a customer who had done a lot of business with them and had sterling credit. My sister went to her management and said they were going to lose him as a customer and personally vouched for him, and they had been in negotiations for this multi-million dollar loan for months and had just recently come to an agreement, and then higher ups in the bank put the kabosh on it.

    I don't understand it but I know for a fact that what your 401k manager is saying is correct - banks are shutting down credit to everyone, ability to repay or no. It was not a question of ability to repay, it was not a question of whether the building he was constructing was still wanted, it was not a matter of anyone still wanting to use credit. They flat out pulled the rug out from under him after months of negotiations.
    Last edited by Original_Intent; 12-15-2008 at 11:19 PM.

  30. #26
    Quote Originally Posted by ghengis86 View Post
    let me guess; Jim Cramer is telling us to buy that retailer's stock too, right?

    who's this retailer anyhow?
    to be honest, I don't know. I think she said it was Bass. Not sure. I've never seen the store and am not familiar with it. It's a clothing store.
    you can buy now using an elevated dollar to get in on things that are poised to go way up when the dollar collapses. If he's right, and I think he is, his profits are going to be ridiculous. I've already showed by referencing some mining stocks that you can make a killing in this market playing Schiff's investment strategy.

    -theoakman, RPF 1/26/09.

    Oh what a difference 10 months makes. Deflationists, where are thou?

  31. #27
    Quote Originally Posted by Original_Intent View Post
    No my sister is a branch manager at a bank and she said that they completely reneged on millions of dollars of loans with a customer who had done a lot of business with them and had sterling credit. My sister went to her management and said they were going to lose him as a customer and personally vouched for him, and they had been in negotiations for this multi-million dollar loan for months and had just recently come to an agreement, and then higher ups in the bank put the kabosh on it.

    I don't understand it but I know for a fact that what your 401k manager is saying is correct - banks are shutting down credit to everyone, ability to repay or no. It was not a question of ability to repay, it was not a question of whether the building he was constructing was still wanted, it was not a matter of anyone still wanting to use credit. They flat out pulled the rug out from under him after months of negotiations.
    I'm sorry, but that doesn't make any sense whatsoever. if that is the case (that the loan was cancelled), there must have been extenuating circumstances. you're telling me a bank, who stands to make a hefty sum in making a serveral million dollar loan to a customer who always payed it back, simply denied the loan because of the 'credit crunch'? i don't believe that. banks are in the business of making money. they only make money by lending money. does this bank plan on going bankrupt soon? are they deliberately scuttling their assests to get some TARP/FED funds?

    unless the loan was for a multimillion dollar housing complex in reno, nevada, or to start a MBS hedge fund or a big three venture....

  32. #28
    Quote Originally Posted by ghengis86 View Post
    I'm sorry, but that doesn't make any sense whatsoever. if that is the case (that the loan was cancelled), there must have been extenuating circumstances. you're telling me a bank, who stands to make a hefty sum in making a serveral million dollar loan to a customer who always payed it back, simply denied the loan because of the 'credit crunch'? i don't believe that. banks are in the business of making money. they only make money by lending money. does this bank plan on going bankrupt soon? are they deliberately scuttling their assests to get some TARP/FED funds?

    unless the loan was for a multimillion dollar housing complex in reno, nevada, or to start a MBS hedge fund or a big three venture....
    No it was to build a small convention center. Yes it doesn't make any sense.
    My sister has been in banking for 20+ years and she was freaking out about it because she felt without this business her branch was in serious danger of being closed.

    I don't know what to tell you I am with you 100% I don't get it. But I guarantee you that it went down that way. This was about 6 weeks ago.

  33. #29
    Quote Originally Posted by Original_Intent View Post
    No it was to build a small convention center. Yes it doesn't make any sense.
    My sister has been in banking for 20+ years and she was freaking out about it because she felt without this business her branch was in serious danger of being closed.

    I don't know what to tell you I am with you 100% I don't get it. But I guarantee you that it went down that way. This was about 6 weeks ago.
    Sounds to me like the bank made a good decision. There's no money in building any type of commercial real estate right now.
    you can buy now using an elevated dollar to get in on things that are poised to go way up when the dollar collapses. If he's right, and I think he is, his profits are going to be ridiculous. I've already showed by referencing some mining stocks that you can make a killing in this market playing Schiff's investment strategy.

    -theoakman, RPF 1/26/09.

    Oh what a difference 10 months makes. Deflationists, where are thou?

  34. #30
    Quote Originally Posted by Mitt Romneys sideburns View Post
    I went to the bank and asked for a 500K loan on a house. They asked me how much money I made and I told them I didnt make any money at all. I was pretty shocked when they wouldnt give me a loan. There is definitely a credit crisis out there because I couldnt get a loan.
    Yah that is horrible! I can't believe they would be so conservative! Shame on them. Don't worry under obama this will change!
    The American people will never knowingly adopt Socialism. But under the name of
    'liberalism' they will adopt every fragment of the Socialist program, until one day
    America will be a Socialist nation, without knowing how it happened. ~ Norman Thomas

    Insurrection will amass from the inside. ~ Me 3/17/09

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