patrick.net

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I wonder if Schwab is down because of some fear associated with it being a bank (in addition to major brokerage). Its down about 52% from its all time high in January 2022.

Granted, some of this is due to relatively new competition from the new online brokerages like Robin Hood.

Schwab is absorbing TDAmeritrade at the end of this month. Funny how I started with Scottrade which was absorbed by TDAmeritrade and now this.

HeadSet says

Schwab is absorbing TDAmeritrade at the end of this month. Funny how I started with Scottrade which was absorbed by TDAmeritrade and now this.

Do you get free stock trades at TDAmeritrade/Schwab? If so, how do they make money?

WookieMan says

Banks and finances aren't really the issue. You need people that can work. The major super power countries outside of the US are losing work force numbers. Japan, S. Korea, China, Russia etc. have bad demographics.

We are issuing millions of student visas to young people in 23. These young people will not leave the US. Illegal immigration through Mexico has pros if the immigrant is young through addition to labor force.

gabbar says

HeadSet says

Schwab is absorbing TDAmeritrade at the end of this month. Funny how I started with Scottrade which was absorbed by TDAmeritrade and now this.

Do you get free stock trades at TDAmeritrade/Schwab? If so, how do they make money?

Likely on float and interest on the cash waiting to be re-invested after a sale. Trades are, as you wrote, free.

NuttBoxer says

FDIC exists to bail out the banks, not the users.

So FDIC will not cover individual like me if shite hits the fan?

If there's enough of you to overwhelm the system, no. They only have the funds to cover 1% of banking deposits in the US. But in an economy built on leverage, is that really surprising.

More importantly, where do they get the money from? If I reach around to your back pocket and steal $20 from your wallet to pay you back, did you really get paid? Now what if I hold a gun to you, but only give you back 70% of that $20?

Most importantly, if dollar collapses, what will the FDIC pay you back in?

NuttBoxer says

If there's enough of you to overwhelm the system, no. They only have the funds to cover 1% of banking deposits in the US. But in an economy built on leverage, is that really surprising.

More importantly, where do they get the money from? If I reach around to your back pocket and steal $20 from your wallet to pay you back, did you really get paid? Now what if I hold a gun to you, but only give you back 70% of that $20?

Most importantly, if dollar collapses, what will the FDIC pay you back in?

Correct me if I'm wrong but when you say collapse, I think you mean that the dollar will lose all purchasing power. It doesn't mean that the dollar will suddenly disappear. So the FDIC will pay you back in dollars that have little or no purchasing power. The FDIC never implied or guaranteed the purchasing power of the dollar. As far as I know, nobody has ever guaranteed that.
Now if that did happen, what will happen to all the producers of products and food in the usa if nobody has 10,000 dollars to buy a dozen eggs? I would guess that the best move would be to shut off all exports to force the producers to sell their products only for dollars in the usa. No more foreign currency allowed. Then there be a new price discovery and back to business as usual

komputodo says

Now if that did happen, what will happen to all the producers of products and food in the usa if nobody has 10,000 dollars to buy a dozen eggs? I would guess that the best move would be to shut off all exports to force the producers to sell their products only for dollars in the usa.

NO! This has happened in many countries before.

What happens is farmers get rich, and the country goes into chaos and starvation. The farmers WILL continue to export.

The cost of growing food isn't free. You need gasoline, oil, fertilizer, etc - and this is all tied to the cost of energy. We may not be able to afford gas and electricity, but I guarantee the farmers will. They will continue to export.

richwicks says

What happens is farmers get rich, and the country goes into chaos and starvation. The farmers WILL continue to export.

If you had read my post, I said "SHUT DOWN ALL EXPORTS"

komputodo says

If you had read my post, I said "SHUT DOWN ALL EXPORTS"

You can't.

Our government doesn't work for us, you have to realize that.

The government could do a lot of things to fix and improve this country, they simply won't do that.

komputodo says

Now if that did happen, what will happen to all the producers of products and food in the usa if nobody has 10,000 dollars to buy a dozen eggs?

That did happen in Germany after WW One. The Nazis handled it by declaring the old money invalid and issuing new currency.

richwicks says

Our government doesn't work for us, you have to realize that.

That's a whole other discussion. This discussion started about nuttboxers asserion that the FDIC not having enough fiat to guarantee depositors...You should start a new thread with that subject "Our government doesn't work for us, you have to realize that."

richwicks says

Our government doesn't work for us, you have to realize that.

The government could do a lot of things to fix and improve this country, they simply won't do that.

I hear you but is there a law that says that government should work for us. And who is us? The people or the corporations. Just trying to understand this.

gabbar says

I hear you but is there a law that says that government should work for us.

So what? There's lots of laws.



It's illegal to employ illegal immigrants, or to house them. Sanctuary cities are illegal. It's illegal to use heroin, it's illegal to sell access to your office, it's called a bribe. It's illegal to entrap people and perjure yourself to convict them. It's illegal for the CIA to import and sell drugs. It's illegal to murder whistleblowers. It's illegal to put people in jail for acting as journalists.

So what?

We don't have a government. It's just a group of criminals.

If we had a government Joe Biden would be impeached by now. They won't even try. If we had a government, a real one, George W. Bush and his entire administration might have been executed, no kidding.

Our media, CONSTANTLY incites violence, constantly. That's not legal.

I'm well past the illusion that we have a government. We don't have a government. Our "government" just illegally shut down businesses, interfered in protected speech at Twitter (and Google, and Facebook), restricted our movements, and coerced us to all take a god knows what shot in our arm, all the while lying about the dangers of a MINOR disease. Our own government probably manufactured this disease.

I don't know why people think "oh, if we just elect the right people we can reform it". Maybe 20 years ago, not today. They're not going to reform. The military isn't going to do anything either.

Jesus. Typical rabbit hole. I've encountered government fraud. Guess what? I did something about it. Bitching on Patnet does nothing. DO SOMETHING!!!! For fucks sake. You post the same comments over and over and over and over and over and over and over and over. Yet you do nothing and you know it.

I get there's an ignore feature. I don't care because I want to call you out on your bull shit. You're not informing anyone of anything new. Nothing. Everyone already knows what you proclaim to be the master of and we're all fucking retarded. You've done nothing. You are the problem. Patrick started this site and called out the real estate industry. You've done nothing dude and it's getting old.

Make a damn difference or just drink and bitch about the same thing everyday. Doing nothing is better than complaining on a random CA centric forum.

komputodo says

Now if that did happen, what will happen to all the producers of products and food in the usa if nobody has 10,000 dollars to buy a dozen eggs? I would guess that the best move would be to shut off all exports to force the producers to sell their products only for dollars in the usa. No more foreign currency allowed. Then there be a new price discovery and back to business as usual

No, you'd have Communism more out in the open than we've seen it to date in this country. But not in others. As rickwicks mentioned, if you want to read that tale, just head to Venezuela, Africa, Weimer Germany. I fully expect something like this will be tried if the government still has power. I love how people make suggestions like this thinking government has ever solved problems rather than making them worse...

Looks like folks continued to pull coin outta low paying bank accounts and putting the funds into higher paying money market accounts.

Be a real shame if some banks had to sell some of their underwater securities.

We haven't even gotten to the stage where the banks have to take larger write downs on their loan portfolios.

https://finance.yahoo.com/news/fdic-us-bank-deposits-dropped-by-most-in-39-years-to-start-2023-144427156.html

NuttBoxer says

As rickwicks mentioned, if you want to read that tale, just head to Venezuela, Africa, Weimer Germany.

did any of those that you mentioned have the world's reserve currency and have a 100 countries holding billions of their currency? Asking for a friend. it would be better to give an example of that scenario.

WookieMan says

Banks and finances aren't really the issue. You need people that can work.

How do you pay people to work if banks and financing are collapsing from bad gambles? How do you get good employees if the value of what you're paying them is going down by the minute from banking and finance bailouts? What planet do you live on?

Not to mention things like fractional reserve banking and its abuses, etc.

I think it's unprecedented due to the fact that the last time it happened, paper was still redeemable in gold and silver(Bank of England). So the implosion will be on a scale never before seen.

DhammaStep says

How do you pay people to work if banks and financing are collapsing from bad gambles?

How did they over the last 50 years? Surely this is a joke? You don't pay people and move on. It's called business. You find new employment. The dollar was dead in the 80's. That prediction worked out well. China was going to gobble us up. Another great 80's prediction. Here we sit 40 years later with the same predictions.

The list goes on. We'll run out of oil. US$ won't be the reserve currency. None of this shit has come true. We are food, oil, water independent from any nation. You cannot attack us without getting wiped out with nukes. Land invasion is impossible. These collapse predictions are a joke at this point. They come around every time it seems rough. WE HAVE IT THE LEAST ROUGH and will for the foreseeable future.

WookieMan says

We are food, oil, water independent from any nation. You cannot attack us without getting wiped out with nukes. Land invasion is impossible. These collapse predictions are a joke at this point. They come around every time it seems rough. WE HAVE IT THE LEAST ROUGH and will for the foreseeable future.

You could say the same for Russia, no?

Most likely, either we, as Americans, or the oligarchs will be the only way America can falter. It's possible.

WookieMan says

DhammaStep says

How do you pay people to work if banks and financing are collapsing from bad gambles?

How did they over the last 50 years? Surely this is a joke? You don't pay people and move on. It's called business. You find new employment. The dollar was dead in the 80's. That prediction worked out well. China was going to gobble us up. Another great 80's prediction. Here we sit 40 years later with the same predictions.

The list goes on. We'll run out of oil. US$ won't be the reserve currency. None of this shit has come true. We are food, oil, water independent from any nation. You cannot attack us without getting wiped out with nukes. Land invasion is impossible. These collapse predictions are a joke at this point. They come around every time it seems rough. WE HAVE IT THE LEAST ROUGH and will for the foreseeable future.

Everything you say comes off as contrarian, uneducated speculation. Anyone that says that banks and finance are a non-issue is not a serious person. I'm not even interested in engaging this conversation further with you because you seem to have a childish understanding of these issues. You'll probably say that we have record unemployment because of lockdowns because you don't understand that the central banks financed the lockdowns and unemployment. You seriously need to educate yourself on the roles that banks play in your society.

Please watch the documentary I posted here to started learning: https://patrick.net/post/1379451/2023-05-31-the-money-masters-documentary-about

komputodo says

did any of those that you mentioned have the world's reserve currency and have a 100 countries holding billions of their currency? Asking for a friend. it would be better to give an example of that scenario.

This is why the US cannot be allowed to continue to hold the world's reserve currency.

They always collapse anyhow. My nation, MY NATION, is trying to replace money with CBDCs, which are fucking coupons, not money.

Even money isn't money. It's a Disney Bucks.

If CBDCs are allowed not only will they be able to control what you buy, but what you can sell.

WookieMan says

China was going to gobble us up. Another great 80's prediction

Actually, that was Japan that was supposed to gobble us up:

DhammaStep says

Please watch the documentary I posted here to started learning: https://patrick.net/post/1379451/2023-05-31-the-money-masters-documentary-about

Stop watching shit. Get out and do something. So sick of the bitching and excuse making here lately. I'm not going to watching some bullshit documentary that lies to you. I live it. I witness it, You're watching bull shit propaganda. Enjoy.

Wookie, that documentary is not propaganda. Fiat is the biggest swindle in history.

WookieMan says

DhammaStep says

Please watch the documentary I posted here to started learning: https://patrick.net/post/1379451/2023-05-31-the-money-masters-documentary-about

Stop watching shit. Get out and do something. So sick of the bitching and excuse making here lately. I'm not going to watching some bullshit documentary that lies to you. I live it. I witness it, You're watching bull shit propaganda. Enjoy.

Thanks for your continued childish bullshit. I really enjoy watching people that live in denial and pretend they know everything about anything. Your opinions are worthless if they're simply based on your "lived experience." That's tranny logic. You can lash out because someone called you out on not knowing what the fuck you're talking about all you want. I'm not offended or hurt at all, only amused.

Over the last couple of months, things have improved IMHO concerning banks and their regulators. First, the regulators told the banks to knock it off on their share buy-backs. This happened right away.

Now the regulators are requiring the banks to hold extra cash. It'll take a while for the regulations for the extra cash to take effect, but it will take a while for the bad loans to show up as well. All things being equal, less earnings for the banks, but a safer system.

https://www.cnn.com/2023/08/29/business/bank-long-term-debt-rule/index.html

DhammaStep says

You can lash out because someone called you out on not knowing what the fuck you're talking about all you want. I'm not offended or hurt at all, only amused.

Lol. I didn't lash out at all. I called out what I know to be true. We all live different lives. Some people want to be depressed about their future. I'm not. I see what's in front of me and I know my life. I'm sorry yours might suck or something. That's not on me.

GNL says

Wookie, that documentary is not propaganda. Fiat is the biggest swindle in history.

Play the game my man. Sitting on this forum and bitching about fiat and our monetary system instead of participating in it and using it to your advantage is not a logical point of view. Does anyone here really think someone like Mark Zukerburg or Bill Gates is smarter than you? I sure hope not. They're morons that understood how to use the system given to them. They're barely high school grads.

I notice that the people that make the least tend to bitch instead of make change in their lives. Politically I have opinions, but finance wise that's on the person making the complaint. Inflation, interest rates, fiat, blah, blah. I know complete morons making 10's of millions a year. My own uncle cannot read or say the alphabet yet has 9 figures worth of wealth. There's a reason for the term you are your own worst enemy. It's fact.

And maybe you're a person of morals and don't like the system because you "think" it takes advantage of people. Maybe it does? Maybe you could? Ultimately it's what your goal is in life. I've harmed no one in my success, and I'm wealthy for my age.

I'm not big into sports anymore, but does anyone remember hack a Shaq? He sucked at shooting free throws so they'd throw in scrub bench players to foul him cause he sucked at shooting free throws. 1 made free throw is less than 2-3 points on a possession. Was totally legal. Figure out how to hack a Shaq with money is all I'm saying. Until one figures that out just keep bitching and moaning about life. No one here is disadvantaged. Probably just lazy.

Have the raised the reserve rates from nearly nothing? Are they backing their paper with real assets? If not nothing has changed. Two years to the next crash...

NuttBoxer says

Have the raised the reserve rates from nearly nothing? Are they backing their paper with real assets? If not nothing has changed. Two years to the next crash...

This is my point. You can make money on a crash. Play the game. You might be right and there could be a crash in two years. What are you doing to prepare for that to make money off it? Otherwise this is all just wasted keyboard clicking.

Wookie, just pointing out that it's not propaganda. How did you like the plandemic? It could have never happened without fiat. It's not just about money or your definition of success.

GNL says

Wookie, just pointing out that it's not propaganda. How did you like the plandemic? It could have never happened without fiat. It's not just about money or your definition of success.

I ignored the pandemic though. Again, first mistake is not understanding the game. Did anyone think there was an actual pandemic? Be honest. Firefighters, cops, doctors, nurses, EMT's, public works, etc. etc. These people all had to commingle in a work environment, many with bodily fluid transmission, blood, etc. Somehow it would take 15 days to stop a pandemic????

You can pull up my old comments. Anyone that believed any of it bought a case of bull shit. It's biology 101 in high school.

Everything is done for a reason is my point. You have to know the game and how to spot it. Fiat is a game that you can manipulate, just like they did in basketball with Shaq. People that pump out propaganda WANT you to believe you cannot play the game. They want to be the only players. That's the game. No different than Bitcoin. FOMO. They want you in the game, but don't want you to win if that makes sense. Again, FOMO. They then extract your money. You need to become the extractor, legally of course.

Who said the game can't be played? I ignored the plandemic also but that doesn't mean millions weren't caused very real harm because of fraud. It's truly amazing to me that this disconnect exists. Fraud is fraud regardless how it's done or what tools are used.

GNL says

Who said the game can't be played? I ignored the plandemic also but that doesn't mean millions weren't caused very real harm because of fraud. It's truly amazing to me that this disconnect exists. Fraud is fraud regardless how it's done or what tools are used.

Who cares if it's labeled fraud if it's legal I guess should be the question? The millions caused harm by it were sheep and probably still are to this day. Most people don't know you can get away with not paying your mortgage for two years and never owe a dime to anyone after the fact. You can still get loans with screwed up credit, so even that doesn't matter.

People are sold lies daily to make them behave a way to make others rich. That's the point I'm getting at. Look at ANY billionaire. There's not one that hasn't defaulted on some form of debt. Zilch. Zero. But us the common people are told it's a sin and our lives will be destroyed if we don't pay the gods so to speak. That can be through debt or hell vaccine.

This was my point in my earlier comment from back in June. Live by what you experience unless you're some sort of hermit or whatever. Someone can call me stupid, but I missed the housing crash because of obvious signs and so did everyone else. I commuted to Chicago daily basically. You know what disappeared from 2005(ish to 2007(ish), trucks. Specifically lumber. No rail cars with lumber. Local airport that caters to private business jets, nothing to be seen. I noticed, but thought nothing of it.

I got my ass handed to me by missing out on the obvious in front of my face as the media and government said everything was fine. Covid was the next big test in my lifetime and I called the bull shit from the word go. Fiat and currency manipulation is no different. In 10 years your money will be worth 50% less. How do you plan for that? It's not a prediction, just assume it's going to happen and you'll be ahead of 95% of the human race. Government and banks will never do what's in the best interest for you. Ever. Plan accordingly and you should be fine.

No on his winning the rat race if they don't know it's a game they're involved in. We are. Most don't know it.

You married a sheep?

GNL says

You married a sheep?

Yup. And she admitted she fucked up. Better to teach than be willfully ignorant. She made a bad choice and owns it. I'd rather have that than saying it was the right thing to do which most people believe that got it.

We've all been wrong at certain points in our lives. It's how we learn from it that matters. Millions of people feel stupid and are too reluctant to admit the covid mistake of getting vaccinated. She didn't "need" it and realizes that now. She had side effects. Admitting you were wrong or made a wrong decision is extremely difficult. Put it this way, she's no longer a sheep.

My track record is generally impeccable after I've made a mistake. Our fiat is not going anywhere, it's how you manage it personally. Everyone will make mistakes. My wife did with the Covid vaccine. That won't happen again. I've made good and bad mistakes with my money. Getting down on the "system" is a losers mentality mentality. It's excuse making because you didn't figure out the game. No different than strategy in Chess. I've made financial decisions that 99% of pat netters would balk at. I'm 100% better for it.

As long as it's legal, you don't owe anyone on this planet a damn thing. Until one realizes that, they'll be stuck in a life like prison thinking they're free. Know some semi successful black men or women. They give no shits and will game the system to their advantage. Like I've said, this is a game. Either learn to play it or you can complain about it. Game ain't going away.

Your wife was tricked. She was manipulated. The fiat controllers stole something very real from you and you call it a game. SMH