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JDPriestly

(57,936 posts)

79. Right. And then they talk about the chained CPI which is simply

Thu Mar 28, 2013, 02:36 AM

Mar 2013

a big word for Social Security cuts.

The problem is that most members of the current crop of retirees and the baby boomers about to retire do not have pensions. If they were lucky enough and well-paid enough to have any savings for retirement, they probably have 401(K)s. And as soon as they get over 65, their broker will look at their paltry account with a relatively small balance and advise them to buy CDs or some other "investment" that pays next to now interest. Any other advice is dangerous.

Younger people are suffering because there are no jobs, and older people are suffering because of the proposed cuts to Social Security (which I think are probably a done deal) and the low interest rates.

The economy is better than it was, but it is still really, really bad, and the banks, the corporations and the media is not being honest about it. You are so right about the Fed protecting the big banks. That is because so many multinationals, oil sheiks and other wealthy cosmopolitans put some of their money in the big banks, and the US government is afraid of offending them.

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Cyprus in last-ditch bid to agree bailout (40% haircut) [View all] BlueStreak Mar 2013 OP

In answer to your last question...maybe FDIC? nt Poll_Blind Mar 2013 #1

fdic only works up to a certain amount dsc Mar 2013 #2

I checked before I posted. From the page: Poll_Blind Mar 2013 #6

The EU is just making us the rules as they go. And that is EXACTLY what happened here BlueStreak Mar 2013 #8

FDIC works for BANK losses..not gov't "haircuts" dixiegrrrrl Mar 2013 #11

Good point. This is wrapped up as a one time tax BlueStreak Mar 2013 #14

No, that is exactly what the FDIC insurance works for. OrwellwasRight Mar 2013 #16

so who's correct orwellwasRight or dixiegrrrrl leftyohiolib Mar 2013 #25

dixiegrrrrl is right. dkf Mar 2013 #51

Wrong. OrwellwasRight Mar 2013 #54

FDIC isn't for wrongdoing...it's just insurance for whatever reason the funds may not be there. dkf Mar 2013 #59

I am not confusing FDIC with anything. OrwellwasRight Mar 2013 #60

See post #54. nt. OrwellwasRight Mar 2013 #55

And if FDIC didn't come through for any reason, you could do what? snot Mar 2013 #36

The FDIC offers depositors a Bill of Rights. OrwellwasRight Mar 2013 #56

This did not answer my question. snot Mar 2013 #71

I think fomenting panic about an FDIC failure is irresponsible and baseless. OrwellwasRight Mar 2013 #81

God, I hope you're right.... cliffordu Mar 2013 #3

Two things BlueStreak Mar 2013 #4

yeah, raking in the 0.000000000000001% interest lol nt msongs Mar 2013 #5

21 BILLION in profits last year BlueStreak Mar 2013 #7

Yes. The low interest rates accomplish for our banks what the haircut JDPriestly Mar 2013 #45

Savers are not only paying for bad loans, but for bad bets (supposedly called investments) amandabeech Mar 2013 #72

Right. And then they talk about the chained CPI which is simply JDPriestly Mar 2013 #79

Plenty of "regular" people know how to get around that jmowreader Mar 2013 #50

And please recall that in the heat of the 2008 meltdown there was serious discussion BlueStreak Mar 2013 #52

FDIC has assets of $25 billion to cover $9 trillion of deposits. Psephos Mar 2013 #43

It's worse than that. OnyxCollie Mar 2013 #61

Having $1.04 trillion in deposits OrwellwasRight Mar 2013 #62

Read the article. OnyxCollie Mar 2013 #64

I did read the article. OrwellwasRight Mar 2013 #67

There is some cushion in that the FDIC may obtain a loan from the Treasury. amandabeech Mar 2013 #73

Depositors should be paid in full. Stockholders and bondholders should take any required haircut, mbperrin Mar 2013 #9

Stock and Bondholders Will Lose Their Entire Investment Anyway AndyTiedye Mar 2013 #12

No they won't. OrwellwasRight Mar 2013 #17

Some might lose. Some might profit terrifically BlueStreak Mar 2013 #31

Any bank that is bailed out won't have losses. OrwellwasRight Mar 2013 #58

They're losing nothing. They're who the bailout is for. mbperrin Mar 2013 #18

Laiki Bank is Being Liquidated, Shareholders and Bondholders Get Nothing AndyTiedye Mar 2013 #40

Stockholders should get wiped out if things go bad. That's the meaning of risk and reward. mbperrin Mar 2013 #41

The Larger Depositors Will End Up Owning Bank of Cyprus AndyTiedye Mar 2013 #44

Not in this case. Ruby the Liberal Mar 2013 #19

every contradicting post is being contradicted leftyohiolib Mar 2013 #26

Not so (nt) Nye Bevan Mar 2013 #39

LOL. Clever. nt. OrwellwasRight Mar 2013 #63

Absolutely agree. That's why this precedent is HORRIBLE BlueStreak Mar 2013 #13

Well, I think some might have different definitions of wealthy. OrwellwasRight Mar 2013 #20

If the EU banksters didn't like tax havens, then they shouldn't have let Cyprus into the EU BlueStreak Mar 2013 #32

Using a tax haven is not necessarily the same thing as money laundering. OrwellwasRight Mar 2013 #57

Are you saying that everybody who had 120,000 euros on account is a tax dodger? BlueStreak Mar 2013 #66

No, I am saying tax dodgers are tax dodgers. OrwellwasRight Mar 2013 #68

It is only a "tax" as a charade. It is stealing indiscriminantly. BlueStreak Mar 2013 #69

I "have still not addressed why I think it is OK" OrwellwasRight Mar 2013 #70

They aren't "taxing tax dodgers" BlueStreak Mar 2013 #74

Then why are you arguing with me? OrwellwasRight Mar 2013 #80

My apologies. I thought you were arguing that this was a good policy. BlueStreak Mar 2013 #83

While the bondholders should suffer before depositors, that may not help much muriel_volestrangler Mar 2013 #15

Euro zone finance ministers have approved the EU-IMF plan to resolve cypriot banks - EU official dipsydoodle Mar 2013 #24

The symbolism would have still had value daleo Mar 2013 #30

The 40% is for just the Bank of Cyprus muriel_volestrangler Mar 2013 #10

THEN the lynchings should begin. This "softer" landing really only benefits those in charge. mbperrin Mar 2013 #21

Lynchings don't make money muriel_volestrangler Mar 2013 #23

Lynchings keep crooks from doing it again. mbperrin Mar 2013 #37

Your posts in this thread have been damn good. n/t Psephos Mar 2013 #42

There isn't enough in the Cypriot equivalent of the FDIC to pay back all deposits muriel_volestrangler Mar 2013 #47

"What is to stop this from being a precedent that our USA banksters will now use against us?" cstanleytech Mar 2013 #22

completely different scenario bossy22 Mar 2013 #27

And I am willing to bet the republicans are probably trying to outsource that to or cstanleytech Mar 2013 #28

not outsource it, but severely self restrict it bossy22 Mar 2013 #33

Now let me understand this BlueStreak Mar 2013 #34

it has nothing to do with transparency of our system bossy22 Mar 2013 #35

No, but this is a TAX, and Congress can do that BlueStreak Mar 2013 #38

Live webcast of Eurogroup press conf. Bosonic Mar 2013 #29

terrible result quadrature Mar 2013 #46

At some point, everybody would probaby be better off killing the Euro BlueStreak Mar 2013 #48

I agree with you on the Euro. amandabeech Mar 2013 #75

The concept worked until they realized "too big to fail" dominates BlueStreak Mar 2013 #77

I think that the Euro was helped by the fact that it was born during good times. amandabeech Mar 2013 #78

I agree about good times / bad times, but the fractures were there before 2008 BlueStreak Mar 2013 #82

Some details, and comment muriel_volestrangler Mar 2013 #49

Repercussions: new spike in real estate prices? mainer Mar 2013 #53

Perhaps, but real estate where? amandabeech Mar 2013 #76

Here's what I'm talking about: A "Game changer" is not a good thing BlueStreak Mar 2013 #65