A quote from a banker in another forum...

[Green Mountain Boy]

LOL...this is rich.

"America is not bankrupt. It's complicated and hard for the layman to understand. I work in finance. America is more than fine financially. We have debt. But, it's differnent debt. It's not like what we would consider like "credit card" debt. America remains the financial capital of the entire world. We are fine. This isn't the first bailout we've done. Read your history. This isn't unprecedented. We've done many bailouts. And we give multi-billions in charity to the rest of the world. If things get tight, we'll slow down on that. We'll also cease lending hundreds of billions annually to other countries. If you hear of us ceasing lending or cutting back on charity, then it is safe to say we are experiencing a crunch. We aren't broke. We remain the world's wealthiest country with plenty of excess. We're fine. Does it make others jealous? Maybe, but, that is their issue, not ours."

.

[Buddha]

Well when his 401k/IRA/pension is destroyed he will be singing a different tune. What J6P thinks, especially what J6p the banker thinks, matters the amount of a penny to me. Not even 2.

[cigarlover]

I suppose its easy to make that claim when you are a banker and about to get bailed out by the taxpayer.

[Buddha]

What type of banker is he? Is he a teller or a district manager?

[Green Mountain Boy]

What type of banker is he? Is he a teller or a district manager?

I don't know...probably mid-level manager or something.

.

[LukeNM]

Can you say TOOL!

[Green Mountain Boy]

I think he works for Capital One.

.

[hyderman]

LOL...this is rich.

"America is not bankrupt. It's complicated and hard for the layman to understand. I work in finance. America is more than fine financially. We have debt. But, it's differnent debt. It's not like what we would consider like "credit card" debt. America remains the financial capital of the entire world. We are fine. This isn't the first bailout we've done. Read your history. This isn't unprecedented. We've done many bailouts. And we give multi-billions in charity to the rest of the world. If things get tight, we'll slow down on that. We'll also cease lending hundreds of billions annually to other countries. If you hear of us ceasing lending or cutting back on charity, then it is safe to say we are experiencing a crunch. We aren't broke. We remain the world's wealthiest country with plenty of excess. We're fine. Does it make others jealous? Maybe, but, that is their issue, not ours."

.



Ha so printing papers makes USA rich !!!

Do you have link to the forum?

[Neuro Artist]

Or damned FOOL more probably

[Golden Eagle]

Whew! Finally I can get some sleep. Goodnight!



pffff... what an asshat.
Can anyone tell me what "differnent" debt is? That one's new to me.
What an irrational and fraudulent turd.

When I read it a second time I swore I read this instead...

Banker: You know, I know this steak doesn't exist. I know that when I put it in my mouth, the Fed is telling my brain that it is juicy and delicious. After nine years, you know what I realize?
[Takes a bite of steak]
Ignorance is bliss.

[AgBar]

I think he works for Capital One.

.

Capital One, huh? Any way he can get them to stop sending me three credit card offers a week?

[CQC McDuck]

That quote almost sounds like government issued talking points. lol

[optionT]

hey , you guys wanna get into the chat?

[optionT]

im in here right now, its been a rough night but lets do it

[Rogue Drone]

"If you hear of us ceasing lending or cutting back on charity, then it is safe to say we are experiencing a crunch"

That's it right there. They have the money, but they are not extending credit like they were. I work around the credit card industry - Cap One, Chase, Citi, BOA, Amex, all are giving out far fewer cards to those below prime credit ratings, those with prime and super prime ratings are getting much smaller limits. They may have the money, but they don't trust to put it out.

The liquidity that the Fed is supposedly injecting into the marketplace is not going out to the man on the street, the individual or small business.

[Mill Man]

Somebody cue the circus music.

[jedemdasseine]

Like so many people involved in banking, he's parroting what he's been told, nothing more.

He clearly hasn't studied history well enough, or he would be familiar with the Venetian banking system, John Law, the Rothschilds, Exter, Gresham, etc.

Someone ought to send him a link to hypertiger's blog. Ha!

[AMforPM]

Can anyone tell me what "differnent" debt is?

I'm guessing that debt which causes others, but not you, to suffer is 'different'.

[Silver Shield]

Anyone who says, "We're fine" three times in one short paragraph is trying to convince himself.

just trying to rock himself to sleep again.

[jedemdasseine]

Indeed. "Sleep" is the correct term in this case.

[Neuro Artist]

The liquidity that the Fed is supposedly injecting into the marketplace is not going out to the man on the street, the individual or small business.

Exactly! the 700 billion injected is going to go into speculation in the financial sector. Housing market is not going to get more money. Instead we will see spectacular gains in the stock market, primarily in the financial sector, especially since they banned short selling. The housing market will continue to go down and foreclosures up. The house of cards will reach the sky and then NOTHİNG can stop a complete crash as the next round of credit losses surfaces... We will also see hyperinflation in commodities the next months.

[DC7]

Ah, glad your banker friend posted that and cleared things up.

After reading this article I wrongly thought we weren't fine:

http://money.cnn.com/2008/09/19/news/economy/what_lawmakers_heard/index.htm?postversion=2008092009


'Sobering moment'

Warnings of an economic calamity led lawmakers to tackle a giant bailout.



<!--endclickprintexclude--><!-- /REAP -->NEW YORK (CNNMoney.com) -- Somber. Sobering. Warnings of an economic "meltdown."

That's how participants described an emergency meeting held Thursday night between leaders of Congress and Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke.

The meeting was followed by an announcement from Paulson thathe was preparing a far-reaching program - on a scale seen rarely in American history - to intervene in the shaky financial markets.

Paulson gave few details, although the plan's broad outline is for the federal government to buy hundreds of billions of dollars' worth of mortgage assets held by banks, Wall Street firms and other financial institutions. The Bush administration sent its proposal to members of Congress late Friday, according White House spokesman, Tony Fratto.
"Secretary Paulson and his team will continue their discussions with Congress and staff throughout the weekend, and we're hopeful that good progress will be made," Fratto said.

What did emerge clearly, however, was a surprising public show of unity by many lawmakers from both sides of the aisle who pledged cooperation to work on a solution with Bush administration officials with whom they often spar.

Official Washington - administration officials and legislative leaders alike - was clearly spooked by the events of the past week and what they heard from Paulson and Bernanke.

"I've never been in a more sobering moment in my 28 years with the language that was used - careful language - by the financial leaders of the ... country," Senate Banking Committee Chairman Christopher Dodd, D-Conn. told reporters on Friday.

Added House Financial Services Chairman Barney Frank, D-Mass., in an interview on C-SPAN: "We're not just talking about somebody on Wall Street losing money. ... We were in danger of there being enormous damage to the financial system."

One major concern: Wall Street firms were in danger of not being able to meet requests for redemptions from normally safe money market funds in which investors expect to get back at least as much as they put in.
This week alone, investors took out $210 billion from money market funds, with the bulk of those withdrawals coming on the heels of news that one fund had "broke the buck" (http://money.cnn.com/2008/09/17/pf/bc.apfn.investorrisk.fal.ap/index.htm?postversion=2008091714) - meaning its shares fell below $1.

On Friday morning, the Treasury said it would insure (http://money.cnn.com/2008/09/19/markets/money_markets/index.htm?postversion=2008091913) up to $50 billion in money-market fund investments at financial companies that pay them a fee to participate.

And on Friday, a conference call in which Paulson and Bernanke briefed House GOP members struck a similar tone, according to GOP aides who were on the call.

"The call was very sober, very strong on seriousness and very vague on details," one aide said.

The potential cost of the plan - as high as $500 billion according to leading Republican Senator Richard Shelby, R-Ala. - has raised a lot of concern. But apparently not as much as the concern raised by not doing anything.

"Chairman Bernanke made all too clear the cost of inaction. When I heard his description of what might happen to our economy if we failed to act, I gulped," said Sen. Charles Schumer, D-N.Y. "Everyone put aside their partisan differences and agreed to work together to pass something to address the state of our economy."

Schumer told CNN that while the rescue will be expensive, "the only salvation is it would cost even more" to do nothing.

Senate Budget ranking member Judd Gregg, R-N.H., told the National Journal's Congress Daily that when it came to the potential cost of plan, the choice is to "either put up the money now, or allow the [financial] system to unwind."

"The economy is slowly being strangled," said Lyle Gramley, a former Federal Reserve governor. The administration's case-by-case handling of the crisis so far hasn't worked, he said, "because it hasn't dealt directly with the principle problem, which is a lot of bad mortgage debt."

Banks are having a hard time raising capital because no one knows how to value the mortgage assets on their books. So they're reluctant to lend. Indeed, the flow of credit to consumers and businesses fell 40% in the first quarter and another 35% in the second quarter, Gramley said.
"We've been in a credit crunch that's getting worse," Gramley said. "Businesses can't borrow, which means they can't invest." And if they can't invest, they can't keep people employed.

In the end, the chaotic events in the market this past week convinced President Bush that it was time to act.

"Our system of free enterprise rests on the conviction that the federal government should interfere in the marketplace only when necessary," Bush said. "Given the precarious state of today's financial markets - and their vital importance to the daily lives of the American people - government intervention is not only warranted, it is essential."

[Saul Mine]

If I were supported by collecting usury from every working stiff in the country, I would want every working stiff in the country to think everything was just fine. I certainly wouldn't want them to find out the truth about anything.

[eyeofliberty]

Yeah, we have a friend in the banking industry (US Bank) who is similarly delusional. She didn't even know that her bank was on the list of 'troubled' banks until I told her, and then she brushed it off and denied it! Amazing...

:confused_ma:

[Brio]

A graduate of SOP - School Of Platitudes

[Buddha]

Yeah, we have a friend in the banking industry (US Bank) who is similarly delusional. She didn't even know that her bank was on the list of 'troubled' banks until I told her, and then she brushed it off and denied it! Amazing...

:confused_ma:

I would like to see the link to this. The gf works for US Bank.

[eyeofliberty]

I would like to see the link to this. The gf works for US Bank.

They're on the "watch" list:

http://bankimplode.com/blog/2008/07/15/u-s-bankcorp/

[Buddha]

They're on the "watch" list:

http://bankimplode.com/blog/2008/07/15/u-s-bankcorp/

Thanks for the info eyeofliberty, I was telling her that I would watch out for news regarding her bank. Until now I have not seen them on any lists. But there is a first time for everything huh? Third quarter numbers will be coming out, and I will be getting the numbers from her when released.

[Twisted Avatar]

Yeah, we have a friend in the banking industry (US Bank) who is similarly delusional. She didn't even know that her bank was on the list of 'troubled' banks until I told her, and then she brushed it off and denied it! Amazing...

:confused_ma:


I never even heard of these people but every other commerical on CNBC is about them.


They must be in deep shyt.

T

[Fanakapan]

In plain Anglo Saxon english, only one word will do for the (supposed banker)

Bollocks !!

Methinks, if he really is a banker, he's looking to extend his own finacial good fortune.