Announcement

Collapse
No announcement yet.

Global Economic Meltdown Thread

Collapse

Google Ads

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • The stock market’s plummeting numbers have caused some banks to run out of large bill denominations as customers flock to take as much out of their accounts as possible, The New York Times reported.

    One such example is in New York City at the Bank of America located at 52nd Street and Park Avenue, where large withdrawal attempts led to the bank temporarily running dry of $100 bills Thursday (March 12).

    Some customers, in fear of the stock market’s disarray, were trying to withdraw amounts in the tens of thousands. The shortage came after multiple requests of that size, according to two sources who saw it personally happening.
    https://www.pymnts.com/cash/2020/nyc...rs-hoard-cash/

    The Fed encouraged banks to use its discount window, which provides ready access to financing, and said it was “encouraging banks to use their capital and liquidity buffers as they lend to households and businesses.” The Fed also eliminated a requirement that banks stash a certain level of reserves — essentially customer deposits — at the Fed. The suite of efforts was meant to free up cash so that banks can keep lending at a time when companies are tapping their lines of credit and even regular consumers are scrambling for cash.
    https://nyti.ms/2IKSJRs

    giphy.gif

    Comment



    • The funny part is that the typical consumer is protected by FDIC insurance up to 250k per institution, per tax ID. People are going on bank runs, because they don't know diddly squat. People also forget that the typical branch only carries so much in cash, and for the most part, it is mostly smaller bills.

      Comment


      • Originally posted by tOSUfanboi2 View Post

        There’s an entire TV show dedicated to young couples consisting of basket weavers and antique dildo collectors buying houses with a budget of $800,000. Debt is still a big, big problem.
        You leave House Hunters out of this! My girl and I are still befuddled how these people can afford homes. If you go by their logic, we should be living in a mansion, when you put our incomes together.

        Comment


        • Originally posted by Canedude08 View Post


          The funny part is that the typical consumer is protected by FDIC insurance up to 250k per institution, per tax ID. People are going on bank runs, because they don't know diddly squat. People also forget that the typical branch only carries so much in cash, and for the most part, it is mostly smaller bills.
          How quickly does the FDIC pay out? Quickly enough for a poor person to pull out enough cash to make rent?

          Comment


          • Stock market had to halt trading again. Dropped 2,250 points at the jump.

            Trump just bragged about the stock market setting a single day's growth record on Friday. That was just wiped out plus some in 10 minutes today.

            Comment


            • With the Fed out of bullets and the government running a $1.1 trillion deficit and woefully behind on preparing for the pandemic, I just can't wait to see what things look like in two weeks.

              Comment


              • Down 2,600 now after resuming

                Comment


                • Comment


                  • Comment


                    • Who would have thought the 1992 movie Wayne’s world would be able to predict this?

                      https://www.youtube.com/watch?v=HpkecYVRt_E

                      Comment


                      • Originally posted by DPR View Post
                        With the Fed out of bullets and the government running a $1.1 trillion deficit and woefully behind on preparing for the pandemic, I just can't wait to see what things look like in two weeks.
                        Again, helicopter money.

                        Comment


                        • Originally posted by tOSUfanboi2 View Post

                          You don’t know how bad I want to post a caricature of a Jewish banker in response to this post.

                          Comment


                          • So Trump gets his 0% Fed rate and the stocks still tank?

                            Comment


                            • Originally posted by Spartan View Post

                              How quickly does the FDIC pay out? Quickly enough for a poor person to pull out enough cash to make rent?
                              If you are pulling out thousands of dollars to pay rent, you are an idiot. Most of these people making huge withdrawals are making the assumption that banks are going to fail, which isn't even close to the case. It's just dumbasses causing bank runs, because they think that the way they usually pay rent isn't possible, when in most cases it still is.

                              Comment


                              • Originally posted by Canedude08 View Post

                                If you are pulling out thousands of dollars to pay rent, you are an idiot. Most of these people making huge withdrawals are making the assumption that banks are going to fail, which isn't even close to the case. It's just dumbasses causing bank runs, because they think that the way they usually pay rent isn't possible, when in most cases it still is.
                                Um dude, not to burst your bubble or anything, but we didn’t just slash rates to 0 and pump 1.5 trillion because banks are having a great time.

                                Wait, don’t tell me, you think they actually fixed what happened in 08?

                                Comment

                                Working...
                                X