United States Heading towards a Depression?

Chase is not the only one.

I predict many investment bank failures. So many failures in fact, that their fed and politician friends won't be able to bail them out.

 

Unemployment is still low and housing/credit is failing. Imagine what will happen should the unemployment rate touch the 1977-1982 percentages.

Current Unemployment Rates for States and Historical Highs/Lows

http://www.bls.gov/web/lauhsthl.htm

 

One can only dream.

Of course, if and when they fail, is there a mechanism in place to fix the issues? Have the sound money/full reserve banking crew done enough to wield influence during a reform or rebuilding process?

 

Oh come on are you still quoting the bureau of lies and statistics? "We don't have growing unemployment, we have declining labor force participation!"

Calculate discouraged workers, under-employed labor, and the prison population and you're at double digits unemployed - easy.

We have fewer people employed full time in the private sector than a year or two years ago. Yet our "unemployment rate" is better than then. What is this number supposed to measure if not what part of the population is forced to work in order to support the rest?

 

If you have any money in chase, ie., savings, pull it!!!

 

You are going to cause a Bank Run

 

The Ron Paulies have a Bank Run Reverse Money Bomb planned (can't remember the day) to pressure the banks. It's actually a very creative idea.

 

Moody's is starting to slowly tell the truth

Can goods are a good investment. The metal cans will be worth a small fortune and you can eat what's inside

 

I'm not a big fan of banks.. Never have been.. My personal cash is in Money Markets, Real Estate and Credit Unions.

I don't even have a checking account... They are worthless IMO...

Chase is gonna go BOOM!!!

 

I'm trying to do a wire transfer from Chase to India for $6000 all week. Every time I go there, they are telling me that they are having problems with the wires. I'm wondering whether they have the money in my account to transfer.

 

I'm quite sure your funds are insured by FDIC.

 

Yeah. The Fed can print some more cash

 

lol.

This is a good article. As usual, from Gary North.

Why the Stock Market Has Not Broken Out



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Moody's shares tumble on reports of rating errors

Screw these guys I hope they are punished by tar and feather. This "computer code error" is ludicrous.

 

I doubt it...

Hell, I got a call from my merchant account cc processor this week telling me they wanted bank statements going back 6 months and want me to keep 6 months of billing on hand for one of my customers since they pay via a VISA from a country outside the US.

Apparently if they wanted, they could dispute the last 6 months billing at any time and the American banks are helpless to do anything...

The bank is trying to protect its ass by shifting their liability 100% on me... Sorry, no bank statements... I'll ask the customer to start paying by check.. I guess I get that 4% now that these CC bastards suck away from me every month...

It's amazing some of the stupid crap you have to deal with as a web host when you get into the 10's of thousands of dollars in single hosting vs. the $10 buck/month accounts....

The CC processor also wanted us to produce contracts, home phone numbers and other personal information about one of our clients in order to get more of a feel good feeling about them... Me thinks the CC processors just does not want my business...

Must be nice running a business that makes money by taking money from other people to do nothing but collect your money... PHuckers!

 

That's normal for chargebacks. 6 months. I learned this the hard way with my first e-commerce business. Depending on the size of the account, in some cases, it's better to just roll with the punches and accept a 2~3% chargeback rate.