A Tip About Banks From Somebody In The Know
Can't reveal my source, but this person's been right in their other predictions in the past year. Here's what the person says:
Be prepared for a new wave of bank takeovers in the next couple months. The stock prices are being hammered because the true values of the banks are being revealed.Side note:
I feel our government is encouraging the consolidation in order to prepare for global currencies. We might see the Amero in our lifetime.
We live in historically unique times. The individual freedom experiment we have enjoyed may be drawing to a close.
Oh, and the person added:
History ALWAYS repeats itself. Now it's 300 channels and rebate checks.
"I feel our government is encouraging the consolidation . . . "
*Well, yes. See IRS Notice 2008-83. Short version: if I buy a local business with net operating losses, I cannot, without restriction, offset my own current business income with those losses. However, as of late September, with no Congressional discussion or public input, Paulson issued a statement that Banks can do exactly that. This one-page notice netted Wells Fargo a reported $14 billion (with a B!) in tax benefits on its acquisition of Wachovia.
" . . . in order to prepare for global currencies. We might see the Amero in our lifetime."
*Not convinced about this one. Why would we embrace a global currency? Wouldn't that wipe out an entire sector of financial services (hedging against changes in currencies)? Cui bono?
snakeman99 at November 21, 2008 3:54 PM
And people called me parinod for saying there was an Amero in the works back when the Euro first came out
lujlp at November 21, 2008 7:26 PM
The Amero exists only in the fever-dreams of the Goldbugs.
If you want to go for a conspiracy theory that is reasonable, try this:
By setting up the financial industry to have just a few "too big to fail" players, the government gets a much greater hand in determining how those institutions are governed.
You think the interest rate on your credit card is bad now, wait until the banks have a government-granted (and protected) monopoly.
brian at November 21, 2008 8:35 PM
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