The Banks Are Going Down the Tubes YO Discussion

[Mathgod]

Just freakin great. Just what the world needs as it's trying to recover from the pandemic and dealing with inflation/supply chain issues. Here's hoping there's no domino effect.

[afc wimbledon]

Originally Posted by opendoor

They've been a mess for years, so that's nothing really new. There's a reason their stock price has dropped by about 90% in the last 5 years.

Yep, no doubt Deutsche Bank will also be having some issues, they were none to healthy to start with

[FlamesAddiction]

Originally Posted by afc wimbledon

Yep, no doubt Deutsche Bank will also be having some issues, they were none to healthy to start with

It probably doesn't help when they loan people like Donald Trump $788 million, and he only pays back a fraction of that.

[afc wimbledon]

Originally Posted by FlamesAddiction

It probably doesn't help when they loan people like Donald Trump $788 million, and he only pays back a fraction of that.

well that was fine before Putin was sanctioned, they never thought Trump was going to pay any of that back, the idea was that money was coming from Moscow

[Yoho]

https://twitter.com/user/status/1635940215624695808

[Strange Brew]

Credit Suisse down 96% from all time high is not exactly news. That has happened over 16 years.

A reported MW for a major bank tells you how screwed up they are though.

[Slava]

I was partial to the nickname Debit Suisse until this morning, but now Credit Sus is pretty funny.

[nik-]

Originally Posted by Strange Brew

Credit Suisse down 96% from all time high is not exactly news. That has happened over 16 years.

A reported MW for a major bank tells you how screwed up they are though.

Can you stop providing context and just panic please?

[chemgear]

Originally Posted by Slava

I was partial to the nickname Debit Suisse until this morning, but now Credit Sus is pretty funny.

Like how many scandals and outright crimes have they been involved in?

[TheIronMaiden]

Originally Posted by Yoho

What assets back the mortgages?

If it’s the over priced houses bought in a bubble that could be a problem.

Some of the houses are over priced, but many of the houses are really under priced ( according to the value amortized). Some of these houses were bought in 2011 when prices were super low, they would sell for much more now.

[The Yen Man]

Exactly. It's way more nuanced than to just make blanket panic statements just to get attention. How much of the lent money by banks are asset backed? There are still pretty strict stress tests in Canada before a bank will approve mortgages.

If you are that worried about a banking collapse and a housing price collapse, I'm assuming you've sold your house, and are now taking that cash and putting it under your mattress?

[Yoho]

Originally Posted by The Yen Man

Exactly. It's way more nuanced than to just make blanket panic statements just to get attention. How much of the lent money by banks are asset backed? There are still pretty strict stress tests in Canada before a bank will approve mortgages.

If you are that worried about a banking collapse and a housing price collapse, I'm assuming you've sold your house, and are now taking that cash and putting it under your mattress?

Being aware of what’s going on around you isn’t necessarily panic.
You want the narrative that “everything will be ok” which is fine.

But the banks are far from these pillars of strength.

When and if the runs start it will be stressful and too late to plan for anything.

[chemgear]

Originally Posted by The Yen Man

If you are that worried about a banking collapse and a housing price collapse, I'm assuming you've sold your house, and are now taking that cash and putting it under your mattress?

But then isn't your mattress out on the lawn of the house you don't own? Or is this one of those illegal encampments on public property?

Stuffing cash there doesn't seem very secure.

[Yikes]

Originally Posted by chemgear

But then isn't your mattress out on the lawn of the house you don't own? Or is this one of those illegal encampments on public property?

Stuffing cash there doesn't seem very secure.

Over the past few years I will say that I now know a number of people that claim that they sit on cash, have less and less trust in any/all banks, myself included. Hell, if I could do everything in cash I would for sure. I use banks as little as possible, keep it simple, cash, debit, visa debit, have a MC but use it very little. In my opinion banks are parasites.

[TheIronMaiden]

you'd be hard pressed to walk into a bank and they don't try to sell you something. It always leaves a bad taste in my mouth.

[PeteMoss]

Originally Posted by Yikes

Over the past few years I will say that I now know a number of people that claim that they sit on cash, have less and less trust in any/all banks, myself included. Hell, if I could do everything in cash I would for sure. I use banks as little as possible, keep it simple, cash, debit, visa debit, have a MC but use it very little. In my opinion banks are parasites.

And what do you do with this cash? If you aren't investing extra cash you have, you are just screwing yourself.

[Yikes]

Originally Posted by PeteMoss

And what do you do with this cash? If you aren't investing extra cash you have, you are just screwing yourself.

Invest in what? Banks?


Happy to have a little cash kicking around. If I invest I only invest in myself.

[afc wimbledon]

Originally Posted by TheIronMaiden

you'd be hard pressed to walk into a bank and they don't try to sell you something. It always leaves a bad taste in my mouth.

It's a business like any other, it has to sell it's product to survive

[afc wimbledon]

Originally Posted by Yikes

Invest in what? Banks?


Happy to have a little cash kicking around. If I invest I only invest in myself.

I shall be putting about 10 grand into scotia in the next couple of days, it was a decent little stock before this and has now lost value for no better reason that its a bank

[Yikes]

Originally Posted by afc wimbledon

I shall be putting about 10 grand into scotia in the next couple of days, it was a decent little stock before this and has now lost value for no better reason that its a bank

Canadian banks are usually a good bet, more or less completely isolated from most of this witches brew crap the Americans conjure up.