Not all banks are greedy: Wells Fargo shares up 25%

[tiznow]

(wages are not likely to drop, in time this will reinvent itself)

overall wages are falling right now, overall americans are getting less money in their hands month to month, as jobs are being lost everyday

more unnecessary consumption chains will be pulling the starbucks and closing lots of stores

plus when you have service sector such a big part of economy you have bartenders, waitresses etc that are dependent on tips...so wages going down as people eat out and go to bars less

it snowballs on itself

 

[tiznow]

Hmmm...Someone's posts have vanished from this thread.

huh?

 

[punter]

Scot has the paranoids.

 

[tiznow]

Already happening in some areas such as SUVs.

cars, homes, clothing, hotel rates, 5 dollar footlongs at subway and quiznos, equities :grandmais, better iphone for half the price, flat screen TVs, laptops

the margins on alot of stuff in our economy is crazy and will come down due to lack of demand

you are seeing quite a few signs of deflation

will it spill into oil eventually we shall see

 

[Anonymous1]

overall wages are falling right now, overall americans are getting less money in their hands month to month, as jobs are being lost everyday

plus when you have service sector such a big part of economy you have bartenders, waitresses etc...wages going down as consumption goes down

it snowballs on itself

job losses at the current levels do not necessarily equate to wages and what they make (those employed), they still make the same amount (unions all have wage scales-and they are not down), those employers looking for qualified people certainly are not offering less, and for your bartenders and waitresses, they may see declining tips as the amount of customers decline or per visit drops, but it will change, again, going out to eat and drink is not necessity-its that thing you call disposable or discretionary income that is behind the curve. Even vegas with the decline in tourism, the drop in revpar and gambling have still posted some fairly outrageous numbers, unfortunately they are not the explosive types that Wall Street constantly shoves down our throat.

 

[tiznow]

its not just wages either

equity prices eating into J6Ps savings for retirement decreasing disposable income

almost every babyboomer heavily weighted in equity longs

vegas casinos a bad example in this situation as foreign tourism goes up for now with the dollar in the crapper vs. other fiat

---------------------------------

the era of extragence is coming to an end me thinks....or its at least taking a break near term

i'm just a regular joe and all i need is a grocery store, internet, and roof over my head and i'm good to go

many will be following me soon due to necessity not choice

 

[ScottL]

Scot has the paranoids.

Punter, go back to page 1.

Look for posts with quotes, "Originally Posted By......."

Notice that the post being replied to no longer exists.

Paranoid, eh?

 

[ScottL]

Or......Maybe I had an ignore list created for me by someone other than me. LOL!

 

[Michelangelo]

You're not losin' it Scott. The same happened in at least one other thread as well.

Hallelujah!

 

[tiznow]

y jambo gone i guess?

 

[ScottL]

Bannedbolaya!!!

 

[Dawoofdaddy]

well tiz, i see that you are putting words in my mouth again.

i have been saying all along that most of the price increases will be via food and energy (commodities). eventhough you have been dead fucking wrong, you keep posting about prices falling in that area as well.

one reason the us is different from japan is that the us dollar is the worlds reserve currency. that has not been the case for the japanese yen.

if the dollar continues tanking, and eventually foreigners stop buying our paper, and even dumping that paper, i want to know how there is going to be across the board price decreases here in the united states.

when i speak of deflation and inflation, i am speaking of aggregate money supply. falling or rising prices are the result of each.

 

[tiznow]

well i was right about paper commodities underperforming the real stuff in this environment at least :toast:

as for the rest of it we'll see as the bear progresses

 

[tiznow]

post from over on prudentbear about wells fargo who knows if they right just food for thought

they didn't send me a flyer in the mail offering free 50 dollars to open a checking account for no reason

:smoking:

---------------------------

"how can wfc from california not be affected ?

Wells will get whacked later this yr when they write down their pretty ugly HELOC exposure..."

 

[Anonymous1]

Wells will get whacked later this yr when they write down their pretty ugly HELOC exposure..."

Ahhh, no, I do enough appraisal on all types of re for wells to know how they evaluate the lines, how much, ltv, rates, terms, etc...can't speak for the volumes, but i'd say noway....<!-- / message -->

 

[tiznow]

k thxs for the input

lots of bear crap thrown around over at prudent bear

 

[Dawoofdaddy]

As far as I am concerned, I am only bringing up the fact that the entire economy is not gloom and doom. Too many people get the wrong idea and think the entire economy is in trouble when it is not. I have admitted that there are some sectors that are in trouble. However, the entire economy is not going to deflate. That is the point I'm trying to make.

And if you got the idea that I ever have said that every single part of the entire economy is going to collapse, you are putting words into my mouth.

I think you read here about me laughing that banks, homebuilders, and various sectors are tanking and since that bothers you, you have decided to paint with as broad a brush as you want.

I certainly do believe (more importantly the markets are telling us) that the economy is worse and will continue getting worse than I am guessing you believe.

Commodity production is part of the economy QL. Farmers around this area have been doing just fine the past several years. People selling oil drilling equipment have been doing well. I stopped in a bicycle shop to have something repaired and the owner told me her business has been great this year (thanks to $4 gas I suppose).

You live in a part of the US that has had during the past couple decades, alot of prosperity relative to the rest of the US. I live in a part of the US that during the past couple decades, has not had alot of prosperity relative to the rest of the US.

Signing off tonight from the bunker. I dont want to spoil my happy hour buzz posting here all night.

 

[tiznow]

y bicycle shops seeing a huge increase in activity that's for sure

back even in may i read about bike shortages in NY

 

[quantumleap]

And if you got the idea that I ever have said that every single part of the entire economy is going to collapse, you are putting words into my mouth.

I think you read here about me laughing that banks, homebuilders, and various sectors are tanking and since that bothers you, you have decided to paint with as broad a brush as you want.

I certainly do believe (more importantly the markets are telling us) that the economy is worse and will continue getting worse than I am guessing you believe.

Commodity production is part of the economy QL. Farmers around this area have been doing just fine the past several years. People selling oil drilling equipment have been doing well. I stopped in a bicycle shop to have something repaired and the owner told me her business has been great this year (thanks to $4 gas I suppose).

You live in a part of the US that has had during the past couple decades, alot of prosperity relative to the rest of the US. I live in a part of the US that during the past couple decades, has not had alot of prosperity relative to the rest of the US.

Signing off tonight from the bunker. I dont want to spoil my happy hour buzz posting here all night.

I think you and I are starting to get a better understanding of each other. Perhaps I was painting with quite a broad brush as I felt you may have as well. However I now thing that neither one of us is so polarized that we think the economy is all to one side. Although it may seem that way since we each concentrate on one side of the equation.

Thanks for clearing that up. I have a new-found respect for you.

 

[quantumleap]

Again, this is not meant to state that the economy is all rosy. It's just to point out that not all of the banking industry is in danger of collapse.

http://biz.yahoo.com/ap/080721/earns_bank_of_america.html

BofA 2Q profit shrinks, beats Wall Street

Bank of America Corp. has become the latest in a string of big banks whose second-quarter earnings, while hurting from the impact of the credit crisis, still managed to beat Wall Street expectations.
The nation's second-largest bank by assets said Monday its profit fell 41 percent, as losses in its struggling mortgage operations were offset by business in other parts of the company. But it easily beat Wall Street estimates, and shares rose $3.00, or almost 11 percent, to $30.49 in morning trading.
"It is clear that many investors see the economy getting substantially worse causing major problems for consumer, commercial businesses and bank earnings," said Chief Executive Officer Ken Lewis on a conference call with analysts. "Although we too are sensitive about the health of the economy and monitor it closely, we do not yet see the economy slipping into prolonged recession."