Seeking Alpha

Jim Myrtle

Jim Myrtle
Send Message
View as an RSS Feed
View Jim Myrtle's Comments BY TICKER:
Latest  |  Highest rated
  • Greece threatens to sue Europe [View news story]
    "Troika austerity has created a massive contraction of GDP and economic activity (more severe than the US' Great Depression) and resulted in over 25% unemployment"

    If they default, they'll miss this old "austerity".
    Jun 30, 2015. 01:13 PM | 1 Like Like |Link to Comment
  • Greece threatens to sue Europe [View news story]
    "The Greeks only owe 10% of the loan that was real money. The other 90% of the loan were just digits in a bank account or toilet paper with a Euro sign"

    You borrowed the "digits", you spent the "digits" you can repay the "digits".
    Or else when your public employees and pensioners go to cash their checks, there will be no "digits" in the bank to pay them.
    Jun 30, 2015. 01:12 PM | Likes Like |Link to Comment
  • The Fed's Game Plan: It's All About The Demand For Money [View article]
    "The banks have been borrowing money from the Fed and buying Govt bonds with it"

    Alan, banks are currently borrowing $23 million (with an M) in primary credit from the Fed's Discount Window.

    "They pay 0.25% for the Fed Funds and then invest it in Govt bonds earning about 3%. A gross profit margin of about 2.75%"

    So they're borrowing overnight to buy 30 year Treasuries?

    "Taking no risk they have borrowed tax payers money and then relent it to the tax payer for more"

    No risk? LOL!
    Bear Stearns and Lehmann borrowed overnight to finance long-term bonds. What happens when your overnight rate rises and your long bonds drop in price?

    "This situation of the banks feeding off the taxpayer has been going on for 7 years now"

    The banks have lent the Fed trillions in excess reserves (at 0.25%) which the Fed spent on much higher yielding Treasuries and MBS. These profits flow back to the Treasury.

    "The bankers losses have been transferred to the govt"

    You've reversed the direction of the actual profit flow. The Fed has earned hundreds of billions from QE. They haven't transferred profit to the banks.
    Jun 25, 2015. 09:21 PM | 1 Like Like |Link to Comment
  • The Economy Just Doesn't Seem To Want To Grow [View article]
    "You scoff at two names, Dick Morris, and Shadowstats. This allows you to dismiss the ideas as not being worthy of consideration. "

    Well, when you look at all the data that John Williams collects to come up with his "Alternate CPI Data", it's very convincing...except he actually collects no data, does he?

    Maybe it's an ego thing?
    May 30, 2015. 11:24 PM | 1 Like Like |Link to Comment
  • The Economy Just Doesn't Seem To Want To Grow [View article]
    Dick Morris and Shadowstats?
    That's funny.
    May 30, 2015. 01:53 PM | 1 Like Like |Link to Comment
  • Why Are Interest Rates So Low, Part 4: Term Premiums [View article]
    "They said they bought bond to keep down long term interest rates"

    That's not a very specific target. Unlike the 0%-0.25% overnight target.
    I guess I could look at a chart of rates and see what their long term target was?
    May 16, 2015. 05:01 PM | Likes Like |Link to Comment
  • Why Are Interest Rates So Low, Part 4: Term Premiums [View article]
    They haven't expanded their balance sheet since October.
    Did you think even during QE that they were setting any rate besides the overnight?
    May 15, 2015. 10:36 PM | Likes Like |Link to Comment
  • Why Are Interest Rates So Low, Part 4: Term Premiums [View article]
    "My solution is non-interference in the setting of market interest rates by a phony bank in the service of a greedy government"

    They only set the overnight rate.
    May 14, 2015. 09:42 PM | Likes Like |Link to Comment
  • Why Are Interest Rates So Low, Part 4: Term Premiums [View article]
    "My solution favors depositors and consumers"

    Besides hiking interest rates, and changing definitions, what was your solution?

    "We can't make policy based on vignettes and hypotheticals"

    Great. Make your policy.
    May 13, 2015. 09:47 AM | Likes Like |Link to Comment
  • Why Are Interest Rates So Low, Part 4: Term Premiums [View article]
    "The people inside the banks who made bad loans"

    You'll have to provide a definition of "bad loan".
    If I take out a loan from the bank, get into a car accident a month later and default, should my loan officer be fired? What about the regulator of my bank?

    "Instead, their return on deposits has been skimmed"

    You'll have to explain what that means.

    "Problem finders are a dime a dozen. We need solutions."

    Does your solution involve harming bankers? Regulators?
    May 11, 2015. 08:09 PM | Likes Like |Link to Comment
  • Why Are Interest Rates So Low, Part 4: Term Premiums [View article]
    "Make it "banks" and the point is made"

    Who stole $12 billion from "banks"?
    Any specifics to make your point?
    May 10, 2015. 04:42 PM | Likes Like |Link to Comment
  • Why Are Interest Rates So Low, Part 4: Term Premiums [View article]
    "but will turn the blind eye to people who steal $12,000,000,000 from a bank"

    Who stole $12 billion from a bank? Which bank? Any specifics?
    May 9, 2015. 07:06 PM | Likes Like |Link to Comment
  • Why Are Interest Rates So Low, Part 3: The Global Savings Glut [View article]
    "You are the one claiming there was some profit"

    And I can back it up.

    http://bit.ly/1IszirE

    TARP, $56 billion in profit.....and counting.
    I could add the Fed's profit to that, if you'd like.

    "and yet I have to be specific?"

    You don't have to post proof of your silly claim.
    I understand if you can't.
    Apr 8, 2015. 11:01 AM | 2 Likes Like |Link to Comment
  • Why Are Interest Rates So Low, Part 3: The Global Savings Glut [View article]
    "Also the dollars were given to the banks when the dollar was very strong. The banks paid back the government in seriously debased currency"

    Which dollars were debased over what period of time? Be specific.
    Apr 7, 2015. 10:35 PM | Likes Like |Link to Comment
  • Why Are Interest Rates So Low, Part 3: The Global Savings Glut [View article]
    "so does this not imply that the bailouts benefited or enriched the banks, i.e. their owners and executives?"

    Yes, banks that didn't go under didn't have to fire all their execs.
    Banks that didn't go under, didn't have their stock prices go to zero.

    It's a shame that the government made short term loans, loans that were repaid, at a profit to the Treasury of tens of billions, that benefited the entire economy, also benefited bank owners and executives.
    Happy?
    Apr 6, 2015. 10:02 PM | 1 Like Like |Link to Comment
COMMENTS STATS
1,150 Comments
794 Likes