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Jim Myrtle

Jim Myrtle
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  • Checkmate For Greece? [View article]
    "Remember Tarp that has cost US taxpayers Trillions of dollars because Big Banks to Big to Fail rigged mortgages and Manipulates stock Prices"

    Bank TARP was repaid. The US Treasury made tens of billions. It didn't cost the taxpayer a thing and helped save the US banking system.

    "If Greece didn't pay their puny 294 billion dollars who cares its a drop in bucket when you consider the big scams of Big Bank"

    LOL! Feel free to mail Greece your check.

    "Its not like Greeks asking them to bail them out again like Big Banks did with Tarp"

    Greece will be asking for another bailout, they are deficit spending something like 12% of GDP after all.
    Feb 3, 2015. 11:57 AM | 9 Likes Like |Link to Comment
  • Did Bernanke Pull a Fast One Last Night? [View article]
    The Fed returns its earnings to the Treasury every year.
    Dec 6, 2010. 10:20 PM | 9 Likes Like |Link to Comment
  • Big Banks Hit With Monster $250 Billion Lawsuit In Housing Crisis [View article]
    "North Dakota has established an effective alternative model that other states might do well to emulate. In 1919, the state legislature pulled its funds out of Wall Street banks and put them into the state’s own publicly-owned bank"

    Still an excellent idea! What are the chances a corrupt state government would lend taxpayer money to cronies?
    Jul 16, 2014. 04:38 PM | 8 Likes Like |Link to Comment
  • Fannie Mae repays Treasury, and more [View news story]
    "If a dollar has value over and above the paper and ink, it must be the exchange value"

    Sure and that "exchange value" bought 1/1331st of an ounce of gold today and only 1/1900th of an ounce of gold about 2.5 years ago.

    Did you steal that change in value from gold owners? Why not?
    Feb 27, 2014. 05:21 PM | 6 Likes Like |Link to Comment
  • Foreclosuregate: Time to Break Up the Too-Big-to-Fail Banks [View article]
    "The Bank of North Dakota is the only state-owned bank in the country"

    So what? I'm more concerned about the state banks in the more corrupt states.

    How would Alexi Giannoulias (the mobbed up Illinois Treasurer) do when he directs state money into loans for his Mob buddies and political cronies (but then I repeat myself)?
    Oct 15, 2010. 07:45 PM | 6 Likes Like |Link to Comment
  • Foreclosuregate: Time to Break Up the Too-Big-to-Fail Banks [View article]
    We wouldn't have this problem if every state had a government run bank. LOL!
    Oct 15, 2010. 05:11 PM | 6 Likes Like |Link to Comment
  • FOMC minutes: June rate hike not a slam dunk yet [View news story]
    "Leverage is a concept, not a statistic"

    That's funny.

    "Say I had $100,000 of equity and bought $5,000,000 worth of SPY at the nadir of the market in March 2009.
    Today, I would have $15 million in assets and still only $4.9 million in debt. Have I deleveraged? Is my economic position less risky?"

    Yes, 33% LTV is less leveraged than 98% LTV.
    Yes, 67% equity is less risky than 2% equity.
    Feb 19, 2015. 08:54 PM | 5 Likes Like |Link to Comment
  • Russian Roulette: Taxpayers Could Be On The Hook For Trillions In Oil Derivatives [View article]
    "Acting as if I had said that suddenly going into renewables would have turned the global climate on a dime"

    I asked you a question, I did not claim you said the above.

    "They found that in the years leading up to the civil war, the region had a historically rare three-year drought"

    Thanks. So based on 100 years of history, a three-year drought can only be explained by AGW? That's funny.

    "The team found that it was highly unlikely that natural variations in climate could have caused severe drought for so many years in a row, but that human-caused climate change made it much more likely." "

    Of course, because AGW has magic powers.

    "I infer from that that they meant statistically out in the tails of the normal distribution"

    And that didn't happen before mankind started burning fossil fuels.

    I always love when warmers point to a storm or a hot spell or a flood (or a drought) and say we caused it. And when they predict more severe and more frequent hurricanes, like they did after Katrina.
    Jan 3, 2015. 10:25 PM | 5 Likes Like |Link to Comment
  • Russian Roulette: Taxpayers Could Be On The Hook For Trillions In Oil Derivatives [View article]
    "More correctly, the Fed dropped the prime rate to near zero"

    The Fed doesn't control the Prime Rate. The Prime Rate is the rate banks charge their very best customers. Currently it's 3.25%. The Fed controls the Discount Rate, the rate banks pay to borrow from the Fed, currently 0.75%.

    They also "target" the Fed Funds Rate. The rate they want banks to lend to each other for overnight loans. Currently 0%-0.25%.

    "and banks borrow from each other at that rate"

    No, banks do not borrow from each other at the Prime Rate (3.25%).

    "Also, the QE money has gone into reserve bank accounts as excess reserves, which are used to buy treasuries which become collateral in the repo market against which the banks borrow to speculate for their own accounts"

    Ummmm....if a bank buys Treasuries, that reduces their excess reserves.
    Why would a bank buy Treasuries with cash, in order to borrow cash, to speculate? Wouldn't it be simpler to use the original cash?
    Dec 22, 2014. 12:04 PM | 5 Likes Like |Link to Comment
  • Is The Gold Market Manipulated? Part 1: Introduction And The London Gold Pool [View article]
    "Every day the dollar depreciates"

    Doesn't look like it's depreciating versus gold lately.

    ""Despite $1 trillion dollar annual Fed bond purchases" DESPITE ? you make it sound like QE'S will have no negative effect "

    Yes, despite QE, the dollar buys 50% more gold than it bought two years ago.

    "Will I sell? Depends on what I get in return. If it is fiat money I will not"

    I don't care who you are, that's funny right there.
    Nov 25, 2013. 12:08 AM | 5 Likes Like |Link to Comment
  • There's No Longer A Bernanke Put [View article]
    "Inflation and ZIRP are absolutely a form of theft and wealth transfer from large segments of citizens to a small minority of the wealthiest elements of society"

    You're right, only those who borrow, invest or hold hard assets could benefit from the Fed's policy.
    Hardly anyone......
    Sep 15, 2012. 03:08 PM | 5 Likes Like |Link to Comment
  • Foreclosuregate: Time to Break Up the Too-Big-to-Fail Banks [View article]
    "They can be as big as they want as long as we don't have to underwrite them, but "too big to fail" means we the people have to pick up the tab when they get in trouble"

    When your state banks get into trouble, who will pick up the tab?

    "There are a lot of useful things we could do with some publicly-owned banks, like generate the credit to get the economy whirring again"

    And politically motivated loans. Maybe they could help poor credit risks to buy homes they can't afford?
    Oct 15, 2010. 07:20 PM | 5 Likes Like |Link to Comment
  • Checkmate For Greece? [View article]
    "The Greeks were sold a bill of goods"

    The Greeks sold a bill of goods, in exchange for hundreds of billions of Euros.

    They'd like to sell another. The market right now is no-bid.
    Feb 6, 2015. 02:21 PM | 4 Likes Like |Link to Comment
  • Russian Roulette: Taxpayers Could Be On The Hook For Trillions In Oil Derivatives [View article]
    I understand why you're hesitant to post here. Let's look at your title.

    "Taxpayers Could Be On The Hook For Trillions In Oil Derivatives"

    Let's say the US produced 10 million barrels a day.
    And every single barrel of production was hedged by the producers setting up a derivative with their US bank.

    Not just the tiny shale producers, but every single producer, every single barrel.

    If they hedged at $100 a barrel ($1 billion a day in production) and oil drops to $50, forever, one year of hedged production, assuming the banks didn't hedge themselves (silly assumption), would cost US banks about $180 billion.

    How do we get to trillions in losses?
    Dec 28, 2014. 04:26 PM | 4 Likes Like |Link to Comment
  • Is Inflation Next? [View article]
    "Oh..I don't know...why don't you ask the 2.25 million who got foreclosed in 2008 and 2.85 million in 2009."

    Thanks for the links. They discussed subprimes, not adjustables.

    "Ratings: (not just bonds Jim and it seems you are the one "confused.") - Structured Finance"

    Yes, bonds....debt securities. Not derivatives.
    I have some derivatives (options) on Intel.
    Can you find a rating on that derivative?
    What about a rating on some corn futures, another derivative?

    "$90 billion in annual profits can cover a lot of losses while their sheet runs off. Got a link Jim, or are we supposed to believe everything you say?"

    You want a link to the last few years of Fed earnings? Really?

    "You make it seem like the Fed's annual profits can go on forever"

    Obviously profits will shrink when their sheet does. More if they actually sell positions at a loss. You must be confused about what you think I said.

    "But I know...I know...the Fed will hold those to maturity and not take a loss. Meanwhile interest rates will have shot up and everyone else will be making money but the Fed who is stuck in a low paying investment"

    Gosh, it would be awful if they held those bonds paying 2%-4%, funded with 0%-0.25% financing, until maturity.

    "Are we done with this charade yet Jim?"

    Are you done confusing bonds with derivatives?
    Apr 11, 2014. 12:10 AM | 4 Likes Like |Link to Comment