You received a clear indication from the FDIC that Bail-In is coming. Reread your letter. It says don’t worry that FDIC insurance will cover you. That coverage might be more or a lot less than they intend to take from you.
Jim’s MailboxPosted June 13th, 2013 at 7:49 PM (CST) by Jim Sinclair & filed under Jim's Mailbox.
http://www.jsmineset.com/2013/06/13/jims-mailbox-1283/
Jim,
See my written request for Bail In info I sent to FDIC below. Also see their answer. Looks like “in the United States” might be key words here.
What do you think?
CIGA MrB
MrB,
You received a clear indication from the FDIC that Bail-In is coming. Reread your letter. It says don’t worry that FDIC insurance will cover you. That coverage might be more or a lot less than they intend to take from you.
Respectfully,
Jim
Federal Deposit Insurance Corporation
550 17th Street NW, Washington, D.C. 20429-9990
Response
Dear Requester:
Bank deposits in the United States will continue to be insured as before. There is no change.
Regards,
Federal Deposit Insurance Corporation
Public Information Center
Auto-Response
Thank you for contacting the FDIC. This automatic response acknowledges receipt of your inquiry on 06/12/2013 07:10 PM. The reference number assigned to your request is 130612-000458. Your request has been routed to one of our analysts who will contact you within three business days.
Below are some online resources that may prove beneficial until we are able to respond to your inquiry.
Frequently Asked Questions for Industry Analysis:
http://www.fdic.gov/bank/iafaq.html
Are My Deposits Insured?
http://www.fdic.gov/deposit/deposits/ ; or
https://www.fdic.gov/edie/index.html
Frequently Asked Questions for Deposit Insurance:
http://www.fdic.gov/deposit/difaq.html
When a Bank Fails – Facts for Depositors, Creditors, and Borrowers
http://www.fdic.gov/consumers/banking/facts/index.html
Obtaining a Lien Release:
http://www.fdic.gov/consumers/consumer/information/lien/
About the FDIC, The Federal Deposit Insurance Corporation (FDIC)
http://www.fdic.gov/consumers/banking/confidence/symbol.html
You may order FDIC deposit insurance products from our online ordering catalog
https://vcart.velocitypayment.com/fdic/index.php
Sincerely,
Division of Administration
Federal Deposit Insurance Corporation
Dear Jim,
A couple of bits and pieces…
I imagine the Fed Heads will be looking at the attached chart of the financial stress index, among other data points showing things are unraveling in the credit markets…
Analysis: Fed Likely to Push Back on Market Expectations of Rate Increase
June 13, 2013, 3:39 PM
By Jon Hilsenrath
Federal Reserve officials have been trying to convince investors for weeks not to overreact when the central bank starts pulling back on its $85 billion-per-month bond-buying program. An adjustment in the program won’t mean that it will end all at once, officials say, and even more importantly it won’t mean that the Fed is anywhere near raising short-term interest rates.
More…
Some one is clearly worried, plus this fact..
The cumulative deficit for the first 8 months of Fiscal Year (FY) 2013 is $629 billion. Incredibly, the CBO reported on May 9, that is was projecting a full FY 2013 of $642 billion. I find it beyond fascinating that nearly three quarters of the way through FY 2013, the CBO missed so badly on its deficit projection.
Chart of the day…
CIGA Anonymous
Anonymous,
The problem is the huge legacy OTC derivative mess still out there with nothing whatsoever done to ease the potential financial WMD.
Jim
Dear Jim,
Here I sit listening to the Credit Suisse Chief Risk Officer discuss "Bail-In" as it was posted on your website to youtube.com…
I’m sorry but I have to laugh. I have a geotechnical engineering background and, as such, I understand that soils are very different around the globe and that they need to be studied locally. The banks act as if the money flow is "misunderstood" and they don’t know how that will affect a local economy. I have to say BS. It all comes down to a simple understanding of what money is.
What they are talking about in the video is just basic math. It’s not like it’s really that complicated. It’s embarrassing to watch these banks talk about the risk, losses, etc. They act as if they have no idea what’s going on. If they don’t know what’s going on, they shouldn’t be in business.
Thank you for all you do in educating the masses… it is much appreciated.
CIGA Buck
Dear Buck,
Boring as all hell but I wanted you to hear Bail-In from him.
Jim
Dear Jim,
Here in the UK I keep seeing more and more of this sort of talk – "Look at how much wealth the baby boomers have, they have what they have simply because they were lucky" (dismissing years of hard work, struggling to pay taxes and bills and then save a bit), "they are taking more than their fair share and it’s not fair that they have left future generations with debts to pay off."
Take less, bishop tells baby boomers
Baby boomers are a special “fortunate generation” who have enjoyed dramatic improvements in living standards but are now “absorbing” more than their fair share of taxpayers’ money, one the most senior clerics in the Church of England has suggested.
By John Bingham, Religious Affairs Editor
9:00PM BST 11 Jun 2013
"Pensioners own property worth almost £770bn, with 4.7 million retired householders owning their homes outright, research has shown.
…
[the baby boomers] are bequeathing their children sky-high house prices, debts and shrivelled pensions. A 60-year-old today is a very privileged and lucky human being."
More…
There we are then, we got what we got just because we were lucky, no work required.
It looks to me like the public (of the UK) is being manipulated in preparation for special wealth taxes on housing owned by the over 60s and on their savings – because "it’s only fair isn’t it!"
Regards,
CIGA Colin H.
http://www.jsmineset.com/2013/06/13/jims-mailbox-1283/
Jim,
See my written request for Bail In info I sent to FDIC below. Also see their answer. Looks like “in the United States” might be key words here.
What do you think?
CIGA MrB
MrB,
You received a clear indication from the FDIC that Bail-In is coming. Reread your letter. It says don’t worry that FDIC insurance will cover you. That coverage might be more or a lot less than they intend to take from you.
Respectfully,
Jim
Federal Deposit Insurance Corporation
550 17th Street NW, Washington, D.C. 20429-9990
Response
Dear Requester:
Bank deposits in the United States will continue to be insured as before. There is no change.
Regards,
Federal Deposit Insurance Corporation
Public Information Center
Auto-Response
Thank you for contacting the FDIC. This automatic response acknowledges receipt of your inquiry on 06/12/2013 07:10 PM. The reference number assigned to your request is 130612-000458. Your request has been routed to one of our analysts who will contact you within three business days.
Below are some online resources that may prove beneficial until we are able to respond to your inquiry.
Frequently Asked Questions for Industry Analysis:
http://www.fdic.gov/bank/iafaq.html
Are My Deposits Insured?
http://www.fdic.gov/deposit/deposits/ ; or
https://www.fdic.gov/edie/index.html
Frequently Asked Questions for Deposit Insurance:
http://www.fdic.gov/deposit/difaq.html
When a Bank Fails – Facts for Depositors, Creditors, and Borrowers
http://www.fdic.gov/consumers/banking/facts/index.html
Obtaining a Lien Release:
http://www.fdic.gov/consumers/consumer/information/lien/
About the FDIC, The Federal Deposit Insurance Corporation (FDIC)
http://www.fdic.gov/consumers/banking/confidence/symbol.html
You may order FDIC deposit insurance products from our online ordering catalog
https://vcart.velocitypayment.com/fdic/index.php
Sincerely,
Division of Administration
Federal Deposit Insurance Corporation
Dear Jim,
A couple of bits and pieces…
I imagine the Fed Heads will be looking at the attached chart of the financial stress index, among other data points showing things are unraveling in the credit markets…
Analysis: Fed Likely to Push Back on Market Expectations of Rate Increase
June 13, 2013, 3:39 PM
By Jon Hilsenrath
Federal Reserve officials have been trying to convince investors for weeks not to overreact when the central bank starts pulling back on its $85 billion-per-month bond-buying program. An adjustment in the program won’t mean that it will end all at once, officials say, and even more importantly it won’t mean that the Fed is anywhere near raising short-term interest rates.
More…
Some one is clearly worried, plus this fact..
The cumulative deficit for the first 8 months of Fiscal Year (FY) 2013 is $629 billion. Incredibly, the CBO reported on May 9, that is was projecting a full FY 2013 of $642 billion. I find it beyond fascinating that nearly three quarters of the way through FY 2013, the CBO missed so badly on its deficit projection.
Chart of the day…
CIGA Anonymous
Anonymous,
The problem is the huge legacy OTC derivative mess still out there with nothing whatsoever done to ease the potential financial WMD.
Jim
Dear Jim,
Here I sit listening to the Credit Suisse Chief Risk Officer discuss "Bail-In" as it was posted on your website to youtube.com…
I’m sorry but I have to laugh. I have a geotechnical engineering background and, as such, I understand that soils are very different around the globe and that they need to be studied locally. The banks act as if the money flow is "misunderstood" and they don’t know how that will affect a local economy. I have to say BS. It all comes down to a simple understanding of what money is.
What they are talking about in the video is just basic math. It’s not like it’s really that complicated. It’s embarrassing to watch these banks talk about the risk, losses, etc. They act as if they have no idea what’s going on. If they don’t know what’s going on, they shouldn’t be in business.
Thank you for all you do in educating the masses… it is much appreciated.
CIGA Buck
Dear Buck,
Boring as all hell but I wanted you to hear Bail-In from him.
Jim
Dear Jim,
Here in the UK I keep seeing more and more of this sort of talk – "Look at how much wealth the baby boomers have, they have what they have simply because they were lucky" (dismissing years of hard work, struggling to pay taxes and bills and then save a bit), "they are taking more than their fair share and it’s not fair that they have left future generations with debts to pay off."
Take less, bishop tells baby boomers
Baby boomers are a special “fortunate generation” who have enjoyed dramatic improvements in living standards but are now “absorbing” more than their fair share of taxpayers’ money, one the most senior clerics in the Church of England has suggested.
By John Bingham, Religious Affairs Editor
9:00PM BST 11 Jun 2013
"Pensioners own property worth almost £770bn, with 4.7 million retired householders owning their homes outright, research has shown.
…
[the baby boomers] are bequeathing their children sky-high house prices, debts and shrivelled pensions. A 60-year-old today is a very privileged and lucky human being."
More…
There we are then, we got what we got just because we were lucky, no work required.
It looks to me like the public (of the UK) is being manipulated in preparation for special wealth taxes on housing owned by the over 60s and on their savings – because "it’s only fair isn’t it!"
Regards,
CIGA Colin H.