JerseyMike: C - Reuters article last week, once RV happens, the big banks will go bankrupt- don't really understand that article
dakotaman: C - article last week that banks will go bankrupt w/o RV?
dakotaman: T - I didnt hear it Gary?
JerseyMike: G - the process the banks work on is: loaning out money is based on assets they have. For every 1M, then loan out ~9x.
dakotaman: G - I didnt either but when banks loan out money its based on an asset base they have.
JerseyMike: G - so if asset base (based on real estate which has gone down), based on this if they don't have deposits on hand to support this loans, then they're in default. - lots of problems at the banks trying to meet these requirements today
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dakotaman: G - bases shrank with devaluation of land, they are required to maintain certain requirement by law. Many of them are borderline with meeting the minimum requirements
JerseyMike: G - this readjustment will bring alrge deposits from people like us
dakotaman: G - It is my hope that with the cashing in of dinar that it will give them the base required
JerseyMike: C - so this wealth coming inot the banks from the RV, banks will have more $$$ to invest in mortgages, so I don't agree with banks going in the tank.
JerseyMike: T - this RV will increase the banks' balance sheets.
dakotaman: T - maybe yer friend doesn't understand fractional banking
JerseyMike: T - and will reset our RE market - but will can't repeat the mistakes made in the past giving all kinds of loans to anyone - banks had to turn in their living wills so next time there is no safety net
dakotaman: T - thats why the banks had to turn in there living will because there will not be another bailout
JerseyMike: C - if you're married to a dual citizenship person, is it illegal to put $$ in another country?
JerseyMike: T - I don't think so.- but please ask a tax person
dakotaman: T - If yer dual citizen I wouldn't think so but check with a tax guy or girl
dakotaman: C- Top of the day, ? on vouchers and ? on cash out
JerseyMike: C - voucher question. How will this cash-out (exchange) work?
JerseyMike: G - banks are ready & prepared now- how they're going to do it? Nothing really carved in stone yet.
JerseyMike: T - I hear phone calls people getting SKR's, but I haven't seen one yet
dakotaman: G - all we know is larger banks are prepared, banks have talked about packages but have n't seen any
JerseyMike: T - I know folks givng their IQD away for a handwritten receipt - but don't know of anyone putting their IQD on depoist in a bank
dakotaman: T - ppl saying they got SKR's but I haven't seen one yet.
JerseyMike: T - if I go inot a bank, then maybe I will deposit my IQD, but not with just anyone.- no way will I give my IQD to some person to deposit it for me.
dakotaman: T - If I am in a bank and someone gives me a recipt where I can see deposit pending from this amount of dinar at this rate is one thing, its not a piece of paper a nigerian nightmare
JerseyMike: C - this is like a slot machine. Put your money in & then wait.- wheels are spinning as we speak
JerseyMike: T - I'm not negative, just be careful.
dakotaman: T - not being negative just want to warn you guys there ARE ppl out there that wanna relieve you of yer dinar.
JerseyMike: T - investigate on the internet who this person in Reno is (suppose to be the 3rd most powerful in our country). Why would this person fly to Reno to help us cash out our IQD- this story keeps getting more ridiculous - no way our top poiliticians have to fly to Reno to cash out
JerseyMike: G - Prez of US flew 25 Congressmen & Prez & his cabinet to Reno to cash out their IQD.....yeah right!!!
dakotaman: G - isnt that ludicrous stuff we are hearing
dakotaman: T - we said enough about that
JerseyMike: T - 800 numbers will be put out for us to call.
dakotaman: CountryGirl59 no problem
JerseyMike: T - DB & DT said they will be competitive with the banks.
JerseyMike: G - last caller for today - reading last 5 winners
dakotaman: G - winners rjbarrat99, miss guichi, spankyjr
JerseyMike: C - when rate comes out, will there be buy/sell rate?
dakotaman: C - is there a buy and sell rate?
JerseyMike: T - yes
dakotaman: T - yes
JerseyMike: C - bank will buy at buy rate?
JerseyMike: T - no
dakotaman: C - How is that determined
JerseyMike: C - does bank set this rate or the forex?
JerseyMike: T - every bank can set their own rate - all rates should be close, but they are different
dakotaman: T - you can by dong at 68 and bank but 95 at DB because once they own it they can sell at what they want
JerseyMike: C - say rate = $3.50 (as example), which rate is that? Buy? Sell?
JerseyMike: T - online, you can see both buy & sell rate.- example, $3.50 (sell), $3.25 (buy)
dakotaman: T - When you go online you will see a buy and a sell rate.
JerseyMike: T - both rates should be close - if you buy IQD, we'll pay more than what they would pay us for it. - that's their profit. If CBI Rate = $3.20, Bank when you buy @ $3.40, $0.20 is bank profit
dakotaman: T - if yer buying dinar you will pay more than they buy it for so they make a profit, when you sell they pay you less than what they will sell for to make a profit
JerseyMike: C - when talking to my local banker, he told me they also charge 4%
JerseyMike: T - yes, but you need to negotiate that 4% down. - interest rate is also negotiable - their buy rate (what they pay us for our IQD) is also negotiable - we can also nego down to ZERO- don't let them say they can't
dakotaman: T - thats what we ahave been saying they will charge you as much as possible but it negotiable. BOA may be less than WF or others, you can negotiate down to zero
JerseyMike: T - depends on how much IQD we have & also how many my own group will have
JerseyMike: C - don't really know a lot of people in this game right now.
dakotaman: T - thats why ppl going in groups the more you have the more negotiateing power you have.
JerseyMike: T - so take your 2 other friends & nego with the bank - Black cards, higher int rate, limo service, etc... can all by negotiated - wasa that our last caller?
dakotaman: T - gary last call?
JerseyMike: G - yes, closed off the brd
JerseyMike: T - got a call from guy in CO, sorry to hear what happend out there. We send our prayers to all of you. It's terrible thing to happen. We hear about this overseas all the time, but getting worse here. - leaving after call to go to Tahoe for my son's 21 bd. - my son is doing his 1st live concert. I didn't know he was that go. I'm so proud.
dakotaman: T - got a call about Colorado its a terible thing to happen anywhere but our prayers go out to them. I am going to Taho not Reno for sons birthday. Musician, talented 21 yo, big day.
JerseyMike: T - that's only reason I'm going to Nevada/Taho
dakotaman: T - other than that I would be home
JerseyMike: T - things still looking good. Banks & IMF feel today is the day. - I hope it does happen today. But if not today, then it will happen, Good things coming out of Iraq also. - Dan also did some pre-recordings. - I'll do some live call during the week to keep all posted.- Dan is here all the time for you. Gary too. - I'll try to fill in for Dan while he's gone. We'll have agood week. Have a good day.
dakotaman: T - dan is here all the time, putting things together for you, I will try to fill in but i am not used to working
JerseyMike: G - thanks for joining us today.
dakotaman: t - have a good nday.
JerseyMike: G - remember the test that will go out. Read it carefully.
dakotaman: G - remember there will be a text going out