[Revi]

Here's what happened to Argentina after they defaulted on their debt. They international repo men came in.

I know one of them. He's about halfway down the page.

http://www.aei.org/events/filter.,event ... script.asp

[deMolay]

Fox/CNBC Reporting A Bank Holiday Needed Next Week link

[eXpat]

Remember this thread Bank Holidays?. Things that before were tinfoil material are starting to sound reasonable.

[Jotapay]

Why do they need it? They don't need any reserves now.

[deMolay]

Because the money is not flowing anymore. Liquidity, Trust, Confidence. Just make damn sure if you can that you have enough cash on hand to run your affairs for at least 1-6 Months.

[dinopello]

I don't get Columbus Day off, why should bankers

[frankthetank]

This is because the treasury needs more time to print as many "hundos" as possible. They are running 3 shifts around the clock, no breaks.

[Snowrunner]

$this->bbcode_second_pass_quote('deMolay', 'B')ecause the money is not flowing anymore. Liquidity, Trust, Confidence. Just make damn sure if you can that you have enough cash on hand to run your affairs for at least 1-6 Months.

[deMolay]

There is a lack of liquidity because everybody is hoarding cash.

[Armageddon]

$this->bbcode_second_pass_quote('deMolay', 'T')here is a lack of liquidity because everybody is hoarding cash.

[jasonraymondson]

No way possible, that would be it. The people would panic, martial law would have to be completely implemented. We are talking the worst shit we have been talking on here. The worst of the worst.

Telling the people that they can not access their money, telling them that they can't use credit. People won't be able to buy gas, stores couldn't get food shipped in. The entire us economy would crash and burn and the looting would be insane.

Not one chance in hell. No even they are stupid enough to think they (the elites) would survive that.

would be interesting to witness, but uhuh not happening.

[heroineworshipper]

We need an Ubama holiday next week.

[jbrovont]

If there's one sure way to cause a run on all banks, it's to report that there's going to be a holiday.

Now - what is W going to get on CNBC and tell everyone not to run to the bank and hoard cash? They'll do it because he said not to. If he doesn't say anything, they'll run to get cash. If he tells them to, they'll run to get cash because if even W can tell we're in deep sh*t, we must really be screwed.

Brillaint Faux. Just brilliant.

[jlw61]

$this->bbcode_second_pass_quote('', 'w')hile I would not (count) on a global bank holiday next week, one would make sense to me,"

[Roy]

$this->bbcode_second_pass_quote('', '1')0 Oct 2008 | 10:41 AM ET
Oct 10 (Reuters) - Foreign Exchange Analytics' David Gilmore says markets should prepare for another coordinated rate cut next week, and this time, he predicts Japan, with its 0.5 pct benchmark rate, will participate. He adds that "while I would not (count) on a global bank holiday next week, one would make sense to me," particularly with scheduled U.S. and Japanese bank holidays on Monday . "Again this is a remote option, but not to be ruled out." The main focus, he says, must be on "government efforts to restore solvency in the banking system, and that process will be taking place in Washington not on Wall Street."

[3aidlillahi]

Since a bank holiday, or even the announcement of a future one, would cause a run on the banks, wouldn't it make sense to have an alternating holiday? So like, over a one week period, each bank would be randomly selected for one of those five days that week to be closed. In effect, on each day during that banking holi-week, 1/5 of all banks are closed while 4/5's are open. That way the entire system doesn't shut down, but it is slowed down somewhat in general.

Or would that have the same effect as closing them all for one day? I.e. the rape and pillaging would begin.

[IgnoranceIsBliss]

Would this holiday last all week?

How would this affect mortgage payments, car payments, life insurance payments, etc? We have most of our bills on "auto pay" and they draft out of the account automatically.

If our payments were late, it wouldn't be our fault, but would they still assess penalties? How much harm would this cause the mortgage companies and finance companies when they have a week with no cash inflows?
The fact that the bank holiday idea has made it into the MSM is really scary.

Also, you might be surprised to find out just how many people in the US are already 100% cash based. No bank account and no credit cards due to bad credit and a history of overdrawing their bank accounts. I've seen them in one of my previous jobs. So these folks might be less inclined to riot than we think.

[DantesPeak]

$this->bbcode_second_pass_quote('jasonraymondson', 'N')o way possible, that would be it. The people would panic, martial law would have to be completely implemented. We are talking the worst crap we have been talking on here. The worst of the worst.

Telling the people that they can not access their money, telling them that they can't use credit. People won't be able to buy gas, stores couldn't get food shipped in. The entire us economy would crash and burn and the looting would be insane.

Not one chance in hell. No even they are stupid enough to think they (the elites) would survive that.

would be interesting to witness, but uhuh not happening.

[BigTex]

It strikes me as a little ironic that the Columbus Day holiday will provide a conveninent bank holiday right when one was desperately needed.

The irony of Columbus Day is that Columbus was one of the most evil and cold-blooded conquerers of the New World. Ever wonder why people from Haiti are black? It's because Columbus and his minions basically exterminated every single native of Haiti because they made poor slaves, and then he imported a bunch of African slaves to replace the natives.

So we are celebrating Columbus and his exploits and this celebration is going to conveniently provide cover to a bunch of modern day Columbuses, who are viewed as capitalist heroes, but are actually just financial parasites.

The arrogance of a lot of these Wall Street "masters of the universe" is sickening. If you haven't known any personally, it's hard to describe what a self-absorbed bunch of elitist crybabies they are. Most of them couldn't even spell humility.

The fact that the former head of Goldman Sachs is the Treasury Secretary is absolutely absurd. That would be like taking one of those pirates from Somalia and making him the Secretary of the Navy.

[retiredguy]

Always enjoy your posts, BigTex!

Your comment regarding Paulson is dead-on.