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comitan
Ultra Nomad
Posts: 4177
Registered: 3-27-2004
Location: La Paz
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Mood: mellow
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Pescador
You started off so good then you blew it.
Strive For The Ideal, But Deal With What\'s Real.
Every day is a new day, better than the day before.(from some song)
Lord, Keep your arm around my shoulder and your hand over my mouth.
“The sincere pursuit of truth requires you to entertain the possibility that everything you believe to be true may in fact be false”
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Riom
Nomad
Posts: 492
Registered: 12-17-2004
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| Quote: | Originally posted by MitchMan
On page 38 of the August 29th edition of the Gringo Gazette at top of column six, Charles Keating (infamy of S and L debacle ?) stated that you can
get 12% interest rates on a mexican bank savings account. |
Maybe this old news from 2009 is where he got the 12% figure:
http://www.bankaholic.com/earn-12-on-a-90-day-cd-from-mexico...
The "Capital Bank Mexico" mentioned is, not surprisingly, no longer in business. For the reasons why, see http://mexicoinvestmentblog.com/2010/03/03/of-capital-invest...
Rob
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bajajazz
Nomad
Posts: 386
Registered: 12-18-2006
Location: La Paz, BCS, Mexico
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My thanks to MitchMan for opening the discussion regarding investments and savings accounts in Mexico, and to Riom for bringing the discussion back to
the original topic.
Are there other Nomads who have reliable sources of financial markets information that might benefit us all? Even an investment that just keeps up
with inflation is good knowledge to have at this point.
I regret introducing a partisan note into the thread. To balance things out, let me mention that it was Jimmy Carter who lifted the usury caps and
started the deregulation that led to the S&L ripoffs. There are no heroes in this saga, only villains.
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MitchMan
Super Nomad
Posts: 1856
Registered: 3-9-2009
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Mexitron and bajazz, you guys are right on. While some deregulation did start with Jimmy Carter, his intent was to stimulate the economy because of
the economy numbing effect of the price of oil going thru the roof and taking its toll on all aspects of our economy. He was not a deregulator in the
same sense of the word compared to the new conservative movement happening on campuses in the mid 70s and culminating in the Reagan slam dunk in 1980.
Reagan's agenda was deregulation, deregulation, deregulation in every aspect of the country, not just limited to a financial policy here or a
legislation there, or a part of the economy here, it was a total attack on government regulation and governance itself.
The real cancerous deregulation truly began when the line between commercial banking and investment banking was removed and allowed commercial banking
to behave like investment banks.
The great debacle occured because the financial industry was allowed to engage in risky and damaging activity because of the lack of oversight,
regulatory reporting, lax capitalization, its new found ability to create bad loan product (well before CRA), excessively risky derivatives, all
fueled by the greed of the CEO's maximizing their take based on their excessively generous compensation packages, and all with the adoration,
encouragement, and more than full support of the deregulating Reagan and Bush administrations. For the last 36 years, deregulation (code word for
small government, outsourcing and privatization) has been and still is the religious montra of the republicans... they own it. In fact, Reagan sent
Greenspan all over the world exporting deregulation speak.
By the way CortezBlue, the CRA was aimed at the middle class potential homeowner and was limited to conforming loans. Subprimes were an invention of
the new unregulated aggressive financial "free marketeers" (you know, the free unfettered market that is to self correct and benefit everyone) an had
no connection CRA. Also, the effect of the CRA was absolutely minimal in the big picture as Bajajazz points to in his post. Those loans did not have
any abnormal default rates. However, the right wing uses the CRA as a ploy to derail serious thought and give Rush Limbaugh's very average audience a
false hook to hang their oversized hats on. Remember AIG, that famous weekend when Paulson panicked the world. Well, that was the sounding bell that
alerted the world to the oncoming Great Recession - that was a fall that was directly related to derivatives, specifically credit default swaps - a
favorite endeavor of the the deregulated financial world.
[Edited on 9-11-2011 by MitchMan]
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MitchMan
Super Nomad
Posts: 1856
Registered: 3-9-2009
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Back to 12% rates. They don't exist today in any real sense. It was a careless , scratch that, wreckless reference by Charles Keating in his Gingo
Gazette article. Casts doubt on his credibility with regard to anything he writes on such matters.
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Barry A.
Select Nomad
Posts: 10007
Registered: 11-30-2003
Location: Redding, Northern CA
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Mood: optimistic
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All true, Mitch, even with the occasional somewhat offensive but mild anti-Republican remarks, but of course still not the complete picture, but you
know that.
Now the pendulum has swung the other way---------and we now will, and are, reaping the results---------let us know how that works out for you (and the
Country). I do hope we all prosper.
It's tough to make money in this enviroment, but I am squeaking by with help from my Republican Money Manager. There is always a mini-boom going on
somewhere, and we usually find it.
Barry
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wessongroup
Platinum Nomad
Posts: 21152
Registered: 8-9-2009
Location: Mission Viejo
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Mood: Suicide Hot line ... please hold
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A positive thought... thanks...
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wilderone
Ultra Nomad
Posts: 3894
Registered: 2-9-2004
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"Casts doubt on his credibility?"
Doubt? If you know any thing about financial crises in the US, you'd know to absolutely disregard anything Keating would have to offer in the way of
a so-called edge in consumers' interest. And if you read the following article, you'll see that James Grogan - yes, the James Grogan who was
involved, fleeced, and ran into the ground, the failed Loreto Bay development, was Charles Keating's aide at the time the fraud against Americans went
down. We should have learned from that, but no - seems only to serve as a how-to guidebook for other POLITICIANS and bankers - regardless of their
party affiliation. Politicians are scum.
http://www.stewwebb.com/Junk%20Bond%20Daisy%20Chain%20Fraud%...
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durrelllrobert
Elite Nomad
Posts: 7393
Registered: 11-22-2007
Location: Punta Banda BC
Member Is Offline
Mood: thriving in Baja
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This thread needs to move to OT
Bob Durrell
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comitan
Ultra Nomad
Posts: 4177
Registered: 3-27-2004
Location: La Paz
Member Is Offline
Mood: mellow
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No! because if you peek through the keyhole you will learn something.
Strive For The Ideal, But Deal With What\'s Real.
Every day is a new day, better than the day before.(from some song)
Lord, Keep your arm around my shoulder and your hand over my mouth.
“The sincere pursuit of truth requires you to entertain the possibility that everything you believe to be true may in fact be false”
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The Gull
Super Nomad
Posts: 2223
Registered: 8-28-2003
Location: Rancho Descanso, BCN
Member Is Offline
Mood: High
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| Quote: | Originally posted by Barry A.
So Goat, please reveal the error of my decrepid ways, and set me straight------is what I say not so???
(bottem line-------many "in charge" really screwed up big time for that 10 years, or so, time period---------as usual, unintended consequences of
Govt. policy with the 'best' of intentions meddling in an area of economics about which they did not know much, but should have)
Es Verdad???? or no???
Barry |
Notice that the spineless, non-entity Goat failed to respond?
�I won\'t insult your intelligence by suggesting that you really believe what you just said.� William F. Buckley, Jr.
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MitchMan
Super Nomad
Posts: 1856
Registered: 3-9-2009
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Wow, that is interesting; the tie between Loreto Bay, Grogan, and Keating. I have always had a deep scepticism regarding Loreto Bay. So much blue
sky hype, Americans buying into it with big deposits, and then again, as with so many other resort projects in Baja, incomplete.
Caveat emptor, "buyer beware", has never been a very successful credo.
It is a shame that big money has taken over our politics to such an extent that the lobbying in Washington DC has become a swollen lavish industry
since 1980. The "more business in government" group has gotten its way with government. Politicians are now bending to monied interest so
completely for their political financial support especialy since lobbyists have made it part of their motis operandi to provide exiting politicians
with cushy lobbying jobs. Tom Delay was the exalted successful promoter of that dynamic.
If we want moral public servants as politicians, we need to get money out of politics. Fat chance of that with this Supreme Court (Citizens United)
as many see allowing money into politics as an expression of "freedom" itself. But then again, do we want moral public servants if you are of a mind
set that believes that government itself is an evil entity and that the bigger a government gets the worse it gets and that governance is inherently
innefectual. It is a self fullfilling prophecy when republican administrations have repeatedly installed heads of governmental agencies that were
hostile to those very agencies, then getting rid of the experienced staff and then reducing remaining staff salaries and benefits and then following
up the degradation of the government itself with ensuing laying offs ; remember James Watt? That was the beginning of wrecking and undermining
government from within and by deliberate design, closely followed by outsourcing and privatizing government functions in a belief that replaces
service to your country with the avarice of self interest and a profit motive.
Profits have their place, I am a business man and a staunch supporter of a market based economy. But there are certain many functions that are not
served best by a profit motive.
[Edited on 9-11-2011 by MitchMan]
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