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MitchMan
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Mexican bank savings accounts @ 12%?
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. I checked with Banamex and they said the highest rate that they offer 4.5% on a long term
savings plan.
Any body have any insight on this or was the author of the article blowing smoke? Sure would like to know where I could get 12%.
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comitan
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NLY
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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jureal
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Peso or dollar account?
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DENNIS
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| Quote: | Originally posted by jureal
Peso or dollar account? |
Peso, I'm sure...which will probably devalue at the rate of paid interest anyway.
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bajajazz
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I just read the same article. Last rate I got on a 60-day account was 3.47. Same article also said Mexican mutual funds were up 20 percent this year
so far, and over 40 percent for each of the previous three years. The article was touting some kind of preferential service offered by Bancomer.
Sounds too good to be true but worth looking into.
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bajadave1
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S&L history
Seems to me that back in the days of the S&L debacle, MX banks wereoffering much higher rates. did the GG offer a date with that quote?
Dave
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greengoes
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Gringo Gazette - No Bad News
Cheeseburger in Paradise
Maybe a typo..... should read 1.2%???
[Edited on 9-9-2011 by greengoes]
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rob
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I was also excited by this article until I read that while there were Bancomer branches in Los Cabos and Todos, they were due to open any day now in
La Paz and other locations . . .
Can't wait.
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Pescador
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I checked at my local Bancomer today and depending on the size of the account there is some variance as to interest rates but nothing that high. My
parents had a savings account in Guaymas many years ago that paid 20% and they made almost 100% is less than 4 years but with the peso devaluation
they were back to square one. I truly do not think that will happen and the stock market in Mexico as well as the national banks are doing much
better than the US banks due to very small problems with default on loans. Their lending practices are very stringent and strong, and the financial
basis looks to be stronger than it ever has been.
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MitchMan
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Since real estate mortgage lending in Mexico is in its infancy compared to the USA and the rest of the western world, they didn't get hit over this
last banking debacle in 2007/8 like we did in the USA.
Our financial structure here in the USA engaged in overlending of bad financial products such as subprimes, liar loans, Low down payment loans, lack
of proper credit risk evaluation standards by lenders and an over abundant endless supply of lending funds in significant amounts provided by offshore
(Cayman Island and the like) shadow banking for mortgage backed securities packaging compounded by financial institution gambling via derivatives
(particularly credit default swaps) that finally and directly burst the balooning bubble. The USA was in the direct path of that self created
hurricane and exported about 20% of our bad products together with our having encouranged the western world to follow our lead over the past 25 plus
years and engage in the same kind of foolishness in their own countries.
Mexico didn't nearly follow that lead to the extent that we practiced it, however, they are suffering because of lack of exports due to the Great
Recession and other ramifications therefrom.
I still want to know where Charles Keating got his "12%" from.
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Barry A.
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| Quote: | Originally posted by MitchMan
Our financial structure here in the USA engaged in overlending of bad financial products such as subprimes, liar loans, Low down payment loans, lack
of proper credit risk evaluation standards by lenders and an over abundant endless supply of lending funds in significant amounts provided by offshore
(Cayman Island and the like) shadow banking for mortgage backed securities packaging compounded by financial institution gambling via derivatives
(particularly credit default swaps) that finally and directly burst the balooning bubble. The USA was in the direct path of that self created
hurricane and exported about 20% of our bad products together with our having encouranged the western world to follow our lead over the past 25 plus
years and engage in the same kind of foolishness in their own countries.
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Mitch------You forgot to mention that this all happened at the request and near mandating of the Democratic Congress, much of it thru Fannie Mae and
Freddie Mac. ( Bush-the-younger's surragates had a hand in it also.) The name Barney Frank comes to mind--------
Bush and the Republican minority repeatedly gave warnings that this was a dangerous game, but to no avail, if you remember. Surely you meant to
mention this!?!?!?!?
Barry
[Edited on 9-9-2011 by Barry A.]
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mtgoat666
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| Quote: | Originally posted by Barry A.
| Quote: | Originally posted by MitchMan
Our financial structure here in the USA engaged in overlending of bad financial products such as subprimes, liar loans, Low down payment loans, lack
of proper credit risk evaluation standards by lenders and an over abundant endless supply of lending funds in significant amounts provided by offshore
(Cayman Island and the like) shadow banking for mortgage backed securities packaging compounded by financial institution gambling via derivatives
(particularly credit default swaps) that finally and directly burst the balooning bubble. The USA was in the direct path of that self created
hurricane and exported about 20% of our bad products together with our having encouranged the western world to follow our lead over the past 25 plus
years and engage in the same kind of foolishness in their own countries.
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Mitch------You forgot to mention that this all happened at the request and near mandating of the Democratic Congress, much of it thru Fannie Mae and
Freddie Mac. ( Bush-the-younger's surragates had a hand in it also.) The name Barney Frank comes to mind--------
Bush and the Republican minority repeatedly gave warnings that this was a dangerous game, but to no avail, if you remember. Surely you meant to
mention this!?!?!?!?
Barry
[Edited on 9-9-2011 by Barry A.] |
barry: you elderly amuse me. you selective and revisionist memory is hilarious!
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Barry A.
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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
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MitchMan
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Barry,
I didn't cast blame on any particular person or faction in my post. You went there, all on your own. | Quote: | | Barry A ... this all happened at the request and near mandating of the Democratic Congress, much of it thru Fannie Mae and Freddie Mac...
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If you think that the democrats were/are on the lead on all this and were the primary party, you couldn't be more incorrect. Fannie Mae and Freddie
Mac didn't get into the bad loans until after legislation promulgated and deregulation had already paved the way for those creations and like
products. Don't forget that Fanny and Freddie were privatized. They just didn't want to be left behind in the money making frenzy as they were
losing market share. What congress intended was to get Fanny and Freddy to avoid redlining.
Please, if you are going to put the blame for deregulation on the Democrats and further that folly by blaming democrats for the financial structure
melt down, you and I are going to bump heads big time and you will be doing battle with me and most all well credentialed, credible and well
recognized economists and political scientists. So, go there at your own peril. You have been warned. To be certain, there was some complicity, no
argument there, even from Clinton, and Chris Dodd comes to mind as well. But the 99% of the lead and 99% of the push went big time via Reagan and
then the Bushes doubled down. Deregulation is Reagan's and the Bushes middle name.
It wasn't my intention to go there, but I will if you do.
Just read your post to Goat. It wasn't a matter of "screwing up", Barry, it was deliberate deregulation and that deregulation directly led to the
melt down . Every bit of it.
[Edited on 9-9-2011 by MitchMan]
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Barry A.
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Well, Mitch, I typed our a long response to the above but it disappeared into cyber-space, apparently. I am not going thru that again-------to lazy,
and taking off in a few mins.
I did not mention deregulation--------but I am a supporter of pulling back from onerous regulations that are killing the Market and bringing things to
a standstill, along with many other reasons. We have so many regs on the books now that it boggles the mind. I firmly believe in the Market's
ability to sort things out if left alone, and truly believe that the Govt's well intentioned rules and regs do more harm than good--------and I will
leave it at that. I listen to different economists than you do, apparently.
Barry
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CortezBlue
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I am not blaming Billy Clinton, but he changed the regulations that allowed for "more homeowners" and was a big ACORN supporter.
That being said, free enterprise took over and allowed everyone to join in the fun. Buy a house with nada down. I was smart or lucky and sold my
investment properties on 2006 and came out way up and ahead. Now I have no idea what to do with it. What else, I am buying real estate for rentals.
Kinda like black jack, buy in and leave the table when you are up. But then there's that other BJ table just down the way..........................
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Mexitron
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| Quote: | Originally posted by Barry A.
Well, Mitch, I typed our a long response to the above but it disappeared into cyber-space, apparently. I am not going thru that again-------to lazy,
and taking off in a few mins.
I did not mention deregulation--------but I am a supporter of pulling back from onerous regulations that are killing the Market and bringing things to
a standstill, along with many other reasons. We have so many regs on the books now that it boggles the mind. I firmly believe in the Market's
ability to sort things out if left alone, and truly believe that the Govt's well intentioned rules and regs do more harm than good--------and I will
leave it at that. I listen to different economists than you do, apparently.
Barry |
Even Greenspan---the cheerleader for deregulation for the boom years---ate his words and said that he overestimated free market's ability to correct
themselves. The ideology of free markets---aka the spin--- is different from the practicality of free markets. When the game is on such a large
scale there has to be some rules.
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Barry A.
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| Quote: | Originally posted by Mexitron
| Quote: | Originally posted by Barry A.
Well, Mitch, I typed our a long response to the above but it disappeared into cyber-space, apparently. I am not going thru that again-------to lazy,
and taking off in a few mins.
I did not mention deregulation--------but I am a supporter of pulling back from onerous regulations that are killing the Market and bringing things to
a standstill, along with many other reasons. We have so many regs on the books now that it boggles the mind. I firmly believe in the Market's
ability to sort things out if left alone, and truly believe that the Govt's well intentioned rules and regs do more harm than good--------and I will
leave it at that. I listen to different economists than you do, apparently.
Barry |
Even Greenspan---the cheerleader for deregulation for the boom years---ate his words and said that he overestimated free market's ability to correct
themselves. The ideology of free markets---aka the spin--- is different from the practicality of free markets. When the game is on such a large
scale there has to be some rules. |
I agree, as long as we don't get carried away.
Barry
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bajajazz
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Blaming the financial debacle of 2008 on the Community Reinvestment Act of 1977 (an anti-redlining piece of legislation) is as pathetic as it is
despicable.
Eighty percent of the problem loans were underwritten by mortgage lenders who were not obliged to adhere to the standards required by the CRA. Loans
written to CRA standards demanded that borrowers' income, credit and job security be verified. Failure rate of loans written to those standards are
about what would be expected. Any lender who misrepresented the credit-worthiness of a borrower by not performing those verifications (something that
was done on a monstrous scale) was guilty of criminal fraud.
Oversight of underwriting standards largely disappeared in order to facilitate the Bush administration's policy of creating the "Ownership Society,"
an effort that was helped along by that fool Greenspan's televised exhortations to the public recommending Adjustable Rate Mortgage Loans.
Since it's obvious the Wall Streeters refuse to grow up and take responsibility for their criminally reckless behavior, and our Department of Justice
maintains its obdurate refusal to prosecute the largest financial fraud in the history of the world, I see no reason to have any faith in the economy
of the USA. Maintaining a dysfunctional status quo is not going to work. It's not a matter of if the economy is going to crash again, the question
is when.
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Pescador
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As this argument progresses, the one thing that stands out is that no matter what the factual information really is, it gets twisted beyond
recognition depending on the political persuasion of the presenter.
Kinda reminds me of the two blind guys who went to the circus for the very first time and got a chance to feel an elephant. One who was holding the
tail of the elephant figured it was a faily tall animal but it had a ropy feel with stiff hair covering the end and kept moving about. He almost got
in a fight with the other blind guy who was holding the trunk and had a completely different perception. Now we know which end the democrats have
been holding on the elephant for a long time so it is no wonder they perceive things somewhat differently.
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