Should be fun to see HamNo try to rip this apart on the FP

"Biggus Dickus (RevsBro)" (NKlein) 04/25/2016 at 14:46 • Filed to: None

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1.05% on an FDIC insured account is phenomenal in the current market. Might have to shift my short term account.

https://www.gsbank.com/savings-produc…

facw > Biggus Dickus (RevsBro) 04/25/2016 at 14:50

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Yeah that’s a nice rate. I mean still a terrible place to you have your money long term, but for short term liquidity not a bad deal at all.

Biggus Dickus (RevsBro) > facw 04/25/2016 at 14:54

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It’s an FDIC insured account. The US government is mandated by law to fully insure any losses up to $250K. It’s essentially a risk free return.

facw > Biggus Dickus (RevsBro) 04/25/2016 at 15:00

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Well the risk is that you don’t make “enough” money. You money is safe in an FDIC account, but you probably aren’t even going to keep up with inflation (1% roughly in line with recent inflation, and well below the Fed’s target of 2%). So yeah, if you have money floating around, it’s far better in here than in you mattress (or most other bank accounts), but you have to take into account the opportunity cost of having your money in a low return investment as well.

Biggus Dickus (RevsBro) > facw 04/25/2016 at 15:03

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Yes, parking boatloads of capital in a savings account for any sort of long term is a poor investment. I thought you were talking about Goldman Solvency issues.

The Dummy Gummy > Biggus Dickus (RevsBro) 04/25/2016 at 15:20

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Good rate, but I would never put my money in the hands of the devil (or the company that got away, mostly unscathed, with destroying the world economy).

garagemonkee > Biggus Dickus (RevsBro) 04/25/2016 at 15:21

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1.05% is phenomenal?

Short-term I-Bond is 1.63%.

Biggus Dickus (RevsBro) > garagemonkee 04/25/2016 at 15:31

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Liquidity Premium.

Biggus Dickus (RevsBro) > The Dummy Gummy 04/25/2016 at 15:32

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They are certainly guilty to a degree, but the government is just as liable for the meltdown.

M54B30 > Biggus Dickus (RevsBro) 04/25/2016 at 15:33

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Give him a chance, he will find a way.

The Dummy Gummy > Biggus Dickus (RevsBro) 04/25/2016 at 15:46

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They literally sandbagged the economy. They are the leading cause of the collapse. The government in control wasn’t at fault, it was those who served in prior years completely deregulating the industry. Even so, it doesn’t mean a company should be morally unethical.

Hundreds of people should have gone to jail for what they did, but only one person did. Something is wrong with that.

Biggus Dickus (RevsBro) > The Dummy Gummy 04/25/2016 at 16:00

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No laws were broken. Look up FHA and government sub prime housing policies. Also Fannie Mae. Was their speculation unethical? possibly. Illegal? no. And don’t even bring up Glass-Steagall. That law was toothless when it was repealed.

If anyone should be punished, it should be the ratings companies. They arguably got away with fraud.

The Dummy Gummy > Biggus Dickus (RevsBro) 04/25/2016 at 16:24

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You must work for them if you’re defending these ass clowns.

MS, GS, Lehmans, etc etc all repacked junk bonds as AAA rating bonds via derivatives.

GS knew what it was doing and bet against their own clients. Says a lot.

RyanFrew > The Dummy Gummy 04/25/2016 at 16:37

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LOLWUT? I assume you’re talking about the housing crisis. If you think Goldman destroyed the world economy, then you have never heard of:

Fannie Mae/Freddie Mac

AIG

Greedy and/or uneducated American home buyers

Deutsche Bank

US Congress

Bank of America

JP Morgan

Morgan Stanley

Bear Stearns

Pretty much every mortgage lender

Hell, I could mention GE, if you’d like

Anyone else who participated in derivative trading, which far exceeded equity trade volume

Do I have to keep going? The crisis, like all bubbles, was an institutional failure, fueled by greed by everyone involved. To even posit that one company could “destroy the world economy” is kind of laughable. If you did have to assign blame to one company, AIG would probably be the most deserving.

RyanFrew > Biggus Dickus (RevsBro) 04/25/2016 at 16:38

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A. Fucking. Men.

No one talks about the ratings companies.

RyanFrew > facw 04/25/2016 at 16:40

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Meh. Kind of depends on your definition of “long term”, right? I wouldn’t tell a 25 year old to put their money there. But someone who is right on the verge of retirement, but wouldn’t plan on using these funds for 15-25 years? Sure. Go for it.

Biggus Dickus (RevsBro) > The Dummy Gummy 04/25/2016 at 16:50

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Who packaged the bonds in the first place? Oh yeah, a little government sponsored corporation called Fannie Fucking Mae.

Its called a market, someone always takes the opposite position, at the right price. the clients knew the risks they were taking or didn’t do the due diligence to understand what they were investing in. How is that GS’ fault?

Biggus Dickus (RevsBro) > RyanFrew 04/25/2016 at 16:51

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He clearly doesn’t understand the concept of counter party risk and how it was taken to extremes, by as you mentioned AIG as well as Bear & Lehman.

RyanFrew > Biggus Dickus (RevsBro) 04/25/2016 at 17:01

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Big miss in my list not to include Lehman. Point still stands, ha

The Dummy Gummy > RyanFrew 04/25/2016 at 23:45

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Actually I have, given I stated it in one of my replies.

For the record, I never said they were the only cause, but the leading.

Not even going to argue anymore, you are all “right”, I'm wrong.

The Dummy Gummy > Biggus Dickus (RevsBro) 04/25/2016 at 23:46

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So you’re cool with an entity managing your funds, but secretly betting against you with their own funds?

Good luck with that.

RyanFrew > The Dummy Gummy 04/26/2016 at 00:02

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“Bet against their own clients”. Howso? Not necessarily arguing about this particular point, but it’s not like GS was providing mortgages. Are you just referring to the GS clients who were buying the derivatives?

The Dummy Gummy > RyanFrew 04/26/2016 at 08:20

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Google. Done with ‘debating’. http://www.nytimes.com/2009/12/24/bus…

Biggus Dickus (RevsBro) > The Dummy Gummy 04/26/2016 at 10:07

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You don’t understand the business. Goldman’s prime business is as a broker. They will sell what the client wants to buy, thus taking the opposite position. That is the nature of a market. No go back to your hole and continue to read the drivel fed to you by the media and politicians who know the square root of jack shit about finance.

The Dummy Gummy > Biggus Dickus (RevsBro) 04/26/2016 at 11:11

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Ha, sure. Have fun being a leech for a company that cares nothing about you.

https://www.justice.gov/opa/pr/goldman…