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"NO BID" threat looming. When the computers stop trading...any tradable funds may drop to zero!
Ms Sans Serif
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[quote:Anonymous Coward 1503482:MV8yMDQ4NTczXzM0NDI2MDM3XzJGNEIzNzIz] [quote:Anonymous Coward 23992770:MV8yMDQ4NTczXzM0NDI1MDc0X0MwOUIwQzcz] [quote:Anonymous Coward 957572:MV8yMDQ4NTczXzM0NDI1MDA0XzhGREE5QUI0] On a practical note , I wonder how people barely getting by living with mom and dad. Are going service college debt , obamacare fees and transportation costs , if they are even lucky enough to have a job. The train has bout run out of track lol. [/quote] One of those people is right here. I just sold my car because I worked out the maths and realised I was working part-time (can't get full-time hours) at a crappy job and was just making enough to run the car, and I was only using the car to go to work. Hilarious if it wasn't so desperately sad. I want to work but can't get anything. And before any smart ass starts up about there 'being work if you are willing to do crap jobs' - the job I do is cleaning offices at night - despite a university education and lots of experience in much better jobs. What's the point? [/quote] I just did the same for the same reason. Taking the money and buying food stocks. Fixed up the bike and got myself a good pair of hiking shoes. Maybe when enough of us "opt out" the system can finally reboot. The only thing keeping this insanity going is that enough people are participating to keep it together. Atlas needs to shrug already. [/quote]
The Greece emergency domino effect could be just around the corner...
According to rumors from the "pit", computer analogs are now trading the vast majority of the action we see. In the event of a "meltdown", the computer action would get shut off and you may very well have a case of "no bid" on any tradeable entity including most "funds" of folks savings entities.
What this means is that since banks are SO LEVERAGED RIGHT NOW (they are way past bankrupt), the value you see on your account is actually FICTITIOUS and could be wiped to "0" in an instant. This can happen when there is "no live body" in the trading pit to give a bid to buy your funds and this means "no bid" which drops that stock to "0" value, which is much closer to the true value anyway.
This kind of thing happending en masse is a very real possibility and would give financial institutions a "way out" of and "unsecured" funds, in other words they would love to NOT HAVE TO PAY on these funds and do it legally. This is how you can be legally dropped to zero overnight.
You thought getting whacked HALF in 2008/2009 was bad?... The only modest protection you have is "cash in hand" and anything you could guarantee as a "secure entity" (not many of these exist now). The buying power of cash would also be greatly diminished in such an emergency, but something is better than nothing.
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