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Eggs are still double from last year. Gas is still rising. I paid $3 for $1.25 cookie mix. (discuss.online)
submitted 1 year ago by to c/antitrumpalliance@lemmy.world
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[–] 49 points 1 year ago (13 children)

Well, the stock market is doing great, set new records last Tuesday, which scares the shit out of me. There doesn't seem to be real economic backing for this activity. So what happens when we collectively wake up and realize stock prices no longer reflect company value? Seems we had a similar problem in October 1929.

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  • [–] 22 points 1 year ago

    Bubble do tend to make the stock market look great.

    If anything, it's a sign it's popping soon.

    Another sign is the dollar is down 2 more cents to the Euro, now trading at about 83.5¢ per Euro, when last month it was at an average of 85.5.

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  • [–] 7 points 1 year ago (6 children)

    Except now banks have built in protection from bank runs. There's a reason you have a daily withdrawal limit on your accounts.

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  • [–] 12 points 1 year ago* (4 children)

    I only see daily limits at the ATM. If I walked into my credit union today, and said give me my $20,000 in large bills, there would be a meeting with a manager, but they would fucking do it.

    OTOH, I'm with a credit union, basically the socialist version of banking. Cannot fathom how anyone other than a business with particular banking needs uses a bank. At my place I'm closer to being an owner than a profit center.

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  • [–] 4 points 1 year ago

    Yeah; my partner and I talked earlier this year about how switching to a credit union aligns better with our politics but, also, especially in this environment and after his "Fair Banking" executive order. I'll be more than happy to be done with banks, forever.

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  • [–] 2 points 1 year ago

    there would be a meeting with a manager

    They've got legal obligations, including Know Your Customer and money laundering prevention that started around 10k when I was in school but idk what it is now. Structuring a transaction so as to avoid reporting requirements often does not stand up to scrutiny so it's not worth the risk. There's a kid I went to high school with who's doing 25 for first structuring his business to avoid reporting laws and then using the advantages of not reporting to defraud the government to the tune of 8 digits. Ask him how that is going if you need convincing.

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