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What the Banks are really Meeting about ?

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Post by Guru Debunker Fri Sep 20, 2013 1:32 pm

WE HEAR STORY  AFTER STORY ABOUT HIGH LEVEL MEETINGS WITH WELLS FARGO. NOT ONE THING THE ROOS HAVE SAID HAVE BEEN FOUND TO BE TRUE. HERE IS A STORY WITH FACTUAL JOURNALISTS, ON REAL NEWS OUTLETS. THINK ABOUT IT, OPEN YOUR MINDS AND EYES.
Stocks are about to plunge, Wells Fargo warns
By Alex Rosenberg | CNBC – 5 hours ago

@cnbc on Twitter

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  • [url=http://finance.yahoo.com/_xhr/social/share/?url=http%3A%2F%2Ffinance.yahoo.com%2Fnews%2Fstocks-plunge-wells-fargo-warns-112421641.html&text=Stocks are about to plunge%2C Wells Fargo warns - Yahoo finance&action=inshare][/url]
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Gina Martin Adams is sticking to her guns.
The Wells Fargo strategist has been bearish on stocks all year, even as she watched the S&P 500 (^GSPC) add 21 percent. And on Thursday's "[url=http://www.cnbc.com/id/48227449?__source=yahoo|finance|inline|story|story&par=yahoo&doc=101049191|Stocks are about to plung] Futures Now [/url]," Adams reiterated her call that the index would close out the year at 1,440.
"Our target is based on fundamentals," Adams insisted. "We're basing our target on typical valuation measures, given the level of interest rates and also on earnings forecasts. And that's why our target is relatively low."
In fact, "low" is somewhat of an understatement. Adams' target implies that the market will drop 16 percent in little more than three months, erasing everything that stocks gained after the year's first day of trading. This makes her one of the lone bears on the Street.
(Read more: [url=http://www.cnbc.com/id/101031584?__source=yahoo|finance|inline|story|story&par=yahoo&doc=101049191|Stocks are about to plung]Robert Shiller to bulls: 'Don't expect miracles' [/url])
So what could produce such a dismal fourth quarter for stocks?  (Read more below the video.)



First of all, Adams is highly skeptical about the rally that the market has enjoyed thus far.
"It's all about emotion at this point. The entirety of the S&P 500's increase this year has come via the multiple," Adams said. "It's been simply through the amount that investors are willing to bid up the value of the future earnings stream."
Indeed, the S&P 500's price-earnings multiple has risen from 17 on Jan. 1 to nearly 20. That means the market has largely been rising due to investors' willingness to pay more for those earnings.


Adams goes on to argue that the recent rise in Treasury yields could put an end to this inclination.
(Read more: [url=http://www.cnbc.com/id/101047360?__source=yahoo|finance|inline|story|story&par=yahoo&doc=101049191|Stocks are about to plung]Fed's taper surprise puts jumpy market in limbo [/url])
"The multiple is one of the most valuable components" of the rally, and "typical drivers of the multiple are interest rates." So despite the fact that yields have cooled off recently, "simply the fact that we moved from 1.6 [percent] on the 10-year Treasury rate to now the 2.7 [percent] range is a potential tremendous shock over the next six months," Adams contended.
Adams believes that stocks haven't yet digested the rate rally. "Stocks tend to follow rates over time," she said. "Typically, when you get a 100 basis point [or 1 percent] move in Treasury rates, you get a contraction on the P/E multiple on stocks of about a full turn. That, by itself, implies you get something of a 10-percent-plus correction in stocks."
And while the Fed's decision that it wouldn't slow its rate of asset purchases has driven the market to yet another all-time high this week, Adams doesn't believe the surprising announcement will ultimately make a difference.
"Unless bonds can actually rally substantially with the so-called Fed bid, and the Fed is able to manipulate yields significantly lower, the damage has been done, and I think the cat is quite frankly out of the bag."
Couple the rise in rates with slow earnings growth, and Adams believes the market is in for a very tricky fall.
"We're going to have to face the music come October," she said.
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Where Ever You Go, There You Are  What the Banks are really Meeting about ? 258310255

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Post by Jayzze Fri Sep 20, 2013 1:42 pm

i read an article will not vouch if true but it states te bis is major  trouble  and inflation is spiraling out of control
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Post by Guru Debunker Fri Sep 20, 2013 3:03 pm

Chase Ordered to Refund $309 Million for Credit Card Add-Ons
What the Banks are really Meeting about ? CreditCom-png_102033By Bob Sullivan | Credit.com – 7 hours ago


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  • Federal regulators said Thursday that banking giant JPMorgan Chase must refund $309 million to 2.1 million credit card holders for alleged deception in credit card “add-on” services like credit monitoring and ID theft protection.


YET ANOTHER REASON THE BUG WIG OF BANKS ARE MEETING !!!!

The firm was also ordered to pay $80 million in fines.
The “abusive practices” took place during a 7-year span from 2005 to 2012, according to the Consumer Financial Protection Bureau.
The order comes on a day JPMorgan Chase also agreed to pay a $920 million fine for “inadequate oversight”  of its London trading operation.
The CFPB says the bank charged customers $8-$12 monthly for services before receiving required written authorization, and sometimes, consumers paid for nothing.
“In some cases, consumers paid for these services for several years without receiving all of the promised benefits,” the agency said in a statement. “Consumers were under the impression that their credit was being monitored for fraud and identity theft, when, in fact, these services were either not being performed at all, or were only partially performed.”
The fees caused some consumers to exceed their credit limits, triggering additional fees.
The CFPB ordered the bank to refund the customers for all costs associated with the alleged deceptive practices, including interest. Current customers will receive a credit on their account; those who are no longer customers will receive a check by Nov. 30.
“At the core of our mission is a duty to identify and root out unfair, deceptive, and abusive practices in financial markets that harm consumers,” said CFPB Director Richard Cordray. “This order takes action against such practices and requires Chase to fully refund more than $300 million to consumers who were charged illegal fees.”
In a statement, Chase said it had stopped enrollments in the products in question as of mid-2012 and plans to “fully exit them” by the end of this year.
“We have already credited or refunded the customers affected. Any mistakes like these are regrettable and we are committed to ensuring our partners and vendors hold themselves to the same high standards that our customers expect of us,” said Bill Wallace, head of Operations for Consumer & Community Banking for Chase.

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Post by Kevind53 Fri Sep 20, 2013 4:24 pm

jayzze wrote:i read an article will not vouch if true but it states te bis is major  trouble  and inflation is spiraling out of control
I saw that article as well, but have not yet been able to correlate it with any other articles or information on the BIS site itself.

It does not ring true to me, simply because the BIS primarily exists to facilitate trade. It does not do a ton of lending and that which it does is short term and collateralized.  From the BIS site:

Products and services

The BIS has developed a range of banking services specifically designed to assist central banks, monetary authorities and international financial institutions in the management of their foreign exchange and gold reserves.

Central bank customers have traditionally looked for security, liquidity and return as the three basic features of their placements at the BIS.

  • To provide security, the Bank has built up a sizeable equity capital and ample reserves. It pursues an investment strategy focused on combining diversification benefits with intensive credit and market risk analysis. 


  • To ensure liquidity, the Bank stands ready to repurchase its tradable instruments at little cost to its customers and thus respond quickly and flexibly to their needs. 
  • The BIS offers an attractive and competitive return on the funds deposited by central banks and international organisations.

BIS money market instruments

  • Sight/notice accounts and fixed and floating-rate deposits in most convertible currencies
  • Fixed-term deposits can also be denominated in and index-linked to a basket of currencies such as the SDR
  • Standard and non-standard amounts and maturities

BIS tradable instruments

  • Issued in major currencies
  • Available in two forms: Fixed Rate Investments at the BIS (FIXBIS) for any maturities between 1 week and 1 year and Medium-Term Instruments (MTIs) for quarterly maturities from 1 year and up to 10 years
  • MTIs available also with an embedded call feature (Callable MTIs)

Foreign exchange and gold services

Services offered are:

  • spot deals, swaps, outright forwards, options, FX-linked deposits
  • foreign exchange overnight orders
  • safekeeping and settlements facilities available loco London, Berne or New York
  • purchases and sales of gold: spot, outright, swap or options

Asset management services

Fixed income portfolios are:

  • invested in government bonds or high-grade credit securities
  • structured as dedicated portfolio mandates or BIS Investment Pool (open-end funds)
  • offered as either single currency or multi-currency mandates in the major world reserve currencies

Other services

  • Short-term advances to central banks, usually on a collateralised basis
  • Trustee for a number of international government loans
  • Collateral agent functions

I just see nothing there that would agree with what is said in that article. For now I am going to file that under fear mongering/ precious metals hyping. Maybe if a large number of major countries went under, but if that happened, the BIS would be the least of our worries.

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Post by Kevind53 Fri Sep 20, 2013 4:32 pm

Here is a little more on the financial side ... again from their website:
The BIS balance sheet amounted to SDR 212.0 billion at 31 March 2013, a decrease of SDR 43.7 billion since its financial year end in March 2012.
Liabilities
The size of the BIS balance sheet is in normal circumstances driven by placements from customers. On 31 March 2013, customer placements (excluding repurchase agreements) amounted to SDR 183.8 billion, compared with SDR 215.4 billion at the previous financial year end in March 2012.
Around 90% of customer placements are denominated in currencies, with the remainder in gold. Currency deposits decreased from SDR 195.8 billion at 31 March 2012 to SDR 166.2 billion at end-March 2013. The share of currency placements denominated in US dollars was 75%, whereas euro-denominated funds accounted for 8%. Gold deposits amounted to SDR 17.6 billion at 31 March 2013, a decrease of SDR 2.0 billion over the year.
Assets
The assets held by the BIS consist of government and quasi-government securities, reverse repurchase agreements and investments with highly rated commercial banks of international standing. In addition, the Bank owned 115 tonnes of fine gold at 31 March 2013. The Bank manages its credit exposure in a prudent manner, with more than 94% of the Bank's credit exposure rated A- or higher as at 31 March 2013.
BTW their September balance sheet shows roughly 212B in assets against roughly 193B in liabilities, not exactly a sign of financial trouble, especially with the majority of their bonds investment grade or better.

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Trust but Verify --- R Reagan Suspect

"Rejoice always, pray without ceasing, in everything give thanks; for this is the will of God in Christ Jesus for you."1 Thessalonians 5:14–18

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