DrStool Posted November 2, 2007 Author Report Share Posted November 2, 2007 Just got this note from my Congressman in response to my email Dear Mr. Adler: Thank you for contacting my office regarding the Consumer Overdraft Protection Fair Practices Act (H.R. 946). I appreciate hearing from you on this issue. As you may know, there has been a growing trend among banks to use ATMs and debit card point-of-sale machines to dispense credit by permitting consumers to overdraw their bank accounts without providing any notice, asking for consent or disclosing fees that are charged during the transaction. Extending these "loans" to consumers without adequate notice raises serious concerns about abusive lending practices. The Consumer Overdraft Protection Fair Practices Act would amend the Truth in Lending Act to set forth restrictions on: (1) overdraft protection programs or services for consumers; and (2) representations or statements with respect to such a program or service in any advertisement or promotion. In addition the bill amends the Electronic Fund Transfer Act and the Expedited Funds Availability Act to set forth restrictions on overdraft protection programs or services for consumers. As a member of the House Financial Services Committee, I look forward to examining this bill further and will certainly keep your comments in mind as debate continues. Thank you again for taking the time to write. Please feel free to contact me with any additional questions you may have or anytime I may be of assistance to you. I hope you will find my website (www.wexler.house.gov) a valuable resource in keeping up with events in Washington and South Florida. With warm regards, Robert Wexler Member of Congress 620340[/snapback] Dear ____________ Thank you for contacting my office regarding ____________________. As you may know . Thank you again for taking the time to write. Please feel free to contact me with any additional questions you may have or anytime I may be of assistance to you. I hope you will find my website (www.wexler.house.gov) a valuable resource in keeping up with events in Washington and South Florida. With warm regards, Child of Somebody with Connections House Intern 620343[/snapback] You mean that the email I got wasn't written by my Congressman! Actually, Wexler's office works hard. They were the ones who got the INS to "discover" that they had lost my wife's immigration file after 3 years of our fruitless attempts to get INS (now ICE) to approve her immigration status. His office subsequently expedited things. So I'd have to give them high marks for constituent service. Link to comment Share on other sites More sharing options...
fxfox Posted November 2, 2007 Report Share Posted November 2, 2007 Just got this note from my Congressman in response to my email? Dear Mr. Adler: Thank you for contacting my office regarding the Consumer Overdraft Protection Fair Practices Act (H.R. 946). I appreciate hearing from you on this issue. As you may know, there has been a growing trend among banks to use ATMs and debit card point-of-sale machines to dispense credit by permitting consumers to overdraw their bank accounts without providing any notice, asking for consent or disclosing fees that are charged during the transaction. Extending these "loans" to consumers without adequate notice raises serious concerns about abusive lending practices. The Consumer Overdraft Protection Fair Practices Act would amend the Truth in Lending Act to set forth restrictions on: (1) overdraft protection programs or services for consumers; and (2) representations or statements with respect to such a program or service in any advertisement or promotion. In addition the bill amends the Electronic Fund Transfer Act and the Expedited Funds Availability Act to set forth restrictions on overdraft protection programs or services for consumers. As a member of the House Financial Services Committee, I look forward to examining this bill further and will certainly keep your comments in mind as debate continues. Thank you again for taking the time to write. Please feel free to contact me with any additional questions you may have or anytime I may be of assistance to you. I hope you will find my website (www.wexler.house.gov) a valuable resource in keeping up with events in Washington and South Florida. ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? With warm regards, ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Robert Wexler ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? Member of Congress 620340[/snapback] Dear ____________ Thank you for contacting my office regarding ____________________. As you may know <cut & paste paragraph from file here>. Thank you again for taking the time to write. Please feel free to contact me with any additional questions you may have or anytime I may be of assistance to you. I hope you will find my website (www.wexler.house.gov) a valuable resource in keeping up with events in Washington and South Florida. With warm regards, Child of Somebody with Connections House Intern 620343[/snapback] you da man Jimi! Link to comment Share on other sites More sharing options...
cwd Posted November 2, 2007 Report Share Posted November 2, 2007 Just got this note from my Congressman in response to my email Dear Mr. Adler: Thank you for contacting my office regarding the Consumer Overdraft Protection Fair Practices Act (H.R. 946). I appreciate hearing from you on this issue. As you may know, there has been a growing trend among banks to use ATMs and debit card point-of-sale machines to dispense credit by permitting consumers to overdraw their bank accounts without providing any notice, asking for consent or disclosing fees that are charged during the transaction. Extending these "loans" to consumers without adequate notice raises serious concerns about abusive lending practices. The Consumer Overdraft Protection Fair Practices Act would amend the Truth in Lending Act to set forth restrictions on: (1) overdraft protection programs or services for consumers; and (2) representations or statements with respect to such a program or service in any advertisement or promotion. In addition the bill amends the Electronic Fund Transfer Act and the Expedited Funds Availability Act to set forth restrictions on overdraft protection programs or services for consumers. As a member of the House Financial Services Committee, I look forward to examining this bill further and will certainly keep your comments in mind as debate continues. Thank you again for taking the time to write. Please feel free to contact me with any additional questions you may have or anytime I may be of assistance to you. I hope you will find my website (www.wexler.house.gov) a valuable resource in keeping up with events in Washington and South Florida. With warm regards, Robert Wexler Member of Congress 620340[/snapback] I hope you send him a contribution for his help or maybe that is the problem, you didn't send him a big enough contribution. Link to comment Share on other sites More sharing options...
cwd Posted November 2, 2007 Report Share Posted November 2, 2007 Peru 620344[/snapback] Suds, is BAP there yet? Link to comment Share on other sites More sharing options...
cwd Posted November 2, 2007 Report Share Posted November 2, 2007 Just got this note from my Congressman in response to my email? Dear Mr. Adler: Thank you for contacting my office regarding the Consumer Overdraft Protection Fair Practices Act (H.R. 946). I appreciate hearing from you on this issue. As you may know, there has been a growing trend among banks to use ATMs and debit card point-of-sale machines to dispense credit by permitting consumers to overdraw their bank accounts without providing any notice, asking for consent or disclosing fees that are charged during the transaction. Extending these "loans" to consumers without adequate notice raises serious concerns about abusive lending practices. The Consumer Overdraft Protection Fair Practices Act would amend the Truth in Lending Act to set forth restrictions on: (1) overdraft protection programs or services for consumers; and (2) representations or statements with respect to such a program or service in any advertisement or promotion. In addition the bill amends the Electronic Fund Transfer Act and the Expedited Funds Availability Act to set forth restrictions on overdraft protection programs or services for consumers. As a member of the House Financial Services Committee, I look forward to examining this bill further and will certainly keep your comments in mind as debate continues. Thank you again for taking the time to write. Please feel free to contact me with any additional questions you may have or anytime I may be of assistance to you. I hope you will find my website (www.wexler.house.gov) a valuable resource in keeping up with events in Washington and South Florida. ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?? With warm regards, ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?? Robert Wexler ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?? Member of Congress 620340[/snapback] Dear ____________ Thank you for contacting my office regarding ____________________. As you may know <cut & paste paragraph from file here>. Thank you again for taking the time to write. Please feel free to contact me with any additional questions you may have or anytime I may be of assistance to you. I hope you will find my website (www.wexler.house.gov) a valuable resource in keeping up with events in Washington and South Florida. With warm regards, Child of Somebody with Connections House Intern 620343[/snapback] you da man Jimi! 620354[/snapback] Foxie, good to see you posting. Where are you working now? Link to comment Share on other sites More sharing options...
Sudaca Posted November 2, 2007 Report Share Posted November 2, 2007 Peru 620344[/snapback] Suds, Your mom isn't rethinking her decision to pull out of the market? 620347[/snapback] All the smart money I know down here, the ones that were buying hand over fist back in 2002 and held on for five years, have left the game. Link to comment Share on other sites More sharing options...
Sudaca Posted November 2, 2007 Report Share Posted November 2, 2007 cwd, BAP made it to the top of the uptrend channel we discussed back in September. I think it turns down from here. Link to comment Share on other sites More sharing options...
cwd Posted November 2, 2007 Report Share Posted November 2, 2007 From a free Daily Reckoning e-mail, comments from a Gary North piece, it sounds like he is a stoolie. In August, the Dow fell by over 10%. A rebound came only because investors believed that Bernanke's tough talk to Congress about the reasonably strong economy was so much piffle. They believed Jim Cramer's August tirade. They also believed that Cramer and his peers would get the ear of the FOMC, no matter what Bernanke says about an independent Federal Reserve System. The FED may be legally independent of Congress. It is not independent of the howls of agony from Cramer and his peers. The Supreme Court follows the election returns, as Mr. Dooley said so long ago. Similarly, the FED follows the stock market. Why should the FED care? Because the FED is the front for the banking cartel. The banks have loaned money by the hundreds of billions to borrowers who then put the money into arcane debt instruments that are now visibly unraveling. The bankers have no clue as to how they can get their money back if these debt instruments become insolvent. These instruments are part of the carry trade: borrowed short and lent long. This is what brought down the savings and loan industry in the 1980's. It threatens to bring down the banks today. So, Bernanke must talk calmly to Congress in order not to spread panic. He must also take symbolic steps to keep Jim Cramer from going on TV and throwing another tantrum. Why? Because if Cramer is scared, his capital management peers are scared. If his peers are scared, investors who bankroll these carry trade schemes will stop putting in their money. This will end the trade. The banks will then get stiffed. This almost happened in 1998. The New York FED called in the major banks that had lent Long Term Capital Management its money, which LTCM then had used as margin money in the futures market. The FED strongly suggested that the banks pony up another $3.5 billion to keep LTCM from being forced to unload their positions at fire sale prices. The banks did what was suggested. This time, the FED is not facing one lone company whose leveraged positions have gone south. The FED is facing an entire segment of the U.S. capital market, which soon may not be able to raise money to keep its CDO (collateralized debt obligation) projects officially solvent. As long as these projects are solvent, the banks don't have to write off the loans. Link to comment Share on other sites More sharing options...
cwd Posted November 2, 2007 Report Share Posted November 2, 2007 cwd, BAP made it to the top of the uptrend channel we discussed back in September. I think it turns down from here. 620359[/snapback] Thanks, you were right on again. Link to comment Share on other sites More sharing options...
Sudaca Posted November 2, 2007 Report Share Posted November 2, 2007 No emergency board meeting is gonna save these guys: Down 20% two days in a row Link to comment Share on other sites More sharing options...
beardrech Posted November 2, 2007 Report Share Posted November 2, 2007 I just lost my bloated post-so many f'n bellls and thistles on my new ocmputer i dont know what the hell im doing-- So Im simply reduced to pointing out a must read: market Insight: Prepare for a credit drama sequel--Gilliam Tatt in the Financial times or google it A must read because, how ironical, that in a day of lightning speed computerised communications ,Great trading houses are forced to regenerate the "barbaric relic of Bartering"---The very thing predicted would happen when computers seized up because of a toxic cloud of Internaional mistrust.. beardrech Stoolies ;my advice to you all: beat down your weapons into plloughshares and return to your wives and children, Now.... Link to comment Share on other sites More sharing options...
beardrech Posted November 2, 2007 Report Share Posted November 2, 2007 testing testing testing berdrech Link to comment Share on other sites More sharing options...
fxfox Posted November 2, 2007 Report Share Posted November 2, 2007 Just got this note from my Congressman in response to my email? Dear Mr. Adler: Thank you for contacting my office regarding the Consumer Overdraft Protection Fair Practices Act (H.R. 946). I appreciate hearing from you on this issue. As you may know, there has been a growing trend among banks to use ATMs and debit card point-of-sale machines to dispense credit by permitting consumers to overdraw their bank accounts without providing any notice, asking for consent or disclosing fees that are charged during the transaction. Extending these "loans" to consumers without adequate notice raises serious concerns about abusive lending practices. The Consumer Overdraft Protection Fair Practices Act would amend the Truth in Lending Act to set forth restrictions on: (1) overdraft protection programs or services for consumers; and (2) representations or statements with respect to such a program or service in any advertisement or promotion. In addition the bill amends the Electronic Fund Transfer Act and the Expedited Funds Availability Act to set forth restrictions on overdraft protection programs or services for consumers. As a member of the House Financial Services Committee, I look forward to examining this bill further and will certainly keep your comments in mind as debate continues. Thank you again for taking the time to write. Please feel free to contact me with any additional questions you may have or anytime I may be of assistance to you. I hope you will find my website (www.wexler.house.gov) a valuable resource in keeping up with events in Washington and South Florida. ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?? With warm regards, ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?? Robert Wexler ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?? Member of Congress 620340[/snapback] Dear ____________ Thank you for contacting my office regarding ____________________. As you may know <cut & paste paragraph from file here>. Thank you again for taking the time to write. Please feel free to contact me with any additional questions you may have or anytime I may be of assistance to you. I hope you will find my website (www.wexler.house.gov) a valuable resource in keeping up with events in Washington and South Florida. With warm regards, Child of Somebody with Connections House Intern 620343[/snapback] you da man Jimi! 620354[/snapback] Foxie, good to see you posting. Where are you working now? 620357[/snapback] right now sitting at my desk at home writing my diploma thesis. On a friday evening Gonna write till end of november, then make an internship at a broker in frankfurt as an equity sales trader, also will have a look into fx trading and asset management at the same firm. Then have to write controlling and international accounting exams (could someone just take a fork and stab it into US-GAAP? ), after that im finished with university and will work somewhere in frankfurt, either a a trader (which i would like to do most) or something else in that financial field. Maybe at a rating agency or so, i just would give them all AAA, pfff, who cares, you know working at fitch or so: You go there every morning, drink your coffee, smoke your ciggi (very important! ) then you read a bit and every firm you have to do a rating you just a give a tripple A, then you tell them that they should go and wingohockingmoyamensing themselves. At 5 pm you leave the office. Nice job! But i prefer to be a trader. Does anyone know how the wages are currently for equity traders? Link to comment Share on other sites More sharing options...
EZ_Money Posted November 2, 2007 Report Share Posted November 2, 2007 I don't want to p*ss in anybody's Cheerios, but notice the divergence in the price action of $GOLD vs. $COPPER... Dr. COPPER closed today DOWN 1.65 (DOWN .49%) at $337.90 -- this is DOWN 40.10 (DOWN 10.6%) off recent high of $378.00 (Wed. Oct. 3rd, '07). Since copper is a major barometer of industrial and infrastructure growth, if the global demand situation was strong, a FALLING US Dollar would likely have boosted the copper price along with Gold. But, this isn't happening... IMHO, Gold has been ramped by a substantial influx of hedge fund "hot money" that has resulted in the post September 18th FOMC speculative frenzy. I'm very happy for everyone that profited being long, but please be alert to the risks here with gold at $800+. The gold thing may be more speculation than monetary (falling US dollar), otherwise, why hasn't copper (also traded in USD) also benefitted to a similar degree? Corrections in Gold are sudden and brutal. To all my fellow Stoolie's who are sitting long Gold -- consider taking a little off the table, or at least, please be very, very careful and use trailing stops to protect your capital. Link to comment Share on other sites More sharing options...
Dr.Correll Posted November 2, 2007 Report Share Posted November 2, 2007 I have mutual funds in china, emerging markets, and latin america. had them all since jan 06. I have been extremley nervous about them latley( actually since june.) But ever since june i have had great luck. The china one usually responds like the hang sen. I was wondering what does the hang sen have to break below to really know that its going down. It takes 1k-1.k hits but usually seems to recover well. also, Is there any way to determine if a fund is going to split? Link to comment Share on other sites More sharing options...
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