aggie93 said:

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fka ftc said:

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I believe this stuff is why there are not more billionaires in the world. People who inherit wealth or win it in lottery of life (become a superstar, win ghetto lottery, get elected to Congress) tend to not be very smart and be able to plentifully associate themselves with equally mentally deficient folks.

If you are smart and have smart friends, your wealth will almost certainly continue to grow.

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"The Millionaire Next Door" explained this very well. Essentially it started out as a book by a couple academics wanting to understand wealth, who had it, and how they got it. What they found was that starting with wealth is often not a reliable indicator because if you don't know how to make more and you don't have frugal spending habits most will go through it. Lots of other revelations in that book as well but fundamentally they found that at least in the US a significantly large percentage of people move from the high end to the low end of the spectrum and vice versa in terms of income and wealth.

There is a lot of wisdom in saying the most fortunate people are those who grow up with little means but excellent parents. You can't teach a wealthy person what it was like to grow up poor or with little means and the drive and desire to both succeed and appreciate that success and you can't replace excellent parenting. You can certainly be successful or have a happy life without either but the point is those are two great advantages in life.

FWIW, I have tried to raise my boys utilizing many of the principles from "Millionaire" as well as "Rich Dad, Poor Dad". It's tragic that neither book is taught and emphasized in schools and if anything the opposite is emphasized.

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I hope you're well aware that Robert Kiyosaki is a fraud who made his money from selling books telling this fraud story, not real estate.

If you want to give your kids a stellar book on finance, use George Clason's Richest Man in Babylon. It is short (~70 pages) and you can find it online for free. Most finance writers out there borrow or riff off of concepts in Clason's book. The pamphlets that created the book came out almost 100 years ago.

If Aggie93 likes the way Kiyosaki presents Clason's concepts and is able to relate that to his kids, then what's the problem with "Rich Sad, Poor Dad".

By your same logic, no one should read the Bible as it is just a composition of principles, concepts and teachings packaged into a book people can read rather than gathering the original "pamphlets" on their own.

I will say Kiyosaki came across like a crazed loon on Cavuto this Saturday.

JUST IN: Federal Home Loan Bank System (FHLB) just said they issued $304 billion of debt since last week.

They issued a record $112 billion in debt in one day last week.

Most of these funds have gone directly to regional and community banks.

Liquidity is desperately needed.

— The Kobeissi Letter (@KobeissiLetter) March 20, 2023

UPDATE: $FRC just got halted again, now down 30% today.

One month ago, the stock was trading at $130 and $FRC now has a P/E ratio of 1.9x.

Over $20 billion in market cap has been erased over the last month.

Follow us @KobeissiLetter for more as this develops.

— The Kobeissi Letter (@KobeissiLetter) March 20, 2023

will25u said:

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JUST IN: Federal Home Loan Bank System (FHLB) just said they issued $304 billion of debt since last week.

They issued a record $112 billion in debt in one day last week.

Most of these funds have gone directly to regional and community banks.

Liquidity is desperately needed.

— The Kobeissi Letter (@KobeissiLetter) March 20, 2023

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fka ftc said:

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If Aggie93 likes the way Kiyosaki presents Clason's concepts and is able to relate that to his kids, then what's the problem with "Rich Sad, Poor Dad".

By your same logic, no one should read the Bible as it is just a composition of principles, concepts and teachings packaged into a book people can read rather than gathering the original "pamphlets" on their own.

I will say Kiyosaki came across like a crazed loon on Cavuto this Saturday.

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I'm just telling him to stop supporting a fraud. If you were being victimized by a con man, wouldn't you want someone to tell you it's a con?

The Bible comparison is a terrible analogy.

Buzzy said:

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aggie93 said:

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fka ftc said:

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I believe this stuff is why there are not more billionaires in the world. People who inherit wealth or win it in lottery of life (become a superstar, win ghetto lottery, get elected to Congress) tend to not be very smart and be able to plentifully associate themselves with equally mentally deficient folks.

If you are smart and have smart friends, your wealth will almost certainly continue to grow.

---

"The Millionaire Next Door" explained this very well. Essentially it started out as a book by a couple academics wanting to understand wealth, who had it, and how they got it. What they found was that starting with wealth is often not a reliable indicator because if you don't know how to make more and you don't have frugal spending habits most will go through it. Lots of other revelations in that book as well but fundamentally they found that at least in the US a significantly large percentage of people move from the high end to the low end of the spectrum and vice versa in terms of income and wealth.

There is a lot of wisdom in saying the most fortunate people are those who grow up with little means but excellent parents. You can't teach a wealthy person what it was like to grow up poor or with little means and the drive and desire to both succeed and appreciate that success and you can't replace excellent parenting. You can certainly be successful or have a happy life without either but the point is those are two great advantages in life.

FWIW, I have tried to raise my boys utilizing many of the principles from "Millionaire" as well as "Rich Dad, Poor Dad". It's tragic that neither book is taught and emphasized in schools and if anything the opposite is emphasized.

---

I hope you're well aware that Robert Kiyosaki is a fraud who made his money from selling books telling this fraud story, not real estate.

If you want to give your kids a stellar book on finance, use George Clason's Richest Man in Babylon. It is short (~70 pages) and you can find it online for free. Most finance writers out there borrow or riff off of concepts in Clason's book. The pamphlets that created the book came out almost 100 years ago.

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Clason is generally closer to the "Millionaire" mentality which is great. I agree that Kiyosaki needs to be taken in moderation but he has some excellent points. He focuses on things like instead of owning stock in an oil company own the well. Own houses and real estate. Own businesses that make things and have solid foundations. He makes some excellent points about inflation.

Where he loses me is he is speculative and too casual with debt and talking about "good debt" and "bad debt". I understand his point but it's a dangerous game. Still he's a business guy and likes to take risks and swing for the fences knowing he will strike out. It's no surprise he is a huge Trump guy, they are very similar mentality wise for good and bad. Start 10 businesses knowing several will fail but you will get lucky on a couple as well. Don't be afraid to declare bankruptcy and start all over again. Most people just aren't built that way and it's a hard style to replicate in an extreme, you are likely to lose your ass multiple times and it's going to be rough on your personal life and you may end up dead broke.

My point is that you can learn a bit from each of them and they all have nuggets of wisdom and things they also have things that don't apply to you. Most of all just have a plan and keep learning, take control of your life.

Can the **** hitting the fan hold off until after I close on the sale of my home next month. Thanks.

BREAKING: US officials are studying ways to let the FDIC temporarily insure deposits beyond the current $250,000 cap on most accounts, without having to get approval from Congress.

— unusual_whales (@unusual_whales) March 21, 2023

BREAKING: The Federal Reserve increases rates by 25BPS.

— unusual_whales (@unusual_whales) March 22, 2023

hold my beer

Capitol One Credit Default Swaps are now surging faster then during the global predicaments of early 2020.

This banking crisis is far from over. pic.twitter.com/jxNZr6z8Ds

— Wall Street Silver (@WallStreetSilv) March 22, 2023

A crisis created by twitter folks yelling crisis is not a crisis, its market manipulation.

All its doing is padding the pockets of the folks behind the hysteria.

Ignore it, 99.99999% of banks are all fine. If you bank focuses more on ESG, historic inequalities, micro aggressions, etc whilst at the same time run by a bunch of woke wannabes who play around in VC and crypto, then you may have something to worry about.

fka ftc said:

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A crisis created by twitter folks yelling crisis is not a crisis, its market manipulation.

All its doing is padding the pockets of the folks behind the hysteria.

Ignore it, 99.99999% of banks are all fine. If you bank focuses more on ESG, historic inequalities, micro aggressions, etc whilst at the same time run by a bunch of woke wannabes who play around in VC and crypto, then you may have something to worry about.

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The SVB bank run wasn't created by Twitter. By the time Twitter caught wind of it, it was already well under way. It was slack channels and phone calls between Venture Fund and start up founders that fueled the run on SVB.

fka ftc said:

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Ignore it, 99.99999% of banks are all fine.

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you sure?

fka ftc said:

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A crisis created by twitter folks yelling crisis is not a crisis, its market manipulation.

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We've detached from reality.

It's like watching the shadow of a solar eclipse on a sheet of paper while everybody else is staring at the sun.

i just thought i would let you know how much i appreciate your posting on this messageboard

It's a heavy cross to bear.

ac04 said:

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fka ftc said:

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Ignore it, 99.99999% of banks are all fine.

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you sure?

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Its only a loss if they are forced to sell.

ac04 said:

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fka ftc said:

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Ignore it, 99.99999% of banks are all fine.

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you sure?

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100% sure.

Nevertheless, we are putting in sweep facilities for our small business accounts with Frost so actually adding to the problem... because I cannot trust that Chicken Littles won't push their fear.

bmks270 said:

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fka ftc said:

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A crisis created by twitter folks yelling crisis is not a crisis, its market manipulation.

All its doing is padding the pockets of the folks behind the hysteria.

Ignore it, 99.99999% of banks are all fine. If you bank focuses more on ESG, historic inequalities, micro aggressions, etc whilst at the same time run by a bunch of woke wannabes who play around in VC and crypto, then you may have something to worry about.

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The SVB bank run wasn't created by Twitter. By the time Twitter caught wind of it, it was already well under way. It was slack channels and phone calls between Venture Fund and start up founders that fueled the run on SVB.

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Clarification without distinction, but okay.. it was slack channels and phone calls then Twitter. Not sure it changes anything on it being a manufactured crisis.

You can also blame Obama's horse****ing of the take over banks back in 2009 for some of the unwillingness for them to take over struggling banks this go round.

Maybe the better point is the constant handwringing is entirely unhelpful to this "crisis".

Is it true that SVB had the same auditor from 1994 to 2023?

fka ftc said:

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ac04 said:

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fka ftc said:

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Ignore it, 99.99999% of banks are all fine.

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you sure?

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100% sure.

Nevertheless, we are putting in sweep facilities for our small business accounts with Frost so actually adding to the problem... because I cannot trust that Chicken Littles won't push their fear.

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so you're 100% sure banks are fine, but also covering your own ass in case too many people figure out they are actually insolvent because their portfolios aren't worth anywhere near par. hmm

ac04 said:

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so you're 100% sure banks are fine, but also covering your own ass in case too many people figure out they are actually insolvent because their portfolios aren't worth anywhere near par. hmm

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Yes. That is what smart people do when surrounded by dumbasses. I can be highly confident whilst covering my own ass with a few changes that I probably should have already made.

yes, smart people are figuring out that the banks are broke. i agree.

Quote:

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KPMG cleared its audit of SVB's financials 14 days before the bank collapsed. Signature Bank's numbers were given the go-ahead on March 1, just 11 days before it entered FDIC (Federal Deposit Insurance Corporation) receivership.

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How do we trust anything anybody is saying?

Faith, that's how.

We are in an era of faith based banking.

aggie93 said:

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fka ftc said:

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I believe this stuff is why there are not more billionaires in the world. People who inherit wealth or win it in lottery of life (become a superstar, win ghetto lottery, get elected to Congress) tend to not be very smart and be able to plentifully associate themselves with equally mentally deficient folks.

If you are smart and have smart friends, your wealth will almost certainly continue to grow.

---

"The Millionaire Next Door" explained this very well. Essentially it started out as a book by a couple academics wanting to understand wealth, who had it, and how they got it. What they found was that starting with wealth is often not a reliable indicator because if you don't know how to make more and you don't have frugal spending habits most will go through it. Lots of other revelations in that book as well but fundamentally they found that at least in the US a significantly large percentage of people move from the high end to the low end of the spectrum and vice versa in terms of income and wealth.

There is a lot of wisdom in saying the most fortunate people are those who grow up with little means but excellent parents. You can't teach a wealthy person what it was like to grow up poor or with little means and the drive and desire to both succeed and appreciate that success and you can't replace excellent parenting. You can certainly be successful or have a happy life without either but the point is those are two great advantages in life.

FWIW, I have tried to raise my boys utilizing many of the principles from "Millionaire" as well as "Rich Dad, Poor Dad". It's tragic that neither book is taught and emphasized in schools and if anything the opposite is emphasized.

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If you stick to "Millionaire Next Door" and Crown Financial Ministries (which is the basis of what Dave Ramsey espouses) I can attest you will absolutely be set financially, long term.

While Kiyosaki's premise of having a rich dad and a poor dad is fiction, many of his principles are foundationally sound. Oh, and he's a book hawker for sure. But there are certainly worse things to be in life.

fka ftc said:

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A crisis created by twitter folks yelling crisis is not a crisis, its market manipulation.

All its doing is padding the pockets of the folks behind the hysteria.

Ignore it, 99.99999% of banks are all fine. If you bank focuses more on ESG, historic inequalities, micro aggressions, etc whilst at the same time run by a bunch of woke wannabes who play around in VC and crypto, then you may have something to worry about.

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Book marked.

ac04 said:

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fka ftc said:

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Ignore it, 99.99999% of banks are all fine.

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you sure?

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where is this chart from?

Are we in an era of faith based banking if the FDIC just went Jesus mode and promised to always forgive all sins?!

You could argue we are now secular based banking.

World Leaders on Banking Crisis, This Week:

1. President Biden: "Our banking system is safe"

2. US Treasury Secretary Yellen: U.S. banking system is "sound"

3. Fed Chairman Powell: Banking system is "strong"

4. Swiss National Bank: Problems of US banks "do not pose a risk of…

— The Kobeissi Letter (@KobeissiLetter) March 24, 2023

ETA: There is more to that tweet than is showing on TexAgs. The longform tweets don't fully show on TexAgs.

Probably nothing.

https://www.usnews.com/news/top-news/articles/2023-03-24/yellen-chairs-closed-us-financial-stability-oversight-council-meeting

Quote:

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U.S. Treasury Secretary Janet Yellen will chair a closed meeting of the Financial Stability Oversight Council on Friday morning, according to daily media advisory for the department.

...

Friday's meeting brings in a much broader pool of regulators, including the heads of the Office of the Comptroller of the Currency, which regulates national banks and federal savings associations, as well as of the SEC, the National Credit Union Administration and other agencies.

Much of the body's work in recent months involves laying the groundwork for new financial regulations aimed at integrating climate change risk management into the regulatory system.

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All that's going to happen is smaller banks are now going to be feeling the pressure that larger banks have been feeling for years. What this means is the double the size of the regulatory force, write more MRAs, and increase the cost of doing business. And spend more tax dollars.