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Showing content with the highest reputation on 03/13/2023 in all areas
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I can't imagine how many conversations were had this weekend like the one I had with the others on our management team. We keep our company's working capital in several different banks. Within each bank we have several bank accounts. I spent some time this weekend moving money around to try to make sure no accounts have over the 250k FDIC limit. It is a hassle keeping money spread over so many accounts. Some companies are not going to be able to make payroll this week because their money disappeared. We are a small company. I have no idea how all the medium size companies are going to manage their working capital.8 points
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SIL and G-son, they sent me movies yesterday where they went to indoor range and burned 400 rounds of ammo. Had a Glock 19 gen 3, a new max 9 Ruger SIL just purchased last weekend, and a practically new Remington 1911R1. Said nothing burped and all went well. I gave grandson the new 1911 and Glock last year. They had trouble with the 1911 first time they took it out. Told them to clean and lube it good and take it back. They live in Mt Pleasant S Carolina and mom was out of town. Them boys are really getting into hunting, fishing, guns and the outdoors. Grandson has his own boat, 16' flat bottom fiberglass, with a 50 HP Honda motor. Mom's boss gave it to Parker. Said he did not use it any longer. Dad has a 27' sea worthy Carolina fiberglass w/ a 150 HP Yamaha. Doing it together. You gotta love it. They fish Charleston Harbor for the giant RED Fish. Grandson caught a 38-pounder last season. Makes me wish I was young again. Got 5 more visits with Cardiac Rehab for me. Will have finished 36 visits. Looking forward to getting finished. Really sapping my energy, for sure, since I am on a no carb diet. Lost 8 pounds so far and need to loose 40 pounds. Edited to add; grandson is 14 now. Being bullied in school because his ears are large. Wouldn't want to be a kid now.5 points
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I missed this fact, as some of you may have as well. Silicon Valley Bank wasn't the only one to tumble last week. Signature Bank was also cut off from additional funding and was taken over by the FDIC last Friday. After Silicon Valley Bank, Signature Bank, fears of more banks collapsing grow: Live updates (msn.com)5 points
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I'm not suggesting anyone drain their bank accounts, but I would (if financially feasible) keep some additional cash on hand just in case a run happens to your bank.4 points
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I though I’d post this here just to put a stake in the sand, because this may turn out to be one of the most important charts we’ll see this year: What you’re basically looking at on this chart is unrealized losses in the hundreds of billions. Mortgage backed securities (remember the other time in recent memory where you heard/learned this term) are trading way lower. The underlying cause is essentially that mortgages closed in 2020 and 2021 are now basically trading at 65 cents on the dollar. It turns out that interest rates go up, too. And, a lot of our venture backed business models simply don’t work when money isn’t free. There are a few “bloggers” who have been talking about this. A lot of people read their newsletters. You probably saw Thursday that a a few venture capitalists told their portfolio companies to move their money from one of these banks and caused a bank run that wound up collapsing the 18th largest bank in the country - Silicon Valley Bank. Panics are a funny thing - and I think there’s a non-zero chance of seeing some much larger collapses this week. Ought to be an awfully interesting week. I hope I’m wrong.3 points
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The problem is: The bank borrowed money from depositors at 1% with a 2 year CD. They then loaned the money to you for 30 years at 3%. That gives them a 2% profit for two years. The catch is now they have to return the money from that two year CD and borrow the balance owed on your 30 year mortgage from a new CD investor that they will have to pay more than 3% for. Now they are in the hole and it will get deeper as rates rise.3 points
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The key word is trading here. The real number value of the mortgage payments are still what it was closed at. But in 2020 and 2021, a lot of people buying homes did so under some very favorable interest rates, and more people were on their heels to refinance. That's a lot of money locked in a the low end of the spectrum, the value of that money having gone for a roller-coaster ride in three years. With inflation eating away the value of the dollar and interest rates going up, holding those assets is at best money in a tar pit, and at worst, seen as a loss when adjusted in real terms (ie: after inflation). So, if a financial organization wants to get them off the books and free up capital for better use, they sell them at a discount to entice a buyer and move on. After all, who would buy a mortgage no matter how secure returning 3% when you can buy a T-Bill that is the safest investment on the planet returning 5%, or a corporate bond above that even. They're doing this because money isn't essentially free to borrow anymore, so they have to gin it up from their own assets and returns. Think of it as selling a gun you bought during a Republican administration that was cheap, but you're not using it anymore, to get money that partially funds your next purchase when a Democrat is in the White House, and guns are more expensive. That's about as TGO friendly a parable I can use for this situation, but it's a bit imperfect. Last year the big deal was inflation gut punching the consumer. For at least now, the big deal is inflation gut punching the financial institutions. Corporate bonds are probably on deck for valuation hits.3 points
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Family is what it’s all about, my friend! One of my kids is in college in another town. The other married and moved off. We love the fact they and their wife and girlfriend see fit to go to church service every Sunday and then come to our house for Sunday dinner. It is the highlight of my wife’s week. I enjoy it as well. We are the old folks now.3 points
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By the way, I want to thank each of you for your kind sentiments as I shared my past with my mom and cornbread. I am always awed by the care I find on TGO.3 points
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The end goal, based on the groups pushing for the code, isn't benign. Step one was to create the new code. Check. Done. Step two will be to track purchasers. Step three will be applying political & social pressure to the credit card companies to stop processing payments for that code "to save the children" or whatever the cry of the day will be. It is not innocuous. And it won't be an issue...initially. But it must be stopped before it can ever be used as a defacto database of gun buyers and then used as a lever of the antigun groups to shutdown financial services to "gun dealers", a la Operation Chokepoint (Obama era-style.)2 points
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That's going to be a problem. Most people do not read books and they are no longer teaching how to write.2 points
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Oh, I've got some four letter word laced opinions on this whole mess. How the risk of rising interest rates wasn't considered is the first problem. For all the issues people have with Jerome Powell (JPow), he speaks a concise English on macroeconomic topics. These rate hikes were neither a surprise nor at a pace people didn't know was coming. I guess risk management is a nag when it lowers EBITDA and EPS come bonus time. Next, while I realize the need to stop a contagion of bank runs at the speed of wire transfers...we've pretty much set the standard that FDIC insurance limits are now...well, all deposits in the country. They can say taxpayers aren't on the hook...what they really mean is not yet. After the FDIC piggy bank from funding of the program by banks runs dry, they tap the "full faith and credit of the government of the United States of America." Congrats, America. We all in on making sure all the depositors of SVB are safe. While we did save the paycheck flow for everyday people (I have a friend who's company banks with SVB), we also prolonged the stupid companies keeping up operations. I get we only had the weekend, but I'm not jazzed about saving the 7th app based scooter rental company just because their account was in a bank connected to a lot of very rich people with their VC money tied to those companies as angel investors. The cash outlay here will be minimal at the end; SVB had a liquidity problem, not a toxic asset problem. But the bar has been set. Buckle up...this is the intro, not the story. One of Warren Buffet's often used aphorisms is about to play out and we're about to see some people hanging brain. It's only when the tide goes out that you learn who has been swimming naked. So many businesses, plus their CFOs are not ready for this lesson. It's going to be painful. Like learning the lessons all over in Iraq, just with red dollar signs and numbers instead of flag draped caskets. $250k isn't enough for companies. It works for everyday people, but not business accounts. It used to be $100k, then we raised it to $250k, during the '08 GFC, so, it's just a number we make up after getting some data points. We need to raise it for businesses so there are reasonable operating parameters and we don't have to backstop all of the cashflow accounts and lockboxes across the financial sector. Then we can let bad companies fail through their own financial mismanagement. That's a feature, not a bug. Conservative/Libertarians got a gut check this weekend, and a lot were found wanting over on Financial Twitter....looking at you, David Sacks (yup, real name).2 points
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Fun stuff! My younger son is currently taking a college economics course. I told him he’s about to get a real time live course in it. This is the type thing preppers are born for.2 points
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Welcome to TGO from Lenoir City. Commenting on existing threads is correct, or starting a new thread will count. Once you have 10 comments restrictions are lifted.2 points
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Start with a skillet of the cornbread I posted earlier. 2 cups boiled yellow squash, drained 1 med onion (diced) 1 can mushroom soup 2 cups crumbled cornbread 1 stick butter salt and pepper to taste Combine all ingredients. Place in greased 2.8 liter (8x11) dish/pan and bake at 350 for 20-25 minutes. We’ll boil excess squash during growing season and freeze 2 cups each in ziplock bags. This is great sautéed with onions, and for this recipe.2 points
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I've got a CMP M1 GARAND. They rebuilt it using USGI SA Pars, Reciever, OP Rod, Bolt, Trigger Assembly are all SA. The Bbl. is a Criterion that they used, also they used a new Stock and remarked it with the the correct markings, the Leather Sling is not included because I had that custom made with my name on it. Asking $1500 or OBO CASH. I live in the Whitehouse area but can meet locally around Goodlettsville, Hendersonville, Gallatin, and Nashville area, I can drive a little way to meet and make a deal, this one dosen't have the CMP Case, the older gentleman I bought it from his wife cleaned out the basement and garage and tossed it away when he was in the hospital I've bought several guns from him over the years. This is a nice one I don't think he ever fired it. Please PM me any questions.2 points
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"Tomorrow is promised to no one." Thank you, I would like to think so. But with my history. I might not bet on me for longevity.1 point
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There are some peculiarities to a bank where a lot of equity investors keep bringing in dump trucks of cash and they’re not lending a bunch out. Matt Levine (whose newsletter you should probably read) put it really well:1 point
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Well I guess I better go get a truck load of Mason Jars, half for the Cash and Silver I have, and the other for some "Shine" so I have something to trade. Now to start digging a bunch of Gopher Holes in the back yard, and get some Copper Sheets and Tubing.1 point
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It seems every generation has to relearn basic economic theory for themselves. You’d think somebody would write this stuff down in a book or something.1 point
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Welcome from another Knoxville resident. I think @BigK is correct. You can participate in ongoing discussions. @TripleGGG @Chucktshoes will probably be along and correct me if I'm wrong1 point
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Welcome, I think the 10 posts can include comments on existing threads. I don't think it means you have to start 10 new conversations. I'm certain someone will come along and correct me, if that's wrong though.1 point
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I’m a squash casserole fan - I’ll eat about any variant. This is about the best one I’ve had - it’s not runny at all and is really good: https://gardenandgun.com/recipe/squash-casserole/ Its earned its place at our Thanksgiving table.1 point
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Jiffy has a place in the Southern lexicon at least as much as Martha White or White Lily. It’s not my idea of “cornbread” - but it’s great as a muffin. I like mixing up a couple of boxes and cooking it in a loaf pan. Then I like to slice it, butter it up, and then toast it up in a skillet.1 point
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Jiffy has it place. It will never replace homemade cornbread. We do love it for making cornbread muffins. Mix it up and cook in a muffin tin. They go great with white beans and onions.1 point
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Garufa, what a kind and generous comment. I humbly thank you. I make cornbread today, A LOT, because it does bring me enjoyment. The memory of growing up in a house in Chattanooga so cold my mother and I sat in the kitchen on winter nights using the oven to heat us before we ran as fast as we could to the back bedroom to jump under covers so heavy you thought they would smother you. But so WARM! I made a pot of pinto beans last week and a cake of cornbread along with some turnip greens from the freezer. As my wife and I ate I told her stories of my mother and my youth, and we smiled. And I shed a few tears. There was a simplicity then that I miss today. Life was not "us against them"; didn't matter who was Democrat or Republican; we just wondered how they were doing with their burdens and prayed for them Yes, there are smiles when I think of my past and how at 67 years of age, I find great meaning. So for Mom's recipe, here's the best I replicate: 2 cups of stone ground cornmeal - white or yellow; whatever we could get 1 tsp. of soda and baking powder 1 tsp. salt 2 eggs Buttermilk - as much as was needed to make the mix not too thin, but pourable Bacon grease - LOTS of bacon grease; for the pan and the recipe Mom would get the bacon grease so hot in the skillet in the oven (400 degrees) and she would add a little bit of Crisco or Hormel lard. When she opened the oven and threw a few drops of water in the skillet that it popped loudly, she would bring out the skillet with all the grease and pour it into the cornmeal batter. You knew it was enough and right when it sizzled loudly! Mom would mix it up, pour it back into the skillet and put it all back in the oven for about 45 minutes. Because the iron skillet was perfectly seasoned the cake of bread would plop out perfectly and I'd have to wait for it to cool before Mom would cut a slice and split it with butter. And from that moment, absolute heaven in your mouth. I am shedding a tear or two as I write this. Mom died in 2017 and to recall her cornbread with all of you brings me great joy. Thank you . . .1 point
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Sweet cornbread is blasphemy, but if you insist anyway, feel free to add some sugar to the recipe I posted.1 point
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Things to consider... Dexterity... Ya can't beat goatskin for dexterity. In the old days, our TIG welding guys used goatskin. Go to the nearest welding supply store and get the right size n the right price. They are very reasonably priced. Second; if you work, that is: Carry concrete blocks, stone, bricks, manure, shovel, dig, swing a sledge hammer, set poles, climb poles, do wire rigging; expect your gloves to wear out, no matter the price if they are leather. They are sacrificial garments to save your hands. If you wear your gloves to drive, ride horses, ATVs, etc; they are an " accessory ", not a primarily protective clothing; they will last just fine. Spend as much as your pride in ownership quotient allows... By the way, this info is brought to you via an old curmudgeon, who has worked in jobs where ya can wear out a pair of gloves a day. Lastly, Wells Lamont leather palm/ canvas " White Mule " gloves used to be the best ya could by if you " worked "... Mine used to last about a week before the fingers wore thru back in the hod carrying/ brickwork days. retired ( thankfully ) leroy, the glove man...1 point
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