Yes, it is true. The honeymoon is over and it is official. Reuters reports that the Braddock Financial Corp.'s Galena Street Fund has closed.
Yes, it is true. The honeymoon is over and it is official. Reuters reports that the Braddock Financial Corp.'s Galena Street Fund has closed.
32 comments:
Way to go Galina.
Stay strong!
Murst!
By the way... Very clever, Dawg.
Another hedge fund shutting the redemptions window? Wow. Any more of these, and at some point the words "run" and "bank" are going to start appearing in the same sentence on a regular basis.
Good thing the FDIC is there to . . . oh wait, never mind.
Thank you, thank you. I'll be here through the entire housing implosion and still here picking up the pieces long after. Try the veal.
I feel like the groom is missing dyed hair and a murse. But other than that, nice post. =]
I like spaghetti.
PV,
The scary part is that my "insured" CDs with IndyMac and Wells Fago and others have nearly exact wording waaaay down in the fine print. Sure my principle is insured by the full faith and backing of the UNited States of America but that can mean I get back my $25k each 8 years from now in brand new crisp freshly printed pesodollars worth 1/10th their original deposit value.
Is there alink to the fraudcast?
@ Seb and Agent #777 and other Orlando Haterz(TM),
Yes, We shall have Haterz beer in Orlando. We should get together in 2 weeks so it can be posted here on En, in order to grow the Party. The more the merrier the schneudenfraud.
And, since I work a loozer W2 job, Friday or Saturday night would be better.
We could meet Downtown at the quaint Citrus Restaurant on North Orange(not The Citrus Club), so we can talk and commensurate for Casey.
Tee Hee
Second choice, Altamonte Springs at Seasons 52.
Let's do it!
PS I guess Orlando trolls can come too,
If they are of age
and
They are nice and polite.
We will be in public after all.
tee hee
It's only paper, they can always print more!
Hey guys,
That MLM with Steve's name has a HUGE topic going here:
http://www.daniweb.com/forums/thread15557.html
Seems this company is a HUGE growth corporation based near San Diego. Didn't Turdflake mention that he was discussing working with some company near SD?
Hmmm......
@ Dolph:
Yep, posted that here:
http://exurbannation.blogspot.com/2007/07/florida-is-sinking.html#c1969456083687067644
The Big Picture?
What is a "Crack-Up Boom?" Von Mises explains (with thanks to Ty Andros for reminding us):
"'This first stage of the inflationary process may last for many years. While it lasts, the prices of many goods and services are not yet adjusted to the altered money relation. There are still people in the country who have not yet become aware of the fact that they are confronted with a price revolution which will finally result in a considerable rise of all prices, although the extent of this rise will not be the same in the various commodities and services. These people still believe that prices one day will drop. Waiting for this day, they restrict their purchases and concomitantly increase their cash holdings. As long as such ideas are still held by public opinion, it is not yet too late for the government to abandon its inflationary policy.'
"But then, finally, the masses wake up. They become suddenly aware of the fact that inflation is a deliberate policy and will go on endlessly. A breakdown occurs. The crack-up boom appears. Everybody is anxious to swap his money against 'real' goods, no matter whether he needs them or not, no matter how much money he has to pay for them. Within a very short time, within a few weeks or even days, the things which were used as money are no longer used as media of exchange. They become scrap paper. Nobody wants to give away anything against them.
"It was this that happened with the Continental currency in America in 1781, with the French mandats territoriaux in 1796, and with the German mark in 1923. It will happen again whenever the same conditions appear. If a thing has to be used as a medium of exchange, public opinion must not believe that the quantity of this thing will increase beyond all bounds. Inflation is a policy that cannot last."
Mises is describing the lunatic phases of a classic inflationary cycle.
At first, no one can tell the difference between a real dollar - one that is earned, saved, invested or spent - and one that just came off the printing presses. They figure that the new dollar is as good as the old one. And then, prices rise…and people don't know what to make of it. Later, they begin to catch on…and all Hell breaks loose.
You see, if you could really get rich by printing more currency, Zimbabweans would all be as rich as Midas, since the Mugabe government runs the presses night and day.
More:
http://www.dailyreckoning.com/Issues/
2007/DR062507.html#essay
That daniweb site is full of crap that made my browser crash. Proceed with caution.
@Been There Done That:
Fraudcast linky.
What are the chances these CDO's will be sold in an "open" auction so that market prices can be established.
It has to happen sooner or later.
Elizabeth,
Thanks...I too noticed the Marty influence.
We Want the Funk
Gotta Have the Funk!
Time to FINALLY go to the liquor store! I waited cause I sure as heck didn't want to be the first drunk on the block and have to claim the boy blunder for the night - no way jose!!! The countdown has begun!
Reposted for your linking assistance:
The official Clicky Link Tutorial.
Go forth and link!
The countdown has begun!
Hi, my name is Murses, and I'm a Fraudcast addict.
Seriously, I feel giddy that there is a fraudcast tonight.
Hi, Casey!!! *waves*
PV,
The FDIC takes a looong time to re-emburse you. I know someone who had money at a failed S + L. Took him several YEARS to collect.
FMW,
Let me know what's going on with the meetup as you sort things out.
I've been saddened by this mess and feeling a little down that innocent people have suffered real pain (and yes, I absolutely believe that Galina and other family members were blind sided).
I want there to be a lesson in all of this, I want the suffering to matter. I wish someone could tell me what one should take away from all this.
Okay, maybe time for a nice glass of wine...
Anita - drink your sorrows away!
I am back with enough beer and pizza for everyone! Sprezzie - you have made the difficult look easy (see i do read!) and for that you get your very own bookmark!
@ Sprezzatura
I don't think anything's that dangerous on the daniweb site, but after visiting the thread with IE 7, I found a ton of javascript-based context ads (I think IAFF uses some similar) that could easily crash an earlier version of IE. The pages took forever to load, but I doubt there's anything dangerous on them. Using Firefox + Adblock, I saw nothing.
Still, it's good to always be careful...
@CSL -- thanks!
@Elizabeth -- I'm on a Mac, so not worried about nasty spyware or anything, just annoyed at the crashing.
@ Sprezzatura
I understand completely! Whenever Firefox crashes, I usually end up saying a few choice words. At minimum ;-)
@ SEB,
I shall keep things posted for you.
See you soon.
(-:
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