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Old 2020-03-11, 16:08   #12
VBCurtis
 
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Originally Posted by Xyzzy View Post
Is the stock market a situation where if somebody makes money that means somebody else has to lose money?

No. At its core, stocks are ownership stakes in companies; dividends are the portion of profits paid out to shareholders. Say you buy shares of AMD, and next year they make double the profits compared to this year. In some sense, the company is now worth twice what it was last year, because it is twice as profitable, so the stock *might* double. I say "might" because share prices are determined by what buyers and sellers agree on, not a fixed multiple of profits. Still, whatever increase in stock price that comes from a company's increased profitably does not cause someone else to lose money.

There are lots of ways to gamble on the stock market that are zero-sum, with equal winners and losers; but basic stock ownership does not have losers for every winner.
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Old 2020-03-11, 16:42   #13
Uncwilly
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Originally Posted by chalsall View Post
Here in Barbados, we're facing a really scary situation. ....

This is having a huge impact on many of our retired population. It's bizarre! We live in such amazing times, but the wealth is unhealthily balanced (IMO).
Are laws in place there that allow for American style credit unions? Or 'community' banks? They can have better physical service. And if they tie into the right systems provide big bank avaialablity.
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Old 2020-03-11, 16:55   #14
chalsall
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Originally Posted by Uncwilly View Post
Are laws in place there that allow for American style credit unions? Or 'community' banks? They can have better physical service. And if they tie into the right systems provide big bank avaialablity.
Frankly, it's a total mess. Capital availability is seriously constrained. And to top it off, we recently discovered that the loan-shark "Payday Lenders" aren't even regulated!!! And, of course, popping up like weeds!

Many of the NGOs et al here are taking the education approach, rather than wait for the regulators to protect the consumer. Needed anyway; at the end of the day, everyone stands alone. Every day, actually...
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Old 2020-03-11, 17:13   #15
xilman
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Originally Posted by R.D. Silverman View Post
CD's??? I remember when an ordinary passbook savings account gave 5%!
So do I. I also remember the times when annual inflation was well over 10%.

Very rarely has the real rate of return been positive.
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Old 2020-03-11, 17:30   #16
Dr Sardonicus
 
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Originally Posted by chalsall View Post
Here in Barbados, we're facing a really scary situation. A huge amount of our banking sector is controlled by large foreign (mostly Canadian) banks.

Over the last few years, they've decided that regular banking services for anyone who only transacts a couple of times a month and has less than ~$250K USD in savings aren't worth the trouble, and are closing down accounts...
Holy Mother of God! Here in the good ol' USA, that's the maximum the FDIC will insure in any one account!

<google google> Hmm, it seems some Canadian banks got into difficulties with their Carribbean loan portfolios some years back. I'm not sure whether that's related to the present situation, though.
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Old 2020-03-11, 17:47   #17
chalsall
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Originally Posted by Dr Sardonicus View Post
<google google> Hmm, it seems some Canadian banks got into difficulties with their Carribbean loan portfolios some years back. I'm not sure whether that's related to the present situation, though.
Probably related. Seriously hurting a growing percentage of our peoples.
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Old 2020-03-11, 17:47   #18
kriesel
 
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Originally Posted by Dr Sardonicus View Post
Yes, me too. And banks giving away premiums with new accounts. And I also remember (early 1980's) CD's earning double-digit interest.
Yes, and mortgage loan rates 3% above that and adjusting annually. I vaguely recall 14.4 or so briefly on a duplex mortgage. Credit card rates were capped at 18%, a rate much more reasonable then, than the high rates now with near-zero Fed lending rate.
Quote:
Originally Posted by chalsall View Post
Here in Barbados, we're facing a really scary situation.... they've decided that regular banking services for anyone who only transacts a couple of times a month and has less than ~$250K USD in savings aren't worth the trouble, and are closing down accounts..
Anyone with that much sitting to rot away slowly by below-inflation yields in any banking vehicles needs to fire their financial advisor, or get a competent one and listen to him.

So, Barbados banks don't want a reliable depositor who keeps a plump balance and has only a pension deposit and main-credit-card repayment-in-full each month? Surely someone else would be happy to take those regular profits.
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Old 2020-03-11, 17:52   #19
chalsall
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Originally Posted by kriesel View Post
So, Barbados banks don't want a reliable depositor who keeps a plump balance and has only a pension deposit and main-credit-card repayment-in-full each month? Surely someone else would be happy to take those regular profits.
It's, of course, complicated...

To start with, there needs to be "surety" in order to be able to take deposits. That isn't arranged overnight -- particularly on a tiny little island in the middle of a sea.

Last fiddled with by chalsall on 2020-03-11 at 17:53 Reason: s/take loans/take deposits/;
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Old 2020-03-11, 17:57   #20
kriesel
 
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Originally Posted by Dr Sardonicus View Post
Holy Mother of God! Here in the good ol' USA, that's the maximum the FDIC will insure in any one account!
(DuckDuckGo)Not per account; per depositor/bank/ownership-category. https://www.fdic.gov/deposit/deposits/faq.html Some institutions offer a service where they coordinate scattering assets about multiple banks so that multiple $250K limits summed apply to one depositor.
https://thecollegeinvestor.com/24307...eposit-limits/
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Old 2020-03-11, 18:21   #21
kriesel
 
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Originally Posted by chalsall View Post
It's, of course, complicated...

To start with, there needs to be "surety" in order to be able to take deposits. That isn't arranged overnight -- particularly on a tiny little island in the middle of a sea.
Still sounds like a business opportunity, for some multinational. Although locally, banks are going in the other direction. One recently considerably downsized its nearest branch. Another is closing its 3 nearest branches. Another I'll no longer deal with, after they both failed to honor the terms of a demand deposit account, refusing to release funds when I needed them, due to their failure to plan for the forecasted weather, and miscategorized another account as a different type than I signed up for, with potential future tax consequences.
Perhaps Barbados could address what seems to be a scarcity of banking services by accepting banks chartered and in good standing in select other nations.
Barbados itself has had some issues. https://en.wikipedia.org/wiki/Barbad..._Restructuring
I find it easy to forget that Barbados is smaller than the US county I live in. As a nation, I'm sure that presents challenges.

Last fiddled with by kriesel on 2020-03-11 at 18:25
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Old 2020-03-11, 18:36   #22
chalsall
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Originally Posted by kriesel View Post
Barbados itself has had some issues. https://en.wikipedia.org/wiki/Barbad..._Restructuring I find it easy to forget that Barbados is smaller than the US county I live in. As a nation, I'm sure that presents challenges.
Barbados is smaller than the city I left to move here. In both geographic size as well as population. GDP, much much smaller...

And, yeah... We're in a serious "hurt locker" economic situation at the moment.

Not fun.

Last fiddled with by chalsall on 2020-03-11 at 18:38 Reason: s/not so much/much much smaller./; # Got the scale inverted.
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