Jim’s Daily Rant. “What Do You Expect To Happen After The 24th?”
That was the first time I have ever been asked that question when my wife asked me last night. I had to think about it before responding because nobody can really answer it properly.
So I began with Kanye West being told by JP Morgan Chase bank when they told him they no longer liked him and he has 60 days to find another bank to manage his multi $Million Dollar banking business. No Problem. All he has to do is open a new checking, savings and Xmas Club account somewhere else and deposit a check for his multi $Million Dollar balance, right?
Well, not exactly. First we have to appreciate that someone high up at Morgan doesn’t like him and wants to hurt him. So now West:
* Must take all of his real estate investments to another bank and wonder if the properties are still insured. * Unload all of his investments through Morgan knowing some will have to be liquidated to move them. Will they be sold at Fair Market Value or at a sacrifice, with his broker skimming with a buddy doing the buying?
* Loose his financing for that big deal he is about to close on knowing the world knows he is now being had by a banker trying to harm him?
* Move all of his business accounts with the inconvenience that entails.
* While he and his people are doing all this, knowing that the banks no longer play
by the old rules and, if they want, only allow $10,000 to be removed from his deposits each day. So if his first instinct is to sue them he is told by attorneys it may be a year before they can get a court date.
* During all this time West’s life is screwed. He can’t focus on his business future because he is in limbo on everything that gave him security before. He is now sick to his stomach, can’t sleep, is an asshole to everybody in his life and hates himself because of it.
That is now West’s future and ours to come as the big banks go down.
If you are a business owner, you don’t know if supplies can be obtained, if you can get your funds from the bank or how you are going to cash a check made out to the business, how you are going to pay employees without banking, if your insurance company still has your back, etc.
As an individual, there are no supplies on store shelves, how long the schools will remain open, can you survive the hyperinflation and will your family be safe, both outside and at home, because of the insanity and fear out there.
High Rollers, will not know if their real estate now in escrow will close, if the mortgage will still be in play, will the other party walk away from the deal.
All Adults, will have no hope in tomorrow, be in deep fear and sorrow while surrounded by ALL adults in deep fear and sorrow. EVERYTHING that was your security, including your wealth, assets, family and dreams are now in question. Your very mind and soul may be in question.
This is what we face if we don't control our minds, emotions and health. We need to focus on our vision of the future; take our lumps because in the long run they won't matter. We need to stay the course and help those around us make it through this.