Banker Blues: “I should have listened to ‘Chicken Little'”

Posted at 6:49 PM (CST) by & filed under General Editorial.

Dear MineSet guys,

Came across your banking cartoon, and it made me smile, I had an opposite encounter.

I was in my bank of fifteen years this last Monday, happened to see a friend, we’ll call him “John”, who is their senior commercial loan officer. He’s a 38 year old young hot shot who they send all over the country to get the latest up to the minute training.

Well about 14 months ago he and I had a little chat in his office, where I officially became known as “Chicken Little.”  I had gone into the meeting to try and understand where the banking guys were going and doing.  I came out realizing that they, or at least John, had no idea of what was about to happen. Seems they were truly clueless, or doing one hell of an acting job.

Well, Monday’s chance meeting convinced me these guys are no actors.  I never tell people I told you so, it’s rude and a waste of breath, besides, they almost all have selective memories anyway. So when I saw John, I kept the exchange light and superficial.

He approached me and started in about what I thought about the near future of the market, more specifically his 401k’s chance of survival.  So here I am in the middle of a large banking branch, with maybe the number four guy of that branch talking financials. This guy was scared, and to his credit, he did accurately recall that I had tried to warn him months back.

He asked if he should bail out of his 401k or to weather the current financial storm?  On the spot, I told him I couldn’t advise him what he should do, cause I didn’t know exactly where this is going or when.  But I told him again the precautions “I” had undertaken in August `07.

So there is a snapshot of my local economy, my banker is in the dark with the rest of the 99% of the uninformed populace. To coin a phrase from the Mogambo Guru, “We’re freakin doomed.”

I went gold hunting here in Maui, pawn shops, jewelry shops, coin dealers, with no results, zippo!  I have also enlisted a pilot friend who flies Europe & Asia, to search the shops there for gold or silver, he so far has had no luck either.

According to him, there isn’t any gold of any volume to be had apparently anywhere in his scope of the world, shy of “possibly” the Comex. These dealers that ask for your money up front with months of delays for delivery is a shaky system at best, one that I don’t personally trust.

Can’t find any gold for sale, but magically the price is in decline?   So there you have it, my rant for the day.

I personally have total confidence in gold, no matter what, I believe it will shine.

CIGA Tony a.k.a “Chicken Little”