MexConnect.com Forums: General: General Forum: Financial crisis: Page 4

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Marlene

Oct 8, 2008, 2:12 PM

Post #76 of 90 (2287 views)

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Re: [dbenoit] Financial crisis

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Quote

Hey Marlene
Where did you hear of these Charter flghts coming in out of Canada. I want in!!!

The airline is WESTJET, flying nonstop from specific Canadian cities to specific Mexico airports for the winter months. Ask your travel agent for add-on fares from your city.

dbenoit

Oct 8, 2008, 2:18 PM

Post #77 of 90 (2284 views)

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Re: [Marlene] Financial crisis

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Thanks Marlene
will Check it out.
Donna

tony

Oct 8, 2008, 9:09 PM

Post #78 of 90 (2241 views)

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Re: [Gringal] Mexico credit Good and Bad (Friendly Advice)

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Hi Gringal (Hidalgo right?)

I agree with you. When I "vacation" - which means we move in with the inlaws
for a month. We splurge - which means we eat alot of food at puestos, no very fancy
restaurants, pay for utilities, taxis, buy groceries and more beer than normal. This is for about 7 persons
for the month. I have a hard time spending $1500. Of course we can always spend
alot more money - the sky is the limit in Mexico. I am excluding going into DF and eating
at a over the top restaurant, staying at hotels and doing touristy things.

BTW 36K = $692/week this is 19X more than $30/week.

Tony

"We don't see things as they are, we see things as we are."

Gringal

Oct 9, 2008, 7:58 AM

Post #79 of 90 (2211 views)

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Re: [tony] Mexico credit Good and Bad (Friendly Advice)

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Gringal lives in Ajijic, Jalisco...but Hidalgo is nice, too.

Yes, we've had some great old times when we have visitors. A wonderful meal out, even here in gringo-intensive Ajijic and environs, including a good steak, will run under $150 p. Booze extra. Plenty of modest treats under $90p. And lots of cheap eats under 50p.

sandykayak

Oct 9, 2008, 9:08 AM

Post #80 of 90 (2188 views)

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Re: [dbenoit] Financial crisis

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Donna, heard on NPR (National Public Radio) this morning that Canada's banks are doing better than most! And the US financial industry is number 41 (?) on some list...past Namibia...."your money is safer in Namibia than in the US," he jested.
Sandy Kramer
Miami, Fla & El Parque

(This post was edited by sandykayak on Oct 9, 2008, 9:09 AM)

dbenoit

Oct 9, 2008, 11:11 AM

Post #81 of 90 (2163 views)

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Re: [sandykayak] Financial crisis

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Hi Sandy,
Our banks have always been strict in lending and are more regulated by the government. Mind you we only have the population of perhaps New York city or Los Angeles.
Donna :)

JohnnyBoy

Oct 10, 2008, 9:45 AM

Post #82 of 90 (2087 views)

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Re: [bournemouth] Mexico credit Good and Bad (Friendly Advice)

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I did two more ATM withdrawls. I never see a charge for using the ATM or any other type of fee on the transactions I do at ATMs in Mexico when they hit my US credit union account. I assume either my credit union eats the fees or they are just built it into the transactions in some way but are not represented in writing.

I got 10,000 pesos both times.

On Wednesday the 10,000 pesos cost me $825.11, a rate of 12.12 pesos to the dollar.

Next day, Thursday, another 10,000 pesos cost me $766.77, a rate of 13.04 to the dollar.

Compare this to 10,000 pesos withdrawn on August 23, which cost me $990.19, a rate of 10.09.

Now, I have taken into consideration the advise presented here on MexConnect to be wary of holding too much cash in Mexican banks as none of it is insured/guaranteed/protected. And I don't want to keep a lot of cash in the house. So I am done with the withdrawls until I run out of pesos.

Elsewhere I have read that the weaker peso is going to result in increases in prices in the stores in Mexico. Should we keep our fingers crossed that the exchange rate will go back down? If these higher prices that are to come are going to be so significant to us here in Mexico, perhaps we should root for a 9 to 1, or 8 to 1, or 5 to 1 pesos to dollar exchange rate. Would prices in the stores go down and down and down. You know they wouldn't.

Or maybe I should feel guilty about taking advantage of this situation. Maybe if I had not taken 20,000 pesos out of the ATM this week Mexico's economy would be in better shape and shopkeepers would not need to raise their prices.

What other leaps of looney logic can some of you come up with to convince me I should try to avoid making cash withdrawls when the exchange rate is in my favor?

The cost of crude oil has dropped from whatever the well-over-$100-per-barrel price was recently down into the high $80's. Have prices at the pump dropped by 30%? Don't tell me it takes time for it to catch up. It doesn't take but a split second for them to raise the prices. They could lower them just as fast.

I do not understand economics at all. It is all mumbo-jumbo to me. I know the economists can explain to most everyone's satisfaction why the poor oil companies can't just lower prices at the pump by 30% overnight; how that would cause some upset in the cosmic economic netherworlds.

But I do understand that 10,000 pesos are costing me $223 less today than they did in August. That is something we can all understand and it would cover a few increases in the prices at the stores. I guess I should feel responsible for the financial grief that might cause poor people in Mexico. Who worries for me when the exchange rate goes the other direction and, of course, the prices in the stores do not come down?

I do acknowledge, that like the price of gas at the pump, once the prices go up, they do not come down. At least not to the same degree and extent nor with the same speed with which they went up.

Brian

Oct 10, 2008, 10:48 AM

Post #83 of 90 (2072 views)

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Re: [JohnBleazard] Mexico credit Good and Bad (Friendly Advice)

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In Reply To

I do acknowledge, that like the price of gas at the pump, once the prices go up, they do not come down. At least not to the same degree and extent nor with the same speed with which they went up.

Lowest price for unleaded regular in Austin today is $2.76

esperanza

Oct 10, 2008, 11:04 AM

Post #84 of 90 (2063 views)

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Re: [JohnBleazard] Mexico credit Good and Bad (Friendly Advice)

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In Reply To

Now, I have taken into consideration the advise presented here on MexConnect to be wary of holding too much cash in Mexican banks as none of it is insured/guaranteed-}/protected. And I don't want to keep a lot of cash in the house. So I am done with the withdrawls until I run out of pesos.

What other leaps of looney logic can some of you come up with to convince me I should try to avoid making cash withdrawls when the exchange rate is in my favor?

John, no one in the USA can trust any longer in counting on the FDIC (Federal Deposit Insurance Corporation) to insure deposits of up to $100,000, as has always been promised. Those days are over. The FDIC can't insure even ONE bank's worth of deposits, much less all the deposits in all the banks that are in deep, deep problems.

The prices of goods imported to Mexico from the USA will go up a LOT in the next few days/weeks. The simple reason? First, prices in the USA itself have gone up and will continue to go up. Second, it takes more pesos to buy XXX product; that cost will be passed on to you.

Several months ago, this man predicted the current crisis to a 'T'. Read his latest and then go take more money out of the ATM nearest you:

http://www.321gold.com/...ie/willie100208.html

http://www.mexicocooks.typepad.com

(This post was edited by esperanza on Oct 10, 2008, 11:07 AM)

smokesilver

Oct 10, 2008, 6:29 PM

Post #85 of 90 (2018 views)

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Re: [esperanza] Mexico credit Good and Bad (Friendly Advice)

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Accurate as far as what HAS happened...scary in the forecast. No matter what anyone thinks or says the meltdown is here.

RickS

Oct 10, 2008, 6:57 PM

Post #86 of 90 (2012 views)

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Re: [esperanza] Mexico credit Good and Bad (Friendly Advice)

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Esperanza said, "no one in the USA can trust any longer in counting on the FDIC (Federal Deposit Insurance Corporation) to insure deposits of up to $100,000, as has always been promised. Those days are over. The FDIC can't insure even ONE bank's worth of deposits, much less all the deposits in all the banks that are in deep, deep problems."

Your comments are surely just an opinion and not an accurate one at that. I suspect that anyone reading your view on Mexconnect would take it with a grain of salt, but there is no use creating less trust when what is needed now is more. Yes, there will be more banks defaulting before this mess has run its course, but the US Government will have to default before anyone lets the FDIC renege on deposits. And, by the way, the FDIC today formally approved the increased insurance limit of $250,000 through the end of next year. The deposit insurance fund is now at $45 billion â€” below the minimum target set by Congress and the lowest level since 2003. The FDIC board this week approved a new plan for rebuilding the deposit insurance fund that would more than double the banking industry's average premiums next year. And yes, they'll need some/a lot of it by then.

Are we saddling our children and grandchildren etc. with an unfathomable burden??? Yes, of course. So what's new with our government?!?

Now, if I'm wrong in my understanding and you have some insight that I may not, please share it with us.

RickS

(This post was edited by RickS on Oct 10, 2008, 6:59 PM)

esperanza

Oct 10, 2008, 7:08 PM

Post #87 of 90 (2005 views)

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Re: [RickS] Mexico credit Good and Bad (Friendly Advice)

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In Reply To

Rick, did you read the article linked below? Read it carefully. I'm only quoting this source, but I've read it all over the Internet. If FDIC can't handle $100,000, how will it handle $250,000?

http://www.321gold.com/...ie/willie100208.html

http://www.mexicocooks.typepad.com

RickS

Oct 10, 2008, 7:41 PM

Post #88 of 90 (2000 views)

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Re: [esperanza] Mexico credit Good and Bad (Friendly Advice)

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Yes, I read that Esperanza. It would make a good blog, which is probably about what it amounts to. You say he predicted this mess a while ago. Well, welcome to the table, Jim Willie. Just because this guy has a PhD in whatever does not make him worthy of making the wholesale quote you made, IMHO. Does he have some good points? He surely does. There are many folks, even some past Secretaries of the Treasury, who think the $700B bailout was a complete folly. Is all he rants about the gospel? Surely not!

I start smelling a fish when I read things like, "Reliable word is that Bank of America branch managers just received a letter or memo from the USFed instructing them to perhaps be ready for a one-week universal shut-down of the banking system, including access to checking accounts, savings accounts and credit cards. Reliable word has it has it that BofA bank branches received....". That's too many 'reliable words' for my comfort level.

Esperanza, I don't have an axe to grind with you on this subject other than to say I think your comment was just an opinion. And I don't think such an opinion, based on this one guys newsletter, is enough to make the kind of carte blanche comment you made: "John, no one in the United States can trust any longer in counting on the FDIC.....". I'm in the US and I, head firmly affixed NOT in the sand and with no rose-colored glasses in sight, can trust that and more. Are we in for a bumpy time, maybe even extremely rocky time? I have no doubt about that. Its really scary!!!

(This post was edited by RickS on Oct 10, 2008, 7:58 PM)

RickS

Oct 10, 2008, 8:01 PM

Post #89 of 90 (1995 views)

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Re: [RickS] Mexico credit Good and Bad (Friendly Advice)

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On a lighter note..... If JR doesn't lock this thread soon it means that she is on a month-long vacation somewhere....

robrt8

Oct 10, 2008, 8:29 PM

Post #90 of 90 (1985 views)

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Re: [RickS] Mexico credit Good and Bad (Friendly Advice)

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I wish Jen would lend me that lock for this.

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