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Wall Street to take holiday for RR

Discussion in 'The OT' started by lee635, Jun 8, 2004.

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  1. Jun 8, 2004 #1 of 10
    lee635

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    Wall Street will be closed on Friday in remembrance of Ronald Reagan.
     
  2. Jun 8, 2004 #2 of 10
    BuckeyeChris

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    The Federal Reserve's 12 regional banks will, however, be open which means that your bank will most likely be open. (Source: http://www.federalreserve.gov/boarddocs/press/other/2004/20040607/default.htm).

    However those paper checks you send will be delayed because the U.S. Postal Service is cancelling delivery service on Friday (Source: http://www.usps.com/communications/news/press/2004/pr04_039.htm).

    Hmmm...my electronic payments will be processed and my bank is open. My email will be delivered but my snail mail is taking the day off. What would the Gipper think? He would fire all mail carriers and hire replacement workers! Hurrahhh! :hurah:
     
  3. Jun 8, 2004 #3 of 10
    lee635

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    Not correct. The Federal Reserve doesn't use the USPS for moving of paper checks.

    So I guess that the Gipper would also fire the Board of Governors of the Federal reserve in DC, since they declared a holiday? Would he fire all the Wall Street brokers and traders?

    I'm going to take a wild guess that you just despise civil servants?
     
  4. Jun 8, 2004 #4 of 10
    BuckeyeChris

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    Where did I say the Federal Reserve uses USPS for moving of paper checks. I said my electronic payments will post but not my paper payments because they won't be delivered to my payees. However, the Fed will process Automated Clearing House (ACH) payments electronically from bank to bank and to your payee on Friday.

    Plus the Board of Governors did not declare a holiday, President Bush declared a day of national mourning and it's up to each federal agency to close if it is "non-esssential."

    Reagan would realize that the people's government should honor its leaders but that government still had to serve the people and function. People in the corporate and business world have to work Friday, so why does the post office automatically think it gets the day off?
     
  5. Jun 8, 2004 #5 of 10
    lee635

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    Yeah whatever. Your original post was vague, and I was clarifying that paper checks in the clearing system will be moving on the day in question.

    So if Bush declared the day of national mourning and left it up to each federal agency, then why are you singling out Postal workers? Seems you should fault President Bush as well. Why does the NYSE get the day off? People need to trade stocks, so why aren't you mad at them?

    Actually if the Gipper were alive today, then Mr. Bush wouldn't have declared the day of mourning, and the USPS, NYSE, Fed Board of Governors, and others would be open on Friday.

    No, your hatred of the rank and file civil servant is showing though just fine. :(
     
  6. Jun 8, 2004 #6 of 10
    BuckeyeChris

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    My post wasn't vague. You read into it what you wanted to read. I have no hatred of the rank and file cival servants.

    One of points I was making which was lost on you is that electronic banking is much more efficient and dependable than U.S. Postal mail.

    Second point I was making is that if USPS doesn't think it is an essential federal agency, then I agree. Certainly the Federal Reserve thinks it is. As far as Wall Street trading stopping, I think they should stay open in some diminished capacity if people want to trade. However I don't think the NYSE or NASDAQ is part of the government last time I checked, so your analogy just falls apart here.

    Besides, you can't compare staying open for people making trades to Senior Citizens, pensioners, single mothers waiting for support checks, and the unemployed waiting for their checks from the USPS, can you? People may not be able to buy food for their children because they didn't get their check!
     
  7. Jun 9, 2004 #7 of 10
    lee635

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    ROTFLMAO. That's ripe. Then again, seniors and pensioners might lose value in their retirement savings because the market is closed and they can't execute an important trade in a timely manner.

    You hate civil servants and you can't stand that I've called you on this. As far as electronic transactions being more efficient, why did you have to say that Reagan would "fire all mail carriers and hire replacement workers"? What does that comment have to do with electronic transactions being more efficient? Replacement workers would still not be the same as electonic transactions. You're trying to backpedal because I've shined the light on your bigotry. You hate civil servants and you're too much of a coward to admit it. Shame on you.
     
  8. Jun 9, 2004 #8 of 10
    HappyGoLucky

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    By law, any federally chartered bank MUST be open if the Federal Reserve is open. That's why you'll always see banks, regardless of where they are or which company they are, closed or open on the same days. They only have leeway in the time of day they open or close.
     
  9. BuckeyeChris

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    Again, read my posts. I agreed with you that the markets should remain open. However, the Federal Government did not close them. The trading boards are independent organizations that are not part of the government.

    I said that Reagan should fire them because I was making an analogy between Reagan's firing of the air traffic controllers who went on strike in the 80's and the U.S. Postal Service canceling mail delivery service for one day. I suggest you look up the definition of the word analogy because you can't seem to grasp this concept. I was also making this statement with some tongue in cheek. However your typical liberal knee jerk reaction makes me think my statement was right on target.

    "Replacement workers would still not be the same as electonic transactions."

    I'm sorry, I don't understand the point you are trying to make. Can you clarify?

    I never said that replacement workers would be more efficient than the electronic banking system; in fact I never said anything about replacement workers. My point, one more time, is that electronic banking is a more efficient means of paying your bills than relying on the regular U.S. mail service. The USPS must realize it is like a dinosaur when it comes to paying your bills (dinosaur is used as a metaphor here, add that to your list of words of which to look up the definition). Mark my words, write it down somewhere and bury it a time capsule and open it up in ten years, online banking and electronic bills (E-bills) will surpass snail mail as the preferred method of paying and receiving bills by the majority of Americans.

    As for my bigotry and hatred, the only one who has espoused such hateful statements is you. The USPS should get a clue and begin an internal revolution to change how they process mail for the future; sadly it is already too late in my opinion for them to do this, and as a governmental organization, they are hindered in so many ways that the private sector isn't.
     
  10. Nick

    Nick Retired, part-time PITA DBSTalk Club

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    The...
    The banks in Savannah are closed on St. Patrick's Day.
     
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