Comments on: The Markets, Credit Crunch and LAFCU http://mylafirecu.org/2008/10/13/the-markets-credit-crunch-and-lafcu/ The LAFCU Blog Tue, 20 Dec 2011 08:38:45 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: Pat Metzger http://mylafirecu.org/2008/10/13/the-markets-credit-crunch-and-lafcu/#comment-71 Pat Metzger Sat, 22 Nov 2008 18:51:42 +0000 http://mylafirecu.org/2008/10/13/the-markets-credit-crunch-and-lafcu/#comment-71 Many thanks for allowing me, daughter of deceased fireman Tom Metzger, to remain a member of the LAFCU Fire Family. I am most grateful for the care you have given me over the years. Pat Many thanks for allowing me, daughter of deceased fireman Tom Metzger, to remain a member of the LAFCU Fire Family. I am most grateful for the care you have given me over the years.
Pat

]]> By: Mike Mastro http://mylafirecu.org/2008/10/13/the-markets-credit-crunch-and-lafcu/#comment-70 Mike Mastro Mon, 10 Nov 2008 21:55:14 +0000 http://mylafirecu.org/2008/10/13/the-markets-credit-crunch-and-lafcu/#comment-70 Art, Thanks for your comments and questions. The Credit Union has no investments in the stock market and never has. Our regulator strictly prohibits that type of investing for credit unions. In addition it would be very inappropriate for a financial institution such as ours to do so because our net income model is primarily derived by generating a positive income spread between our cost of funds (What we pay members in interest) and what we earn in interest income from loans to members and investments. The type of investments we earn interest on include Federal agency notes as well as corporate central credit union certificates of deposit and money market accounts. Mike Art,

Thanks for your comments and questions.

The Credit Union has no investments in the stock market and never has. Our regulator strictly prohibits that type of investing for credit unions. In addition it would be very inappropriate for a financial institution such as ours to do so because our net income model is primarily derived by generating a positive income spread between our cost of funds (What we pay members in interest) and what we earn in interest income from loans to members and investments. The type of investments we earn interest on include Federal agency notes as well as corporate central credit union certificates of deposit and money market accounts.

Mike

]]> By: Art Haendiges http://mylafirecu.org/2008/10/13/the-markets-credit-crunch-and-lafcu/#comment-69 Art Haendiges Thu, 06 Nov 2008 15:15:32 +0000 http://mylafirecu.org/2008/10/13/the-markets-credit-crunch-and-lafcu/#comment-69 I am inquiring about what percentage of LAFIRECU was invested in the Stock Market. I know that my account does not have any direct exposure to the stock market, but as a large share holder in the credit union, I am concerned as to the over all exposure to the stock market. I believe that the US Governments massive liquidity injection into the stock market has put a artificial floor in the stock market and in time this floor will fail and the stock market will go much lower. There are many more shoes to drop. I took my money out of the stock market three years ago and put in CD's in the credit union, because I new the stock market was going into the tank. As my CD's have been maturing I have been putting the assets into Hard Gold, not gold ETF. With the massive printing of the dollar, inflation will eventually come back and the dollar will drop in value. I know you told not to worry about my cash because it is insured by American Share Insurance, but insurance companies can fail too, example AIG. So that said, I would like to hear a more updated message and know the percentage of LAFIRCU exposure to the stock market. I am inquiring about what percentage of LAFIRECU was invested in the Stock Market. I know that my account does not have any direct exposure to the stock market, but as a large share holder in the credit union, I am concerned as to the over all exposure to the stock market. I believe that the US Governments massive liquidity injection into the stock market has put a artificial floor in the stock market and in time this floor will fail and the stock market will go much lower. There are many more shoes to drop. I took my money out of the stock market three years ago and put in CD’s in the credit union, because I new the stock market was going into the tank. As my CD’s have been maturing I have been putting the assets into Hard Gold, not gold ETF. With the massive printing of the dollar, inflation will eventually come back and the dollar will drop in value. I know you told not to worry about my cash because it is insured by American Share Insurance, but insurance companies can fail too, example AIG.

So that said, I would like to hear a more updated message and know the percentage of LAFIRCU exposure to the stock market.

]]> By: Mike Mastro http://mylafirecu.org/2008/10/13/the-markets-credit-crunch-and-lafcu/#comment-68 Mike Mastro Wed, 15 Oct 2008 14:14:50 +0000 http://mylafirecu.org/2008/10/13/the-markets-credit-crunch-and-lafcu/#comment-68 Thanks for your positive comments. We will, of course, continue to deliver products and services as well as new business opportunities to our Fire Family when we determine it is a value add for our members and makes good economic sense for the Credit Union. I am very proud that we put in place a number of years ago “FIREHOUSE Financial” where members can obtain trusted financial advice and a written, “no cost”, professionally prepared financial plan from our licensed investment representatives whether you decide to invest or not. Simply sitting down and having one of our investment representatives assist you in developing and putting the plan in place will help you plan much more effectively in these challenging times for your future. I am pleased to tell you that LAFCU members value our financial strength and trusted service and have been transferring large traditional deposits to LAFCU as well as 457 (Deferred Comp) account balances in addition to 401K balances. Members have the choice to place those funds either in our traditional fully insured IRA CD’s or money market fund or in non-insured market investments offered through FIREHOUSE Financial. This service is a great member benefit especially in trying times such as these. Our Financial planners Jason Torrey Payne 323-550-2269 and Jack Edelman 323-550-4928 have offices located at the Credit Union in Pasadena - but they can also come out to the stations or to your residence. Please also keep in mind that I, your Board of Directors, as well as my leadership team are available to take your calls and questions as they come up. Thanks, Mike Thanks for your positive comments.

We will, of course, continue to deliver products and services as well as new business opportunities to our Fire Family when we determine it is a value add for our members and makes good economic sense for the Credit Union. I am very proud that we put in place a number of years ago “FIREHOUSE Financial” where members can obtain trusted financial advice and a written, “no cost”, professionally prepared financial plan from our licensed investment representatives whether you decide to invest or not. Simply sitting down and having one of our investment representatives assist you in developing and putting the plan in place will help you plan much more effectively in these challenging times for your future.

I am pleased to tell you that LAFCU members value our financial strength and trusted service and have been transferring large traditional deposits to LAFCU as well as 457 (Deferred Comp) account balances in addition to 401K balances. Members have the choice to place those funds either in our traditional fully insured IRA CD’s or money market fund or in non-insured market investments offered through FIREHOUSE Financial. This service is a great member benefit especially in trying times such as these.

Our Financial planners Jason Torrey Payne 323-550-2269 and Jack Edelman 323-550-4928 have offices located at the Credit Union in Pasadena – but they can also come out to the stations or to your residence.

Please also keep in mind that I, your Board of Directors, as well as my leadership team are available to take your calls and questions as they come up.

Thanks,
Mike

]]> By: Kathy Robinett http://mylafirecu.org/2008/10/13/the-markets-credit-crunch-and-lafcu/#comment-67 Kathy Robinett Mon, 13 Oct 2008 22:33:14 +0000 http://mylafirecu.org/2008/10/13/the-markets-credit-crunch-and-lafcu/#comment-67 Thank you !!! One of the best things that ever happened was being able to remain a member. Thank you !!!

One of the best things that ever happened was being able to remain a member.

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