Help change the global crisis!
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Visit the above link where it explains all!
If you think its a good idea like I do then help raise awareness, spread this to anyone and everyone.
Sorry voted no. Paid actors depicting evil bankers donât provide a full picture of the reality and seems nothing more than propaganda to vilify financial institutions.
Donât forget bailouts were paid with YOUR money by your government who took from you. Donât blame the banks when they were practically forced to take funds and (at least in the States) forced to provide loans to people who had no business receiving one. All of this economic strife was born from a real estate âspread the wealthâ Ponzi scheme forged by progressives in the 60s. Everyone who knew what the heck was going on saw this years ago.
Thatâs an intriguing statement, care to elaborate?
Do a search and read about the historical evolution of the Community Reinvestment Act 1977. The act basically submitted banks who were Federally Insured (FDIC) to evaluation whether or not they met needs of the community for which they were chartered. No room for corruption in this system for sure. /sarcasm Also note the key persons involved in getting the act into law (especially Chicago) who were/are redistributive wealth action groups. Every time we get some sort of broad-reaching socialist policy it ends in disaster. I donât mean police and firemen, roads but Health Care, Social Security and Financial Reform.
EDIT:
I hate posting YouTube silliness but look at the date and person in this video: I remember this when it was going on but the Feds âassessedâ a Texas bank that probably didnât have the correct political affiliation and forced them to give money.
I donât see what that has to do with Wall Street casino-style banking? It wasnât the Main Street arms of the banks who caused this problem.
Why does everyone always target the banks and the bankers? Its like if your a banker your automatically perceived as a tosser.
Maybe because it was their choices and actions that have led us to our current economic woes? Itâs understandable and entirely right that they should pay a price for their mistakes.
+1
Thatâs the rub, it wasnât their choice but the slow and constant needling by grass roots and top-down (Fed) activists to force small/medium regional banks to give money to poor people that caused this problem. Eventually our Fed tried to distribute the troubled assets into Fannie adn Freddie but it was doomed. Obama admits it and it is clear that our depressed real estate market was caused by âfairâ theory that has no place in free markets.
OK what do you mean by casino-style banking. Do yo have any idea what you are talking about?
after the ukâs current and former governments decided not to tax the bankers after the bail-outs theyâve recieved i believe that somehow they are underneath the banks in terms of power,or maybe they do have the power to do it but in reality canât because of the consequences from the all powerful banks.i could be completely wrong but it doesnât take a genius to see that if banks have ballsed things up and been given lots and lots and lots of the countrys money then when they start to do well and the country isnât then the country should want it back as quickly as possible.
its a no brainer for me and although i like the idea of the video i donât beleive its on the cards and would like to see what our p.m would reply if asked but our country has been swayed from even thinking of this big question because the government have now made the biggest cuts in decades which effects all of us.we canât change things we think we know about but donât.
lets have another drink then
!
Probably because they know taxing banks based on a juvenile smear campaign is a bad idea and completely unproductive? Many European countries have bigger problems like trying to get people to work an extra 2 years and how itâs going to pay for itâs failing social programs. I have yet to get a clear answer on why people are so quick to blame some perceived intrinsic villainy of the financial sector because itâs just a matter of perception (us/them) mindset from liberal propaganda. But no factsâŚto date.
Cheers! I hope you good folks figure it out.
By casino-style banking I mean those banks involved in the trading of derivatives and other high-risk but extremely profitable financial products. The sort of trading in unquantifiable ephemera that caused the recent economic collapse.
You do understand that it wasnât the defaulting on the mortgages that caused the collapse, yes? It was the way those debts were traded that facilitated the collapse.
People have defaulted on loans and mortgages for hundreds of years and the global financial markets have always been able to cope, ask yourself why it was so different this time.
I guess it comes down to what prism of bias weâd like to refer to. Mine, a more fiscally conservative view, blames State meddling in the real estate and financial markets that fostered the high-risk derivative (credit-default swaps and CDOs) products. Conversely, federal regulation could not keep up (or was unwilling) to address the issue of these financial instruments. Also, there really seems to be no sense of accountability prevalent in the financial culture partially due to hedging and bailouts but also in the increased virtualization (word?) of value for x product.
So, can we agree that there is no one single cause and to rush to demonize any institution for the time being is premature?
EDIT:
"People have defaulted on loans and mortgages for hundreds of years and the global financial markets have always been able to cope, ask yourself why it was so different this time. "
Because this is unprecedented? Just a guess really and iâd like to research real statistics on defaults.
And who had been lobbying for the deregulation of the markets for so long? The banks. Through Clinton and GWB they got what they always wanted, and look what happened.
It seems strange that you only blame the democrats and âliberalsâ when itâs quite clear that both parties were equally in the pocket of the bank lobby and equally culpable. The fact is that the entire political establishment and the financial industries are entirely to blame.
Poor people canât buy products that donât exist.
I will not argue thereâŚat all. Well, except that when GWB was in office and calls for Congressional hearings into a looming real estate meltdown was met with what appeared to be outright lies from Barney Frank. I try to stay out of partisanship because I donât wish to see it as R vs. D. And I agree that it is w/in the dynamics between politics and finance that the cause of all this will ultimately be found. My concern is that really poor and arbitrary decisions based on emotions will be made in the meantime.
And for the record GWB goes into my top-5 all time worst presidents.
Iâd say you need to work on that non-partisan thing.
It should be clear to any thinking person that the issue is not the democrats or the republicans, or labour or the conservatives (I am British), but the neoliberal consensus (confusingly primarily a right-wing ideology) that is at fault.
If nothing else the last few years should have shown that the associated creed of deregulation (one of the major tenets of neoliberalism) is not a valid way to run an economy.
It always bugs me when people use the âclear to any thinking personâ premise. But wtv.
It is not a regulatory issue but a system of corruption that is at heart. It seems evident to me that during the many hearings into an inevitable housing market crisis pinioned to Fannie and Freddie that many âliberalsâ running the companies completely and utterly lied about itâs solvency. Congressmen who asked tough questions were labeled as racist and the resulting fury completely took fact and objectivity out of the issue. Ultimately nothing was accomplished and Franklin Raines got his 1+million dollar bonus. These arenât âfat catâ bankers but liberal political activists who in the guise of acting on behalf of the poor got wealthy. We know what happened to the poor though. I would just as much deride a conservative for such blatant corruption.
You are missing my point, I donât really care about regulation to a degree. It is necessary and not an evil thing at all. But who regulates the regulators? And at what point does the State own business? Just as much as I want religion out of government so I want business. Those two when owned by a State are doomed.
I think you severely overestimate the power of the nation state in todayâs world.
I know itâs the general discussion forum but I like my music forums politic-financial free. nv me
peace