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LOL...
I was going to say, who care about that singer, why you posting it here, then realized you meant the bank.
BoA:
LOL...
I was going to say, who care about that singer, why you posting it here, then realized you meant the bank.
BoA:
In before WC says they have a right to defraud the people, because they worked hard to earn the money they made and deserve to be rich.
It's their duty to not pay taxes too, at least not to this social justice, imperialist, Kenyan-born, Hitler-loving, socialist, fascit, anti-american, racist President.
Have I ever defended a regular bank?
God... I hate them. US Bank has screwed me in the past. them.
They worked hard to get where they are. They deserve to be rich.
If that's your belief...
I don't disagree that businesses should make a profit. I have never seen a bank that I had respect for though, in the way they pad their profits.
What are banks supposed to do if not pad their profits? It's like that woman that got upset because she nursed a sick snake back to health... the knew it was a snake!
That's called "Capitalism", WC. Maybe you've heard of it?
It's a nasty system, but I don't think that Americans can handle a change to a regime which restricted credit (ah, if bankers were personally liable for losses....but I digress.)
And it's not going to change. The bubble must be reinflated, it's now a matter of national security.
I'm regurgitating what you've said in the past about ultra-rich individuals and how they made their money.
The government will never allow one of these banks like Citi or BOA to go under because they do more than risky i-banking. They also handle massive amounts of middle-class personal savings and checking accounts. Not to mention the FDIC doesn't even have enough money to pay out to account holders if those banks ever did go down. So they've effectively gamed the system. If a risky bet ever backfires they can just say "we go down, and we'll take you with us", and they're absolutely right.
Can't wait for the life in prison sentence they're going to hand to the disgruntled employee while the BoA sharks ensure the do ents cannot be used in court against them...
We hate it, but who really is ready to accept limits with personal borrowing?
I am. Other than my mortgage, I have zero credit debt. And, I'm paying off the house as quickly as possible.
Fewer busts, but then, fewer booms, and less ability to live outside your means. American society is not ready.
"who really is ready to accept limits with personal borrowing"
The finance interest is heavily leveraged in the casino, and they live off interest and fees sucked out of heavily indebted citizens. IIRC it was 2009 that banks made $13B profit, while pocketigng $38B only in overdraft fees. No overdraft fees, banks LOSE $25B.
Do you really think the financial sector will allow their employees in Congress to regulate finance? The Repugs are working extremely hard to defund SEC, CFPA, and weaken all financial rules into jokes.
at blaming the American public for the economic crisis.
You don't think we had a part in this fiasco?
"You don't think we had a part in this fiasco"
Not at all. Househeld debt was 113% of household income. Avg cc debt is $4000.
The Banskters' Great Depression is completely the fault of the criminal, fraudulent, predatory financial sector. Individuals couldn't crater the world's economy if the financial sector didn't take the lead.
A small part, yes. However, it was the banks that convinced the American public that they could afford an $800,000 house on a $50,000 salary. Our fault was trusting the banks thinking they weren't going to intentionally, illicitly, and maliciously screw us over, something they in any SANE system should never have been allowed to do. However, it's difficult to do when the person telling you all this knows 50x what you do on the subject, and can word it in a way that sounds entirely reasonable and believable. Keep in mind that these banks were not only intentionally deceiving people, but they were actually going back and betting against their customers.
So let's review:
You have a financial ins ution that A) gets deregulated
B) Begins to (ILLEGALLY) take advantage of the system en masse and
C) pathologically lies to the public and actively attempts to bankrupt them in order to make money back on the interest of their mistake.
Now, you can say that the public should have used more common sense, but when your own banking ins utions are literally out to ing ruin you so they can make money on the short, how long do you think it would have been before they found some other way of packaging a sandwich to the average person and convincing them to buy it? Take, for example, the situation in Japan right now with the reactors melting down. If the scientists say everything is alright, who are you to tell them different? They're a physicist, they know more about the reactors than you ever will. And even IF you know they're lying, what the are you going to do about it if nearly EVERY scientist is in on the cover-up?
The total for credit default swaps alone in this country was in the hundreds of trillions of dollars. Not only were these banks manufacturing ways to make money with no one checking up on the, they were trying to sink as many people as they could, as fast as they could, to make their pockets diamond lined, instead of just platinum plated.
I don't know, boutons. I had an opportunity to build a house I couldn't really afford. But the loan was approved and everything was ready to go. I killed the deal and walked away because I knew I couldn't swing the mortgage payments if anything at all happened in the future. Loads of consumers didn't walk away.
Also, you assume the cc debt is all non-discretionary. I think you might be wrong there.
It's easy to blame the public. To believe that if people were just more sensible, that none of this would have happened.
And it's bull . I mean no offense to you. But the total CC debt in this country would not even have phased the economy on it's own, and even factored in it's a tiny percentage of what went wrong.
Banks were toying with figures that were over 10 times the GNP. Nothing the public could have done would have averted that. They were gaming the system unchecked. If it didn't happen with real estate and credit default swaps, it would have happened with something else.
To provide an analogy, it's like saying, "Wow, if we just hadn't eaten so much at every meal, we'd have food for the entire winter instead of starving halfway through" and saying this while every farmer in the country is selling food overseas and intentionally jacking local prices so high that only the ultra-rich can afford to eat more than one meal per day.
I agree with alot of this, however, it wasn't just the banks doing this. In my case, the builder was the huckster. But in the end, I knew I could afford the mortgage at present income/debt levels, but I also know that weird /set backs happen and I wouldn't have the reserve to handle it if I tied myself to that mortgage. It's common sense coupled with a concentrated effort to deny the impulse of instant gratification. We, as Americans, don't do this very well. The banks, of course, know this and make a killing off of this weakness. In that respect, they are as implicit as our lack of control. But, they do not own the entire fiasco. We, by dint of ignoring our common sense and signing these mortgages, fed the shark when we really didn't have to.
I don't think it's easy, Havoc. It's probably the hardest party to lay blame with...
There was a back office scenario to this whole thing....such as what you describe. It easily claims the lion's share of the blame. Even so, easy prey is easy.
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