I feel it's true to the bone. The banks lent money to people who were never going to be able to get it back and that was a bad business decision. I suspect they did it KNOWING full well that the government would bail them out.#
Question: BOA robots (Inc.) employs 1 person. Things aren't going too well. BOA has given a lot of robot parts away on credit and people haven't yet paid for them, becuase they're all very poor robot builders. BOA should never have given them the parts in good faith. Does the government give BOA a free loan to help him through a rough patch?
Ha ha ha.
The notion that the government can lend my money to a bank so that the bank can lend it back to me at a profit is just ludicrous.
And welcome to the world of finance, its a wonderfull thing - i see the british government are now saying that they will increase the ammount of savings cover from 35k to 50k for induvidials in the event of a bank going bust over here - so question here is that i pay my tax, i used to save with northern rock, they have now been nationalised, so whilst i have moved my savings else where, i am still helping to support a bank ?
BOA did you want a food aid package, i seem to have an awful lot of biscuits at the moment.
The Rich Get Richer & the Poor Get Prison, heh heh.
All in the spirit of friends amongst each other, i will take a bite:
I agree the “rescue operation” is a bail out that the penny-industry is more than happy to accept. And one they were anticipating (speculating) upon. And that feels all kinds of wrong. I feel abused, I suppose.
But the blame is not to be placed just in the here and now. Previous caretakers (of banks, of governments) let it get to were we are today. The administrations in the past did not prevent any such abuse. Maybe even profited from it all. Today, there seems to be no choice but to bail. Without rescue the “financial system will grind to a halt”. That’s what the boffins say and I will give them the benefit of the lay man’s doubt.
The difference between BOA Robots (Inc.) and BigBanks (Cah.) is apparently that society at large is not depending on the survival of the BOA robopart distribution system. (Which in itself is of course a sad commentary on the way the world works
So I am willing to go along in this expensive redistribution of tax money. As long as measures are taken that previous administrators neglected (or refused) to take. Being a lay man (at finance that is) myself, I will defer to the experts on what those measures ought to be.
Rik pays taxes to a dutch gov. and has his savings on a dutch bank, last time he checked…
The difference between BOA Robots (Inc.) and BigBanks (Cah.) is apparently that society at large is not depending on the survival of the BOA robopart distribution system. (Which in itself is of course a sad commentary on the way the world works
That’s very very true. That’s the reason why banks should be not be free to act almost like any other business.
And what’s the lesson learned here ? It is: if you have to start your own business, do something that the whole society will depend upon, so when you’ll mess all up, the government will give you society’s money!
I don’t think the US or UK governments should be doing anything to help banks. If the bansk go bust, sure it trashes the economy, but why does that matter? If we’re all poor, then we’re all equally poor, so we’re not really poor!
The only time all this nonsense matters is if a country suffers economically in comparison to another country. So long as the US suffers, then the whole world (including the US) will be perfectly all right, relatively speaking.
I don’t recognise the right of banks to exist. They thrive on money which isn’t even real. It’s a conceived trading item with only a notional value. A notional value set by the banks themselves.
Somehow they’ve been allowed to put themselves in this position where they’re a requirement to industry and commerce. Bring back teh days of trading. I make you a robot, you make me a circuit board. The trouble is that unless all the people of the world unite against money, they won’t be able to trade internationally.
It’s depressing how the greed of a few is allowed to cause misery to the world. Why does the world permit this?
looks like our ideas are similar…very similar actually
the point is that in my opinion we’ve come to a point of no return for this. “Greedy ones” have the people as slaves, and these slaves cannot do much to free themselves from it. Maybe the fall of economics, or the depletion of resources, or similar cathastrophes could some day change the current situation. I am on one hand worried this crisis might strike me, but on the other end i am kind of glad that this economic system is showing its cracks (is it a synonim for weakness? 'cause that’s what i wanted to say).
internet is one of the few places where you can find communities that do not require the selling or buying, but the sharing of information, like LMR for example, that’s why i love it. ALL LMR ARE BELONG TO US !
I put the likelihood of the I put the likelihood of the collapse of the US Economic and Political System to be within the next 25 years tops, leaning more towards the next 10. While I know it will stink for a lot of people, it will also help weed out the non-providers who leech the system dry and cause our money to go to causes that we don’t support. I know that a lot more is needed to flesh my view out, but I don’t feel like barraging this with my views on politics and/or economics and how society should react in full.
Just switched on the TV to check out the result of The Vote on The Robbery of The Century. Only to find that the first cases of robbery have been tried already… In the monetary heartland of the USA: Las Vegas.
You would think since OJ got away with murder on the ol’ “if the glove don’t fit you must not commit” i wonder if the defence had another punchline for the closing statements.
