Read the article for the details on how transparently obvious these lame, “look over here…” attempts are to hoodwink the global public into thinking they’re doing something.
Three discrete events over the past couple of weeks have confirmed the worst suspicions of non-Keynesians that governments remain not just beholden to banks around the world but positively scared of them.
Exhibit A is the cartoonish European bank “stress” tests, Exhibit B is the US government’s alleged attempt at financial system overhaul through the Dodd-Frank bill and Exhibit C is the hilarious Basel-III regime unveiled this week
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The sum total of all of the machinations over the past few weeks is that regulators have expressed a clear desire not to control the future risk-taking of banks, have not expressed concerns over the current composition of balance sheets, and furthermore refused to set a longer-term plan in motion for capital accretion.Taken together, these missteps guarantee the recurrence of financial crises in future, with each episode likely to be worse than the previous one.
Banks can/should/must/will be controlled after enough agony has been experienced for Congress to do its job. Sadly, there are too many Pukes and Retards for this to occur for a few more recxessions. Eventually we will get another Teddy Roosevelt who will ride in on a wave of populist revulsion and what is understood by all that needs be done will be again.
Too many LIEberTARDS think having their money stolen by the SUPER-rich, is some form of personal freedom. HEY!===I said they were TARDS.
We can kill them. Revolution! Tune up the band to La Marseillaise, and get to building those guillotines. Congress before the bankers as a show of respect.
Hit them where it hurts. If you can, get out of debt completely, do not play the stock market, and keep a minimum amount of money in a small hometown type bank with a good rating. If you need a credit card, get an AE card that must be paid off every month. This is all doable. Most of my transactions are in cash these days.
And the FDIC is broke anyway, if there were a run on banks, your money is not going to be there and the gov’t won’t pony up.
McCullough, that just means they will take riskier loans, and the government will bail them out.
Why weren’t we hearing these complaints before the Dodd-Frank bill passed?
Money, unlike food or fuel, has no intrinsic value and is just paper.
#4. True enough, but there’s not much I can do about that. What I can do, is make sure I am not beholding to the banksters.
The market, including your retirement accounts, are not playing on a level field, you’d be better off blowing it in Vegas, or paying off your mortgage / debts.
The big banks are killing our economy in a controlled demolition, by the globalists. Think about it.
I think the opposite is true. I think governments are setting up the banks to fail, because they do not want to be blamed when they do.
This is the side of the equation mainstream media is too scared to report: Peak phosphorus and peak oil have already passed. We cannot raise production of either beyond what they are already at, and within a few years production will decline on both. These two basic commodities have no replacement. Without oil we do not travel, without phosphorous we do not eat. Without growth in both commodities, there can be no economic growth.
In the past decade there has not been any economic growth except inflation. Without economic growth, there is no way to pay interest. Banks will have to stop lending, which means the money supply dries up, making interest payments even less likely to be paid.
Banks are destined to fail, and there is nothing politically expedient that Government can do to stop it, so why not let it happen?
So the smartest guys in Congress passed a bunch of rules and hired the best regulators to enforce them and the system failed. So obviously we need to have better Congressmen pass more regulations to be enforced by more competent bureaucrats. What is it about doing the same thing over and over but expecting a different result that they don’t understand. Barney Frank completely screwed up FNMA so naturally he should be in charge of re-regulating the whole banking system. Quick somebody re-elect that guy one more time.
Who says we can’t kill ’em?
I don’t mean kill the banks. I mean kill the bankers. Round up anyone who ever worked at Lehman Brothers or Goldman Sachs, and who made more than $250,000, and just shoot them all.
There wouldn’t be a shortage of volunteers for the firing squad.
It would be arbitrary, unfair and completely unjust – but it would send the message to the other banks: “Screw up our economy and we’ll go completely bat-shit.”
I’m with #10. You don’t have to kill them though, just kill their businesses and kick them out of the industry. We have to have a system that doesn’t tolerate incompetency. They have to lose money, lose face, lose their jobs and end up working at a pizza joint before they’ll get it. If all the peons at the bank knew that is the consequence, they’ll put pressure on the higher-ups to run the thing legitimately. (Or they’ll leave to work for someone better which will have the same effect.) We don’t have Lehman any more and the world still runs. We could do without Citi and Goldman too. Someone else would pick up the slack and probably be better at it.
Still don’t believe the Jews are controling the world’s economy?
Why are the Chinese called “The Jews of the Orient?” I think it is because they honor family and are hard working but I could be wrong.
The biggest bank of all is the federal reserve…
borrow borrow borrow, inflate the currency,
then pay back by printing inflated dollars!!!
Hey! it works!!!
In retrospect bailing out the renegades without leg shackling them first, was a lost opportunity.
Somebody==surely you jest? Libertarians are all for deregulating business and letting it be controlled by the individual decisions of free market consumers.
Silly to think the gold standard would avoid the pit falls of deregulation.
Its deep thinking like yours that gives the libertarians a BAD NAME.
#1 Yes somebody does need to be watching the fire but if you think this hyper complex pile of BS is going to help you need a brain transplant from a hamster to upgrade your IQ.
bobbo, to promote hell on earth we must misrepresent libertarianism said:
“Somebody==surely you jest? Libertarians are all for deregulating business and letting it be controlled by the individual decisions of free market consumers.”
Ah, but under a libertarian system freedom comes with responsibility and without privilege. Which means no monopolies or bailouts for the rich.
To underscore the point, that would mean that a small group of private bankers would not have the exclusive right to counterfeit money and ready access to the tax-payers money for a bailout if they get a bit carried away.
“Silly to think the gold standard would avoid the pit falls of deregulation.”
Silly to say something like that without having read this:
http://mises.org/books/whathasgovernmentdone.pdf
Unless being wrong and a fool is your hobby.
And don’t you love it that the Democrats have just erected a massive regulatory framework – directly controlled by the bankers?!
I wish you could glean some wisdom from such a blatant display of “statesmanship”.
But alas!
#18–do-ill==Yes, one would need a hampster brain to understand what you are rambling on about. This whole thread is about how the new laws and oversight systems ARE NOT GOING TO HELP. I guess its hard to make good distance inside that caged wheel?
#19–Somebody==you say: “Ah, but under a libertarian system freedom comes with responsibility and without privilege. Which means no monopolies or bailouts for the rich.” /// Living in a cloud of finely tuned principle TOTALLY DEVOID OF REALITY. There was a Saturday Night Live skit about some bad societal condition and each cast member had a turn with “Well, lets make that illegal so people won’t be allowed to do it.” The point is===the TARDS based on the philosophy remove the controllling regulations, and then the THIEVES based on reality come in and steal society blind. Your ideas are about as relevant as making a counterpoint by referencing an entire book===aka===RETARDED.
Every LIEberTARD I have ever met has no problems with monopolies: they would be the largest if they weren’t providing the market with what they wanted. Sure you are speaking for the TARDS, or just for yourself? Careful now, I wouldn’t want you to lose your lifetime pass to crazy town.
I was thinking of selling off some guns I’ll be inheriting. But lately I’ve had more reasons to hold onto them. They’ll be coming in handy, when the revolution finally comes. Pitchforks and torches is so 18th century European villager. Not a gun among them sods. No wonder their despot Kings didn’t fear taxing them to death. Well the Money Kings aren’t going to be so secure, in the 21th century. They better start getting their suits made out of Kevlar.
bobbo, criticizing libertarianism is easier when you know nothing about it said:
“There was a Saturday Night Live skit about some bad societal condition and each cast member had a turn with “Well, lets make that illegal so people won’t be allowed to do it.””…
And you immediately recognized this as libertarianism, did you?
“Your ideas are about as relevant as making a counterpoint by referencing an entire book…”
Actually, I included that link for the less clue-resistant readers out there. I know that you are completely incorrigible.
In fact, I only refuted your first post for the benefit of new readers who might not have had any idea about how wrong you are willing to be in a public forum. They might have assumed that there was something to what you were saying.
I hope now that the more thoughtful readers can see that the whole “Private gain, public risk” scheme that the bankers and others are running is completely and obviously antithetical to libertarian principles.
I suppose that bobbo will never figure it out or admit it.
The banks want deregulation. Deregulation really isn’t a word, its made up.
What it really means is banks don’t want to follow laws.
Imagine if the average citizen wasn’t required to follow laws. I can guarantee you the public would be looting the Wal-Marts and burning houses. That’s what banks want, the ability to loot the taxpayer and burn whats left.
#23–Somebody==you completely fail to refute my post #19.
You argue as a fool. You see “Communism” is actually the perfect utopia you are aiming for because under Communism everyone is happy to work for the greater good without regard to their personal gain. If they don’t act that way, then they are practicing Communism which is why their system doesn’t work.
Same with you LIEberTARD. You take away regulation of free market capitalism because of the philosophy and when the system fails as it always does, just as we are now experiencing, you say they aren’t acting as libertarians should.
YOU are a RETARD. Every “system” works wonderfully as along as all the people believe and work within it as proposed. No one ever does though. Silly to keep arguing the philosophy when “what works” is all about PRAGMATISM.
Your dog doesn’t hunt.
I argue with a fool, not as a fool.
I can distinguish between communism and libertarianism. Can you? If not, that would explain the seemingly random nature of your rantings.
Even a pragmatist has to be correct about which causes result in which effects.
Businesses do fail under a truly free market.
Just not all of them at the same time.
You really do waste a crisis when you go through it but are clueless about the reasons why.
Somebody–you got nothing but restatement of faith. Why not address the logic/reality of the argument?
Greenspan admitted “I was wrong” when thinking the market could regulate itself.
How hard does REALITY have to kick you in the teeth before you will smell the coffee????
Go ahead: was Greenspan right or wrong when he said his libertarian free market principles where proven wrong as “the worst mistake I have ever made?”
# 13 bobbo,
The Chinese are like the Jews. Specially in all the negative aspects.
They’re cheap, arrogant, think their culture is the only one with thousands of years of age, the men seem to be obsessed with blond white women, you can find them in any part of the world, they have invaded a country and if you disagree with them you’re a racist nazi, they have a strong lobby that ensures the American Government bends over any time they want.
And lastly, despite claims that everyone of their ethnic group is important everyone knows that if you’re not part of the rich, ultraconservative group then you’re a disposable human being.
bobbo, words have meaning (but I don’t know what they are) said:
“Greenspan admitted “I was wrong” when thinking the market could regulate itself.”
First, you would have to know that you are not exactly covering yourself in glory by identifying Greenspan as a libertarian.
Here, have a listen:
http://media.mises.org/mp3/misescircle-ny10/09_NYC_2010_Sheehan.mp3
#28–you ain’t Wong==very persuasive. Pretty good proof we are all more the same than different? Except for the money/God’s favor thing.
Bobbo got spanked by Somebody…
Oh, and who is watching the watchmen???