Classic clip from the movie Wall Street. Seems to be appropriate with all the economic turmoil that’s happening in both sides of the Atlantic.
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[Ed. – comment deleted for violation of posting guidelines]
# 2 Eric
“Except that in the case of that scene, it really was.”
I was thinking exactly the same thing. LOL
#2, Eric,
The problem isn’t the banks or the banking rules. Banks, generally, are doing OK.
The problems are with the unregulated periphery finance companies being allowed to enter the loan and mortgage markets.The banks having problems own companies that are unregulated.
Sure greed is good in the bigger picture. Except that the bueracrats he was berating as unsurvivable in the capitalist system keep winning out regardless of the fact logic dictates none of the guys responsible for lying to everyone thus running the companies that are dying and ran them into the ground should have been able to attain those offices. Greed works in principle, just not in reality.
It used to be that the “regular” banks made money by screwing you with service charges and gouging you with high interest rate credit cards.
Investment and commercial banks made money by charging a commission for everything, and taking a cut when the investment paid off, while still charging you if the investment tanked.
And insurance companies made money by studying actuarial tables and betting when you’d die, or whether or not your house would burn down. And then denying your claim.
This worked well and everyone was happy.
Then the regular banks decided that charging our $2.50 to withdrawn $20 from an ATM was boring, so they got into the financial management and insurance game.
The investment banks started running putting their own money into investments (and borrowing to cover the losses).
The insurance companies (now facing competition from banks) decided to throw their huge assets (from over-charging for premiums) into the stock market. After all, they had $100 billion – how could they lose?
In effect, all 3 groups decided it was better to gamble in their own casino rather than sit back and skim the profits from the other suckers.
Now seems to be the appropriate time for some people to get their legs broken, and others to get a one-way trip out to the desert.
Sure it’s on the TV and in the movies. He who has the most money gets the biggest toys and the prettiest women. It’s like a consumerist tantra and it’s so predominant in the US culture that it’s displaced most of the values that made America great. Neighbours used to trust, talk, and help each other, not like now. There used to be captains of industry and now all we got are a bunch of quick buck artists. We used to have traditions but now all we have cultural diversity. We used to be pacifists, now we’re fighting in wars for dubious reasons, it seems to me that the war on terror is a convenient continuation of the cold war military mind set – there’s a terrible enemy out there and if we don’t go kill him he’ll come kill us. I could go on and on but I think you get it. And yes I blame greed, it’s at the root of this evil.
For those that dont understand the video..
There is a PRETEXT..
HOW many vice presidents??
It used to be in the Business world:
WHAT WAS LEFT of the money was WHAT was paid to the TOP and the stock holders.
IF the company made NOTHING, those on the top, didnt get ALOT of money, and stock holders got ZILCH.
It used to be the PERSONs on TOP KNEW what was going on in EVERY LEVEL of business.
It USED to be STOCKS had a value equal to the value of the company, and the PRICE of the stock didnt go up UNLESS the value of the company WENT UP, and NOT the cost of GOODS it was selling.
It used to be that the CONSUMER was a controlling factor. but if you LOOK.. RESELLERS have Multi layer marketing.
HIGH PRICED SALES
MEDIUM PRICED
LOW PRICED
BOTTOM PRICED
If an item doesnt sell they ship it off to the NEXT level, then the NEXT, the NEXT, until the item SELLS..
Used to be that if an ITEM didnt sell that Goods would be shipped to St. Vincent de paul/deseret industries/others for a tax break..NOW they cut them up and throw them away.
I posted this video four days ago. Nice to see that you found it worthy.
What is bad is corruption. Call the problems we have now for what they are. Everybody is greedy. It’s just that some people are in a better position to exploit it.
If you don’t believe me, I want you to go to work tomorrow and ask for a pay cut.
Don’t want to do that? Then have you ever turned down a pay raise?
Greed is good. It feeds you, your family, and keeps a roof over their heads.
#11,
very TRUE.