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.
bobbo, the Don Juan of partner-less loving said:
“Too many LIEberTARDS think having their money stolen by the SUPER-rich, is some form of personal freedom. HEY!===I said they were TARDS.”
I just want to point out the fact that the libertarians have been almost the only consistent critics of the fiat money system. Implying that the current situation is somehow a result of following libertarian policy is beyond irony, well into idiocy and verging on depravity.
If this is not something you are perfectly clear about, you only have your own ignorance to blame.
You can cure your ignorance here.
If that is too scary start here.
or here.
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!