There's lots of blame to go around. But lets not over-complicate the issue. Free markets work by punishing failure, and rewarding success. Agreed? When insolvents are propped up, failure is rewarded, and the successful (savers) are punished. This creates moral hazard. LTCM > Nazdaq > housing bubble > 2008. Real simple. At the very least, insolvent banks (and their depositors/investors) need to go bankrupt. What we have is a "solution" where Bankers escape any kind of market discipline, where management themselves evade any type of legal repercussions, and alll losses are suffered by shareholders/investors/depositors/and the general public. Only one side is taking the loss. And that's the public.
Please. You buy and sell stuff with the intention of profiting off of the market. A bank lends and invests money with the intention of profiting. Both operate within the confines of the law. How are you superior? I'm sure you believe the Fed is the root of all evil and the world was perfect before central banks.
Ya, and insider trading is illegal, numbnuts. Except for Congress (they exempted themselves). And HFT shops - most front run executable orders. Know what the spirit of the law, means? The FED. Here we go with that old chesnut. Listen, if you want free markets, it means letting bankrupts fail. Do you understand that? Apparently, not.
I do not think you will succeed in enlightening someone who on one side claims he believes in free markets and then declares banks the root of all evil basically suggesting there was no such evil before central banks stepped in. I do not even believe he can reconcile his own thoughts because they are just contradictory. Banks have always just been part of the problem, someone claiming the financier is the issue in the free enterprise system demonstrates a very limited understanding and vision of the system surrounding him.
This is going to make every weak European bank insolvent. Who's going to hold excessive deposits knowing there's not going to be any protection on these accounts. This is just plain stupid.
agree but still better than signaling the small guy in France, Spain, Italy that its time to get their sub 100k accounts closed and all the cash out of the system would you not agree? I guess this time Angela was not willing to top up the account anymore, thus more drastic measures. I welcome all those developments, the faster we hit a wall in Europe and elsewhere the faster at least a chance comes to truly wash out the system and start over. It generally starts with the small guy on the street, as long as he thinks the honey continues flowing freely from the mountains up north (a.k.a. Germany, Holland, Scandinavia, ...) nothing will change. Party is over pal, time to wake up and foot the bill. Once the blue collar worker has to count the pennies in the pocket again, he will hold his electorate responsible. Real change always starts at the bottom of the pyramid.
Sorry but why the fuck do you guys all care about what happens to the cryprus people and how unfair/immoral it may be??! This is a TRADING forum ffs, NOT a political morality forum! So why does everyone rant on about their view on the politics, instead of live-calling what trades they are making currently based on this??