That's the answer, let new entrepreneurs and visionaries create the banks of the future. Unfortunately, democrats don't believe this. Either way, freedom will prevailat the end and no matter what they do, only the strongest and honest banks will survive the crisis.
So let me get this straight. Our financial system created this mess in the first place, and the way to fix it is to bail out the system that caused it. Isnât that sort of like curing lung cancer by smoking more cigarettes? We need a complete overhaul with our financial system and the first step is to get rid of the Federal Reserve.
First of all, President Obama likely is deep in the pockets of the Global Financiers and others. Remember his political meeting with major bank officials in New York, you know, the one sponsored by Soros! See, nothing has changed! And another: Why are Soros and Buffet involved and advising Obama about Government Financial affairs. They're Hedge Fund Managers and Owners; isn't that a conflict of interest and, possibly, Insider Trading problems? :eek:
The Founding fathers warned us against democracy, and that is why they formed a republic instead. But when the system became a kleptocracy with special interests buying Congressmen and Senators the law- making process became slave to special interests. Thomas Jefferson said : "I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." The banks ARE the problem, not the solution: Enjoy "Armstrong Economics" http://www.jsmineset.com/wp-content/uploads/2009/02/martin-armstrong.pdf
Normally yes, there could be consideration of insider trading practice, but this is soros and buffett..they are not the usual trader. They care about this world and have the capacity to break in pieces the system that made things so wrong, because they know what is going on.
Well, government created so many distortions in the financial system that it collapsed. For example, the fact that Fan & Fred were allowed to buy non-conforming mortgages increased the desire to extend such mortgages. The Fed kept rates too low for too long after 9/11 and the burst tech bubble, encouraging lending. The buildup of regulation over the years (which has continued unabated, despite the media's moaning that there's been all this deregulation) has only served to encourage industry insiders to buy politicians to write laws and regulations favourable to them. The resulting distortions are so bad that this financial system is complete trash and needs to be scrapped. I agree with you. I disagree with the person who said that only the strongest banks will survive this. Only the most politically connected banks will survive this and the banks who were actually very competitive and didn't take excessive risks will be thrown under the bus as credit and customers are siphoned from them to prop up political darlings like Goldman Sachs and Citigroup.
President Jackson did kill the Central Bank. The corrupt bastards brought it back sneakily as a 'private entity' on Jekyll Island, Georgia.
lol no Google, Apple, Rimm, Ma for example, don't need credit. There are many ocmpanies on the S&P 500 and Nasdaq 100 that are thriving despite this fake media generated crisis.