Yeah, well that don't get him off the hook. All these fuckers knew. All of them in government. All of them in the financial industry. Every single one of them and they did nothing. Worse than nothing, they facilitated the whole scam. There are no clean hands! And what has brother Obama done for justice? Not a god damn thing.
Agree with you on this point. In fact, Trefoil and a few other ultra-leftwing types have made this point more than a few times and I've been banging the drum on this matter for years. Unfortunately, too many Repub memes about "free market this or that" when it's nothing more than a bullshit empty slogan that really amounts to the infamous quote "privatize the profits, socialize the losses".
And I agree with both of you as well. So here's a question, if these "banks" also socialized the profits, would the gambling then be ok?
The repeal of Glass-Steagall (GrammâLeachâBliley Act -- banking deregulation) was approved in the Senate 90â8 and in the House 362â57 with majority support from both parties. It was signed into law by President Bill Clinton on November 12th, 1999. Clinton never expresssed any skepticism at the time of signing the bill... His misgivings were only made known years later. After the house burned down he decided it wasn't such a good idea.
this article is garbage. Another opinion piece written by the career liar and fraud paul 'fuckface' krugman. Let's start here: every investment, every loan, every gamble is in one way or another 'speculation'. they have varying degrees of risk - hence differing rates of return - but none of them are a sure thing. banks loan money, it is what they do, when u have a deposit there your money is being loaned out and is AT RISK. these companies are not too big to fail, and they should be allowed to do so. Just like AIG FNM FRE BAC C GM etc. We have bankruptcy laws to deal with the aftermath. Again, private depositors place their money at these institutions and the deal is the bank offers them a petty rate of return in order to use their capital as funding for speculation. Banks should be able to do whatever the fuck they want with private depositor funds as long as the risks they are taking are properly communicated to their depositors. Now, because JPM has received bailout money and the volcker rule has been established this trading loss is under investigation. This is a new development, they are under investigation for losing private money.. what about when they have a bad loan that they can't collect on? these big banks will increasingly suck (govt regs/scrutiny) for depositors and investors and hopefully people realize this sooner rather than later and begin spreading their accounts around to regional and local banks. by the way wasn't it clinton who repealed glass-steagall and allowed prop trading back in commercial banks? finally we have krugman the master of hindsight and outright lying comparing this to Bain - a firm founded on investment in at risk companies. he is a subhuman retard. if he is so fucking smart then why doesn't he go work for one of these wall st banks and show 'em how its done (lol). since the trade is under investigation he doesn't know any better than you or I what the risk was or why it went wrong.. or if it was just a LOSING TRADE. Risk is subjective and Wall St is the epicenter of speculation and has been throughout American history.. they know the risks way better than the avg man or paul fucking krugman. I know you'll bring up '08 but IMO the firms that fucked up should have been allowed to fail, and the depositors collect their unfunded FDIC insurance and go on.
Pretty much the entire interconnected planet disagrees with that opinion. Not to make a bandwagon argument.
And how is that working out for the entire interconnected planet? We did not practice this nonsense here in the US up until this point, and we have made a pretty good run of doing things our own way as opposed to the rest of the world.
There is a lot of fear out there. Largely based on "the circle of debt", i.e. I owe you billions, and you owe a guy billions, and that guy owes me billions. A solution comes to mind, but certain "interests" aren't going to like it.