I do sometimes wonder how much time and resources are spent figuring out new ways of basically creating money from nothing. I mean it's gone so far beyond what most people know about it's insane. You need a degree in finance just to understand half the shit. Meanwhile this all has an effect on our lives , but they expect the government to leave them alone and let them do it.
Is it time to put Keynesianism out of it's misery yet?
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mykevermin
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[quote name='fullmetalfan720']I'm just referring to the current financial system of Goldman, JP Morgan, etc. and their tricks. You know, CDOs, CDSs, hide the bad debts, all that stuff.[/quote]
I agree entirely. Msut mentioned it yesterday, and I agree that it's an excellent book - have you read "The Big Short" by Michael Lewis?
Interesting. I had you pegged as a Libertarian, but this kind of thinking most certainly is not. I agree that interest rates should be capped, particularly since it's pure profit for the banks. Unfortunately, this will *never* happen - Obama's credit card regulation just made banks
ing us more overt and less covert; which is an important step in the right direction, but only a baby step.
I agree entirely. Msut mentioned it yesterday, and I agree that it's an excellent book - have you read "The Big Short" by Michael Lewis?
Interesting. I had you pegged as a Libertarian, but this kind of thinking most certainly is not. I agree that interest rates should be capped, particularly since it's pure profit for the banks. Unfortunately, this will *never* happen - Obama's credit card regulation just made banks
ing us more overt and less covert; which is an important step in the right direction, but only a baby step.Flipsdie of that, if banks both large and small aren't allowed to charge interest rates such that they can make a decent profit on the loan, you'll see an even larger slide in interest paid out to consumers. Honestly, if you can find me a bank that pays more than 1% APY on deposits below $10k... When I first opened my account where I bank, they have 3.5% on balances over $5k, that same account now gets less than 1%.
[quote name='mykevermin']Interesting. I had you pegged as a Libertarian, but this kind of thinking most certainly is not.[/QUOTE]
I think most Libertarians would take issue with the idea of the government lending money to private banks in the first place.
I think most Libertarians would take issue with the idea of the government lending money to private banks in the first place.
fullmetalfan720
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[quote name='mykevermin']I agree entirely. Msut mentioned it yesterday, and I agree that it's an excellent book - have you read "The Big Short" by Michael Lewis?[/QUOTE]
I haven't. I'll have to check it out.
In addition to interest rates, we need to fix the casino that Wall Street has become. Especially when the worldwide derivative market is somewhere around 500 trillion, or as high as 2 quadrillion. That right there is essentially fraud. That much money doesn't even exist in the world. However, it does make for some nice fees on each transaction that a bank can obtain.
[quote name='UncleBob']I think most Libertarians would take issue with the idea of the government lending money to private banks in the first place.[/QUOTE]
Generally.
I haven't. I'll have to check it out.
I'm probably not a libertarian anymore. Bit too populist.Interesting. I had you pegged as a Libertarian, but this kind of thinking most certainly is not. I agree that interest rates should be capped, particularly since it's pure profit for the banks. Unfortunately, this will *never* happen - Obama's credit card regulation just made banks
In addition to interest rates, we need to fix the casino that Wall Street has become. Especially when the worldwide derivative market is somewhere around 500 trillion, or as high as 2 quadrillion. That right there is essentially fraud. That much money doesn't even exist in the world. However, it does make for some nice fees on each transaction that a bank can obtain.
[quote name='UncleBob']I think most Libertarians would take issue with the idea of the government lending money to private banks in the first place.[/QUOTE]
Generally.
mykevermin
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[quote name='fullmetalfan720']In addition to interest rates, we need to fix the casino that Wall Street has become.[/QUOTE]
Lamentably, that's one area where both parties are on the same page; that is, doing whatever it is that Wall Street wants them to do.
Definitely check out The Big Short - especially if you're interested in understanding the fraud of the derivatives market, as Lewis explains it in a very clear way. Which, unfortunately, when you fully grasp the idea of the market, you find yourself screaming at your book "WHO IN THE LETS THIS SHIT HAPPEN?!?!?!"
Lamentably, that's one area where both parties are on the same page; that is, doing whatever it is that Wall Street wants them to do.
Definitely check out The Big Short - especially if you're interested in understanding the fraud of the derivatives market, as Lewis explains it in a very clear way. Which, unfortunately, when you fully grasp the idea of the market, you find yourself screaming at your book "WHO IN THE
LETS THIS SHIT HAPPEN?!?!?!"
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