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The U.S. Is Letting Bankers Off Way Too Easily

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 :: Unemployment Discussion :: The World Economy

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Post by Guest Mon Jul 18, 2011 8:40 am

Ever since the current economic crisis began, it has seemed that five words sum up the central principle of United States financial policy: go easy on the bankers.

Why the kid-gloves treatment? Money and influence no doubt play their part; Wall Street is a huge source of campaign donations, and agencies that are supposed to regulate banks often end up serving them instead. But officials have also argued at each point of the process that letting banks off the hook serves the interests of the economy as a whole.

It doesn’t. The failure to seek real mortgage relief early in the Obama administration is one reason we still have 9 percent unemployment. And right now, the arguments that officials are reportedly making for a quick, bank-friendly settlement of the mortgage-abuse scandal don’t make sense.

http://www.nytimes.com/2011/07/18/opinion/18krugman.html?_r=1

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Post by Guest Mon Jul 18, 2011 9:54 am

They are hiding everything. Look at the real estate ads in your areas. The amount of foreclosures is insane and they hang on to them to get the best bang for their buck. Foreclosures and shorts take 3-4 months if not longer and all the while they are getting tax breaks on these properties. This is criminal and should be exposed.

Personally, although it would never happen, I think every major bank reaping in profits should be footing the bill of the unemployed in the form of benefits until Jobs are created. Maybe then they would understand the full magnitude of what we are up against and what they caused.

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Post by Guest Mon Jul 18, 2011 9:54 am

But then they would have to admit that their banks are not as stable as they want everyone to believe.

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Post by Jen Mon Jul 18, 2011 10:49 am

They should all be in prison and Glass-Steagall needs to be re-enacted immediately!
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Post by Guest Mon Jul 18, 2011 11:29 am

I would rather they be fined and the money used for the unemployed than for tax payers to spend more money keeping them incarcerated in Federal Prisons which is a little better than many of the unemployed and 99ers are living right now. They should be barred from ever being able to hold a job in finance, banking etc upon their releases and like drug dealers and the like, any "trappings" they may have accumulated as a result of their greed and lies should be sold and the proceeds again be used to help those whose lives they ruined.

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Post by Springflowers Mon Jul 18, 2011 12:14 pm

the bankers are running the show.

Look at this article 77% of banking assets held by top banks...

http://theeconomiccollapseblog.com/archives/too-big-to-fail-10-banks-own-77-percent-of-all-u-s-banking-assets

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Post by Falcon7 Mon Jul 18, 2011 12:59 pm

Banks, Wall Street the FED control this country. Congress did nothing to prevent the financial meltdown from happening again! It is PATHETIC!
We get almost no interest on any savings we may have yet Credit Card interest is still very high. Yes if we had a job we could refinance our homes at an ultra low interest rate, it would save me about $250 a month, but NO, my bank said sorry nothing we can do.

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Post by TR11005 Mon Jul 18, 2011 1:10 pm

August 10 can't come any sooner. Perhaps will should default, so everything will not be worth anything. Keep your gold if you have any.

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Post by Springflowers Tue Jul 19, 2011 6:24 pm

Falcon7 wrote:Banks, Wall Street the FED control this country. Congress did nothing to prevent the financial meltdown from happening again! It is PATHETIC!
We get almost no interest on any savings we may have yet Credit Card interest is still very high. Yes if we had a job we could refinance our homes at an ultra low interest rate, it would save me about $250 a month, but NO, my bank said sorry nothing we can do.

Yep they sure do, and they are all ripping us off in the biggest wealth clean out in history...

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Post by TOO OLD TO HIRE IN PA Tue Jul 19, 2011 7:09 pm

Springflowers wrote:
Falcon7 wrote:Banks, Wall Street the FED control this country. Congress did nothing to prevent the financial meltdown from happening again! It is PATHETIC!
We get almost no interest on any savings we may have yet Credit Card interest is still very high. Yes if we had a job we could refinance our homes at an ultra low interest rate, it would save me about $250 a month, but NO, my bank said sorry nothing we can do.

Yep they sure do, and they are all ripping us off in the biggest wealth clean out in history...

And don't forget all the people who lost a big chunk from their 401-K's. What really hurts is that alot of people like my husband paid into their plans.

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Post by Falcon7 Tue Jul 19, 2011 8:05 pm

TOO OLD TO HIRE IN PA wrote:
Springflowers wrote:
Falcon7 wrote:Banks, Wall Street the FED control this country. Congress did nothing to prevent the financial meltdown from happening again! It is PATHETIC!
We get almost no interest on any savings we may have yet Credit Card interest is still very high. Yes if we had a job we could refinance our homes at an ultra low interest rate, it would save me about $250 a month, but NO, my bank said sorry nothing we can do.

Yep they sure do, and they are all ripping us off in the biggest wealth clean out in history...

And don't forget all the people who lost a big chunk from their 401-K's. What really hurts is that alot of people like my husband paid into their plans.

Yea me to, (almost all pay in into 401k's then the Companies match some portion) one year my old Co. actually pulled money out of our 401'k's, over 10K for me. We learned later that the higher up's did not pay out a dime! The American Way!

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Post by TOO OLD TO HIRE IN PA Tue Jul 19, 2011 9:26 pm

@FALCON,

Believe it or not, one company my husband worked for put in 6% of his salary from their money and it was up to him if he wanted to contribute. The Company was bought out due to derivatives shenanigans. The new owner had the 401-K where you put in and Company matches. So sorry to hear what happened to you.

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Post by TR11005 Tue Jul 19, 2011 9:32 pm

Where is the Mafia when we need them? Maybe the Bankers BLeep are the Mafia?

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Post by TOO OLD TO HIRE IN PA Tue Jul 19, 2011 11:22 pm

TR11005 wrote:Where is the Mafia when we need them? Maybe the Bankers BLeep are the Mafia?

In my old neighborhood in Manhattan! LOL
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