0c8f4581
XPost: soc.culture.europe, soc.culture.greek
From: nana@na.ca
On 5/8/10 11:20 PM, ADR wrote:
> On May 8, 4:32 pm, Marco wrote:
>> "Agamemnon" writes:
>>> "TicTac" wrote in message
>>> news:hruigb$31n$1@news.eternal-september.org...
>>>> (Spiegel Online) - Greece is only the beginning. The world's leading
>>>> economies have long lived beyond their means, and the financial
>>>> crisis caused government debt to swell dramatically. Now the bill is
>>>> coming due, but not all countries will be able to pay it...
>>
>>> And the world will be all the better for it.
>>
>>> Every country in the EU and in Africa, Asia, and South America should
>>> default on its debt and bring the banking mafia down.
>>
>> Do you know who owns the banks?
>>
>> Are you sure the banks are evil?
>
> The banks are not evil but they are no innocent either. Let's not
> forget that it was banks that caused the present crisis with "new
> instruments" or unproven worth which were attached AAA ratings. The
> governments then had to borrow money to rescue the banks and now the
> banks want their pound of flesh!! How ironic.
The banks were partially to blame. The most important factor is the
naivete of fund managers and individuals who bought into these
derivatives, ABCPs coupled with poor bank regulation. Furthermore,
consumers (especially American) that were buying 500000$ with on a 50000
annual income and realized that they couldn't even pay the interest when
the higher interest kicked into their variable rate mortgages.
So no, ADR, it's not the banks, it's not only the govts., it's also the
consumer. To add insult to injury, manufacturing jobs were being
exported oversees to China as if it were going out of style, decreasing
the amount of manufacturing jobs and contributing to higher
unemployment. All these factors and many more resulted in the crash of 2008.
One thing that is overlooked and making the rounds in various
publications, is that the sudden increase in the price of crude also
contributed to the crash.
>
> Of course, the banks work within a sovereign environment.
Whatever that means. Trying to use fancy words to obfuscate the fact
that you're clueless when it comes to anything related to finances.
> Governments, at the end, may decide to strictly regulate them or even
> nationalize them. But you must agree that there is something perverse
> with the banks causing a crisis because they try to limit "risk" which
> themselves have created!!
That's your interpretation. No thanks.
>
> It is up to the world leadership to take action to constraint the
> banks.
No, it's not. It's up to sovereign nations to take care of their own
banks, nitwit.
That's why Canada was opposed to any form of tax for banks and it won
its point. You see, Canada regulated its banks before the crisis, and
was unscathed by the crisis.
The EU leaders are trying to achieve this today (I hope that
> they succeed). The US government is still trying to find out what
> happened at Wall Street. The "blib", if it happens again, can
> obliterate all the gains of the current recovery.
I love it when you attempt to pretend that you're teaching anyone
anything new.
Get over yourself.
>
> The world needs healthy well-regulated banking.
No duh!
Warren Buffet said
> something quite wise today: he said that if the tiger escapes and
> causes havoc, it is not the tiger's fault but that of the tiger's
> keeper. So far, regulatory bodies around the world cannot get hold of
> what is happening and this is the most worrisome aspect of the current
> regulation.
That's nice. Let's base the world's banking system on folk sayings.
>
> And, Agamemnon, my angry young man, I do not think that the world is
> going back to barter!!
If it were, you would definitely be the last person I would consult for
financial advice.
--- SoupGate-Win32 v1.05
* Origin: you cannot sedate... all the things you hate (1:229/2)
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