Join in on the World's Biggest Bank Run This December (unemployment, legal)
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But what of the politics? Here in the United States it is now overwhelmingly clear that a dozen or so of the largest financial institutions responsible for the crash and ensuing recession have gained, not lost, by their irresponsible decisions. They repeatedly tell us that they have "learned lessons." This is true, they have: Learned that their past decisions have enriched senior management beyond belief. Learned that their market share is now substantially larger than before the crash. And learned that the government has deemed them Too Big To Fail (this latter designation lowers their cost of funds and enhances their profitability). Showing admirable "bi-partisanship," Republican and Democratic administrations have worked hard and seamlessly to bring about these "lessons." This summer, the Dodd-Frank Financial Reform and Consumer Protection Act enshrined the perspective of financial elites that reform should be primarily symbolic. In a sentence, over $12,000,000,000 of stock market, real estate, and other asset values disappeared, while rates of home foreclosures and unemployment soared, with virtually NO political or legal consequences. I might be a cynic, but I hope to never be as cynical as those who engineered these outcomes.
Last edited by CaseyB; 12-02-2010 at 05:59 AM..
Reason: inappropriate
But, I'd go a step further and cancel any credit card accounts you have with them too. When you cancel an account, you don't have to pay off any remaining balance right then. You can just continue on as you've been doing, but you can't add anything else to it.
"Additionally, the banks and the central banks overseeing them will have time to prepare for the event,"
How pray tell? By forcing a bank to borrow money to cover money tied up in investments? Try the FDIC having to step in since it is the insurer for commercial banking not the Fed!
Quote:
I'd go a step further and cancel any credit card accounts
I have no problem with such an idea, the other one is still halfbaked lunacy.
A: Work to get the leaks plugged, maintain steerage, and get some lifeboats ready?
or
B: Rush to open the sea valves to get your revenge on those careless shipowners and officers?
Option A! While at the same time throwing the crew who steered into the iceberg overboard in to the icy waters.... It's not like the iceberg snuck up on these guys, they have been plotting this course for twenty years. All the while ignoring repeated warnings.
And - I don't believe in all of that "Too Big To Fail" crap either. If certain institutions are forced to close their doors because of their own reckless gambling junkie habits, then so be it.
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