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0 pointsnicoffeine4y ago0 comments

> (central banks interventions are useless without bank and other financial intermediaries participation, it would be like pushing on a string).

Yes, the only thing financial intermediaries would be missing is the actual funds (largely paid by the middle class) to bail out corporations for the second time in less than twenty years.

> Don't be fooled by the contemporary contempt against finance.

There has been contempt for greed and corruption for a long time, and for the same reasons that finance continues to earn it today. If the middle class didn’t constantly bail out the banks and their related parasites, you would all be bankrupt.

Frankly I don’t want to hear any advice from anyone in the financial industry until you demonstrate the ability to pay taxes and save enough to make it through the next crisis without crawling to the capitol building with your hand out.

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lazide4y ago

Pretty sure you’re blaming the wrong people. I’m not now and have never been in finance - but blaming banks or traders for the Fed’s actions is prima facia ridiculous.

And throwing in the whole ‘greed is good’ stereotype doesn’t help.

nicoffeineOP4y ago

Did the fed lobby for the end of regulations and then immediately tank the world economy with a pyramid scheme?

Blaming the fed for the bailout is like blaming firefighters for putting out a fire instead of the arsonist. That’s a pretty strange understanding of accountability.

While the world economy burned to the ground and families went hungry, the financial industry awarded their executives with billions of dollars in bonuses. If that isn’t greed, what is it?

lazide4y ago

Which ones exactly and how did they pull off this apparent massive conspiracy?

Near as I can tell, Greenspan pumping trillions of near free credit into the economy is nearly if not more culpable than the loose underwriting at these banks - after all, if they didn’t loosen them, they’d lose their market share in near free credit environments.

And what about the borrowers that were signing up for these completely unrealistic loans? How do they fit in?

And the poor bastards bidding crazy amounts trying to get a house, any house, and also way overpaying in any real sense because of these crazy bidding wars?

It’s easy to blame amorphous entities, it’s hard to really nail down what was actually happening - and point out that everyone in the US was playing a part in a spiraling out of control mess.

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0 pointsnicoffeine4y ago0 comments

> (central banks interventions are useless without bank and other financial intermediaries participation, it would be like pushing on a string).

Yes, the only thing financial intermediaries would be missing is the actual funds (largely paid by the middle class) to bail out corporations for the second time in less than twenty years.

> Don't be fooled by the contemporary contempt against finance.

0 comments

lazide4y ago

Pretty sure you’re blaming the wrong people. I’m not now and have never been in finance - but blaming banks or traders for the Fed’s actions is prima facia ridiculous.

And throwing in the whole ‘greed is good’ stereotype doesn’t help.

nicoffeineOP4y ago

Did the fed lobby for the end of regulations and then immediately tank the world economy with a pyramid scheme?

Blaming the fed for the bailout is like blaming firefighters for putting out a fire instead of the arsonist. That’s a pretty strange understanding of accountability.

While the world economy burned to the ground and families went hungry, the financial industry awarded their executives with billions of dollars in bonuses. If that isn’t greed, what is it?

lazide4y ago

Which ones exactly and how did they pull off this apparent massive conspiracy?

And what about the borrowers that were signing up for these completely unrealistic loans? How do they fit in?

And the poor bastards bidding crazy amounts trying to get a house, any house, and also way overpaying in any real sense because of these crazy bidding wars?

It’s easy to blame amorphous entities, it’s hard to really nail down what was actually happening - and point out that everyone in the US was playing a part in a spiraling out of control mess.

1 more reply

j / k navigate · click thread line to collapse