Socialism is the ideology that we all can (and must) live at the expense of others. Christians should easily see how this violates the Commandments that forbid coveting and theft. That we will all be better off is a bold lie, yet another violation of the Ten.
Further, when government intrudes in suppressing the time-value of money by printing so much money that interest rates dive to near zero, there will be all manner of distortions in long term investment planning. The most notable danger is that long term project will appear to be viable (or “sustainable” if you are a leftie) when they cannot be when interest rates return to normal.
The thing that Americans need to learn is nothing is too big to fail, especially America. I believe America is on the doorstep of failure.
“Public Option” banks are most certainly on the Leftist to-do list. It will be sold as a way to save the “little guy” from extensive fees. But eventually they’ll drive private banks out of the market. Then Liberals will get to decide where money is invested, using a new set of distinctly non-financial criteria.
Iceland let their banks collapse, now they are well on their way to recovery.
All we’re doing is making the inevitable crash that much worse.
During the depression, the local bank here was going under.
A Belgian priest, rector of the local Catholic Church, was
elected by the bank board to the Bank Directorship to save the bank.
He put the bank`s affairs in order quckly.
It was the only solvent bank for 200 miles around.
I was the altar boy at all his 8 am morning masses until he was 97 when he finally retired back to Belgium.
My account is still in that bank he saved.
A bunch of FR’s own infamous bunch of “too big to fail” advocates are long gone. Ah the straw man arguments they’d toss in the air like skeets, good times...
Lefties,progressives or what ever else they want to call themselves could care less if something is too big to fail.
Always remember, the lefty motto is about CONTROL. Period.
They want to control our food, money and lives to justify their feeble attempts at playing god.
Banks and every other company in the country that can’t survive on their own merits.
Sure. But, some banks would argue they need the ‘protection’ in this current market. Some institutions, are scared of failure.
Sorry, but that’s not an option any more - the central banks have taken over the governments. Welcome to the new Monetocracy.
My local power company wants to “recover revenue” to level out variations in sales. (Increase rates to make up for a drop in revenue due to a decrease in demand)
What the hell happened to the rules of supply and demand?
That is how we got ourselves in trouble. Gov should not run business but leaving them to their own devices without monitoring to ensure they are not cheating consumers and using their huge wealth to corrupt government is also folly. What is needed is criminal investigations on how liar loans exist, how rating agencies have loan data withheld by their bank customer manage to evaluate mortgage backed securities riddled with liar loans as AAA investments. At minimum if there is no legal grounds to prosecute, there is sufficient legal grounds to revoke the bank and rating agency business licenses for departing widely from common commercial practices and loan applicants should face fraud charges for falsifying their income and financial information. The last banking crisis (savings and loans) was 1/70th the scale of our current mortgage meltdown, generated 10000 investigations, 1000 criminal referrals and 900 convictions, fines, revocation of license and/or jail. State gov chose to accept financial settlements from the guilty bankers/mortgage corporations that are fractions of the ill gotten profits they made from the fraud. The next generation of fraudster are watching from their middle management offices and the lessons they are learning as they watch their senior managers pay small fines but pocket huge profits will conclude crime does pay.
First of all, this claim that liberals are calling for nationalization of the banks is about 4 years late ... they started calling for that right away way back in 2008.
Secondly, the Congress effectively DID nationalize the banks by bailing them out (not to mention international banks too).
Thirdly, it was a majority of DEMOCRATS in a dem majority Congress ... both houses ... who voted to bail out the banks. DO NOT LET THEM GET AWAY WITH implying otherwise. Check the Congressional record.A majority or Republicans in the House voted AGAINST the bailouts.
That is part of the overall plan by Soros and his puppet Obama to destroy eeevil capitalism.
The government has encouraged the existence of fiduciary media.Fiduciary media are transferable claims to standard money, payable by the issuer on demand, and accepted in commerce as the equivalent of standard money, but for which no standard money actually exists.An alternate way of looking at fiduciary media is that of the fractional-reserve principle.Whichever way one views them, fiduciary media are a kind of debt money, They are a debt of the banks, backed by debt, but circulating as money.
The great problem of fiduciary media is that they set up money and debt like a house of cards or row of dominoes that any breeze can knock over. The failure of one large bank that has issued fiduciary media can easily cause the failure of several others because the wiping out of its fiduciary media endangers the money value of their assets, on which their fiduciary media rest. Once stared, the process of bank failures tends to gain momentum: an initial failure wipes out money, which reduces the ability to spend money and thus to earn money and repay debts. The reduction on the ability to repay debts reduces the income and assets of banks and this in turn causes more bank failures and wipes out more money, with the effect of still greater declines on spending, sales, revenues and incomes,asset values,and thus the ability to repay debts.
The solution to the inherent danger of fiduciary media is not nationalization or bailouts, but the elimination of fractional reserve banking and replacing it with a 100-percent-metallic-reserve system. This system would be more stable and more resistant to both inflation and deflation than our current system.
I thought “two big to fail” was a lot of bunk. We shouldn’t be in the business privatizing profits and socializing the losses. That’s having it both ways.
We are a capitalist society. If they want to make bonehead investments, that’s the system - they can. But let them fail when they do.