European Tribune

Display:
Why on earth would bankers go back to being stodgy and dull when they are paid huge bonuses to gamble with other people's money?  When they win they and their banks make billions, when they lose the Government has to bail them out to avoid  a financial melt-down and a loss of confidence causing recession in the real economy.  It's an absolute no-brainer to pursue a high risk strategy with other people's money if the Government/Central bank has to bail you out if it all goes south big time.

notes from no w here
by Frank Schnittger (mail Frankschnittger at hot dotty communists) on Sat Dec 1st, 2007 at 07:04:28 PM EST
[ Parent ]
hey frank, i was snarkin', probably should have said....

you nailed it, they shouldn't be profiting off gambling away money that's not theirs unless they can also swallow losses when they occur, without whining that's it's a national emergency and asking for bailout funds from the same people/taxpayers who thought their money was safe in the hands of 'dull, stodgy', but dependable experts.

what happens, imo, to make the military industrial complexes and banking so corruptly powerful, is that governments come and go according to elections in quite short timespans, whereas the contracts for defence and loans are for longer spans.

this makes these industries so deeply entwined with 'national security' in such secretive ways that there is not enough accountability, and though every so often a little scandal about $700 screwdrivers comes out, you just know it's the tip of the iceberg.

when the government in in hock to bankers, and the people too, skullduggery ensues as predictably as day follows night, enshrouded in mystery and as opaque as mud.

Too Much Power = Too Much Corruption

thanks for your reply-

The person who says it cannot be done should not interrupt the person doing it. Chinese Proverb.

by melo (melometa4(at)gmail.com) on Sun Dec 2nd, 2007 at 04:26:17 AM EST
[ Parent ]
when the government in in hock to bankers, and the people too, skullduggery ensues as predictably as day follows night, enshrouded in mystery and as opaque as mud.

That's why a new global solution can only be proposed by those resource rich governments: Russia, Norway, GCC who are:

(a) not in hock to banks, IMF, whatever;

(b) fed up with receiving IOU's from the Fed in exchange for real value ("money's worth") such as oil, and looking askance at any other IOU's.

by ChrisCook (cojockathotmaildotcom) on Sun Dec 2nd, 2007 at 08:17:16 AM EST
[ Parent ]

Display:
Login
. Make a new account
. Reset password
Recent Diaries
Debates
Campaigns
Occasional Series