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Use of cocaine in the financial industry (UK/US)

Please, a lot of those companies have been propping up your economy for decades. Why else would a country with no industry or exports still have relevance?
 
yeah we are totally still living in the industrial age prior to globalisation where there is no other form of business than mining coal and invading foreigners...and now that's gone all there is left is the financial industry...



Savers and pensioners in Britain have been subjected to what in economics is called ‘financial repression’ by forcing interest rates below inflation using Quantitative Easing (a bond manipulation scheme) to bail out these corrupt banks to begin with (after they got caught cooking their books and misselling securities). According to the Bank of England, citizens in the UK have been tricked out of £140 bn. in interest income to save crooked 'banksters'. The amount saved by mortgage holders - benefiting from lower rates - is estimated to be about £70 bn. So Britons have been robbed of £70 bn. even taking the savings on mortgage interest payments.

If you subtract the value of the proposed bribe by Osborne to the public (in the form of a bank shares giveaway) of £34 from the £70 bn. Osborne stole (and the Bank of England: these two work together - they are NOT independent) via QE you come up with a net amount of £36 bn. stolen by the government from Brits. This works out to £3,888 for each family in the UK. In other words, the government has been stealing £3,888 every year from every family in the UK to make 'banksters' rich and in return they are offering families a chance at £1,650 in bank shares that may or may not be worth anything.
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but I digress, it is absolutely worthwhile to investigate wether drug abuse influences the way professionals do their jobs.
 
Did they factor in all the profits made by ma and pa investors from the property bubble? Banks are a business not a fucking charity. Of course it's their job to make money.
 
yeah and like any other business if they catastrophically fail they ought to be allowed the same opportunity to die off as the rest of the enterprises in a capitalist country.
 
There are two ways to make money. The first is wake up, clock in at 8am and get paid for the hours and job you perform. The other is risking your money for higher returns by investing. While it is unfortunate for many people who jumped on the cycling in 2007 and watched their money disappear, there were many thousands more who invested years earlier and watched double digit growth create equity that they used to buy new cars, put their kids through school and take holidays. You didn't hear many of them complaining when they were sharing in the successes. There are also those who have borrowed in the last couple of years and in 15 years time they will not be looking at the GFC as a terrible economic blip. They will be looking at it as the time they bought at the bottom and made a nice profit. Someone needs to fund these investments and they have every right to profit from it. Investing is a gamble and you get winners and losers. The betting house rarely loses yet you don't hear those punters who back Chelsea to win the title this year blaming SportsBet or Paddy's.

Sure plenty of people are hurting but the solution was not to let the financial system crumble and turn society into a lawless free for all. I can't imagine anarchy creating anything more than a dog eat dog free for all that would create a power imbalance that makes the banking group look like pussy cats by comparison.
 
Ceres said:
yeah and like any other business if they catastrophically fail they ought to be allowed the same opportunity to die off as the rest of the enterprises in a capitalist country.
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and they do have that 'opportunity'. banks fail all the time. Every week (on Fridays I believe) the FDIC releases a list of banks that have failed for that week.

http://www.fdic.gov/bank/individual/failed/banklist.html

It appears that for the year, so far, there has been 16 bank failures. From 2008 onward, want to guess which year had the most failures?

I am going to assume that you guessed the same as I did: 2008. but in looking at the list, surprisingly...that isn't the case. In-fact, 2008 had the LEAST # of bank failures somehow with only 25. 140 in 2009; 157 in 2010; 92 in 2011; and 51 in 2012. info taken from : http://www.fdic.gov/bank/historical/bank/ )

the point being....that contrary to popular opinion from the general public at large that banks are virtually untouchable and always propped up by the government if something goes wrong is just flat out wrong. Now, in 2008, obviously the govt stepped in and propped up/saved/gave $$ to/etc to a number of banks, but those actions were a necessary evil to prevent an even greater evil. As i have already strayed away from the original topic, I will not get into the whole argument of why the govt had to take those actions other than to say that they DID. To again, prevent an even greater evil from happening.

lol...I am fighting the urge to 'get started' about the bailouts and such as i feel quite strongly about my opinions regarding that whole situation

But yeah....banks fail all the time
 
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As soon as the 11 posts Pulitzer said

Pulitzer said:
Hello fellow Bluelighters,
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I knew the thread was full of shit.

I've noticed he's stopped posting now. What a prat. I look forward to reading about this in the Daily Mail.
 
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Some massive generalisations on this thread, both from the OP and those who put their tuppance in on the banking crisis.

OP should try reading the John Coates book , its on amazon.
http://www.amazon.com/The-Hour-Between-Dog-Wolf/dp/B00CVDNCXQ/ref=sr_1_1?ie=UTF8&qid=1371319479&sr=8-1&keywords=john+coates

And this article might be of use, especially ALL the reader comments
Especially from Charlessurface

http://www.guardian.co.uk/commentisfree/joris-luyendijk-banking-blog/2012/jul/06/city-drugs-insider-trading?commentpage=1

Lastly , its a gross generalisation to think coke caused a crisis or even contributed to it.
It would be like saying all Bankers become Yogi's like this dude

http://www.youtube.com/watch?v=brPpt-ElyJE

Ps guys like cityboy and seth freedman are entertaining reads, but for the mostpart made up stuff.
 
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