Corrente

If you have "no place to go," come here!

Why is "saving the financial system" important?

Heck, the whole financial system is just a bunch of numbers on spreadsheets, right? Granted, a lot of spreadsheets. But it's not like any of these finance guys do anything productive; they're just parasites on people who grow stuff or make things or help people. I mean, if I've been out in the woods and a tick burrows its way into my ass, I don't try to save the tick, right? Or fix it.

And if I've fucked up all the macros on an Excel spreadsheet, sometimes it makes sense just to start over clean. So why can't we do that with the financial system?

Any particular reason other than lower grade hookers and blow for the banksters?

NOTE I don't mean to insult prostitutes. Banksters and rentiers obviously do a lot more damage.

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carissa's picture
Submitted by carissa on

Just what I was thinking today. Given the state of the world economy, why can't we just call a mulligan? The whole entire globe. Just reset. Am I being hopelessly stupid?

Submitted by gmanedit on

Isn't the derivatives exposure more than ten times world GDP? Essentially, infinite losses. The books can never balance.

Submitted by Elliott Lake on

Or declared to be the scam it is. If my neighbor lies to another neighbor, and tells him the horse he is buying is a grand racer, and a stallion, and provides in reality a worn out gelding, that is fraud. If the banksters do it, they get to make the country where it happened pay them in full for the "stallion" that never was. Why do we allow this?

letsgetitdone's picture
Submitted by letsgetitdone on

just take the banks into resolution, nullifying their political power, clean the toxic assets off their books, make sure they perform their function of actually lending money to people at reasonable rates of return, and the spin them off to private capital taking care to see that new banks are all community-based and are never allowed to grow larger than a certain size again by enacting tough regulations. We need also to absolutely separate banking from investment functions, and while we're at it we need to outlaw derivatives.

cenobite's picture
Submitted by cenobite on

My dad was a banker for 25 years for one of the now TBTF banks. Back then it was a pretty boring business. They made loans to farmers so they could grow a crop, to families so they could buy a house, or to people starting small businesses. He got to play golf a couple times a week.

Back then, interstate banking was not allowed. And neither were bank holding companies.

That's right, a California bank could not do business on Wall Street or even in Nevada.

I think that's a perfectly fine place to start, bring back the ban on interstate banking. At least make them stick to a single federal reserve district. I know for a fact that banking worked just fine then.