Comments on: Time to stand up to the banking lobby

By: Peter H

Peter H — Sat, 18 Jul 2009 08:19:56 +0000

The virtuous circle? Some interesting quotes I came across…

“Banking Establishments Are More Dangerous Than Standing Armies.” Thomas Jefferson (1743-1826), 3rd US President

“… a serious depression seems improbable; [we expect] recovery of business next spring, with further improvement in the fall.” Harvard Economic Society (HES), November 10, 1929

“While the crash only took place six months ago, I am convinced we have now passed through the worst — and with continued unity of effort we shall rapidly recover. There has been no significant bank or industrial failure. That danger, too, is safely behind us.” President Herbert Hoover, May 1, 1930

“Under a paper money system, a determined government can always generate higher spending and hence positive inflation.” Fed Chairman Ben Bernanke, in 2002

By: Felix Ramon Lopez

Felix Ramon Lopez — Sat, 18 Jul 2009 04:44:14 +0000

The banking community seems to bring about most of the economic illnesses.It will continue in dictate their bussines phylosophy, unles regulatory practises are created and enforced, so banks act more in step with the idea that all activities must in the final analysis benefit the people and not just cater to the wealthy and powerful.Of course balanced position hast to be reched for a fiscal policy to effectively work.

By: Irish

Irish — Fri, 17 Jul 2009 16:49:08 +0000

One more thing - to the writer of this article - the people’s anger hasn’t subsided - we’re too distracted in keeping our heads above water to fight a fight we can’t win. We’re all beginning to think the same things about our personal lives as well.

By: Irish

Irish — Fri, 17 Jul 2009 16:47:28 +0000

Comment to J’s entry: We currently have a oligarchy - the financial and insurance industries currently rule the U.S. Having the government taking back all of the power its lost would only hand over the “reins” so to speak to another oligarchy. Our government has become powerless or paid off from both of the industries and if any American thinks his/her say or vote can change that is deluded. We’ve lost democracy a long time ago.

By: Peter H

Peter H — Fri, 17 Jul 2009 15:22:35 +0000

The bank results aren’t that surprising given the massive amounts of tax-payer funds kindly donated by our leaders. I’m currently reading a book about the recent events and it would seem that one of the banks reporting great profits dipped in and and then out of the sub-prime mortgage scam before it blew out, and still got buckets of bail-out money to play with… resulting in great results, courtesy of the gullible tax payer! Charitable assistance for bankers is second only to the assistance being given by the armed forces to the trans-national oil companies.

By: d

Fri, 17 Jul 2009 12:34:28 +0000

Can you believe the banks results? really great aren’t they ! Only an idiot would believe them, but Ben and Tim will tell you they are green shoots.

By: Larry

Larry — Fri, 17 Jul 2009 10:39:08 +0000

These banks - are they not private organisations owned by wee gnomes? Why then are they so brazen as to come and ask money from tax payers, then in return for their salvation we are subjected to more pain and disinformation? If I default on my house loan, will the taxpayer save me? Probably not. The banks have an enormous responsibility to run their businesses ethically. If I am forced to support them as a tax payer, then I feel I am absolutely entitled to tell the banks how they should conduct themselves. If we allow them to go back to pre-crisis conditions, then in a short time we shall all be right back where we are now. To not legislate heavily against the banks is simply not an option: it is a prerequisite for ensuring future stability for the world…..

By: WorriedParent

WorriedParent — Thu, 16 Jul 2009 15:47:27 +0000

Forget marching on Washington… Wall Street wields the power.

March on Wall Street - Monday, August 10th, 2009.

In the proud American tradition of government for the people - regardless of your political convictions, you cannot argue that the banking situation is good for the United States and the people.

So, let us take action, join forces as Republicans, Democrats, Independents, etc. and tell Wall Street that THIS MESS is not working for the American People!

March on Wall Street, beginning at 8 AM on Monday, August 10th, 2009.

By: Dan

Dan — Thu, 16 Jul 2009 12:58:12 +0000

Aaah, Patriotism and the Best Interest of the Nation!

What a great way to get volunteers for the Army, not something bankers feel inclined towards. Only suckers will feel morally indebted to the nation. At least, not this one.

By: d

Thu, 16 Jul 2009 11:50:59 +0000

Ths Banks will not be touched. They are the only companies going to report increased earnings this season. ( all be it due to doubtful accounting) These earnings are the only thing that are stopping the DOW going to 4000 !