That is like me pushing you out of the way of oncoming traffic and you end up with a broken arm. You are only comparing how you felt when you were perfectly healthy vs having your arm broken... you need to factor in getting hit by a car going 90 mph before you complain about your broken arm....
u played the role of the govt then is what your saying... maybe i shouldnt have been standing in the middle of the road... you will never learn that something is hot until you get burned.. free market, natural selection maybe? we just think differently i guess.. im not opposed to failure in the least, and actually its what makes us smarter:
well I think that is the point, these banks knew that they are 'Too big to fail'. That is OK for them to stand in the middle of the road, take big risks, the Fed will rescue them. pull them out of the street as onion said.
In fall of 2008, the country was facing another great depression, the govt wisely made a choice to avoid it. and we settled for a prolonged recession. I would rather take 9% unemployment than 25% unemployment as was the case in 1930.
In 2006, a mexican store worker making 14k a year, somehow qualified for 250k home mortage. These wall street banks took his bogus mortgage and bundled it up with other similar mortgages, called it a CDO. got S&P to put a AAA rating on it. They made billions from these fradulant transactions. I think this is what the Occupy Wall street fight is about, should these bankers living in $10 million homes be held accountable for their fraudulent transactions?
The following user says Thank You to cedar for this post:
I attended Occupy Austin this weekend and spoke to several demonstrators about why they felt the need to go to the protest and stay. A common response that I got was that so many people came together from so many different walks of life because the government gave billions upon billions, possibly trillions, to banks whereas that money could have been spent on the public to much greater effect. The sense of community was very real for most as the actions taken by the banks and gov't had no benefit to them, only adverse conditions as a result. So no matter the social arena a person came from, all were here as victims of abuse and fraud.
In talking with some of the more entrenched people there (and being in IT myself), I saw something very interesting. The Occupy movement is creating a secure and nationwide wireless network to ensure the ability of free communication in case social media is shut off as an avenue of information dissemination.
Many thanks to the site and all the contributors. Great source of info.
IMO I think this is at the heart of the anger - that after a derivatives-based fiasco (derivatives not created by Joe Avg) that put us into another Great Depression, there has been no accountability.
There was an attempt by these same banks to make 50 state AG's sign off on a one-time payout of $30 Billion and immunity from future prosecutions. The effort was headed by the Iowa state AG - a democrat. It was an attempt to sweep the whole thing under the rug before the 2012 elections. Thankfully, it appears to have failed.
These government-suckled banks have in the recent past:
1) Created MERS, cheating states and localities out of filing fees on property sales.
2) Rigged municipal bond auctions
3) Created MBS that were designed to fail, had them fraudulently rated by Moodys, Standard & Poors, and Fitch, and then sold them to the rest of the world while lining their pockets with commissions and fees.
4) Helped Greece hide their debt so they could join the EU.
5) Used robo-signing to foreclose (because of MERS). Since submitting false documents in court is the same as perjury, they set up perjury-factories on an industrial scale.
6) Foreclosed on active service personnel. Illegal.
7) Passed on their failure to the public. (Still being bailed-out with ZIRP).
9) Warehoused raw material like aluminum and restricted delivery, driving the price up and essentially imposing their own "tax" on the supply-chain. (Coca-cola complained).
8) Other things too, I'm sure...
Bailing them out was corporate welfare on a massive scale.
No one that I know of can look at that list and call that capitalism. It is all predatory - not providing higher value and service - and based on their leverage and influence-and-attempted-influence + lobbying in government.
Politicians can smell campaign donations from miles away - and where do they go barking for it?
The following 2 users say Thank You to Tarkus11 for this post: