People borrowed money they couldn't pay back and somehow its the banks that are at fault. Reminds me of a certain football team.
I've had three pleasant experiences in banks over the last couple of weeks. I got a phone call to ask how my experience was. I was all too happy to commend the very helpful staff.
I have to agree with this - over the last year or so everytime i've spoken to my bank they've been marvelous . However, the friendliness and helpfulness of the staff on an individual basis does not take away from the fact that the boards have been shown to be charlatans of the highest order.
The staff on the front line are usually friendly and helpful but they're not the ones thinking up ways to rip people off and making millions at the expense of (mostly) innocent people.
They need to behave like this because they are under huge pressure to recover their losses, lend to people yet keep enough capital to weather any future liquidity storms, all because they weren't allowed to fail. Dems de phaks
It's not though. The Governments stepped in and guaranteed the liabilities of the banks when they should've been allowed to fail. That's not Capitalism, Julian.
No Julian, that's not the case. It could be argued that the US Fed reducing interest rates after the dot com bubble burst, sowed the seeds of the housing bubble that was fuelled by the same low interest rates. You could argue that US Government intervention caused the whole crisis.
You could but you'd be wrong. The seeds of the economic disaster were sown by Greenspan and Rubin's "do nothing" fiscal policy of the 1990s.
You could argue that a bunch of grasping ****s who ran and still run the banking system turned out to hav no more understanding of financial markets than those old roman priests that used to read chicken gizzards. The ****s were guessing all along, while poluticians all over the world were taken in.
