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Strategies & Market Trends : The coming US dollar crisis
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To: Skeeter Bug who wrote (26734)1/31/2010 2:28:35 PM
From: Larry S.4 Recommendations  Read Replies (3) of 71463
 
>>they were regulated - BY THEMSELVES! the fed (privately owned by wall street banks) was supposed to regulate the mortgage market.

I'm not familiar with all of the powers the FED has over the banks but the FED didn't write or eliminate Glass Steagall and, thanks to it's elimination, the institutions we call banks are really investment/speculation houses. It is the Gov., not the FED, that allowed them to expand.

A capitalist will and should do everything within the law to benefit shareholders. It was our Gov. that set the bounds such that our banking system has been essentially destroyed. The FED just allowed the system to get our of hand faster than it would otherwise.

>> the rich have gamed every system ever devised for their personal benefit at the expense of everyone else.

Yes, but not only the rich - its the nature of a very large fraction of us. But, in Adam Smith's world, there were no "to big to fail" companies, the gamblers lost and the crooks went to jail. The banking system should be helping our economy grow by using the savings of the masses to provide credit for investment. It is now using its capital to speculate in activities like rapid trading, which is effectively stealing from the masses, and padding the pockets of the managements.

Our Gov must provide strict regulation to correct the abuse or Faber will be right.

The most telling numbers I've read are that the percent of corporate profits contributed by the financials went from 16 percent in 1980 to 40 percent in 2009. Fanancials have become parasitic in nature..

Larry
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