President Barack Obama Message Board

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Politics : President Barack Obama

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To: RetiredNow who wrote (102888)	10/7/2011 3:20:22 PM
From: tejek	Read Replies (1) of 149317

A French Treasury source told Reuters that Paris believed banks unable to raise capital on the open market should be able to tap the fund See this is the bullshit that so many people swallow nowadays without further analysis or forethought. Why should a bank unable to raise capital on the open market be bailed out by the governments through special funding sources? That is bullshit. If investors are unwilling to capitalize a bank, does it every occur to anyone that the reason why is because the executives at those banks have PROVEN to not only be incompetent, excessive risk takers, but they have also engaged in systemic fraud and criminality? Euro banks are not required to show the same level of transparency as American banks. Hence, investors don't know how much trouble Societé Generalé and the other banks are in. That's been part of the problem. Because there is no transparency, the shorts were having a field day until the French and German gov'ts cut them off. Frankly, I don't care how they get capitalized. I am not a citizen of Germany nor France. I just want them to get capitalized asap and stop this incipent nonsense that keeps going on and on and on without resolution. If the verdict of the free market is that those banks need to be allowed to go under due to their current insolvency, then the governments of the world need to stay out of it! If they go under, yes it will destroy the wealth of those executives and there will be ripple effects in the economy. But then all the toxic assets and bad debt on the banks books will also go away. Then new banks with competent and honest executives will rise up. The free markets will wipe away the excesses and bankrupt the bad actors without forcing the 99% to take the biggest hits. Who is this free market that you like so much? A bunch of idiots who trade oil up to stratospheric heights only to watch as it collapses back to the ground? Greedy bastards who bid up tulips until a single tulip bulb was worth a house? Free markets are a costly way to do business esp. for the little guy. Free markets are too rigid.......they don't care how much destruction happens.....just so long as their theoretical approach to life goes undeterred and a few people get rich. Its BS. Its free markets that have gotten us hyper wealthy people in this country at the expense of the average American. And its people like you singing its praises that keeps people from questioning its legitimacy. There is no such thing as one formula or size that fits all situations. Its why God gave us a brain. I like that flexibility and use it in the way I live and work. Free markets don't allow for such flexibility.....there is one approach and one approach only. Hence, they are anathema to me. EOS.

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