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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: Paul V. who wrote (205263)	12/30/2017 10:00:27 AM
From: GUNSNGOLD	3 Recommendations Recommended By locogringo lorne TideGlider Read Replies (3) \| Respond to of 224717

Paul V, You will have to clarify the question. Your premise makes no sense. So lets break down your opinion statement/question. The questions: how do we resolve the possible conflict of the Biblical language of "love thy neighbor as ourself, with economic individual greed of making a profit? Or, how much? 1. What does Love thy neighbor as yourself have to do with the banking crisis? That is a statement of opinion based on a feeling. 2. Profits don't come from "greed" (again an opinion) Profits are defined as the amount of revenue that exceeds costs to manufacture, ship, and market pluse taxes etc. Greed is exhibited by unscrupulous individuals or corporations. Greed normally results in failure and guess what it did in this instance. 3. Or how much? Needs further clarification. (are you talking about Amount of the Profit in dollars or profit margin?) I believe you are implying that banks caused the problems, however they are the manifestation of the symptoms of the fundamental problem. 1. The repeal of Glass-Stegal is the reason for the banking crisis. Glass-Stegal separted Commerical Banking from Investment Banking. With out this separation you had a conflict of interest within the banking system ( i.e. Commercial Banks must underwrite sound loans to credit worthy individuals in order to be profitable, now combined with Investment Banking which exists to underwrite securities to sell to the market to generate profits.) 2. Because the Deomocrates repealed Glass-Stegal they encouraged unethical and unsound behavior by the Commercial Banks to ignor true creditworthy individuals and made them focus on truly uncreditworthy people (those with No Job, Income or Assets or NINJA Loans) to get financing. I think this is where you are trying to interject a Biblical principal. 3. Well that has nothing to do with it. Love thy Neighbor as Thyself, would imply that the Banks shouldn't give loans to people based on a political outcome. The loans should be based on creditworthy individuals. People with No Income, No Job or Assets aren't profitable prospects. Banks love themselves (which means they act in their own self interest in a profitable way) so what motivation would they have to give loans to people who couldn't pay them back? 4, I am not saying that individuals shouldn't have housing, but manipulating the Capitalist system for political outcome isn't a good thing to do, but it happens by both Democrats and Republicans. No one is going without housing if they are willing to work in this country, however they aren't "guaranteed" a McMansion just because they do work. 5.This was combined with the Investment Banking decisions to now "slice and dice" and bundle the bad debt with the good debt and sell it all as good risks. Investment Banks exist to dream up ideas through "financial engineering" to sell to the market. Their customers are supposedly sophisticated and understand the risks that they are taking. Conclusion- So what happened is a certain Political Party manipulated the banking system based on a political ideology (i.e. give loans to a certain segment of the population) and then when it all collapsed they used the political system to cover it up by bailing out the banks that did their bidding, but we the taxpayers pay the costs. The banking system collapse of 2008 was a repeat of the S&L crisis of the 80's, but on a national level. The S&L crisis resulted in over 1,000 successful prosecutions for illegal behavior, but how many people have gone to jail since 2008? None, because this was a Political hit job by the Democrats. Your response? G-n-G