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A few things to say about bankers.

Started by Zan, October 01, 2009, 08:19:01 PM

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Zan

Sibling Zono made a comment about bankers (actually, he quoted something his crazy cousin - his words - said).  I thought about it for a little while, and I have a few things to say on the subject:

Make no mistake, we are experiencing the beginning of the worst economic times since the dustbowl.  Possibly worse, if you want the truth.  The apparent recovery is turning out to be a sham, hell, there's going to be 4,000,000 more foreclosures in October alone, according to the treasury department.

But people don't want the truth, do they?  The wheels have fallen off the monster truck of state, but since we're still sliding on the chassis rather than rolling over, everyone pretends that things aren't that bad.  The band is still playing, so we can all rearrange the deck chairs on the Titanic, and pretend that the band will play on.

Well, wake the hell up.  Things really ARE that bad...to rip a classic line off from William Shirer, the lights are going out all over the world, and nobody knows when - or if - they will ever come on again.  The proof of this is listening to that waterhead at the Fed babble on about how the recovery will solidfy in the second half of the fiscal year.  Now, how the HELL would he know that?  He doesn't.  He's making a prediction that sounds reassuring, but is far enough out that he assumes nobody will remember it when summer rolls around, the harvest is in...and we are not saved.

Herbert Hoover said the same thing, back at the beginning of 1932: "Prosperity is right around the corner".  As a note to those of you who don't study Doom, 1932/33 was the worst fiscal year of the depression.  

The worst part about this is that the problem WAS fixable.  The bailout was intended to allow the banks to steal capital from us, so they could loan money.  Our economy functions on lines of credit, and all that was required to turn this from disaster to a mere recession was for them to actually LOAN THAT MONEY OUT.  However, thanks to a weak-sister congress, the language of the bailout bill changed it instead into a massive giveaway with no accountability.  The bankers took the money, smiled, and then wrote themselves some bonus checks and used the rest of the money, apparently, to buy up assets.  When asked about it, they laughed in congress' face, and told them that they don't have to tell anyone where the money went, and by the way, give us the other $350 Bn, please.

Well, I have something to say to those bankers.  Something that should have been said long ago, when they first refused to renegotiate the toxic mortgages that started this whole mess.  Listen closely, my fat larcenous friends, for this is very, very important:

WE WILL FUCKING EAT  YOU.

That's right.  I, for one, will not starve because of your greed.  When the deal goes South and it all comes crashing down, I will eat you before I starve.  I will use your skull as a wine glass.  I will gnaw on your bones with my very own teeth.

My son informs me that eating people is actually very unhealthy.  Something about "prions" and mad cow disease.  But what does he know?  He hasn't been around long enough to really understand DOOM.  He lives at that wonderful age of 16, where Really Bad Things happen to other people, and tomorrow's biggest worry is whether or not he'll get to feel up Suzy Rottencrotch under the bleachers during the homecoming game.

Well, I'll ask him again, in a few years, after the lights have gone out and the coyotes begin eying us with interest.  When he's learned how to make fuel out of alcohol, and we all live by pillaging those who still try to stand still and grow things.  Bankers will be a rare delicacy by then; no longer low hanging fruit dangling from the light poles.  

Be warned.  The easy times, the years of light and prosperity are behind us, brought low by the same greed and stupidity that has plagued the human race since Og the Caveman decided to corner the market on edible berries.  Rough times are ahead, and even if we DON'T get to eat bankers, we can at least stockpile A1 Sauce.

Okay, then.  I think I'll pop over to the library thread to calm down a bit.


Jayna

It's true. Zan got hosed on the superpower thing.


Opsa

Ho...kay...

:bees:

Please be less general in your rant.

First of all, I would like to remark that this is an international monastery, so please remember that you are not talking to just people in the USA. I live in the USA too, but we are not the whole world. What I mean to say is: even though our Siblings here are quite intelligent and do not live under rocks (I don't think...), let's be more specific about who we're ranting about.

Secondly... I hope you won't hate me for my opinion, but I think it is rather trite to blame the crappy US economic situation on all bankers. The real estate lenders made a bunch of greedy choices. Car manufacturers and Insurance companies got bailouts. I do not think they should have received these bailouts after they made incredibly poor moves- they should have been allowed to sink, but that's just my opinion. I wish Bush hadn't started the precedent of these bailouts, but he did. To me, that seemed like the final crank that really got this recession to hit bottom. We are still reeling from that. Many banks did not give out stupid loans.

We must be very careful not to start spout generalizations. That sort of talk may impress the uninformed, but others may see it as screaming into the wind.

A more constructive thing might be to come up with some solutions.

Zan

Quote from: Opsanus tau on October 01, 2009, 09:45:40 PM
Ho...kay...

:bees:

Please be less general in your rant.

Sorry.  :(

Quote from: Opsanus tau on October 01, 2009, 09:45:40 PM
First of all, I would like to remark that this is an international monastery, so please remember that you are not talking to just people in the USA. I live in the USA too, but we are not the whole world. What I mean to say is: even though our Siblings here are quite intelligent and do not live under rocks (I don't think...), let's be more specific about who we're ranting about.

Well, in my defense, I will state that our bankers killed everyone's economy, so I will therefore invite our European friends to chow on an AIG exec, too.

Quote from: Opsanus tau on October 01, 2009, 09:45:40 PM
Secondly... I hope you won't hate me for my opinion, but I think it is rather trite to blame the crappy US economic situation on all bankers.

Oh, there's plenty of blame to be found everywhere.  At it's most basic level, the fault can be found with the general public, who spent the last 30 years insisting on a 20% return on their investments, thus spurring companies to make very short-sighted decisions, lest their stocks all sink to Davy Jones' locker.  However, the sheer scale of the bankers' banditry, coupled with their behavior after the bailout, puts them on another level entirely.

Quote from: Opsanus tau on October 01, 2009, 09:45:40 PM
The real estate lenders made a bunch of greedy choices. Car manufacturers and Insurance companies got bailouts. I do not think they should have received these bailouts after they made incredibly poor moves- they should have been allowed to sink, but that's just my opinion. I wish Bush hadn't started the precedent of these bailouts, but he did. To me, that seemed like the final crank that really got this recession to hit bottom. We are still reeling from that. Many banks did not give out stupid loans.

Yes, I agree.  Painful as it would (will still) be, the companies in question should have been allowed to sink...especially after flying to congress in private jets, with beggars' cups in their hands.

Quote from: Opsanus tau on October 01, 2009, 09:45:40 PM
We must be very careful not to start spout generalizations. That sort of talk may impress the uninformed, but others may see it as screaming into the wind.

A little screaming never hurt anyone.  More people should do it.  It accomplishes precisely nothing, but you feel better when you're done.

Quote from: Opsanus tau on October 01, 2009, 09:45:40 PM
A more constructive thing might be to come up with some solutions.

True, true...but who's going to listen to me?  You guys might, my friends might, but I have a pretty strong feeling Geithner won't be returning my calls any time soon.

Opsa

Nicely put. Sorry to have jumped on you. I have a brother who tends to enjoy screaming at every opportunity. Maybe I'm a bit worn out by him.

Zan

Quote from: Opsanus tau on October 01, 2009, 10:14:08 PM
Nicely put. Sorry to have jumped on you. I have a brother who tends to enjoy screaming at every opportunity. Maybe I'm a bit worn out by him.

That can be good or bad...what does he scream?

Opsa

Bloody murder.

No, he goes into huge predictably partisan diatribes that come off as smug. But only in writing. In person, he tends to be an easygoing, fun-loving guy.


Zan

Quote from: Opsanus tau on October 01, 2009, 10:28:42 PM
Bloody murder.

No, he goes into huge predictably partisan diatribes that come off as smug. But only in writing. In person, he tends to be an easygoing, fun-loving guy.



Ah.  Partisanship is a silly thing...I mean, to be partisan, you have to believe half of the lies.  Not that I'm calling your brother silly, or anything.  Lots of intelligent folks fall into that trap.

Bluenose

Well, Australia seems to be faring resonably well so far.  Last fiscal year we were the only developed country* to experience growth in the economy - albeit only about 1%, but still.

Nevertheless, I doubt that all the chickens have come home to roost yet and we shall see how things pan out in the long run, the only way we can, by waiting.

For what  it's worth I feel the main cause of the whole disaster has been things like derivitives.  These have enable people to put a thin coating of gold leaf over lumps of rubbish and then sell them to others as solid gold.  The blame lies with both those who created these exotic financial instruments and with those who were blinded by greed and bought them.  I think many people lost sight of some basic home truths.  If it looks too good to be true it probably is.  If you don't understand it, don't buy it.  That sort of thing.

As for bankers, although I subscribe to the great Australian tradition of hating all banks and bankers**, our banks have weathered the storm quite well.  they are still earning good returns for investors and there has not been much government intervention here in the banking sector.  About the only thing was the government provided a guarantee on deposits up to a certain amount, althoug they stuffed it up initially and look like they will keep it going longer than is desirable, but still they have not handed over great wads of cash to the banks either.

---

* Accordong to the Australian press - maybe their definition of developed countries is those countries other than Australia that had negative growth!

** To be fair, it is an Australian tradition to hate everyone who has power, so this goes for large companies, banks, politicians, the local council, your boss etc etc etc.
Myers Briggs personality type: ENTP -  "Inventor". Enthusiastic interest in everything and always sensitive to possibilities. Non-conformist and innovative. 3.2% of the total population.

Zan

Quote from: Bluenose on October 01, 2009, 11:11:47 PM

** To be fair, it is an Australian tradition to hate everyone who has power, so this goes for large companies, banks, politicians, the local council, your boss etc etc etc.

We used to have that attitude.  Now we hate the people in power if they're in the "other" party.

It's like watching sports fans.

Aggie

I still insist the correct collective noun for bankers is a "wunch". ;)
WWDDD?

Zan

Quote from: Agujjim on October 02, 2009, 02:00:29 AM
I still insist the correct collective noun for bankers is a "wunch". ;)
I perfer a "plague".

Griffin NoName

A thought. It is easy to blame the bankers et al. And with reason. But there is that saying that if something seems to be too good to be true then it probably is and taking out mortgages at 5 times your salary seems to me to fall into that bracket etc etc. So perhaps responsibility needs to lie on the shoulders of all who have been greedy and stupid.

In actuality I blame capitalism.

Where is Goat ?
Psychic Hotline Host

One approaches the journey's end. But the end is a goal, not a catastrophe. George Sand


Zan

Quote from: Griffin NoName on October 02, 2009, 03:08:53 AM
A thought. It is easy to blame the bankers et al. And with reason. But there is that saying that if something seems to be too good to be true then it probably is and taking out mortgages at 5 times your salary seems to me to fall into that bracket etc etc. So perhaps responsibility needs to lie on the shoulders of all who have been greedy and stupid.

In actuality I blame capitalism.

Where is Goat ?

All correct.  I just chose bankers to start with, because specifically calling out one group at a time reads better than a rant that says "people are dumb" 300 times.

Aggie

WWDDD?