Posted on 02/09/2016 7:03:12 AM PST by SeekAndFind
Everybody hates bankers and Wall Street, and so politicians hate them too. Senator Bernie Sanders (I-VT) has made much of Hillary Clinton's Wall Street connections. "I don't know any progressive who has a super PAC and takes $15 million from Wall Street," Sanders has said. Hillary accuses Bernie of "innuendo."
But they both want you to believe that "greedy bankers" rather than stupid government policy cause the Crash of 2008. So we need Dodd-Frank to keep the bankers tame and obedient.
My thinking on greedy bankers diverged from the conventional wisdom many years ago when I read an article about the most important government program. It is not the armed forces, or even the Social Security pensions. The most important program is the government's program to sell its debt. To do that it needs bankers. Think of banker Jay Cooke, who sold the bonds that paid for the Civil War. Now you know why politicians and bankers get on so well, despite the politicians pretending that they hate bankers and bankers pretending that there's nobody here but us chickens. They need each other.
So of course Hillary goes speechifying to Goldman Sachs; of course Ted Cruz married a Goldman Sachs banker; of course Chelsea Clinton married a Goldman Sachs alumnus. You could say that they are all in the same business. My son-in-law tells me that Goldman encourages its bankers so marry into politics.
Of course, the bankers are just middlemen. Behind the bankers are the merchants. The merchants have always run on credit, and they know a lot about it. But credit is not enough. Businesses need a stable and predictable economic environment, and they need protection from pirates and plunderers. The politicians need credit to finance their political machines and to protect their regimes from foreign invaders.
(Excerpt) Read more at americanthinker.com ...
No, dude, it’s the greedy bankers.
M A K E T H I S G O V I R A L
The Money Masters
https://www.youtube.com/watch?v=XbEu-OLMKLQ
Debt Slavery
https://www.youtube.com/watch?v=bKwO1onXAaI&list=RDbKwO1onXAaI#t=127
The Fake Indian owns the Greedy Bankers issue anyhow.
Why is it so hard for some people to accept the fact that the large financial institutions were the leading figures in the 2008 crash? You can blame government policies if you want, and I’m sure they contributed, but an unsupportable mortgage held by some poor Joe who couldn’t afford it did not cause the crisis. It took the financial institutions along with the rating agencies to pull this off. This was a large organized operation across the banking industry, all in the name of making a quick buck.
Plus, they were forced into giving mortgages to people that had bad credit and no way of repaying because the gov’t wanted equality in home ownership. Of course the banks aren’t completely blameless. Now that Fannie and Freddie have taken over the mortgage industry the gov’t is again loosening credit requirements and this time the taxpayers are completely on the hook.
The gov’t said that the credit requirements were discriminatory against minorities and required the banks to loosen their standards.
Hundreds of community bankers saw the riches being made by the larger banks, so they tried to emulate their success. Unfortunately, they did not have sufficient expertise in commercial real estate, and were not prepared when the SHTF.
That's what happened to the vast majority of banks closed down by the regulators from 2008-2013. It wasn't derivatives that did smaller banks in, it was from popping the bubble on commercial real estate.
>>Why is it so hard for some people to accept the fact that the large financial institutions were the leading figures in the 2008 crash?
Even Greenspan managed to pull his head out far enough to see that light...
Specifically, Greenspan said today in a panel discussion at a Fed conference in Jekyll Island, Georgia (where the plans to form the Fed were originally hatched):”
https://www.youtube.com/watch?v=2X3zgEsNvYI
http://www.liveleak.com/view?i=195_1289358829
“Banks operated with less capital because of an assumption they would be rescued by the government, he said. Lehman Brothers Holdings Inc. wouldn’t have failed with adequate capital, he said. “Rampant fraud†was also an issue, he said.
Lack of Trust
“Fraud creates very considerable instability in competitive markets,” Greenspan said. “If you cannot trust your counterparties, it would not work.”
—ALAN GREENSPAN
Read more at http://www.liveleak.com/view?i=195_1289358829#FygQ6oqwbQYcOKbz.99
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