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(Some Guy)   $780 billion. Is this: A) The cost of Medicare and Social Security over the next decade, B) the value of spending cuts in Ryan's new budget, C) the size of the subsidies the US Government gives to the banking industry EVERY YEAR   (washingtonsblog.com ) divider line
    More: Asinine, accounts receivable, Nouriel Roubini, TBA, free market economy, bankers, subsidies, secondary markets, accounting analyst  
•       •       •

3039 clicks; posted to Politics » on 13 Mar 2013 at 8:42 PM (3 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-03-13 10:12:29 PM  
I'm an Obama supporter, but unlike republicans I can criticize someone I support if I disagree with them.

This probably the biggest issue I disagree with. Stop supporting them, regulate the fark out of them, send 99% of them to jail and start over.
 
2013-03-13 10:16:46 PM  
This article is enlightening....

How did these hedge funds, with fewer than one hundred employees, make as much money as Apple, which relies on the incredibly hard work of its nearly 700,000+ workers?

How To Make A Million Dollars An Hour

http://www.businessinsider.com/how-to-make-a-million-dollars-an-hour -2 013-3#ixzz2NTbHCwva
 
2013-03-13 10:17:42 PM  

jaylectricity: TalenLee: The thing is, if you don't subsidise them, the banks will all leave for foreign shores, or something.

Oh no! Where will we keep our money?!?!


I know, right?
 
2013-03-13 10:27:54 PM  

TalenLee: jaylectricity: TalenLee: The thing is, if you don't subsidise them, the banks will all leave for foreign shores, or something.

Oh no! Where will we keep our money?!?!

I know, right?


Time to start buying mattresses.

I'll keep your money under one of mine, if you'd like.

;-)
 
2013-03-13 10:39:55 PM  

jaylectricity: TalenLee: jaylectricity: TalenLee: The thing is, if you don't subsidise them, the banks will all leave for foreign shores, or something.

Oh no! Where will we keep our money?!?!

I know, right?

Time to start buying mattresses.

I'll keep your money under one of mine, if you'd like.

;-)


Oh, hey, here we don't subsidise the banks as much. Plus we kind of bully them into changing their interest rates.
 
2013-03-13 10:41:03 PM  

Bad_Seed: No, you think about it. What would happen if a private insurance company had to pay out more than its premiums can cover?


see AIG
 
2013-03-13 10:45:34 PM  

phamwaa: The idea that you can be a conscientious saver and build your nest egg is dead. Everyone should now belly up to the craps table that is the stock market.


You know. That right there might be the strongest argument that we're headed for a Depression than any other I've seen today (and for some reason, the arguments are out in force today).
 
2013-03-13 10:46:18 PM  
Can't we get any new guilotine pics? I'm tired of the same old ones.
 
2013-03-13 10:48:47 PM  

Vectron: Can't we get any new guilotine pics? I'm tired of the same old ones.


Soon, soon.
 
2013-03-13 11:05:23 PM  

TalenLee: Oh, hey, here we don't subsidise the banks as much. Plus we kind of bully them into changing their interest rates.


I was trying to keep the joke going as a way of indicating that you and I are on the same page. Didn't realize you were on a different land mass.
 
2013-03-13 11:06:24 PM  
Hey you people voted for Obongo -- not me.
 
2013-03-13 11:11:15 PM  

Happy Hours: Johnny Savage: GObama!

Yeah, I'm going take a wild guess and say this didn't start with Obama.


I'm going to take an even wilder guess and say that, whatever the pre-existing corruption and waste within the American financial system might have been prior to his election, Obama will never be faulted by his fanboys for having taken it to an exponentially higher level during his administration.
 
2013-03-13 11:26:07 PM  
Somehow km ok with this.

I guess I've been desensitized to banking abuses.

/real estate appraiser
 
2013-03-13 11:27:05 PM  
They obviously need all that money because greedy teachers are overpaid.

Stupid libs are stupid.
 
2013-03-13 11:27:26 PM  
HA wait until people find out how much we spend to prop up the GLOBAL economy...
 
2013-03-13 11:27:35 PM  

enik: Hey you people voted for Obongo -- not me.


It's cute that you think these sorts of things are Republican vs. Democrat or conservative vs. liberal instead of rich vs. poor.
 
2013-03-13 11:29:40 PM  

Peki: phamwaa: The idea that you can be a conscientious saver and build your nest egg is dead. Everyone should now belly up to the craps table that is the stock market.

You know. That right there might be the strongest argument that we're headed for a Depression than any other I've seen today (and for some reason, the arguments are out in force today).


Headed for?  We're already in one.  It's just that the bubble hasn't burst for the rich yet.
 
2013-03-13 11:41:14 PM  

cchris_39: Bad_Seed: GAT_00: $120 billion in federal deposit insurance (through the FDIC, backed by the Treasury)

Oh yeah, that's a terrible, terrible thing to have.

Just because you socialise the losses, doesn't mean you have to privatise the profits. FDIC was created to protect small savers from bank failures, not to line the pockets of banks with taxpayer's money.

Point of information:  the banks PAY an insurance premium for FDIC coverage.  The losses referred to in the article are the cost of bank failures in excess of the premiums.  It goes to make the depositors whole, not to profit anyone.

It's hardly a "subsidy".


If the insurance premiums don't generate enough revenue to cover the losses in all cases, then it sounds like the insurance premium is too small. Or am I misunderstanding somehow.
 
2013-03-13 11:43:13 PM  

jaylectricity: TalenLee: Oh, hey, here we don't subsidise the banks as much. Plus we kind of bully them into changing their interest rates.

I was trying to keep the joke going as a way of indicating that you and I are on the same page. Didn't realize you were on a different land mass.


Yeah, I'm typing this in now on the back of a kangaroo.
 
2013-03-13 11:47:53 PM  
Urge to kill... rising...
 
2013-03-13 11:52:13 PM  

foo monkey: It's not B. Ryan's cuts are hyperbole and unicorn farts.


Fun Fact: Ryan's cuts are based on things he objected to at the time.
 
2013-03-13 11:54:16 PM  
i.imgur.com
 
2013-03-13 11:55:55 PM  

IlGreven: Peki: phamwaa: The idea that you can be a conscientious saver and build your nest egg is dead. Everyone should now belly up to the craps table that is the stock market.

You know. That right there might be the strongest argument that we're headed for a Depression than any other I've seen today (and for some reason, the arguments are out in force today).

Headed for?  We're already in one.  It's just that the bubble hasn't burst for the rich yet.


Fair point. I've been arguing that one with my family for some time now. I suspect the history books will be changed eventually once there aren't any political ramifications of calling it a Depression.

*sigh* The problem with fudging words so that people don't panic, is that the same people then don't realize just how big the problem is, so they see the bailouts and think it was too much, when in reality it was too little.
 
2013-03-14 12:04:32 AM  
I need a ruling on the play...  Was TFA herp, derp or tinfoil?
 
2013-03-14 12:13:07 AM  

log_jammin: Bad_Seed: FDIC was created to protect small savers from bank failures, not to line the pockets of banks with taxpayer's money.

Please explain how the FDIC is lining the pockets of the banks.


Agreed.  Of that list some are real (the spread in rates is just a cash spigot directly into the wallets of banks) and some I'm not so sure about.  I don't see how the FDIC is some kind of giveaway to the banks.  For the most part FDIC is self funding where all member institutions contribute to the fund and the fund pays out when a bank fails.  It's a required insurance program that's backstopped by the government.  Where I don't like what the FDIC is doing is that they are paying out more than the insured amount.  If you have a savings account with $300,000 and your bank fails, people have been getting $300,000 instead of the $250,000 they should be getting.  But yet again, this isn't money going to banks, it's going to grampa and his retirement fund.

The government guarantees on loans don't benefit the banks so much as borrowers who wouldn't be able to get a mortgage without the federal insurance.  Without FHA and the others the banks would still loan money and still make a profit.

I can't really speak to the other claims at all though.
 
m00
2013-03-14 12:19:25 AM  
Why do you guys hate banks & the free market? What are you, communists?
 
2013-03-14 12:23:44 AM  

Koalacaust: log_jammin: Please explain how the FDIC is lining the pockets of the banks.

It could be argued that guaranteed deposits remove the incentive to scrutinize your bank's lending and borrowing practices in order to make sure that the bank will be responsible with your money. Large, unscrupulous banks get customers that they otherwise wouldn't be able to attract if they had to be more transparent about their inner workings. So not only do the banks get more money in the form of deposits, but nobody bothers to pay close attention to their dealings, allowing them to make riskier bets with their customers' money.


I can read the annual report and vote for and email the directors of *MY* credit union

/ I don't, but I can
 
2013-03-14 12:30:29 AM  

m00: Why do you guys hate banks & the free market? What are you, communists?


Bank bailouts have nothing to do with the free market; under capitalism there is no such thing as "too big to fail". The bailouts involved the government extending its largesse to the private sector and demanding its pound of flesh in return.
 
2013-03-14 12:32:22 AM  
I dare any pol to try and take it away, they will get Lewinsky'd so fast. Someone in Israel is humming Stranglehold.
 
2013-03-14 12:47:54 AM  

Insatiable Jesus: I dare any pol to try and take it away, they will get Lewinsky'd so fast. Someone in Israel is humming Stranglehold.


+1
 
2013-03-14 01:07:42 AM  

EvilRacistNaziFascist: m00: Why do you guys hate banks & the free market? What are you, communists?

Bank bailouts have nothing to do with the free market; under capitalism there is no such thing as "too big to fail". The bailouts involved the government extending its largesse to the private sector and demanding its pound of flesh in return.



This.
explanation.
 
2013-03-14 01:14:12 AM  
Synopsis in 1 sentence: Someone is writing an article with no concept of what they are talking about.

/ a lot of fark is qualified for this job.

.
 
2013-03-14 02:15:46 AM  

TalenLee: The thing is, if you don't subsidise them, the banks will all leave for foreign shores, or something.


No, the thing is that if we don't subsidize them then they'll not bother to follow US financial policy.

Pretty much the same reason we don't drop farm subsidies; we want people to be able to afford to eat, so we pay off the farmers with a fraction of what they'd gain by cutting production and allowing prices to increase to whatever the market will bear, which will result in a lot of people starving to death and the bigger companies finishing off all the smaller ones for good and then playing the telcom shell-game to keep their monopoly technically legal.

Similar deal with banks and loans.  Not all destructive behavior can be outright outlawed, so we provide a financial incentive against it.
 
2013-03-14 02:34:38 AM  

Jim_Callahan: we want people to be able to afford to eat


I wonder how the rest of the world does it?
 
2013-03-14 02:56:49 AM  

m00: Why do you guys hate banks & the free market? What are you, communists?



The current system of Global Corporate Socialism and Banksterism is brought to you by the very same people who brought Communism to Europe. You can look it up. The Banksters are the Commies, just come back in a different form. What I see now is a straight line from Kissinger to Wolfowitz to Bernanke.
 
2013-03-14 02:59:30 AM  
 
2013-03-14 03:16:37 AM  

Vectron: EvilRacistNaziFascist: m00: Why do you guys hate banks & the free market? What are you, communists?

Bank bailouts have nothing to do with the free market; under capitalism there is no such thing as "too big to fail". The bailouts involved the government extending its largesse to the private sector and demanding its pound of flesh in return.


This.
explanation.


Oh SNAP.jpg
 
2013-03-14 04:08:47 AM  

EvilRacistNaziFascist: m00: Why do you guys hate banks & the free market? What are you, communists?

Bank bailouts have nothing to do with the free market; under capitalism there is no such thing as "too big to fail". The bailouts involved the government extending its largesse to the private sector and demanding its pound of flesh in return.


Yeah, that's bullshiat.  Under free market capitalism, there is nothing to stop companies from forming monopolies, collusions, and otherwise abusing their power.  At which point, they become too big to fail.   The libertarians will swear that it will never happen under a free market, but they also like to pretend that discrimination would never happen in a free market, even though it clearly did.

You can't have it both ways.  You can't claim that billionaire hedge fund managers deserve their salaries because they're irreplaceable financial wizards who are integral to the economy, and then claim that there would be no impact at all of they disappeared.

The only way to prevent "too big to fail" is to prevent corporations from amassing that much power in the first place.  That would require more regulation, not less.
 
2013-03-14 04:10:18 AM  

TalenLee: Jim_Callahan: we want people to be able to afford to eat

I wonder how the rest of the world does it?


Most of the world buys food from the US at our deflated prices.  It is a major element of our foreign policy, one of the reasons we subsidize to begin with, and one of if not THE most important element of our global political influence and financial power.

So... basically the rest of the world that doesn't do it is heavily dependent on the US because they don't. Or, you know, they starve.  Those are basically the options, apart form copying our system.  Some places actually do choose the starve option, strangely.

//Here's a reference to start you off if you really missed high-school-level political science, or social studies or whatever yours called it:   http://static.scribd.com/docs/4bh14golg7n02.pdf
 
2013-03-14 04:10:59 AM  

Saiga410: I need a ruling on the play...  Was TFA herp, derp or tinfoil?


Site includes links to Zerohedge and Infowars.  Article cites a no-named economist with no real credentials.

Seems legit.
 
2013-03-14 04:15:52 AM  

Jim_Callahan: //Here's a reference to start you off if you really missed high-school-level political science, or social studies or whatever yours called it: http://static.scribd.com/docs/4bh14golg7n02.pdf


cc.pbsstatic.com

Gotta say, some of your exports are pretty shiat.
 
m00
2013-03-14 06:18:01 AM  
I thought it was pretty obvious I was being sarcastic.
 
2013-03-14 07:33:21 AM  
Holy &!@& you guys are dumb as dirt.   Just because you read it on internet doesn't make it true.
What a joke.  You'll all be out beheading innocent people soon.
You lose because you have NO IDEA whats going on. You are not be robbed, you are being coddled.
 
2013-03-14 07:35:38 AM  

omnibus_necanda_sunt: Insatiable Jesus: I dare any pol to try and take it away, they will get Lewinsky'd so fast. Someone in Israel is humming Stranglehold.

+1


I guess stormfront has been alerted to this thread...
 
2013-03-14 08:03:46 AM  

Giltric: 1. Cause financial crisis
2. Get appointed by Obama to committees tasked with straightening it all out
3. Profit
4. Blame Republicans?


THIS!!!
And you forgot when when confronted by this you will get the "So vote REP" cry as some way of dismissing it or plugging fingers in ears saying "lalalala I can't hear you"....
 
2013-03-14 08:11:05 AM  

GAT_00: If you claim that the FDIC is an unnecessary bank handout, I don't give a fark about the rest of your numbers. If that's their standard for a bad handout, I doubt any of the rest of them are anything bad.


Fair enough, I'm curious nevertheless.
 
2013-03-14 08:21:39 AM  

jaylectricity: I assume this is on Elizabeth Warren's radar.


I don't know about anyone else, but I personally am putting way to much hope in Warren to break the stranglehold the banks have on Washington.
 
2013-03-14 08:21:42 AM  

Jim_Callahan: Most of the world buys food from the US at our deflated prices.  It is a major element of our foreign policy, one of the reasons we subsidize to begin with, and one of if not THE most important element of our global political influence and financial power.


Is that really still true?  Because the US seems to be importing a lot of food nowadays.  Not just spices and gourmet specialties, but ordinary stuff like beef, ketchup, canned soup, and so on.
 
2013-03-14 08:28:01 AM  

Boloxor the Insipid: You'll all be out beheading innocent people soon.
You lose because you have NO IDEA whats going on


That's fine as long as it's the "innocent" rich who have made the decisions to socialize losses while privatizing profits, sent millions of jobs and physical capital overseas, and corrupted our political system with their disproportionate wealth. The masses can just figure things out as we go. They're always behind the curve, anyway.
 
2013-03-14 09:55:50 AM  
Let me summarize it for you ignorant peasants. You know all those billions (possibly trillions) in dubious derivatives? Yeah the value they pulled out of their ass they are worth hasn't been revised, nor taken as a loss. They have been transfer to ALL of us via Federal Reserve "assets", and as the article states, artificially low interest rates creating a very nice bond market for themselves, with no consequences to them in any way, neither financially or criminally.

It's a huge slap to the face and yet most people don't WAKE THE FARK UP!
 
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