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Banks failures, etc.

Remember when banks were failing during the '80's and what it took to get back. During that time, I didn't have a job and really had to press myself to get one. It pretty much like it's becoming now. I was in Oklahoma during those times and believe me, the news when a bank failed or yet another, was common talk. People were nervous, after all, something like this didn't happen since 1929. So, what did banks ask for, they wanted other avenues and polices(services) to offer to clients/customers that weren't traditional as in real estate home loans. Now real estate loans are the crux of today's bank failures but not really when you think it "mortgage lenders" outside of traditional banks but they deal with banks and seem hand-in-hand fall together. We like to think they know what they're doing but it appears they rode the bubble too long and fell when it burst, plus I think plain greed Sad is again riding herd. What do you think? -----Willy Wink

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I agree that greed is the common denominator

In reply to: Banks failures, etc.

of all the major failures of the last hundred years or so. I don't see any improvement until that underlying cause is removed.
Each failure of the system has been patched up so far, with varying degrees of success, but no solution will be permanent until that cause is removed.

To pick just one example, The S & L meltdown was also due to shady property dealing. Now the same factor threatens the bank system. The bailout then (it was said) cost as much money as the "peace dividend" was supposed to have given the US, after the Soviet Union fell apart. One could have hoped for at least a permanent solution for the outlay. And Western political and social security- not to mention the world's- is certainly no better than the days of MAD. Even though there are no nuclear powers threatening to launch if 'the line is crossed' ... That's true, right? The world has learned to settle its territorial problems peacefully, right?

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Oops. Wrong again.

In reply to: I agree that greed is the common denominator

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Iran must have promised him a nuke.

In reply to: Oops. Wrong again.

Now we can be absolutely sure the attack on Iran will come.

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Ever heard...

In reply to: Iran must have promised him a nuke.

Ever heard the term "poor man's nukes" referring to chemical or biological weapons? Now where else could he have come up with chemical or biological weapons?

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My money glows?

In reply to: Oops. Wrong again.

This is what happens when despots get their hands on nuclear weapons. Not only that but the very possibility they can be passed on or fall through the cracks with reduced checks&balances of these weapons.

Now, how in the heck did "nuclear weapons" become part of this "bank failures" thread? -----Willy Happy

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Lust for money and lust for power.

In reply to: My money glows?

You mentioned an example of the first that has not been overcome by [the very] men who suffer from it.
I mentioned an example of the second as again also being dangerous in spite of a claimed solution when the Cold War ended.
One will kill you, one will make you wish you were dead.
Bible says they're built-in, and I think the only way is to eliminate the characteristic, not put another bandage on. Can man do that? The last year and a half has been big for elections and changes of government, especially among the "powers". After the next (and last) one, we'll get to see if they can all do better than the government at Mt 6:9,10.

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It wasn't exactly a surprise

In reply to: Banks failures, etc.

...... but just another domino to fall in the economic chain. After all, banks made those infamous loans, too. And they have wanted to please their stock holders. Some have become national mega-banks, and advertise heavily, like automobiles.

"Who's minding the store?" has been asked and answered in the past, but there has always been a fight to do anything much about it. By the time the fighting is over things have settle down so fixes have been so watered down that they have been little more than band-aids. "Regulation" and "Oversight" have been successfully painted as bad words.

Unless we opt to be proactive rather than reactive and get serious about regulation and oversight o that the elements of greed can be controlled, these banking crises will continue to happen.

Angeline
Speakeasy Moderator

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