rockdoc123 wrote:With regards to the banks….they are necessary. ... We just need to elect the kind of people who can keep them in check.
Exactly. If you do not regulate them, you will have a depression or a great depression when their greed gets out of control.
Bill Clinton and "new democrats" / "corporate democrats" courted rich Wall Street interests back in the 90s, it was their strategy to start winning the presidency and to keep it.
But that f*cked everything up, bad. Banksters got Clinton to repeal glass-steaggall and all the post great depression banking reforms. Which led to the Bush era financial crisis, and we are still really not out of that depression, something like half the country doesn't even work.
Banking deregulation and NAFTA (both pushed by Democrats) hollowed the country out and shifted wealth to the top 1%, wages have stagnated ever since, it was all bad news. And then with Bush the rich got those tax cuts and those have never been repealed and the budget got so bad you had Republicans shutting government down over "debt" -- well, duh, you gotta tax someone that has the money to run a government.
They act like even Clinton era taxes on the rich would be outrageous. Cutting taxes on the rich doesn't even work for economic stimulus anymore, not in a globalist world where Apple employs a million Chinese but only a handful of Americans. And the financial rich, what do they do with their tax cuts? They play more games on Wall Street, some of these are outright scams like hedge fund high frequency trading, and the market is propped up with federal reserve injections. It's a house of cards, Rock.
Not all rich are bad. Elon Musk is doing real things, rather than doing another BS internet thing after paypal.
But the bankster rich? Yes we need markets, I understand markets and their function and how important they are, but when it's at excess and into Dutch tulip territory / 1920s florida swampland then that's what causes a crash. These class of banksters are really just crooks, and they are not being regulated, they own the Republicans and the Democrats.
And, by the way, there are some good bankers I think. The fellow who left Bank of Canada to move to England as governor of the Bank of England is one.
Canada and Europe do a better job on this than the US and UK does.
The fight Cameron had with the EU was about euro banking regulations -- oh god forbid we reign in the banksters right? Interestingly, that was translated to Brits as "anti eu" and that's what the UK indepdnence party is really about -- it's really banksters backing that, because they don't want regulated.
Kind of like how our Tea Party just got used.
EDIT: and of course the financial crisis was the housing bubble, inflated by the federal reserve, because NAFTA shipped our economic base offshore with nothing to replace it. See the chain of events? Now all through this crisis we just have an education bubble, again inflated by federal gov, and that one is debt slavery that people can't ever default on.
P.S. and just to clarify, I know how contradictory I seem and I'm sure that's confusing to everyone. I'm a ex conservative that went dem after the housing crash. I don't believe the lies on either side, I see the problems with excess on either spectrum -- all free market, or all socialist.
People can't all be on checks either, but what that means is they need living wage work and jobs, not a conservative's answer just to let them starve and be like cripples on the street in India.
I want change, and I don't know about Brits and Scots, but neither would I want to see my country split up for goodness sake. But I guess I can understand them, you get this frustrated with it all and maybe history and patriotism mean nothing to you just f*ck it.
I believe in our anglo and Western values though, it's not bs, democracy and human rights and free speech and all of it --
and markets too and capitalism -- it just needs some regulation. That's all. You just need some good technocrats running things that do *what's best* for all the people.
Germany has always done a good job. They don't have these banking problems, other than the rest of Europe screwing them up. Germany didn't ship all their jobs away. German technocrats looked out for Germans. Only thing I can say about them is that you also do need to stand up, as well, when there are threats and they aren't so good at that.
Ok I'm off my soap box.