Too much wine, the the banks still need shooting
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Too much wine, the the banks still need shooting
Deepest condolences mate. It's clearly not your fault that you're in this mess. The bankers of this country should be given pistols and told to go outside and do the decent thing.
Best of luck with the future.
The banking system world-wide is a joke. It is too flaky. The economy was fine. There was demand and need and the services and products to supply. The cement of the walls, the banking system, failed, not the economy, the bricks.
It was clear the banks were taking too many risks. Their business is simple. They take our savings and put it into a "bank" of money and give us interest. They take that "bank" of money money and lend it at a higher interest to people or businesses. They cover their admin' and make a profit. Simple. Banking in its basics. It works.
Two points stood out:
- But they were taking that bank of money and using it to make more in glorified betting shops - the stock and money markets. Those who made money for them in these betting shops were on high bonuses because sometimes they won a lot. That is wrong. They should not use the banked money in risky speculative deals to increase profits for shareholders.
- They were reckless in lending to people who were bad risks (this was mainly a US activity), but in the UK the Credit Card companies were reckless too. The regulations on lending criteria should be tightened by law and monitored too.
There has been talk that all banks should be government owned. I agree, they should be. Enough is enough. Being in private hands has meant that every couple for decades the system just fails world-wide creating misery for billions. The banks should be made to concentrate on their core business and not use banked money in betting shops.