My OperaToo big to fail...
Thursday, January 21, 2010 8:30:42 PM
This is really the first and so far only thing I have disagreed with from President Obama (yes, I do like him).
http://news.bbc.co.uk/2/hi/americas/8473353.stm
No bank is too big to fail.
Who would lose out? The rich people and banks (briefly).
Who would benefit? All the rest of us.
The reason the banking system could not be allowed to fail is because anyone with a mortgage or any other kind of loan (most of us proles, right?) would get a free house/car/tv. OMG!!! We can't have the Great Unwashed getting ahead now can we? No more credit card debt - heresy! Feed the family without borrowing the cash - disgusting!
It would be an unmitigated disaster! The fucking rich people wouldn't be able to buy up all the foreclosed houses for pennies on the dollar and then rent them back to us; the banks would have to start all over again to amass their outrageous fortunes, and the common folk would get a break. Money in the hands of the general populace? Unthinkable!
Has anyone noticed how the entire financial system is geared to keeping money out of the hands of the middle/working class? Can an ordinary Joe buy enough shares to actually make a significant difference in his life? Are cars built well enough that they don't have to be replaced the day you pay them off (or sooner)? If you miscalculate by one penny for even an hour or two, the bank charges you 35 bucks but if they miscalculate by *billions* we, the taxpayer, give them even more billions to feather their nests as they see fit. Interest rates increase according to how *little* you earn and how *much* you owe. The grocery stores in the working and poorer areas have much higher prices. Can a working stiff afford an accountant to help reduce his taxes? How come you are always audited and reassessed if you manage to get a tax refund more than just once? If the Salt of the Earth start to get ahead there is always a financial crisis to readjust the balance of wealth in favor of the rich people and the banks. Go on, tell me I'm wrong...
Isn't that what just happened? A few years ago I sold a house for more than I had paid (despicable) and, stupidly in retrospect, put most of it back into another, my current abode. Cost of the new place: $272,000 (very modest at the time), downpayment: $60,000 (now vaporized), current value of house: less than $120,000 (and falling), mortgage principal remaining: about $210,000 (shoring up a bank and the rich investors every month), feeling bitter and disillusioned: priceless!
What a fucking joke! ...and we all keep right on showing up for work every day (if we are lucky enough to have a job in the first place) and buy our stuff with a credit card and bla, bla, bla. What *is* the fucking point?
Every penny we ever make will end up in the pocket of a bank or a rich person or the tax man and we can all go fuck ourselves as far as they are concerned because there are several more of us born every damn minute.
Thank you for reading if you got this far. You must be fucked, too, just like me.
http://news.bbc.co.uk/2/hi/americas/8473353.stm
No bank is too big to fail.
Who would lose out? The rich people and banks (briefly).
Who would benefit? All the rest of us.
The reason the banking system could not be allowed to fail is because anyone with a mortgage or any other kind of loan (most of us proles, right?) would get a free house/car/tv. OMG!!! We can't have the Great Unwashed getting ahead now can we? No more credit card debt - heresy! Feed the family without borrowing the cash - disgusting!
It would be an unmitigated disaster! The fucking rich people wouldn't be able to buy up all the foreclosed houses for pennies on the dollar and then rent them back to us; the banks would have to start all over again to amass their outrageous fortunes, and the common folk would get a break. Money in the hands of the general populace? Unthinkable!
Has anyone noticed how the entire financial system is geared to keeping money out of the hands of the middle/working class? Can an ordinary Joe buy enough shares to actually make a significant difference in his life? Are cars built well enough that they don't have to be replaced the day you pay them off (or sooner)? If you miscalculate by one penny for even an hour or two, the bank charges you 35 bucks but if they miscalculate by *billions* we, the taxpayer, give them even more billions to feather their nests as they see fit. Interest rates increase according to how *little* you earn and how *much* you owe. The grocery stores in the working and poorer areas have much higher prices. Can a working stiff afford an accountant to help reduce his taxes? How come you are always audited and reassessed if you manage to get a tax refund more than just once? If the Salt of the Earth start to get ahead there is always a financial crisis to readjust the balance of wealth in favor of the rich people and the banks. Go on, tell me I'm wrong...
Isn't that what just happened? A few years ago I sold a house for more than I had paid (despicable) and, stupidly in retrospect, put most of it back into another, my current abode. Cost of the new place: $272,000 (very modest at the time), downpayment: $60,000 (now vaporized), current value of house: less than $120,000 (and falling), mortgage principal remaining: about $210,000 (shoring up a bank and the rich investors every month), feeling bitter and disillusioned: priceless!
What a fucking joke! ...and we all keep right on showing up for work every day (if we are lucky enough to have a job in the first place) and buy our stuff with a credit card and bla, bla, bla. What *is* the fucking point?
Every penny we ever make will end up in the pocket of a bank or a rich person or the tax man and we can all go fuck ourselves as far as they are concerned because there are several more of us born every damn minute.
Thank you for reading if you got this far. You must be fucked, too, just like me.
