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Adam Smith, the father of modern capitalism, envisioned financial services (and I stress the word "service") as an industry that didn’t exist as an end in itself, but rather as a helpmeet to other types of business. Yet lending to Main Street is now a minority of what the largest banks in the country do. In the 1970s, most of their financial flows, which of course come directly from our savings, would have been funneled into new business investment. Today, only about 15 percent of the money coming out of the largest financial institutions goes to that purpose. The rest exists in a closed loop of trading; institutions facilitate and engage in the buying and selling of stocks, bonds, real estate and other assets that mainly enriches the 20 percent of the population that owns 80 percent of that asset base. This doesn’t help growth, but it does fuel the wealth gap.
America is great!! Richest men now are Gates Brin Jobs Bezos Musk Zukerburg. Without rich Republican capitalists we would all be living back in the stone age and the poor would be dead getting no welfare at all.'
How Big Banks Became Our Masters
Adam Smith, the father of modern capitalism, envisioned financial services (and I stress the word "service") as an industry that didn’t exist as an end in itself, but rather as a helpmeet to other types of business. Yet lending to Main Street is now a minority of what the largest banks in the country do. In the 1970s, most of their financial flows, which of course come directly from our savings, would have been funneled into new business investment. Today, only about 15 percent of the money coming out of the largest financial institutions goes to that purpose. The rest exists in a closed loop of trading; institutions facilitate and engage in the buying and selling of stocks, bonds, real estate and other assets that mainly enriches the 20 percent of the population that owns 80 percent of that asset base. This doesn’t help growth, but it does fuel the wealth gap.
There will never be peace until the last billionaire oligarch is hung with the intestines of the last Wall Street Banker.
[With apologies to Voltaire]
.
Wealth gap is caused by nature which creates some people who are infinitely superior to the rest of us in serving humanity.
Wealth gaps don't exist in nature??dont Gates Jobs Brin Bezos exist in nature?? Don't some animals lack ability to survive. Don't some have IQ's of 150?Wealth gap is caused by nature which creates some people who are infinitely superior to the rest of us in serving humanity.
Actually it's leverage because statistical variances like the US wealth gap don't exist in nature.
Great wealth used to be accumulated through the martial leverage of war, sacking and pillaging then the physical leverage of labor (like slavery). Then it was the leverage of organized labor and then the leverage of technology. Now it's still some of all that plus financial engineering which is the greatest leverage possible (and bloodless).
Financial engineering?? Ellison Bloomberg gates jobs brin zukerburg Bezos are heroic republicans who are the richest man in the world because they serve humanity the most by inventing great new products that sustain and improve our lives.Wealth gap is caused by nature which creates some people who are infinitely superior to the rest of us in serving humanity.
Actually it's leverage because statistical variances like the US wealth gap don't exist in nature.
Great wealth used to be accumulated through the martial leverage of war, sacking and pillaging then the physical leverage of labor (like slavery). Then it was the leverage of organized labor and then the leverage of technology. Now it's still some of all that plus financial engineering which is the greatest leverage possible (and bloodless).
Ending the Fed does not solve the problem. We know that because we had huge problems before we had the Fed. Problem would be solved with a single mandate fed and a balanced budget amendment.Don't need your link to answer that.
The government created the Federal Reserve to centrally control the price of money, ensure constant inflation even during economic downturns (the most regressive tax of all), and to act as the limitless ATM machine for Congress. Great for the elite, bad for the poor, devastating to those yet to be born who will bear the burden of our largess, twenty trillion and counting...
End the Fed.
Problem solved.
Good liberal point. Who needs people to invent products that save sustain and improve our lives. We would just as soon be living back in the Stone Age with the life expectancy of 29 years. See why we must conclude that liberalism is based in pure ignorance ?'
How Big Banks Became Our Masters
Adam Smith, the father of modern capitalism, envisioned financial services (and I stress the word "service") as an industry that didn’t exist as an end in itself, but rather as a helpmeet to other types of business. Yet lending to Main Street is now a minority of what the largest banks in the country do. In the 1970s, most of their financial flows, which of course come directly from our savings, would have been funneled into new business investment. Today, only about 15 percent of the money coming out of the largest financial institutions goes to that purpose. The rest exists in a closed loop of trading; institutions facilitate and engage in the buying and selling of stocks, bonds, real estate and other assets that mainly enriches the 20 percent of the population that owns 80 percent of that asset base. This doesn’t help growth, but it does fuel the wealth gap.
There will never be peace until the last billionaire oligarch is hung with the intestines of the last Wall Street Banker.
[With apologies to Voltaire]
.
The Netherlands keeps having to close its prisons due to a lack of prisonersGood liberal point. Who needs people to invent products that save sustain and improve our lives. We would just as soon be living back in the Stone Age with the life expectancy of 29 years. See why we must conclude that liberalism is based in pure ignorance ?'
How Big Banks Became Our Masters
Adam Smith, the father of modern capitalism, envisioned financial services (and I stress the word "service") as an industry that didn’t exist as an end in itself, but rather as a helpmeet to other types of business. Yet lending to Main Street is now a minority of what the largest banks in the country do. In the 1970s, most of their financial flows, which of course come directly from our savings, would have been funneled into new business investment. Today, only about 15 percent of the money coming out of the largest financial institutions goes to that purpose. The rest exists in a closed loop of trading; institutions facilitate and engage in the buying and selling of stocks, bonds, real estate and other assets that mainly enriches the 20 percent of the population that owns 80 percent of that asset base. This doesn’t help growth, but it does fuel the wealth gap.
There will never be peace until the last billionaire oligarch is hung with the intestines of the last Wall Street Banker.
[With apologies to Voltaire]
.
Can you tell us what point you're trying to make?The Netherlands keeps having to close its prisons due to a lack of prisonersGood liberal point. Who needs people to invent products that save sustain and improve our lives. We would just as soon be living back in the Stone Age with the life expectancy of 29 years. See why we must conclude that liberalism is based in pure ignorance ?'
How Big Banks Became Our Masters
Adam Smith, the father of modern capitalism, envisioned financial services (and I stress the word "service") as an industry that didn’t exist as an end in itself, but rather as a helpmeet to other types of business. Yet lending to Main Street is now a minority of what the largest banks in the country do. In the 1970s, most of their financial flows, which of course come directly from our savings, would have been funneled into new business investment. Today, only about 15 percent of the money coming out of the largest financial institutions goes to that purpose. The rest exists in a closed loop of trading; institutions facilitate and engage in the buying and selling of stocks, bonds, real estate and other assets that mainly enriches the 20 percent of the population that owns 80 percent of that asset base. This doesn’t help growth, but it does fuel the wealth gap.
There will never be peace until the last billionaire oligarch is hung with the intestines of the last Wall Street Banker.
[With apologies to Voltaire]
.
Exactly
Exactly
Exactly
Please try to keep in mind that the truth is arrived at like in a court room where the attorney gets to ask one key question at a time , not by posting cartoons and videos of dead dumb comedians. If you were in court would you like your attorney to defend you with George carlin videos?
Exactly
George carlin is a high school dropout comedian can you tell us what wisdom he had that you would like to share with us.
Exactly
Exactly
People should watch this, the problem is most people don't even care, they prop up the rich by playing the partisan game.
Exactly
George carlin is a high school dropout comedian can you tell us what wisdom he had that you would like to share with us.
He's un murkin heero ! He dunn servicated in Vietnam in duh air force. How dare ye basheth one who riskeded his life for your fereedumb ! Hey ya gotta laugh. Taking murka literally is a leading cause of suicide !
Not really government bought the mortgages or guarantee the mortgages and gave the banks more money for more mortgages and they always promised the Greenspan put which is to say that housing prices would never go down. This meant there was no risk to anyone in buying real estate. If a bank didn't compete in the mortgage market it seemingly would lose out to the competition and go bankrupt. Now I am sure you understand? In the end Fannie Freddie owned or guaranteed 75% of all the subprime or alt a mortgages .Blaming government for forcing banks to give out mortgages is complete bullshit.
I know way too many people who were out if work for several years who were getting 600K+ mortgages with zero underwriting.
I was one if them who didn't go for the bait.
Corporate greed, pure and simple.
And not one Director got slammed for it.
Just about 7 CEOs.
