Nika2013
Rookie
- Banned
- #1
CAPITALISM AND OTHER PEOPLES MONEY
The goose that lays the golden eggs has been considered a most valuable possession. But even more profitable is the privilege of taking the golden eggs laid by somebody elses goose. These words by Justice Brandeis indict investment bankers and their associates as utilizing this privilege in controlling people through the peoples own money.
It is the dynamic wealth, easily available, and continuous access to the deposits of others that has created the banking oligarchy, and without this constant predatory lifeline, the bankers own funds would dry up. Bank deposits represent the quick capital of the nation. Brandeis continues by stating that huge amounts of deposits can be used by a bank to meet its own needs, as well as to control other corporations, limit competition and decide who is worthy of assistance. They can lend, or refuse to lend and manipulate the stock market at the expense of many for the benefit of a few. A banks own funds would be exhausted, if not for large deposits from pensions, industrial corporations, utilities, and government deposits. (Id) Banks can declare these deposits as daily assets for lending and collateral purposes.
In the above deposit scenario, the banks, national and local, decide who will gain success by deciding who will receive the loans and capital from the deposits of the majority of Americans. The choices to fund a new business, subsidize a continuing business, or issue a loan, determine who will prosper in a community and a nation. In this way, the capitalistic system rewards the upper 1% of Americans and uses the deposits of the people to help corporations move jobs offshore, while continuing to fund their enterprises. This selective funding has been criticized by Brandeis as improper: Bank resources are not owned by the stockholders, nor by the directors and banks have no business refusing to lend money entrusted to them, or to selectively lend.
President Wilson stated, No country can afford to have its prosperity originated by a small controlling class. One might state that no town can afford this, either. As the depositors are the owners of Brandeis golden eggs, one might assume that they would be treated with the utmost respect, but the irony is that the opposite is true. Banks act as if the money belongs to them once deposited and a simple mistake on a bank statement incurs a lecture and threat of prosecution, while bankers make million dollar errors in dispersing and controlling money and are not punished for these errors, whether willful, or not. Stock brokers have even more immunity in a volatile market. One might ask whether depositors are really stockholders and who really owns the banks? This seems to be a fuzzy area, in that banks normally inform depositors of board meetings and voting issues and yet, no dividends return to depositors. The bottom line is that if one receives no benefit from a banks lending practices, one is simply subsidizing the upper class in a town or nation by blindly depositing funds. One is also ensuring the prosperity of bankers who own none of the proceeds of these deposits, but benefit through salaries and loans to their own families and businesses by using other peoples money .and getting rich in the process.
The goose that lays the golden eggs has been considered a most valuable possession. But even more profitable is the privilege of taking the golden eggs laid by somebody elses goose. These words by Justice Brandeis indict investment bankers and their associates as utilizing this privilege in controlling people through the peoples own money.
It is the dynamic wealth, easily available, and continuous access to the deposits of others that has created the banking oligarchy, and without this constant predatory lifeline, the bankers own funds would dry up. Bank deposits represent the quick capital of the nation. Brandeis continues by stating that huge amounts of deposits can be used by a bank to meet its own needs, as well as to control other corporations, limit competition and decide who is worthy of assistance. They can lend, or refuse to lend and manipulate the stock market at the expense of many for the benefit of a few. A banks own funds would be exhausted, if not for large deposits from pensions, industrial corporations, utilities, and government deposits. (Id) Banks can declare these deposits as daily assets for lending and collateral purposes.
In the above deposit scenario, the banks, national and local, decide who will gain success by deciding who will receive the loans and capital from the deposits of the majority of Americans. The choices to fund a new business, subsidize a continuing business, or issue a loan, determine who will prosper in a community and a nation. In this way, the capitalistic system rewards the upper 1% of Americans and uses the deposits of the people to help corporations move jobs offshore, while continuing to fund their enterprises. This selective funding has been criticized by Brandeis as improper: Bank resources are not owned by the stockholders, nor by the directors and banks have no business refusing to lend money entrusted to them, or to selectively lend.
President Wilson stated, No country can afford to have its prosperity originated by a small controlling class. One might state that no town can afford this, either. As the depositors are the owners of Brandeis golden eggs, one might assume that they would be treated with the utmost respect, but the irony is that the opposite is true. Banks act as if the money belongs to them once deposited and a simple mistake on a bank statement incurs a lecture and threat of prosecution, while bankers make million dollar errors in dispersing and controlling money and are not punished for these errors, whether willful, or not. Stock brokers have even more immunity in a volatile market. One might ask whether depositors are really stockholders and who really owns the banks? This seems to be a fuzzy area, in that banks normally inform depositors of board meetings and voting issues and yet, no dividends return to depositors. The bottom line is that if one receives no benefit from a banks lending practices, one is simply subsidizing the upper class in a town or nation by blindly depositing funds. One is also ensuring the prosperity of bankers who own none of the proceeds of these deposits, but benefit through salaries and loans to their own families and businesses by using other peoples money .and getting rich in the process.
