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schencka
Bankers

I've heard on NPR about the Davos conference -- the World Economic Forum -- and how "bankers are feeling the heat." Some select bankers have offered some sound bites.

Here's a column from Paul Krugman. Apparently the economy isn't in dire straits in Canada the way it is here on Main Street, USA. Not much surprise. They don't gamble and party as recklessly up there. They're not as into exploitation up there.

The thought that keeps occurring to me about the banking industry is this: it appears that many have committed criminal acts. Banking, by definition, is holding on to other peoples' money. Someone deposits their money, and someone else gets a loan with that money. Now, the bank bailout took the collective credit of the US citizenry to prop up banks so that they did not fail and thereby cause economic collapse. It sounds like the managers of those banks -- the ones that were about to fail -- stole the credit of others. Ironic, considering that they were not using their own money in the first place, because banks move around other peoples' money, they don't have money. It's a crime! Bankers are criminals -- that's the response we need to the news of ever-larger bonuses. Our country can reward failure no more. And I don't care if money goes elsewhere because of regulations. The banking industry never created value as such anyway. People get loans so they can create value. The banks just trade and move money around. A "boring" banking industry will be very capable of doing this. Our country cannot depend on the words and ideas of the Capitalist Barons of real estate, finance, banking, and insurance. Their business model is to build a bubble, cash in, and be gone when the whole thing explodes. The US can make money without depending on usurers. Tax 'em, like in Oregon.

This rant provided by JP Morgan Chase Manhattan Group.
 
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