BF2S Forums Loose Lips Sink Ships ( and banks )

http://en.wikipedia.org/wiki/Self-fulfilling_prophecies

san4 wrote:

http://www.reuters.com/article/reutersEdge/idUSN0549835920080805?pageNumber=1&virtualBrandChannel=0

It was a sleazy bank that probably would have failed without Schumer's letter. It was a weird thing for Schumer to do, but it was more like shouting fire in a theater that is already smoking.

The fact that the bank fell 82% means its a failure.

Why is a senator from New York sticking his nose in a Pasadena bank for anyways?

He is a world class asshole.

Kmarion wrote:

Do you remember me talking about this about a month ago? You thought I was confusing Indymac with Freddie mac..lol.

ATG wrote:

Why is a senator from New York sticking his nose in a Pasadena bank for anyways?

He is a world class asshole.

Exactly..

I actually remember that going mmmmkay?!?

His comments don't surprise me. These banker fuckers make money from other peoples misery and I wouldn't be surprised if they make a fortune off this depression. They did during the last one.

Any bank can have a run on it.  Of course they don't have enough money to cover the loans they create for people, by law they don't have to and that is how they make money.

The banking system is a fraud and will fail, it is designed that way.  People should privatise the school system so the truth is actually taught.

ATG wrote:

And wasn't it Reagan that allowed the banks to be deregulated that led us to 32% interest on credit cards and stated income mortgage loans.

We were trying to get out of the Carter debacle. The guy who had us paying 32% interest on our homes.

Kmarion wrote:

ATG wrote:

And wasn't it Reagan that allowed the banks to be deregulated that led us to 32% interest on credit cards and stated income mortgage loans.

We were trying to get out of the Carter debacle. The guy who had us paying 32% interest on our homes.

So, he stopped banks from screwing us on our houses and compromised, letting banks gouge us on card intrest and bank fees?


Stuff like this is what makes me feel like certain industries should be nationalized. Why interest should ever be over 10% is a mystery. The banking system is designed to exploit those on the lower rung of the ladder. The bank owners are unaccountable.

Politicians, on the other hand get voted in or out by the people.


Imagine a world where bankers had to run for election, had pubiclly audited books and got paid a salary instead of profitting on the rape of the working class.

Banking is regulated right now, it is just that the regulations are created by the bankers.

Keep voting Democrat and Republican you sheep, that will fix the problem.  Fucking traitors and morons, why would anyone want either of those parties associated with them.

We had more banks go under in 2002 (in less than a year) and you barely heard a word about failing banks.

Lotta_Drool wrote:

Kmarion wrote:

Who created the Truth in Lending Act? Sarbanes Oxley Act? Fair and Accurate Credit Transactions Act? Bank Fraud Prosecution and Taxpayer Recovery Act? .. the banks? pfft

http://historytogo.utah.gov/utah_chapte … wdeal.html

"Utah Banker Marriner S. Eccles Helped Design FDR's New Deal"

"Mariner Eccles, prominent Utah businessman and banker who sponsored the Banking Act of 1935, reconstructing the Federal Reserve System into the present form."



Fractional Lending at its finest bay-be.  Perhaps you should take a dose of reality.

Way to completely skirt the obvious regulations that went against the banks. I wasn't making the claim that there weren't pro banking regulation. I just wasn't so ignorant as to think that all regulation was pro bank. I choose to look at everything.

My dealings with reality are more than you could ever imagine.

Here's a dose I'm dealing with now.

Let's see. Man buys a house for 536,000. Man take a second loan out for 210,000 ONE YEAR LATER. Man stops paying for home. Man abandons house. Man's house drops almost 100,000.


Bank is stuck with $630,000. .. Bank lays off employees
^^This is how you regulate idiot bankers.

Despite all these regulations, banks have always managed to over leverage themselves. The fear that banks will not be bailed out when they fail is the best regulation.

Lotta_Drool wrote:

^^^^ Well I'll be.  You must know more about corruption in US politics than me after that post.  Forget the fact that bankers created the system.

btw- where does the interest go on these front loaded mortgages?  In ~ 4 years I have already paid 48K in interest on my $185K loan that the bank gave me with money they CREATED while they still own my house if I default. 

WHERE DOES ALL THIS FUCKING INTEREST MONEY GO FOR THE 20+ YEARS THAT NOBODY WAS DEFAULTING BECAUSE HOUSE VALUES WERE ALL GOING UP?  where is the fucking overhead these banks have when the only service they provide is to CONJURE up money that doesn't exist and collect huge amounts of front loaded interest on that money while owning the Property as security on money that was never theirs?

Yeah, I thought so.

I provided my real world experience and the best thing you can come back with is a loosely worded statement about how banks are making money? Well, I'll be. Stop the Presses!

Who the hell is saying that banking generally isn't a profitable business? You don't think banks have overhead? Who is servicing the loans? There is a risk involved whenever you lend money. These banks aren't busting because a few people aren't paying their loans back. The banks are busting because millions of people aren't paying their loans back. The money disappeared and guess what? So did the capacity to write new loans. Poor decisions were made by both parties and both parties are paying the price. That includes all the now unemployed bankers.

Everyone loves to bitch about the banks up until the point they need a loan. Once approved and moved in they sit comfortably in a house whining about a commitment that they themselves never should have applied for. Well, Boo fucking hoo. Now we've all of a sudden gotten these overnight youtube educated experts telling us something most of us have known for years.

Yes, I know you thought so. Unfortunately the reality of the situation extends just beyond Mr.Drool and his monthly mortgage statement. You are pretending to be "giving me a dose of reality". While I'm looking at the entire situation.

Banks haven't created all the regulation. That was what I challenged you with orginally. Keep ignoring my points and I'm going to keep laying them across your forehead.

For the record I'm against the bailouts. Obviously that fucks up a market that would have otherwise corrected itself. The government has a history of doing that.