Reply to: Time to nationalise the worst banks

[BrowneIssue]

And I don't believe the "All bankers bad" propaganda that Cyclops has cleverly cultivated to deflect attention from his culpability in the whole fiasco.

MacCyclops

[ace00]

My opinion they need to create a proper market in CDO / Toxic assets.
Then the banks can sell the assets in this market.
The difficult bit is balancing the price so the banks don't (all) go bust and the investor has a reason to buy said assets.
I think (hope) this is what Geitner is working on.

[AlfredJPruffock]

Stay there. You'd be pretty shocked in banking. As a tester I get to see the tulipware they put into production; the quick at all costs approach of senior managers and the complete disdain for anyone who dares to point out the risks involved for other people's money.

A Man - who works in Banks
He gives the World
Its Saddest Sound
Its saddest sound ...


Your Pension ?
Who Knows - Think I Care ?
Cos
I'm the Man Who Sold the World

[MPwannadecentincome]

So far no one in this country has lost their savings (in a deposit account). If that were to happen the suffering would be on a whole new level.
And I don't believe the "All bankers bad" propaganda that Cyclops has cleverly cultivated to deflect attention from his culpability in the whole fiasco.

Agreed not all bankers are bad, but the bad ones have:

* distorted the markets creating products that no-one understand
* booking "profits" that are questionable
* lining their own pockets in terms of commissions and bonuses and then spending this money thus inflating house prices etc
* ignoring risks not only to their own banks but to the whole banking and credit systems generally
* causing this recession!

Suffering doesn't just mean losing your savings. Most people's private pension funds would have been in equities which have been hammered by the recession and the falls in bank share prices. The future for the economy and bond market and with hyperinflation possibly on its way is going to decimate everyone's private pension - what are millions of pensioners going to live on?

[MPwannadecentincome]

the quick at all costs approach of senior managers and the complete disdain for anyone who dares to point out the risks involved for other people's money.

as long as they get their mega bonus they don't care!

[sasguru]

innocent people are already suffering and the suffering will get worse if the bad bankers are allowed to continue their short-termist, pocket-lining ways!

So far no one in this country has lost their savings (in a deposit account). If that were to happen the suffering would be on a whole new level.
And I don't believe the "All bankers bad" propaganda that Cyclops has cleverly cultivated to deflect attention from his culpability in the whole fiasco.

[Mich the Tester]

No I'm in the conservative Pharma industry

Stay there. You'd be pretty shocked in banking. As a tester I get to see the tulipware they put into production; the quick at all costs approach of senior managers and the complete disdain for anyone who dares to point out the risks involved for other people's money.

[Moscow Mule]

I still find it hard to believe that these traditionally well run busineses have been ruined in such a short time, by what appears to be little more than gambling.

Well, that's what deregulation does for you. Once the FSA was created, nobody was really looking at what the banks were doing.

That, and David Bowie, are to blame for this mess.

[Bagpuss]

Have you ever contracted at a bank? I don’t find it hard to believe at all; as I said in another thread, shocking but not surprising.

No I'm in the conservative Pharma industry

[Mich the Tester]

I still find it hard to believe that these traditionally well run busineses have been ruined in such a short time, by what appears to be little more than gambling.

Have you ever contracted at a bank? I don’t find it hard to believe at all; as I said in another thread, shocking but not surprising.

[MPwannadecentincome]

Because innocent people would suffer.

innocent people are already suffering and the suffering will get worse if the bad bankers are allowed to continue their short-termist, pocket-lining ways!

[sasguru]

I still find it hard to believe that these traditionally well run busineses have been ruined in such a short time, by what appears to be little more than gambling.

It's a cumulative and creeping effect over 10 years - not such a short time ...

[Bagpuss]

I still find it hard to believe that these traditionally well run busineses have been ruined in such a short time, by what appears to be little more than gambling.

[sasguru]

why nationalise, why not liquidate and take out some of the rubbish?

Because innocent people would suffer.

[MPwannadecentincome]

why nationalise, why not liquidate and take out some of the rubbish?