Neo-Capitalism

Thrugelmir

A._Badger wrote: »

I don't dispute that RBS (and others) were involved - not my specialist area, I freely admit - but you're not suggesting US government home loan policy wasn't at the root, are you? It might make a good controversial book if you are.

Simply put. Appears they were sold "rubbish" by the large investment banks. Empty cornfields which had no buildings on, same property was included multiple times. No credit checking applicants income etc etc.

Hence the legal action to recover losses from the banks.

Going to take a while for the dust to settle on the financial crash. The legacy of Lehmans has yet to unwind.

TruckerT

Thrugelmir wrote: »

Banks became retailers. Trouble was the basic rules of risk were forgotten in the stampede for growth and market share. Now the tables are turned

I am not aware of any other arm of the retail trade which systematically handed out all its assets to any passer-by in the street, on the strength of an empty promise to 'pay later'

And I'm not sure about the table-turning - the banks still seem to me to have a stranglehold on the wealth of nations - the whole euro bailout thing seems to hinge upon the banks getting another massive injection of taxpayers' money

TruckerT

Thrugelmir

[QUOTE=TruckerT;47310053
And I'm not sure about the table-turning[/QUOTE]

That reference is in context of banks employing "bank managers" again. Banking was very different not so long ago.

TruckerT

Thrugelmir wrote: »

Banking was very different not so long ago

You have hit the nail upon it's head!

Banking behaviour has changed beyond recognition, bit it still clings to it's power and wealth

Traditionally, banks provided the necessary lubricants which oiled the wheels of capitalism and in return they came to enjoy enormous power and wealth

But they no longer fulfil their accepted function

So it is time for us to find an alternative

The banks should be brought under the control of one of the many global institutions which talk a lot, but have no power. The banks' assets should be confiscated, and used to repair the damage which the banks have done, and continue to do

That's what I mean by 'neo-capitalism'

TruckerT

ILW

TruckerT wrote: »

You have hit the nail upon it's head!

Banking behaviour has changed beyond recognition, bit it still clings to it's power and wealth

Traditionally, banks provided the necessary lubricants which oiled the wheels of capitalism and in return they came to enjoy enormous power and wealth

But they no longer fulfil their accepted function

So it is time for us to find an alternative

The banks should be brought under the control of one of the many global institutions which talk a lot, but have no power. The banks' assets should be confiscated, and used to repair the damage which the banks have done, and continue to do

That's what I mean by 'neo-capitalism'

TruckerT

Banks used to go bust all the time a century ago.

It just tended to be a bit more local.

TruckerT

ILW wrote: »

Banks used to go bust all the time a century ago.

It just tended to be a bit more local.

Like I said, times change...

Banks have served their purpose very well, but have rendered themselves redundant

TruckerT

Thrugelmir

TruckerT wrote: »

But they no longer fulfil their accepted function

So it is time for us to find an alternative

If only so simple. Unfortunately that's not possible. So reform is the only option.

TruckerT

Thrugelmir wrote: »

Unfortunately that's not possible

Take a look outside of the box


TruckerT

Thrugelmir

TruckerT wrote: »

Take a look outside of the box


TruckerT

The box may look the same. However the contents inside are changing daily. Every small incremental change implemented now. Will have a profound influence in 10 years time. Maybe a box or two crushed along the way.

TruckerT

Thrugelmir wrote: »

The box may look the same. However the contents inside are changing daily. Every small incremental change implemented now. Will have a profound influence in 10 years time. Maybe a box or two crushed along the way.

Nah, the contents inside remain the same, time to look elsewhere

TruckerT