OK, your about to either go to sleep or go to some girly website because this is just another economic story.. The rigging of Interest rates world wide. Robert Reich lays it out in plain English that the banks (all of them) were rigging the LIBOR rate on bonds so that their derivative packages paid off big time.. In other words we are getting fucked again..
And if Bob isn't deep or colorful enough for you try good ole Mattfor a more colorful version..
No matter which one you choose you will be left with no doubt that the world is being screwed big time..by the banking crooks of the world.
AND PLEASE DON'T FORGET AUSTERITY IS COMING SOON TO THE GOOD OLE US OF A NO MATTER WHO WINS THE ELECTIONS..WE WILL PAY BIG AND LONG FOR THEIR GAME OF THRONES.
So, why can't people understand the ruse the banks have and continue to play. The 'poor' (should be poorly run) banks lent money to people to buy houses who they never should have loaned to, and approved the ridiculous rise of home prices, along with mailing everybody credit card apps every week in the mail.
ReplyDeleteBut what is the worry? Bush bailed them out with the taxpayer money that the same people paid to the govt. So the people paid the banks and board members for not running a good business. But wasn't Bush the one who approved cutting the regulations?
And let's not forget the people who owned stock in these banks and then lost their investments when the bank stocks dived and the dividends were cut.
And lets not forget the geniuses and board members who ran the grand scam and got and still get millions of $$ in pay and benefits even if they resign or get fired, which very few did!
Then Obama comes in and reinstates some rules, the conservatives jump up and down over the "Gov-ment take over". Well, somebody needs to watch the foxes in the chicken coop, right?
So, now you put your money into a bank and get less than 1% interest, so you and others can pay 13 to 26% interest to use your and other peoples money. Meanwhile, the banks cut back on their branches and staff and go to more automation to create job losses that Obama gets blamed for.
The home building and housing market was the only thing that made the Bush economy appear to look good. And when the market peaked and nobody could qualify for the ridiculously priced loans and the balloon payments came due, the balloons burst and so did the economy and people's lives.
What a Deal. Well, the good thing about it was the US wasn't the only country who got screwed by the banking home loans. Bad thing is, it ruined the world economy.