The coming plutocracy

[redsamurai]

acting in a movie, throwing a ball around, singing and comedy=okay to be a millionaire
owning a business, making investments, developing products=omg you are a racist you didn't build that gimmie your money!!!

ok but nrg Snipes dodges some taxes and they hunt him down with a rope party, the guys on wall street not only dodge taxes for a living they had a hand in writing in their loopholes. I'll bet alot of the top athletes pay close to what Romney does in taxes but they're not worth as much as he is. But Romneys a big job creator i get it.....the chinese are very appreciative of his efforts in this matter.

 

[redsamurai]

THE source of THE corruption? Without those three institutions, the financial services sector would be as pure as the driven snow?

java is officially in la la land. It is a deliberate and willfull ignorance of reality at this point. Even pre 08 i would be shaking my head in disbeleif but post 08 it's completely unacceptable to hold this concept in your mind if you want to call yourself a rational and reasoning human being. My god every otehr week we're given evidence to contrary. The size and scope of the corruption of our financial institutions, let me very clear about this....is "UNPRECEDENTED" in the written history of our civilization. Never in our history have a few institutions been able to touch the entire globe so thoroughly with their abject malfeasance. And make no mistake they are PROUD of that fact. They wake up with boners in the morning knowing they can get on their computer at home in the morning before work and type a few things.....and people somewhere around the globe will get pound fucked. And all of it without consequence. This is not acceptable. This is not what ANY of the founders of capitalism envisioned, at least I hope.

 

[binö]

ok but nrg Snipes dodges some taxes and they hunt him down with a rope party, the guys on wall street not only dodge taxes for a living they had a hand in writing in their loopholes. I'll bet alot of the top athletes pay close to what Romney does in taxes but they're not worth as much as he is. But Romneys a big job creator i get it.....the chinese are very appreciative of his efforts in this matter.

so do you fault apple or microsoft for employing chineese? you see a lot of ipods getting made in america?
or xboxs?
no you don't, because they have never been here...

 

[zeosim]

Every great empire crumbles, and the US is stretching itself thin

 

[Fitguy308]

We won't last forever

 

[redsamurai]

We won't last forever

as an empire sure, but that doesn't mean we have to crumble into 3rd world obscurity where 99% of the population is dirt poor but we have a collection of some of the worlds richest new age robber barons.

 

[javaguru]

java is officially in la la land. It is a deliberate and willfull ignorance of reality at this point. Even pre 08 i would be shaking my head in disbeleif but post 08 it's completely unacceptable to hold this concept in your mind if you want to call yourself a rational and reasoning human being. My god every otehr week we're given evidence to contrary. The size and scope of the corruption of our financial institutions, let me very clear about this....is "UNPRECEDENTED" in the written history of our civilization. Never in our history have a few institutions been able to touch the entire globe so thoroughly with their abject malfeasance. And make no mistake they are PROUD of that fact. They wake up with boners in the morning knowing they can get on their computer at home in the morning before work and type a few things.....and people somewhere around the globe will get pound fucked. And all of it without consequence. This is not acceptable. This is not what ANY of the founders of capitalism envisioned, at least I hope.

Fractional reserve banking is a creation of the government, it would be illegal under strict common law... just sayin.' Wall Street bail outs and preferences are GOVERNMENT policy. Corporations are GOVERMENT creations; The housing collapse was driven by the Federal Reserve policies combined with the other pseudo government agencies of Fannie and Freddie.

 

[javaguru]

THE source of THE corruption? Without those three institutions, the financial services sector would be as pure as the driven snow?

If we had eliminated Fannie, Freddie, and the Fed there wouldn't have been a housing crisis. The proper pricing of money is critical to a functioning economy and government sponsored clearing houses willing to buy any piece of shit drove the bubble.

There will always be bad actors but government regulation creates a false sense of security. Bernie had the whistle blown on his Ponzi scheme half a dozen times and every time the SEC said he was a good bro.

 

[redsamurai]

Fractional reserve banking is a creation of the government, it would be illegal under strict common law... just sayin.' Wall Street bail outs and preferences are GOVERNMENT policy. Corporations are GOVERMENT creations; The housing collapse was driven by the Federal Reserve policies combined with the other pseudo government agencies of Fannie and Freddie.

is fractional reserve banking the result of our govt or the Federal reserve which basically tells the govt to suck it whenever some folks, like for instance Ron Paul, want to hold them to some level of accountability. The Fed listens more to the private sector than it does the actual govt. The president picks the chairman but after that they are an autonomous entity unaccountable to the voting public. You did know this right Java? I mean this is one of RP's biggest peeves.

Are you saying that the private sector had zero hand in the housing collapse? So these virginal angels wouldn't be currently trying to desperately get back into subprime mortgages then right? Cause we know the govt is trying to regulate them from doing just that, they wouldn't be lobbying like dogs to have those regulations undone so they could back into subprimes then right java?

http://www.nytimes.com/2012/04/11/b...tive-subprime-market.html?pagewanted=all&_r=0

 

[javaguru]

I did my law school thesis in banking law, specifically on the S&L crisis, so I have a basic understanding of the banking system.
The federal reserve was created by the federal government and the federal reserve banks are a minority of commercial banks; Your life is run by unaccountable and unelected bureaucrats; It has been since FDR.

Wall Street, like everyone, responds to incentives and the government always bails out wall street which creates the moral hazard where profits are privatized and losses are born by the public. I don't blame the crackhead for being a crackhead, I blame the people that enable the crackhead to continue to be a crackhead. One of my favorite scenes from "Hell on Wheels" is when Durant berates his engineer for building the railroad in a straight line when the government is paying him per mile.

I find it ironic that Barry used the transcontinental railroad as the model for public private partnership, the first example of crony capitalism; Durant was also the first example of using the corporation to limit his personal liability.




For the record, The Great Northern was a 100% privately funded railroad, many believe it inspired Ayn Rand's "Atlas Shrugged," and was the fastest rail route to the west coast.