Monday, Mar 23, 2009
They still believe they're masters of the universe
Observer: Chips down for casino banks
One from yesterday's paper.
"The crunch was not caused by greedy bankers - oh no, the real culprits are abstractions, like global macro-economic imbalances.
The implication is that if you disagree, you must be thick. Despite everything, these failed financiers still think they are superior."
Remind you of anyone?
Posted by letthemfall @ 03:02 PM (1205 views) Add Comment
34 Comments
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1. devo said...
"Despite everything, these failed financiers still think they are superior." Remind you of anyone?
Yes: flashman.
2. flashman said...
Come on devo, if you can't take it, don't dish it. You should be nice ... if things get really bad, I'll let you do the garden
3. devo said...
You should be nice....
Oh, sweet irony!
4. rm96696 said...
Are greedy bankers really the main culprits? How about greedy homeowners/property speculators who used massive leverage to bet on ever higher house prices?
5. devo said...
@rm96696
It must be the latter, after all the former are being rewarded.
6. str 2007 said...
Devo
And the latter aren't with interest rates at 0.5% ?
7. paul said...
Come on now ladies!
She does make the very relevant point that the main barrier to the reintroduction of Glass Steagall is the heavy influence bankers have in government to lobby against its re-introduction.
8. letthemfall said...
devo:
Ever read Tom Brown's Schooldays?
str2007:
Depends on the kind of mortgage I suppose. Some are having a respite, at least for the present.
But I do blame the bankers. Plenty of greedy people about, sure enough, but the bankers have the power to break an economy, as we've seen, and they knew what they were doing when they pedalled all the subprime mortgages to the low paid in the US.
9. george monsoon said...
I agree with letthemfall, the bankers have the ability to entrench the whole population in debt and poverty, in their pursuit of greed.
I still have a hard time understanding why the banks are not subject to the same rules of business as any other? why are they not allowed to fail? surely it would be a healthier option to the longterm economy to let these greedy instigators fall to the wayside, and be replaced with sensible lending practice and ethical pursuit of profit.
10. flashman said...
come on devo and letthemfall, it's just a blog. For the record, I'm not a financier or a banker.
Letthemfall: I thought your recent comment “everyone loves a bully” was quite clever but do you really feel bullied? I find that hard to believe
devo: I have noticed that you specialise in making off-colour remarks about other posters (usually at the end of blogs). You have to expect the odd comment to come back at you?
11. devo said...
@ flashman "For the record, I'm not a financier or a banker."
I know, but we need an Aunt Sally figure on HPC and your general air of arrogance and superiority make you eminently suited to the role.
12. flashman said...
devo: when I read your posts, the immediate impression is one of eloquence and erudition but somehow your sentences jar and have no meaning. Its a bit like stuffing a well loved family dog. It looks the same but the spark of life is missing and the damned thing is just no fun.
13. letthemfall said...
george monsoon:
I find it difficult to understand too. It goes to show the power they have in our society. The reason they cannot be allowed to fail - or so we are told and one can believe it - is that ordinary people would suffer even more, losing their modest savings and enduring mass unemployment, while the bankers, who no doubt know enough to protect some of their money, suffer no more than a bit of public opprobrium. But those few who have been deservedly sacked should receive what they would have received if the institutions they worked for went bust. Nothing.
14. devo said...
flashman: Can you do that bit where you go all petulant and say "That's it! I'm finished with this site!" Then you go off in a huff, only to return shortly after? I enjoy that.
15. 51ck-6-51x said...
"Its [Glass-Steagall act] repeal in 1999 by the Clinton administration was driven by powerful banking interests, a textbook case of politicians bowing to the finance industry, which had conducted a $300m lobbying assault. It worked to the immediate benefit of ambitious bank bosses in general, and Sandy Weill [Citi] in particular. "
Yes I would agree. The answer, however, is not to regulate finance or markets more (heh - "populist", "knee-jerk", "crude moralism" or "saloon-bar solutions"), but rather to regulate government and lobby groups to sever this link between democratic government and the free market - that is the root of almost all booms & busts from our history in my opinion, without this link the ebb & flow would be far less turbulent, furthermore without the implied backing of the state it would be in the interests of selfish corporations to remain nimble and stick to their niche, whilst mitigating the risks of such a business.
If we are to stick with capitalism we should try to steer towards a free market and away from consumerism whilst keeping a democratic government and decent support for the poorest of society, there is a tension here and that is what should really be addressed.
16. str 2007 said...
devo
As I recall, all you did when you started posting recently was copy and paste other peoples quotes from elsewhere. When picked up on this you yourself went quiet.
You've now returned and all you seem to be contributing is doing your best to wind people up.
IMO Flashman gives a refreshing 'insider' view of an area of trading and markets most on here are interested in be they traders themselves or people like me in the early stages of finding out more about the markets and how they operate.
I think most on here welcome a different view and yours is just as welcome providing it stays constructive.
Posting on here takes up peoples valuable time - so please don't waste it.
17. flashman said...
Devo: the gist of what I said was that I had no more to say for the time being and wished you well. The real irony is that you call me arrogant. You refer to yourself and the HPC as if you were one. You say, “We need an Aunt Sally”. Do you really represent the HPC?
It is quite telling that you have had your nose put out of joint by my posts. Letthemfall and you, post your little attacks and then you squeal like girls when some return fire hits you. You really belittle yourself by calling someone arrogant, superior or a bully on a blog. How can you feel so intimidated and flustered by an anonymous blog? How come I attract so much of your attention? It’s quite flattering in a way that I stand out so much to you but also a little creepy. It’s like I’ve got my first blog stalker. You remind me of a girl in a B Movie. You know, where the girl berates the arrogant strutting hero and then falls into his arms flustered. Is that what you want devo. Are we not men devo?
18. devo said...
@17 flashman
Top blogging! Keep it up!
@16. str2007
As a general rule of thumb, ignore my comments but DO read the articles I post.
Oh, and if you don't like the way I cite my sources, that's your problem.
19. letthemfall said...
str2007
I'm afraid if we stopped wasting time there would be nothing to read here, which on occasions would perhaps be a good thing. Back to the edge of the playground it is then.
20. troy said...
flashman, I've been off skiing and just got back and catching up
I'm really disappointed to find someone as sad as you posting on this great website
If you can't come up with something of substance
you may have a common purpose.
21. This comment has been removed as it was found to be in breach of our Blog Policies.
22. bellwether said...
Devo, Troy and lettemfall you do seem intent on conflict no doubt because the 10 stone you share between you would sht it at the first sign of conflict in the real world. get a fckin grip.
23. devo said...
Bellwether, you seem so tense!
Put your gun under your pillow and try to get some rest, there's a good lad.
24. crunchy said...
"They still believe they're masters of the universe."
The financiers that matter have not failed and so far they are superior.
Masters of the Universe? That depends on us.
25. devo said...
"The financiers that matter have not failed and so far they are superior"
Stop teasing us crunchy and give us some clues, eg will they be present at the G20?
26. crunchy said...
"We must have a strategy that regulates the financial system as a whole, in a holistic way, not just its individual components," Bernanke said.
25. devo NO they will not. That is not the point . The point is it will lead to more centralisation.
27. devo said...
Q: will they be present at the G20?
A: NO they will not.
Are you saying that the leaders of the 20 most powerful nations on Earth are all having their strings pulled?
I think not, but I have an open mind. Convince me.
28. crunchy said...
Devo that's not my job that's yours.
I would have though that, an easier transition far someone from economics who understands much more about what is happening.
I will help a little. IT IS WHAT IT IS! but people will believe what they want to. That's cool.
29. devo said...
No offence crunchy, but it would appear that I've reached another dead end in my search for the truth.
Perhaps I'm trying too hard.
30. crunchy said...
LOL.... none taken Devo, it took me a while but when you find the non truth at the dead end there is no turning back, you have your hand that you will play. You will win or lose on that hand.
You may not need another card swap. We win or lose on our choices. That's the game!
31. crunchy said...
It's not so much truth, it is perception! That's always personal.
32. devo said...
I won't have that crunchy.
In this world nothing is certain but death.
33. crunchy said...
Try telling that to the Masters of the Universe.
But hands up, I do agree. Does this matter? Of course it does.
34. crunchy said...
You even love the human race or you don't.
That's a big question and one that has to be asked of oneself.
The truth/perception will hinge largely on that.