What is Digg?Sponsored by Travelzoo
$52 and Up—Airlines Slash Fares On Peak Holiday Flights. view!
travelzoo.com - This year, waiting until the last minute is NOT the best strategy. See why.
70 Comments
- inactive, on 05/04/2009, -7/+38Ah, banking. It's like pimping, but you rarely have to use the phrase "upside your head."
…………………………………..|^"¯¯¯¯¯`"^~-,_
………………………………….|';;;;;;;;;;;;;;;;;;;;;¯'^-,_
…………………………………|;;;;;;;;;;;;;;;;;;;;;;;;;;;;¯'~,
………………………………..,|;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;'\,
……………………………….,/;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;,/
………………………………/';;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;/'
……………………………../__„„„„„„_;;;;;;;;;;;;;;;;;;;;;;/'
………………..„-~^"¯¯¯¯`"^~-„ . . .:¯"^~-„;;;;;;;;;;;;/
………………ƒ;;;;;;;;;;;;;;;;;;;;;;'^~„ . . . . .'^~„;;;;;/'
……………...|;;;;;;;;;;;;_„_;;;;;;;;;;;;"~„ . . . . ."\,|'
………………'^~-„_;;;ƒ . .:¯`^~-„;;;;;;;;;`~„ . . .:|'-~^~-„
……………………¯ƒ . . . . . . . ."~-„_;;;;;'~-„_,|;;;;;;;;;')
…………………….|' . . . . . . . .______~-„_;;;¯;;;;;„-~"
……………………'| . . . .„-~^`¯_______"„--~^'^~--„
……………………| . . .ƒ . . ./-^'`¯¯`'^-„,/',-~"¯¯"~-,'\,
……………………| . . .'| . .:|' . . .||||. . '|' |:::::||||:::::'| |\_
……………………| . . .:'\ . .'\ . . . . . .ƒ| |::::::::::::,| |/¯'|
……………………| . . . .:'~-„ `'^~-—-^"||\„`'--„__„--",/'…'|
……………………| . . . . . . .¯¯¯¯¯¯¯¯¯'`^~--„-~^`'…..'|
……………………| . . . . . . . . . . . . . . . . . .:|……….'|
……………………| . . .:„-~^|¯¯¯|¯¯¯¯|¯¯¯¯|¯`………..|
…………………...|' . . .ƒ'—'|—--'|——|—--„„|„_……….'|
…………………...| . . .'\,__|___'|____|~-,:,ƒ::ƒ"^~„_...|
…………………...| . . . .'~-|„__ .| . . . |¯¯¯|¯`^~-„,///)..'|
……………..„„-~^`'|„ . . . . . . .¯¯¯¯¯¯¯¯¯¯'|………….|'
…………„-~" . . . .:¯``^~~--„„„„„_____„„„--~"¯``~-„_….|
………'|¯-„_ . . . .(`¯¯¯`) . . . . . . . . . . . . . . . . . .¯'~|
……„-~""¯"^~-„__ |:::::|` . . . . . . . . . . . . . . . . . ._„-'|"\,
…../ . „_ . . .'\, . .,|:::::'|--„„„„„________„„„„„„„----~^" . .'| . '|
…..|^" . ¯\ . . .'| . |'::::::'| . . . . . . . . . . . . . , . ._„„„ . |' . .|\
...,/'-~-„ . .'| . . | .'|::::::::'|~——————-~^"|"`¯ . | . | . ,| "\
.,/' . . . '\ . | . ./' ,/::::::::::'\ . . . . . . . . . . . . '\ . . .|' ,/| . / . .'\
/' . . . . .,/'-~^" ./:::::::::::::'\ . . . . . . . . . . . . .`"^~^" |,/' . . . .'\ - rikwakefield, on 05/05/2009, -0/+25"If something is too big to fail, doesn't that mean it's too big to exist?"
Answer - yes - theskillwithin, on 05/05/2009, -2/+24The privatized FED controls the money supply. Not the government.
We pay INTEREST on every dollar printed. - waaan, on 05/05/2009, -1/+12godamnit, no more auto-resize sites!
- Stormwern, on 05/05/2009, -1/+10"We demand this kind of oversight for our furniture, our medicine, our food.."
Really? - agentsrecord, on 05/05/2009, -2/+10It still amazes me that America--as powerful as we tout ourselves to be--still essentially has to ask permission to this private, unregulated sector called the "Federal Reserve" when we wish to have input into the economy.
I know I'm not wise enough to understand how to fix this... but I sure hope someone comes along with a better understanding on how to do so. - inactive, on 05/05/2009, -1/+9Correct and unrelated
- itinerantspectr, on 05/05/2009, -3/+10I'm surprised a major media outlet was so explicitly honest about the situation. They basically said that the banks are bribing our politicians and extorting the taxpayer. "That's a nice looking global economy you got there...it'd be a shame if anything 'happened' to it."
- pm428606, on 05/05/2009, -0/+7How does the IMF guy start by saying "in don't think they are evil, or even immoral" to go on to say that they have run the "most successful, dollar for dollar, extortion in history?"
- tgc1, on 05/05/2009, -0/+6You and Me. Look up Fractional Reserve Banking.
- skenliv, on 05/05/2009, -2/+8Air.
- thedeadwalrus, on 05/05/2009, -1/+6You are ignorant. The head of the KC Fed (not exacly a lefty) called them "oligarchs" in front of Congress a few weeks ago. Look up the definition. Look how much money they've given Congress. Look how easily the recent mortgage cramdown legislation was defeated. Please educate yourself - read Simon Johnson et al (specifically The Quiet Coup). Watch Bill Moyers. Etc.
- WhiteHatTrick, on 05/05/2009, -1/+6And the fact that there is interest on every dollar printed means the principle and interest can never be fully paid back, so we are literally in debt to the banks forever! Or at least until the slaves catch on and demand real change.
- shedtroll, on 05/05/2009, -1/+6Does anyone find the Ads for Citibank a tad too ironic?
- zomgflamer, on 05/05/2009, -1/+6Okay where did these banks borrow money from?
- WhiteHatTrick, on 05/05/2009, -1/+6You identified the problem (federal reserve). Then next step would be removing it.
- Solkre, on 05/05/2009, -0/+4So what's wrong with the presented video?
- skeletor3000, on 05/05/2009, -0/+4Trees, haven't you heard? Money grows on them.
- christoast, on 05/05/2009, -0/+4I'm going to invent an accounting method where we just pretend my business plan was pretty good, then I'll loan the money at a higher interest rate then what I'm paying. then /repeat. Hopefully, I can make it automated so I don't actually have to do anything.
Then I'll buy up utilities in the 3rd world and jack the prices. - consciouseffect, on 05/05/2009, -0/+4someone please correct me if im wrong but the federal reserve, whom they appear to own at this point, as well as the presidential seat, and congress
- Phernoree, on 05/05/2009, -1/+4Technically, we pay INTEREST on every dollar we borrow, however, indirectly we are paying interest on the money the FED is printing because the FED is buying up U.S. treasuries (to maintain the illusion of the strong dollar), which is a double-whammy of hurt for the future of the United States.
- MrFunStuff, on 05/05/2009, -0/+3IMF= part of the banking oligarchy
- qXdc, on 05/11/2009, -0/+3"If something is too big to fail, doesn't that mean it's too big to exist?"
No. The government is too big to fail as well.
This video was stupid, read Milton Friedman. - inactive, on 05/05/2009, -1/+4lets check and make sure
oh we CAN'T
hahaha rolled sheeple - ReallyFunGuy, on 05/05/2009, -4/+7The solution to the problem is fourfold:
1) Change in monetary system. Gold and silver are untenable to back money. However, a currency backed by a breadbasket to commodities (precious metals, base metals, natural gas and oil) would work wonderfully. These raw materials are at the heart of production and would tie money to the value of those materials. Others (food, wood, etc) wouldn't work as well because they are perishable and can vary in quality (and are more of pseudo-commodities.)
Fiat currency does not work. It's a pyramid scheme that only serves government and bankers- not everyone else. It serves government because they can phantom tax everyone by inflating the money supply. This inflation, which has been a common theme for the last 80 years, forces people to invest in banks in order to retain currency value; people who hold cash loose. This allows banks to take that money and then use it to print many times more via borrowing- which is the core of the fractional reserve system. Then the bankers borrow out tons of money, creating a credit-based economy which allows speculation to thrive. Which brings us to:
2) Dissolution of the Federal Reserve and the establishment of a public central bank in its stead. Undoubtedly one needs experienced economic professionals for its handling, but it should not be the guiding hand; the situation now is that we have former career bankers or financial professionals overseeing our central bank. The new heads of the central bank would ideally be directly elected officials with limited terms, or appointed by congress/the presidency with limited terms. This new central bank must be completely transparent in its dealings (as of now, it is completely opaque.)
3) Breaking up of banking monopolies. If a bank is so large that it cannot fail, it should not exist. This is the most obvious lesson we have learned. The large banks need to be broken up into smaller ones, and if some of the new smaller pieces fail, so be it. Propping up failed banks only causes the root problems that started this whole mess to persist and get worse.
4) Regulations on short-selling (including naked short selling), derivatives, and financial instruments such as CDO's. Some of the large banks have massive short positions on stocks and commodities that effectively control prices. Naked short selling is out-right fraud (selling something you don't have) and should be illegalized entirely. CDO's are intended to be a sort of insurance, but have been used for pure speculative purposes. - akhomestead, on 05/05/2009, -0/+2That's why our constitution states congress must do it? And personally, I'd like to vote on the mother ***** who put the rates at 1% in '03 and caused the problems we're in.
- BlacklabelSAR, on 05/05/2009, -0/+2What is amazing is that the video was on Good Morning America at all. Also that the term Oligarchy was defined.
Someone is pushing back. - xenophrenia, on 05/05/2009, -0/+2Pitchforks and torches. Pitchforks and torches. They're even starting to put it into terms simple enough for the 'stupid' to understand now. Can we get angry enough to call our politicians and demand we close the loopholes and squash the 'few' with the anger of the many?
Can we remind them that the peasants outnumber the aristocrats? At one point in history they paid with their heads. Maybe we need to remind them of that. - Mike17102, on 05/05/2009, -0/+2Gold as backing is a fools goal.
There isnt enough of it, and its price is wildly unstable. - KooperG, on 05/05/2009, -1/+3From China!!!
- inactive, on 05/05/2009, -0/+2Correct *but* unrelated
- jacobmorrison, on 05/05/2009, -2/+4If something is too big to fail, isn't it too big to exist?
I love that line - duggdowncatisad, on 05/05/2009, -0/+2Houses.
- ontain, on 05/05/2009, -0/+2I remember back when the government was breaking up companies that were too large. like AT&T. now we're keeping these alive and the ones doing not as bad are buying up others and getting bigger. doesn't this just set up more "too large to fail" companies?
- highPhone, on 05/05/2009, -0/+2while everyone sits here bashing the govs monetary policy, you're forgetting the flipside of the coin: the fiscal policy.
how will the government get all the money to pay these failed banks? by taxing the hell out of people. and how will that happen? increased tax under the guise of a more 'convenient' flat tax.
tell government to let the banks fail and get their hand out of MY pocket - HtomSirveaux, on 05/05/2009, -0/+2Well, we expect it, anyway.
- MrFunStuff, on 05/05/2009, -0/+2For one thing the IMF is part of this banking oligarchy.
the answers to the problem was more regulation. But how is making the regulation?
People like Timothy Geitner former head of NY Federal Reserve a private company and other banking insiders that have found there way in to Washington. - BlacklabelSAR, on 05/05/2009, -0/+2Money As Debt
http://video.google.com/videoplay?docid=-255015645 ... - kelmaster1, on 05/05/2009, -1/+3Yes, I trust getting accurate information from about our Banking system from Good Morning America.... :\
- Solkre, on 05/05/2009, -0/+2Because it's legal extortion.
- charters14, on 05/05/2009, -1/+3I was wary at first of the title "Its the economy, stupid" but the piece was well done. The financial system which hid from regulation under the guise of 'free markets' and 'you can't do that to us,' can be just as dangerous to the health of society as tainted food or medicine. When you impact the jobs and lives of countless Americans trying to feed their families, someone needs to monitor your actions.
It also should go both ways. If we can't tell you what to do in the good times, then deal with the ***** consequences when your blind greed and stupidity makes you bankrupt. There is a flip side to free market competition, if you lose, you lose and that's it you don't get to play anymore. Too big too fail is just a crock of ***** these panicked, broke bankers are using to keep their third home on the beach. - RGB0099CC, on 05/05/2009, -0/+2Watch Futurama more, you uncultured swine.
- Jade10145, on 05/05/2009, -0/+2Listen, I am just looking for a place to return this Margaritaville Brand Margarita Mixer!!!!!!!
- paulmoore, on 05/05/2009, -0/+2too bad there are too many people who are too dumb/lazy to do anything about it.
- inactive, on 05/05/2009, -0/+1DEY TUUK OUR JUUUUURRBS
- avianeddy, on 05/05/2009, -0/+1i had to get a Dick cher naree
- Jude007, on 05/05/2009, -1/+2Gold backing from what I understand of it, means that there is a limit to the amount of money at any one time. Unlike right now where all the suits have to do is hit a few keystrokes.
Personally I like Gold, i don't have any, I dont wear any , but I like the idea of valueing something beautifull and eternal rather than..... bull *****. - tama00, on 05/05/2009, -2/+3America is *****. Either change the system or split the banks up. If you do nothing then consider this economic recession a warning for what is to come.
- Crimsoneer, on 05/05/2009, -6/+7Ha, oligarchs. Sure. Go down to Russia a bit, see what a real oligarch is like.
Sorry, but these examples are horribly illustrated and teach you bugger all.
People need to stop saying banks knowingly banked on dangerous investments...You have to remember the default rate on subprime mortgages was only 8% in 2006. -
Show 51 - 75 of 75 discussions
© Digg Inc. 2009
— Content created and posted by Digg users is