Rick Reuben Describes Real Financial Reform

Real Financial Reform means criminalizing financial crime, not rewarding it.

chairman_hall wrote:Why not secure deposits and savings but let the banks go to the wall?

That's what should have been done in a just world but the current bailouts in both the US and the UK are making the security of the stockholders and financial officers of the banks a priority equal to the security of the depositor, who is only looking for a safe place to store savings.

It is completely irresponsible to rescue banks that have burned through all their profits by ignoring risk, in the anticipation that just such a bailout program would bail them out. All the bank officers need to be fired/incarcerated, all the shareholders who ignored the risky loan policies and derivatives gambling of the banks need to be wiped out, and then finally, the distribution of credit into the economy must cease passing through the hands of middleman profiteers. If the state wants to expand the money supply to stoke demand, then it should introduce new money without the private markup charged by the banking cartel.

Lying shill for banking parasites Wood Goblin, July 2009:  I bristle a bit at his description of what happened during the vote on the bank bailout. For one thing, it really was an urgent crisis that required immediate action.

The 'immediate action' was 'using tax money and debt to provide price support for banking shares'- it was not designed to help the real economy and it has not helped the real economy

What Wood Goblin really meant was this: "It was an urgent crisis for the profits of my potential future employers, and therefore, fuck the country, give them all the money they want so they can try and gamble their way back to solvency on the people's credit card."

Traitorous piece of shit.