Goldman amasses $164bn "war" chest
- Thread starter ASusilovic
- Start date
fully agree. But wont you also agree that the reason this country has had such tremendous growth and prosperity is the fact that people are able to take matters into their own hands within the legal boundaries? Businessmen are allowed and even encouraged to maximize their own wealth which also lead to the prosperity of those who worked for them. Simple as that. I personally cannot bring myself about to blame those who maximized their own gains and this includes each and EVERY bank including AIG.
The guy on the street decided to overleverage himself/herself. He she signed a contract to surrender the asset if he/she cannot pay anymore. True or not? Then that those banks who got into trouble get now bailed out whose decision was it? I dont remember that banks and wall street have got legislative power to do so. It was the elective by the same common man on the street who signed off on the bailout funds. And now the very same people complain again? Hmm, maybe they should overthink whom they voted for.
I am not saying no banker is to be blamed but now having all fingers pointed to the evil financial system is absurd...
The guy on the street decided to overleverage himself/herself. He she signed a contract to surrender the asset if he/she cannot pay anymore. True or not? Then that those banks who got into trouble get now bailed out whose decision was it? I dont remember that banks and wall street have got legislative power to do so. It was the elective by the same common man on the street who signed off on the bailout funds. And now the very same people complain again? Hmm, maybe they should overthink whom they voted for.
I am not saying no banker is to be blamed but now having all fingers pointed to the evil financial system is absurd...
Quote from asiaprop:
But wont you also agree that the reason this country has had such tremendous growth and prosperity is the fact that people are able to take matters into their own hands within the legal boundaries? Businessmen are allowed and even encouraged to maximize their own wealth which also lead to the prosperity of those who worked for them. Simple as that. I personally cannot bring myself about to blame those who maximized their own gains and this includes each and EVERY bank including AIG.
Where "maximizing your own gains" entails taking absurd risks and blowing up with OPM, I would say that those who managed those banks and groups deserve blame, yes. Long-term clawbacks would do a lot towards reducing this behavior.
To exonerate even AIG's action as such makes it clear to me that you are living in your own bubble, just like many others from banking. You've just reinforced my view that banking needs a far deeper reset, with all those in executive positions who hold such viewpoints pursuing their future careers at Burger King, or wherever else they'll do the least damage in the future (and I mean this as no slight to Burger King workers -- I'm sure many former bankers would actually be quite effective in the casual dining industry).
The guy on the street decided to overleverage himself/herself. He she signed a contract to surrender the asset if he/she cannot pay anymore. True or not? Then that those banks who got into trouble get now bailed out whose decision was it? I dont remember that banks and wall street have got legislative power to do so. It was the elective by the same common man on the street who signed off on the bailout funds. And now the very same people complain again? Hmm, maybe they should overthink whom they voted for.
I agree that those who went in on mortgages they can't afford are at fault, but apparently you weren't informed about the rise of lobbying in the US. Google it -- you might find it interesting
I'll give you this much, though -- the US electorate is far too complacent with the present lobbying system. People do get the government they deserve -- one can only hope that voters will learn enough to deserve better ones going forward.
