Biggest Bank Robbery in History!

Discussion in 'Politics, Religion, Social Issues' started by MowingDevil, Dec 22, 2008.

  1. MowingDevil macrumors 68000

    MowingDevil

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    #1
    How does it feel to be a taxpayer and know that this HUGE public bailout of PRIVATE banks is going directly into the pockets of the executives? How many homes have been repossessed because of the "market?" Where was the sympathy then? Where was the bailout? Where was help from the banks or the government? Now watch as the elite plucks even more money away from the SAME people that lost their homes. The heist & irony continues.

    http://lawprofessors.typepad.com/business_law/2008/11/investment-bank.html

    http://www.huffingtonpost.com/2008/12/17/banks-getting-bailout-bil_n_151931.html

    http://moneyning.com/money-news/why-is-our-bailout-money-going-towards-paying-for-executive-bonuses/

    http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&date=20081117&id=9386008

    http://dealbook.blogs.nytimes.com/2008/12/10/bonuses-at-banks-in-bailout-forget-about-it-poll-says/

    http://www.icahnreport.com/report/2008/11/bonus-bonanzas.html

    [​IMG]
    "laughing all the way *ha-ha-ha* Jingle Bells, Jingle..."

    VIDEO: Bailout Billions towards Bonuses
     
  2. Tosser macrumors 68030

    Joined:
    Jan 15, 2008
    #2
    I don't know what to say, other than I agree with the sentiment. The banks and what have we are all "No, let the free market rule" when the going is good (for them) but when times are hard, all those principles are conveniently forgotten and private people are forced to bail them out. Seriously, those are the risk if you want to operate in a free market and pump money into a bubble about to burst.
     
  3. edesignuk Moderator emeritus

    edesignuk

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    #3
    Yeah, that's pretty s***. I'm sure there's much more to be said, but what's the point.
     
  4. pilotError macrumors 68020

    pilotError

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    Long Island
    #4
    Good discussion, but as always, there's more to it than personal sentiment.

    The Gov't has been doing very big things out of public view. Some banks didn't want the money and they more or less forced them to take it.

    Executive compensation is what it is. Like it or not, they cut themselves a good deal.

    To think that the government just gave $700B without question is laughable. These types of stories are just like those that bash the Mac, created for the ability to sell more readership.

    The Gov't is using that money to buy up bad debt. Do you really think they get nothing for their money?
     
  5. Tosser macrumors 68030

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    #5
    Well, they get "bad debt" which is the same as handing money over.
     
  6. bruinsrme macrumors 603

    bruinsrme

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    Oct 26, 2008
    #6
    yet they are stickiing it to the people with credit debt.

    Shouldn't the banks be required to drop the interest rates to say prime plus 1% since they are getting ALL this money for free?
     
  7. Abstract macrumors Penryn

    Abstract

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    #7
    What the ****. :confused:

    The US is just completely out of control.
     
  8. pilotError macrumors 68020

    pilotError

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    #8
    Well, No it's not... It's backed by real assets which are currently worth less than the outstanding loan. If you have enough cash to wait it out, this debt becomes very lucrative over time.

    At some point, the Gov't will probably make money off of this deal...
     
  9. Killyp macrumors 68040

    Killyp

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    #9
    Surely there must be some kind of law against this? It's just out and out theft...
     
  10. rdowns macrumors Penryn

    rdowns

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    #10
    I just watched Jim Kramer on Hardball say that AIG used tens of millions of dollars to shore up foreign banks. Nice, our money going overseas.
     
  11. SFVCyclone macrumors 6502a

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    #11
    DUDE, I completely agree with this! Biggest Robbery in history! Supposedly the total amount of houses in foreclosure topped between 100 billion and 700 billlion. HOW and WHY was this money given to the banks to lend more money when it was the lending part that got us into this mess?

    Have you heard of Peter Schiff? This is an economist that predicted this whole mess while the "bubble" was still going on. What about ALEX JONES? He has a lot of great information on how these goons are stealing from us in front of our eyes. Check out infowars.com I'm surprised this thread is not larger.
     
  12. leekohler macrumors G5

    leekohler

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    #12
    I agree with you- this is absolutely disgusting! I think most people are aware of what has happened with this, they just feel helpless.
     
  13. SFVCyclone macrumors 6502a

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    #13
    Pretty much like sheep being blindly guided to the edge of a cliff. The Sheeple!
     
  14. dukebound85 macrumors P6

    dukebound85

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    #14
    alex jones? jeeeeeeeeeze no thanks
     
  15. SFVCyclone macrumors 6502a

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    #15
    Yeah, exactly.
     
  16. dmw007 macrumors G4

    dmw007

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    #16
    My thoughts exactly. :(


    Working at a financial institution (a credit union thank goodness), it pains me to see the government infuse this ridiculous amount of money ($700 Billion) to the banks and then let them use it for bonuses for the nitwit executives and employees who are doing essentially nothing to help stimulate the economy. :rolleyes:
     
  17. irmongoose macrumors 68030

    irmongoose

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    #17
    Well you can't quite call it robbery when the money is being made from thin air. That's a whole other problem...

    What a bloody mess.


    irmongoose
     
  18. dukebound85 macrumors P6

    dukebound85

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    #18
    all this loan did was insure the fdic. nothing more, nothing less
     
  19. MacNut macrumors Core

    MacNut

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    #19
    That is the real problem. Loaning money that doesn't exist to people who will never repay it back.
     
  20. MowingDevil thread starter macrumors 68000

    MowingDevil

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    #20
    Governments worldwide have told the banks to drop the interest rates, the banks said 'no we don't want to' ...the govs said YES you will drop the rate because of these bailouts...so the banks reluctantly dropped it half a percentage to 2% depending on what country you're in.

    Credit cards have remained as high as ever.
     
  21. Dont Hurt Me macrumors 603

    Dont Hurt Me

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    #21
    Just follow the money trail, these wall street types, corporations and bankers gave a Billion dollars to McCain and Obama's campaign. Who do you think Washington works for? us for our piddely vote or these guys who give milions and millions to both campaigns? The answer is clear though no one is doing anything about it.

    Washington has become nothing but a prostitute and the corporations are the Johns and we are simply the money tree for both.
     
  22. Rodimus Prime macrumors G4

    Rodimus Prime

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    Oct 9, 2006
    #22

    My credit card rate has dropped. Mind you credit card have always been a very expensive place to borrow money from.
     
  23. Eraserhead macrumors G4

    Eraserhead

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    UK
    #23
    Just to give some perspective on this from the other side take a look at this.

    I actually think it makes some reasonable points.
     
  24. sporadicMotion macrumors 65816

    sporadicMotion

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    Your girlfriends place
    #24
    Alex Jones is a profiteering sensationalist. He profits from fear. Try someone educated instead. Noam Chomsky. I had very little respect for Alex Jones... and then I heard what he said to Noam and that was it... any credibility he had was thrown out the window. He is no better than Michael Moore... taking things the public needs to know about and blowing them WELL beyond the truth... for the sake of profit.
     
  25. DarkHeraldMage macrumors 6502a

    DarkHeraldMage

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    #25
    Working for Citi myself right now, and being part of the 73,000 layoffs announced just in the past few months alone, I can readily admit to being quite infuriated with this kind of stuff. Our CEO sends out email after email talking about how good a position Citi is in right now compared to other banks, and how we're ready to approach 2009 in a positive way. It's all bull. They're using the money to reward themselves for a job NOT well done, and laying off all the employees that are keeping the company afloat in the first place.

    It's the same with the auto industry bailout though, but at least they had to go before Congress to plead their case. The banks were just given the money. No questions asked. No accountability. No requirements as to what they had to do, or when they'd have to check in and provide updates. Nothing. The government just threw money at them and turned a blind eye. It's absolutely sickening.
     

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