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How banks made profits



December 24, 2009 – Comments (14)

 Banks made a run of ever increasing profits with gross deception.  I love the way the guy in this article referred to it.  

“When you buy protection against an event that you have a hand in causing, you are buying fire insurance on someone else’s house and then committing arson.”

If no laws exist to go after these guys criminally, then they need to be written, along with clauses to go after all ill gotten assets.  

I am so disgusted with what these guys did to the world economy and people's future.

14 Comments – Post Your Own

#1) On December 24, 2009 at 6:10 PM, Tastylunch (28.52) wrote:

It's a wonder any of them lost money in a way.

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#2) On December 24, 2009 at 6:45 PM, topsecret09 (87.88) wrote:

Why Isn't everyone In jail?

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#3) On December 24, 2009 at 6:51 PM, portefeuille (98.91) wrote:

I am so disgusted ...

at least you are making new calls in the "caps" game again. great!

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#4) On December 24, 2009 at 6:51 PM, Teacherman1 (< 20) wrote:

It's not illegal, just immoral.

Have a Merry CHRISTmas.

Posted this same article in a blog earlier today, but got pushed down.

Glad to see someone brought it back up.



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#5) On December 24, 2009 at 7:11 PM, starbucks4ever (79.83) wrote:

As if anybody doubted it...

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#6) On December 24, 2009 at 7:23 PM, Option1307 (30.65) wrote:

Truly sickening, luckily it's Xmas or I'd be really upset!

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#7) On December 24, 2009 at 11:02 PM, chk999 (99.96) wrote:

In the US we have this little thing called no ex-post facto laws. Which means that you can't prosecute someone for something that was not against the law when they did it. We have this because of a minor unpleasantness with some old dude named George the third.

While we could write laws making it illegal now, we can't prosecute people for something done before the law was enacted. We also can't confiscate their property just because people are mad at them.

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#8) On December 25, 2009 at 12:19 AM, awallejr (38.93) wrote:

You were right until that last sentence chk.  Congress can always tax the hell out of anyone they so desire (Peter Schiff and his father notwithstanding) and eminent domain can be used with little substantive justification.

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#9) On December 25, 2009 at 12:23 AM, awallejr (38.93) wrote:

Fair value, of course, has to be given but that can be a slippery slope.

And Port, don't hold your breathe there.  But since it is Christmas I won't join your chorus this time around heheh.

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#10) On December 25, 2009 at 12:33 AM, foolishdoog (< 20) wrote:

banks made profits on ridiculously low interest rates infused by the fed. Fractional banking and common sense account for the fact that if you borrow at nothing and lend at twenty-five percent you will make a few zeros. stop acting like losing money is illegal.

relax buddy. your acting like a drone. its politically convenient and intellectually easy to blame bankers for this economic mess. stop taking the easy way out, because its probably a bigger reason we are here in the first place . think subprime, government guarantees.

but be my guest, act as if the housing bubble was the only bubble in the history of economics

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#11) On December 25, 2009 at 8:52 AM, ElevatorDown (28.41) wrote:

and they want a pat on the back for pretending that they saved us all

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#12) On December 26, 2009 at 1:38 AM, kirkydu (91.21) wrote:

agreed with arson line, very good.

I hope retail ma and pa investors understand that with the withdrawal of quantatative easing and further real estate issues, that banks are about to level off and possibly retrace 30-50% of their gains on their stock price runs, and get the hell out.

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#13) On December 26, 2009 at 7:23 AM, paperpump wrote:

well put foolishdoog, this wasn't caused by bankers as much as the leftist media would like for you to believe. the current state of the economy is to be blamed on extremely low interest rates, coupled with government intervention in the market place. This caused resources to be misallocated and for a great "crash," or market triggered reallocation of resources. Freddie and Fannie made loans to people that could never afford the houses they were purchasing, and were the largest purchaser of CDO's and MBS'.

Obama blames the banks and calls them fat cat bankers after he gave them money to return them to profitability.. he is the one who in fact doesn't "get it." Banks have a duty to add value to their shareholders, as does any other publicly traded corporation. It is not their job to make loans to "main street" for the betterment of our country. its funny how government intervention caused the housing crisis by encouraging subprime loans, and now obama is doing the same thing encouraging banks to make more subprime loans to get the economy back to its old ways. what needs to happen is a restructuring of our economy to more industrial areas that encourages people to produce tangible goods. 

The american people must stand up and say no. they must say no to running our country into debt for the betterment of the world economy. we must export goods, not borrow money to consume. 

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#14) On December 26, 2009 at 8:46 PM, alexxlea (61.90) wrote:

You are absolutely wrong paperpump, the American way is not to make things, the American way is to hope that we can push enough piles of money around to make money to pay back the money that we'll use to buy stuff with.

Failing that, we'll print our own money.

Failing that, we'll nuke everyone. 

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