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Author Topic: The madness of the financial industry  (Read 1220 times)

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Offline Ogaden

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The madness of the financial industry
« on: September 15, 2011, 02:46:27 pm »
You would not believe the things banks are allowed to do. You know if you put 10 dollars in your bank account, the bank can LEGALLY lend out 100 dollars, using that 10 dollars as the "backing" for their lending. And that's not even considered dodgy, that's standard practice of fractional reserve banking. Let me tell you a story about your 10 dollars. You know that 90 'magic' dollars the bank just created there? Well since they have claim to stuff people bought with lending, they have 'magic' hypothetical assets too! Hey that's just as good as money, we can back more loans with that too, so now that 10 dollars is 'backing' 200 dollars. Hey you know we can take that 200 dollars and let's turn it into a financial product and float it on the stock market, so speculators can balloon that up to 400 dollars.

The thing is, there are only 10 fucking dollars! And you know what? This isn't even as crazy as the credit default swaps. You know that 400 dollar financial product? The fact that it was so crazy and insane and risky was leveraged for cash! They sold the RISK as a financial product, of equal value! That 10 dollars in your savings account was backing like 800 dollars!
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Offline Croix

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Re: The madness of the financial industry
« Reply #1 on: September 15, 2011, 02:54:03 pm »
I use a credit union, not a bank >_>
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Offline Mia

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Re: The madness of the financial industry
« Reply #2 on: September 15, 2011, 03:39:28 pm »
This was fun to take in economics. :P Accounting is even more fun!
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Offline undiscoveredbum

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Re: The madness of the financial industry
« Reply #3 on: September 15, 2011, 04:52:31 pm »
I hate everything.
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Offline Brian

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Re: The madness of the financial industry
« Reply #4 on: September 15, 2011, 05:24:24 pm »
if you found this fun fact interesting i highly recommend watching zietguise the movie. watch here www.zeitgeistmovie.com
info here https://secure.wikimedia.org/wikipedia/en/wiki/Zeitgeist,_the_Movie
The first 2 parts are irrelevant to the current topic of discussion, the third one is all about the bank BS you are discussing.

second movie was more about how awful our government is. I haven't see the third yet.

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Offline Leo

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Re: The madness of the financial industry
« Reply #5 on: September 15, 2011, 05:34:53 pm »
Quote from: Mia on September 15, 2011, 03:39:28 pm
This was fun to take in economics. :P Accounting is even more fun!
Has anyone ever told you how sadistic you are, Mia?
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Offline Electric Mango

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Re: The madness of the financial industry
« Reply #6 on: September 15, 2011, 05:55:56 pm »
Let's all pool our money together and start our own freaking bank.  I heard Mia's an Ice Princess so she probably has lots of money right?
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Offline Mia

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Re: The madness of the financial industry
« Reply #7 on: September 15, 2011, 05:58:10 pm »
I am Jewish, so I control all the world's money. :V
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Offline Leo

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Re: The madness of the financial industry
« Reply #8 on: September 15, 2011, 06:07:26 pm »
Shit.
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Re: The madness of the financial industry
« Reply #9 on: September 15, 2011, 07:45:57 pm »
That means that it's even better if we have her as our CEO!  People will FLOCK to us!
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Re: The madness of the financial industry
« Reply #10 on: September 16, 2011, 09:27:03 pm »
News is old
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Offline Jenne

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Re: The madness of the financial industry
« Reply #11 on: September 17, 2011, 06:08:42 am »
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