Author: SMITHI

‘They’re robbing us’: 12-year-old exposes banking flaws, video goes viral   [Copy link] 中文

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Post time 2012-6-4 16:54:43 |Display all floors
Problem is deregulation of whole banking industry , nobody sane would leave banks to self regulate most vital part of every country bloodline. But that is exactly what Amerikkkkkkkkkka did and not just that but they "forced others globally" to do so,  it is magnum crime and theft of money from people never seen on such scale in history.


The cause and reasone of the present financial crisis was overregulation - the US government introduced strong incentives for banks to give out subprime mortgages which led to the real estate bubble in the US. In China, you have the very same issue - state-owned banks that are forced to give money to mortgage lenders and other state-owned enterprises, so that small businesses are left out.

So I can't really see in which areas the banks were underregulated. The current problem of governments is the government debt level - not the banks. But the banks are blamed for the fact that they don't want to give the governments more money.
If I want to spend money but I don't have enough money to buy everything I want, it's my problem - I don't have the right to blame you for not giving me more money. Especially not, if you are quite certain that I'll never pay back my debts.

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Post time 2012-6-4 17:50:14 |Display all floors
SMITHI Post time: 2012-6-3 14:07
Canada is one of the few developed nations that are net exporters of energy.[138] Atlantic Canada po ...

It will go on for as long as people are more interested in watching "soap's and other fantasies on tv" rather than what the government they elected is actually doing.
Life is mostly froth and bubble, but two things stand like stone. Kindness in anothers trouble, and .courage in your own. Annon.

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Post time 2012-6-4 18:06:22 |Display all floors
This post was edited by SMITHI at 2012-6-4 18:49
Everynowhere Post time: 2012-6-4 16:54
The cause and reasone of the present financial crisis was overregulation - the US government intro ...




i guess you ae comedian or Jew? Is Maddof related to you?

whatever the case Jews and comedians are strong supporters of total abolishing of state and regulations reason being is very simple if you have strong regulation and strong state that enforce law and order than you can't manipulate system and create ponzy schemes.
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frin wikipedia:
Deregulation of the 1980s and 1990sLegislation passed by the federal government during the 1980s, such as the Depository Institutions Deregulation and Monetary Control Act of 1980 and the Garn–St. Germain Depository Institutions Act of 1982, diminished the distinctions between banks and other financial institutions in the United States. This legislation is frequently referred to as "deregulation," and it is often blamed for the failure of over 500 savings and loan associations between 1980 and 1988, and the subsequent failure of the Federal Savings and Loan Insurance Corporation (FSLIC) whose obligations were assumed by the Federal Deposit Insurance Corporation (FDIC) in 1989.

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Post time 2012-6-4 18:07:11 |Display all floors
This post was edited by SMITHI at 2012-6-4 18:07
warrigal Post time: 2012-6-4 17:50
It will go on for as long as people are more interested in watching "soap's and other fantasies on ...


True people have to react and voice their concerns but seldom they do so.

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Post time 2012-6-4 18:16:29 |Display all floors
This post was edited by SMITHI at 2012-6-4 18:31
Everynowhere Post time: 2012-6-4 16:54
The cause and reasone of the present financial crisis was overregulation - the US government intro ...
are you comdian or jew?

Something is seriously wrong with you , why else would you lie about something that is common knowledge.
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Financial Deregulation

Rather than taming financial markets in the wake of the storm, Washington was busy pushing through the US Senate legislation, which was to significantly increase the powers of the financial services giants and their associated hedge funds. Under the Financial Modernization Act adopted in November 1999 – barely a week before the historic Seattle Millenium Summit of the World Trade Organization (WTO) – US lawmakers had set the stage for a sweeping deregulation of the US banking system.

In the wake of lengthy negotiations, all regulatory restraints on Wall Street’s powerful banking conglomerates were revoked "with a stroke of the pen". Under the new rules – ratified by the US Senate and approved by President Clinton – commercial banks, brokerage firms, hedge funds, institutional investors, pension funds and insurance companies can freely invest in each others businesses as well as fully integrate their financial operations.

The legislation had repealed the Glass-Steagall Act of 1933, a pillar of President Roosevelt’s "New Deal" which was put in place in response to the climate of corruption, financial manipulation and "insider trading" which led to more than 5,000 bank failures in the years following the 1929 Wall Street crash.9 Effective control over the entire US financial services industry (including insurance companies, pension funds, securities companies, etc.) had been transferred to a handful of financial conglomerates – which are also the creditors and shareholders of high tech companies, the defense industry, major oil and mining consortia, etc. Moreover, as underwriters of the public debt at federal, state and municipal levels, the financial giants have also reinforced their stranglehold on politicians, as well as their command over the conduct of public policy.

The "global financial supermarket" is to be overseen by the Wall Street giants; competing banking institutions are to be removed from the financial landscape. State level banks across America will be displaced or bought up, leading to a deadly string of bank failures. In turn, the supervisory powers of the Federal Reserve Board (which are increasingly under the direct dominion of Wall Street) have been significantly weakened .

Free from government regulation, the financial giants have the ability to strangle local-level businesses in the US and overshadow the real economy. In fact, due to the lack of competition, the legislation also entitles the financial services giants (bypassing the Federal Reserve Board and acting in tacit collusion with one another) to set interest rates as they please.


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Post time 2012-6-4 18:18:16 |Display all floors
This post was edited by SMITHI at 2012-6-4 18:32

Financial Deregulation at a Global Level

While the 1999 US Financial Services Act does not in itself break down remaining barriers to the free movement of capital, in practice, it empowers Wall Street’s key players, including Merrill Lynch, Citigroup, J.P. Morgan, Lehman Brothers, etc., to develop a hegemonic position in global banking, overshadowing and ultimately destabilizing financial systems in Asia, Latin America and Eastern Europe...

Financial deregulation in the US has created an environment which favors an unprecedented concentration of global financial power
. In turn, it has set the pace of global financial and trade reform under the auspices of the IMF and the World Trade Organization (WTO). The provisions of both the WTO General Agreement on Trade in Services (GATS) and of the Financial Services Agreement (FTA) imply the breaking down of remaining impediments to the movement of finance capital meaning that Merrill Lynch, Citigroup or Deutsche-Bankers Trust can go wherever they please, triggering the bankruptcy of national banks and financial institutions.

In practice, this process has already happened in a large number of developing countries under bankruptcy and privatization programs imposed on an hoc basis by the Bretton Woods institutions. The mega-banks have penetrated the financial landscape of developing countries, taking control of banking institutions and financial services. In this process, the financial giants have been granted de facto "national treatment": without recourse to the provisions of the Financial Services Agreement (FTA) of the WTO, Wall Streets banks, for instance, in Korea, Pakistan, Argentina or Brazil have become bona fide "national banks" operating as domestic institutions and governed by domestic laws which are being remolded under IMF-World Bank jurisdiction. (See Chapters 21 and 22.)

In practice the large US and European financial services giants do not require the formal adoption of the GATS to be able to dominate banking institutions worldwide, as well as overshadow national governments. The process of global financial deregulation is, in many regards, a fait accompli. Wall Street has routinely invaded country after country. The domestic banking system has been put on the auction block and reorganized under the surveillance of external creditors. National financial institutions are routinely destabilized and driven out of business; mass unemployment and poverty are the invariable results. Assisted by the IMF – which routinely obliges countries to open up their domestic banking sector to foreign investment – retail banking, stock brokerage firms and insurance companies are taken over by foreign capital and reorganized. Citigroup, among other Wall Street majors, has gone on a global shopping spree buying up banks and financial institutions at bargain prices in Asia, Latin America and Eastern Europe. In one fell swoop, Citigroup acquired the 106 branch network of Banco Mayo Cooperativo Ltda., becoming Argentina’s second largest bank.  

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Post time 2012-6-4 18:21:26 |Display all floors
SMITHI Post time: 2012-6-4 15:39
striking similarity in a story indeed Toto.

There is something really rotten and sick in our mo ...

THEY WATCH TV, CNN is the biggest FANTASY CHANNEL
Life is mostly froth and bubble, but two things stand like stone. Kindness in anothers trouble, and .courage in your own. Annon.

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