Quote:
Originally Posted by Azure
http://www.reuters.com/article/2011/...27563820110413
After having watched 'Inside Job'....I hope to hell the Senate does something about what IMO was blatant fraud and corruption amongst the big banks, especially Goldman.
Absolutely insane that they are being allowed to get away with what they have done.
|
Quote:
Originally Posted by Azure
Probably both.
What percentage of the population understands what happened? 10? 20? If that.
People have no idea what happened, which is why it happened.
Everyone talks about Canada's banking regulation, and how it kept the economy from going under, or our banks from having to be bailed out. If that is true, which evidently it was, why the hell isn't the US doing something about it? The regulation passed by the Obama Administration is weak and does nothing to prevent another crisis.
|
Quote:
Originally Posted by Azure
Even worse, the financial sector is generating something like 40% of the profit in the US economy.
On top of that, students that go to university to take engineering or a variety of other degrees that most of us would consider a higher standard program are being hired by Goldman and other finance companies who offer huge bonuses and a better salary than companies like Google, Facebook or Apple.
Result is all the people with the skills to actually start something, or be innovators are being sucked into an industry where the promise of a huge bonus prompts them to take huge risks.
The whole system is screwed up.
And if nothing changes the worst is yet to come.
|
Agreed on all these posts, Azure. Greed drove the bubble, passing off the impending crash that they knew was going to happen and ignorance from the general public let the system go wild. And yes, I do see companies like GS taking a lot of talent, I certainly know a few people who have passed on offers from Google, et al to work in financial where they can make a crap load more. Some fight it, and believe in world for a cause or purpose, but its hard to pass up when a fellow collage grad goes around driving a Tesla and you are driving a Prius. There is way too much in the financial sector, and those in the financial industry have their hand in the government's as well, and the economy and political policies are driven by elite private interests.
Too bad it'll happen again, and again, and again, and it will be average jane and joe that pay for the rich pigs in this world. C'est la vie.