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Bankers to Blame for Financial Markets Mess
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Harry Wallop and Jon Swaine
Telegraph
September 19, 2008
Bankers are to blame for exacerbating the crisis in the financial markets because they were taking too many risks, the City regulator has said.
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Callum McCarthy, the chairman of the Financial Services Authority (FSA), said bankers must learn the lessons of the financial crisis and prevent it happening again.
He added that they needed to apply “greater realism” about their capabilities.
“The present troubles have exposed the fact that very many of the best-regarded among the world’s financial institutions had risk management which was not up to the expectations placed upon it,” he said.
Banks must “understand the limitations, as well as the strengths, of ratings,” he said, warning that they should also “recognise that failures to conduct due diligence will have a price.”
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September 19th, 2008 at 10:47 am
Yea, it comes with a price that the average PEOPLE have to pay with their taxes. Unbelievable!
September 19th, 2008 at 10:58 am
Solution for Those Wanting To Stock Up NOW:
Max out your credit cards in order to purchase survival gear and then subsequently, file Chapter 7 bankruptcy. The bankruptcy court will have to approve it as long as you wait 6 months (180 days) after your last major purchase and not make it look fraudulent.
If you still have credit during the 6 month period, you can use your credit cards to buy groceries, pay rent, utilities, gas and car maintenances during this “waiting” period—just no major purchases. The key is using the right strategy and doing it smart!
As a caveat, my sage advice is to transfer—title ownership only—your house, car, etc. to someone else during the meantime so that the court cannot relegate them. A friend of mine purposely maxed out his credit cards up to $60K then filed Chapter 7 successfully. He still has everything and is now $60K richer in survival gear including guns, ammo, storable food, bunker, etc.
You can do it too but do it now before the imminent collapse of the United States of Hysteria!
September 19th, 2008 at 11:00 am
Do the steps being taken by the U.S. government restore your confidence in the economy?
This is a question on a poll at Msnbc.com. Here is the link:
http://sfomurchu.newsvine.com/.....he-economy
September 19th, 2008 at 11:29 am
I was amazed at the reply left by Odin Gaiman. How blatantly dishonest can one get? Purposely racking up credit card debt and then declaring bankruptcy is akin to stealing. The ends (storage) do not justify the means. This is just plain wrong. How is this different from the international bankers who are taking advantage of us and their positions? It isn’t. It does not matter if the USA is near “imminent collapse” or not. Wrong is wrong.
September 19th, 2008 at 11:34 am
Very wise advise Odin you just have to be careful how to play it out so it doesn’t look so obvious that the intentions all along were to empty your CC accounts and then declare Chapter 11, I hope many more people do this, if they are doing it and the banks in the millions and billions why the ordinary man like us can’t do it in the thousands they have the magical machine that can create money anyway they won’t be affected by this banckruptcies , this is survival mode this aint like it used to be in the past, the fed is taking over everything the beast will controlled everything from now on, so its survival time
September 19th, 2008 at 11:40 am
@Sean
I’ll bequeath unto you a little example, to knock the Bible off your head:
Let’s say you and your family are left with nothing—no money, no food, nothing. Now, the only option for you is to steal a loaf of bread from a corporation (e.g. credit card company) , to feed your children or else they starve to death. Would you do it? I would, thus, my children live. You wouldn’t, thus, your children die. Take your Christian morality and jump off a cliff. Sometimes, the right thing to do is the immoral thing to do. Look up moral consequentialism and learn something.
September 19th, 2008 at 11:53 am
@Rex
You are wise beyond your years.
See you at the end when America’s flushed down the toilet.
September 19th, 2008 at 12:09 pm
Odin, preach the line about starving children when your children indeed are starving. Choosing to ignore moral decency is your choice, and admit it as such. Let’s call a spade a spade.
“Bible Christian morality”? I see that you’ve been brainwashed and quite possibly never looked at anything outside of your christian southern state. Stealing is stealing, whether it’s in muslim countries, christian countries, hindu countries, even in atheist China.
What you are advocating doing is taking away from other people, not from the banks, not from the government. Banks fold, debt is bought up by the gov’t, covered by taxation. Which comes from…. DING DING DING! Yes, YOUR pocket, as well as mine and everyone else’s.
Taking these “preventative” measures, as you put them, brings us closer to the failure that you are seeking to prepare for. If everyone took your advice, we fold and fail. And then we resort to guns and ammo that we stocked up. Imagine if the only thing that pushed us into catastrophy was the selfish actions that you’re advocating. Imagine if it could be avoided precisely by not doing that.
Then I have the right to hold your responsible, no? And if my children are starving as a result of your actions, and die, I have the moral obligation to hang you and your family and all those who supported you, don’t I?
Anyway, moving away from hypothetical situations to the present…
wouldn’t it be something else if in the investigation of your bankruptcy it is determined that racking up your credit was intentional, and your claim is denied. You’re either forced to repay it, or worse yet, thrown in jail, and your goods are confiscated and auctioned off. Brilliant plan, only if it worked!
September 19th, 2008 at 12:16 pm
@mcuz,
You obviously can’t read. It worked for my friend, dipsh1t. hahaha. Geez, you’re such a retard. By the way, you can’t be thrown in jail for debt, unless:
1) It’s fraudulent (which I already covered)
2) It’s for income tax or child support.
And the debt does NOT come from our pockets! Are you that stupid? When a credit card company grants you a credit limit increase, do you know where the money comes from? It’s called fractional reserve banking, meaning they can loan up at a minimum 10 times for every dollar. This means it’s created out of thin air, NOT from our pockets, you stupid nimrod!
By the way, I know stealing is stealing. I did say it was immoral (do you know how to read?) I also posted something about moral consequentialism (if you can read). This is about survival not your little crybaby whining.
Learn something before you post, little sh1t.
September 19th, 2008 at 12:34 pm
The people who caused this disaster, like Gramm, and all the millionaires/billionaires (mostly Khazars) who packaged and brought these mortgage backed securities to the market, will not be punished or hurt. The Big Losers are the American citizens who will see their standard of living drop due to inflation and the collapsing dollar. The Khazars, like Fuld, and Greenburg, and Rubin, and Schwartz, and many others are LAUGHING at YOU. They have their millions and billions……you are left with debt. The NeoCon Khazars have destroyed this country.
September 19th, 2008 at 12:36 pm
“very wise odin”???
Somebody made and shipped all the stuff you are not paying for!
Thieving bastid!! This kinda me me me mine thinking caused all this.
Your “sage advice” sux…
September 19th, 2008 at 12:54 pm
@Grundy
The opinion of those that do not matter, does not matter.
You will take heed in remembering this.
September 19th, 2008 at 1:13 pm
Anti Laser & Photo Radar License Plate Cover Shield: http://www.sportsimportsltd.com/anlasphotrad.html
^For those who say that it was debunked by Mythbusters, WRONG! A co-worker of mine is married to a law enforcement officer and he told me himself that cameras can’t pick up a plate’s image at certain angles, particularly from higher ground, if a plastic anti-photo cover is used.
September 19th, 2008 at 1:54 pm
Actually, on the subject of license plate covers, they are illegal in some places. The police here will give you a fine for having anything on your license plate.
Odin, are you typing your rhetoric out of a bunker yet? My god, with a cunning brain like yours, I wouldn’t be surprised if you haven’t planned everything down to a t. It’s too bad that all this thinking squeezed out your capacity to think, thus you resort to ad hominem attacks.
It’s shills like you who brought the US to the condition it’s in, troll. Now get lost.
September 19th, 2008 at 3:10 pm
@mcuz
I’ll take your “rhetoric” comment as a compliment.
I’m an ascetically, judicious individual, that does indeed, plan everything down to the wire. It’s okay if you don’t agree with my tactics but other people who have absolutely no way to prepare would be more than receptive to my solution. 