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Why should taxpayers retrospectively have to pony up the cash for troubled financial institutions?
These banks were given the opportunity to operate in an environment without regulation and because of they're own incompetence they have lost trillions.
And Im damn-well not sorry but the media can make up as much as they want about Joe Average and lies he made up on his mortgage application. But the banks have not been prudent in checking what instruments they were buying.
It's the media making up all this crap of populism.
Excerpt from the Wood article
"But to blame the dire problems confronting the global financial system on any individual, or to suggest that these problems are due to the "greed" of investment bank executives or chief executives because of the stratospheric sums they take home, is arrant nonsense."
Sorry Leonie but your argument is baseless garbage.
The financial chaos is because certain banks have ignored the rule of law and governments have consistent tried to appease them with turning a blind eye to regualtion.
I totally agree with Jim Rogers. I have seen him on CNBC and last night listened to him on CNNNN. Artificially propping up the markets will just prolong the downturn and now these G7 guys get to "re-write" rules that previously were dispensed with or ignored by the banks.
And I'm sure these rules will be favourable to these incompetent lenders yet again.
What a joke!
DYOR
