Re:Everything Is Crazy and the Markets Aren’t Freaking Out
by toast0 on Monday October 16, 2017 @11:34PM
(#15488487)
In 2009, I bought a house from a bank for $50k less than the balance they foreclosed on, and I expect they had no recourse against the borrower. In aggregate, there were a lot of bank losses. Banks didn't expect the downturn either, or they wouldn't have made so many loans with essentially no standards. (Admittedly, they also weren't expecting to keep loans on their own books for very long)
Re:Everything Is Crazy and the Markets Aren’t Freaking Out
by pmorici on Monday October 16, 2017 @10:42PM
(#15488262)
69% of Americans have less than $1,000 in savings. If you are in debt inflation is a benefit to you so long as your wages keep pace with inflation.
Re:Everything Is Crazy and the Markets Aren’t Freaking Out
by dropit_sphere on Monday October 16, 2017 @11:54PM
(#15488561)
>so long as your wages keep pace with inflation.
That's a big if, though, depending on your (or "you" in aggregate) market power. And if you've got less than $1K in savings, you probably don't have a lot.
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Re:Everything Is Crazy and the Markets Aren’t Freaking Out
by mythrwy on Monday October 16, 2017 @11:19PM
(#15488411)
It could also be that former big bankers are in the executive cabinet because the financial system is pretty important and they understand it.
The concerns about conflict of interest are certainly valid but maybe just maybe it's not a big conspiracy.
Re:Everything Is Crazy and the Markets Aren’t Freaking Out
by vkou on Tuesday October 17, 2017 @12:02AM
(#15488588)
There's too much money at play for there to not be a conspiracy - of some sort. I think it's pretty hard to argue that our economy is not highly skewed towards protecting the wealth of the very rich.
Re:Everything Is Crazy and the Markets Aren’t Freaking Out
by swendoog on Tuesday October 17, 2017 @12:33AM
(#15488680)
I understand that perspective and I don't disagree. That certainly is the case; Many are there because they understand the financial system better than anyone else. I don't mean to suggest that there is a grand organized conspiracy. That said, I do believe there is a strong network of bankers that promote their self interest.
Everyone except banks hurt in 2008. Banks then went in buying everything cheap. The people could not buy at all, since everyone was robbed. But banks were bailed out, so they had the money to buy cheap stocks around the world after the crisis they themselves created.
Is it not obvious? The crashes and the pumps are architected by banks. The people who lost homes got hurt, but banks didn't. Banks made trillions of $ from the 2008 crisis.