>"I hope you don't actually think that the lack of being charged with crimes means no crimes were committed."
For the most part, yes, I do. I believe the justice system works.
You don't think there are politicians out there just itching to perp-walk some of these bankers? That there aren't some hot-shot DAs dying to make a name for themselves? It happened with Enron, Worldcom, Tyco. The public is frothing at the mouth to put some of these guys on trial.
So why haven't they? Because, like it or not, there hasn't been as much legal malfeasance as some would like to believe. Sure, if you look hard enough you'll find rogue employees doing bad things. That's a fact, and I won't deny it. You'll find the same in any large institution, be it government or Google. But this idea that the banks are directed from the top down to defraud people on a mass scale is complete and utter nonsense. Sorry.
We, as the public, like to create a narrative for why these massive deleveragings happen every so often. The reality is these cycles occur naturally when credit overextends. Suddenly we start blaming the bankers for people taking out loans they can't afford to pay back.
The banks and bankers have been taking an absolute beating for years now. The US essentially legalized the concept of buying a house and heads-I-win-tails-the-bank-loses. They've been forced to shoulder massive loan write-offs, simply because people refuse to pay back money they agreed to via contract. Every media outlet on the planet demonizes them. Stop and ask yourself: when has the mass media been right about anything?
Oh well. It can only go on for so long. Banks act as the bellwether for the economy; until they're making money again and lending resumes the economy will stay in the doldrums. You don't promote wealth creation and economic growth by stiffing creditors and putting the owners of capital in jail.
For the most part, yes, I do. I believe the justice system works.
You don't think there are politicians out there just itching to perp-walk some of these bankers? That there aren't some hot-shot DAs dying to make a name for themselves? It happened with Enron, Worldcom, Tyco. The public is frothing at the mouth to put some of these guys on trial.
So why haven't they? Because, like it or not, there hasn't been as much legal malfeasance as some would like to believe. Sure, if you look hard enough you'll find rogue employees doing bad things. That's a fact, and I won't deny it. You'll find the same in any large institution, be it government or Google. But this idea that the banks are directed from the top down to defraud people on a mass scale is complete and utter nonsense. Sorry.
We, as the public, like to create a narrative for why these massive deleveragings happen every so often. The reality is these cycles occur naturally when credit overextends. Suddenly we start blaming the bankers for people taking out loans they can't afford to pay back.
The banks and bankers have been taking an absolute beating for years now. The US essentially legalized the concept of buying a house and heads-I-win-tails-the-bank-loses. They've been forced to shoulder massive loan write-offs, simply because people refuse to pay back money they agreed to via contract. Every media outlet on the planet demonizes them. Stop and ask yourself: when has the mass media been right about anything?
Oh well. It can only go on for so long. Banks act as the bellwether for the economy; until they're making money again and lending resumes the economy will stay in the doldrums. You don't promote wealth creation and economic growth by stiffing creditors and putting the owners of capital in jail.