Venal Banks Prevent Needed Societal Change
The Nattering One maintains that the ascendancy of the house of finance IS the worst thing to happen since the dark ages.
That Jesus fellow had it right overturning the tables of the moneychangers in Herod's temple at Jerusalem. Why?
In the market, money would be required, (1) to purchase materials for offerings; (2) to present as free-offerings to the temple treasury; (3) to pay the yearly temple tax of half a shekel due from every Jew, however poor.
All this had to be paid in native coin called the temple shekel, which was not generally current.
Strangers, therefore, had to change their Roman, Greek, or Eastern money, at the stalls of the money-changers, to obtain the coin required.
This trade gave ready means for fraud, which was only too common. Sound familiar?
Along the same lines, Shakespeare's famous line from Henry VI should have read:
"The first thing we do, let's kill all the lawyers, politicians and financiers".
After the financial sector racked up over $1 Trillion in losses, the U.S. government and the Fed have spent, lent or committed $12.8 trillion to stem the resulting depression.
Berkshire Hathaway Vice Chairman Charles Munger, whose company is the largest private shareholder in Goldman Sachs and Wells Fargo...
said banks will use their “enormous political power” to prevent changes to the industry that would benefit society.
Munger said the financial companies spent $500 million on political contributions and lobbying efforts over the last decade.
“We need to remove from the investment banking and the commercial banking industries a lot of the practices and prerogatives that they have so lovingly possessed.”
“If they are too big to fail, they are too big to be allowed to be as gamey and venal as they’ve been -- and as stupid as they’ve been.”
“This is an enormously influential group of people, and 90% of that influence is being spent to gain powers and practices that the world would be better off without."
"It will be very hard to accomplish the kind of surgery that would be desirable for the wider civilization.”
They have a “vested interest” in protecting the system as it exists because of the high levels of pay they were earning, he said.
“They would like to get back as closely as possible to business as usual, and they have enormous political power,” he said.
See more on Bloomberg.
That Jesus fellow had it right overturning the tables of the moneychangers in Herod's temple at Jerusalem. Why?
In the market, money would be required, (1) to purchase materials for offerings; (2) to present as free-offerings to the temple treasury; (3) to pay the yearly temple tax of half a shekel due from every Jew, however poor.
All this had to be paid in native coin called the temple shekel, which was not generally current.
Strangers, therefore, had to change their Roman, Greek, or Eastern money, at the stalls of the money-changers, to obtain the coin required.
This trade gave ready means for fraud, which was only too common. Sound familiar?
Along the same lines, Shakespeare's famous line from Henry VI should have read:
"The first thing we do, let's kill all the lawyers, politicians and financiers".
After the financial sector racked up over $1 Trillion in losses, the U.S. government and the Fed have spent, lent or committed $12.8 trillion to stem the resulting depression.
Berkshire Hathaway Vice Chairman Charles Munger, whose company is the largest private shareholder in Goldman Sachs and Wells Fargo...
said banks will use their “enormous political power” to prevent changes to the industry that would benefit society.
Munger said the financial companies spent $500 million on political contributions and lobbying efforts over the last decade.
“We need to remove from the investment banking and the commercial banking industries a lot of the practices and prerogatives that they have so lovingly possessed.”
“If they are too big to fail, they are too big to be allowed to be as gamey and venal as they’ve been -- and as stupid as they’ve been.”
“This is an enormously influential group of people, and 90% of that influence is being spent to gain powers and practices that the world would be better off without."
"It will be very hard to accomplish the kind of surgery that would be desirable for the wider civilization.”
They have a “vested interest” in protecting the system as it exists because of the high levels of pay they were earning, he said.
“They would like to get back as closely as possible to business as usual, and they have enormous political power,” he said.
See more on Bloomberg.
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