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Old 07-18-2012, 09:55 AM
 
Location: Chicago
5,559 posts, read 3,986,981 times
Reputation: 2196

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Ron Paul, at today's Federal Reserve hearings with Ben Bernanke, said it very plain: Printing money destroys the middle class and favors the rich and it has to stop. Interestingly, Bernie Sanders, the Independent Senator from Vermont, says almost exactly the same thing. Only two Senators who really care about the middle class and have a conscience about what is happening in our country. If it wasn't so cold, I would move to Vermont. It is my kind of country.
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Old 07-18-2012, 10:17 AM
 
Location: Ohio
22,798 posts, read 15,928,648 times
Reputation: 19273
Quote:
Originally Posted by richrf View Post
Ron Paul, at today's Federal Reserve hearings with Ben Bernanke, said it very plain: Printing money destroys the middle class and favors the rich and it has to stop.
Then forfeit your standard of ling and quality of life, and stop your incessant demands that governments at all levels provide you with ridiculous and unnecessary services.

The central bank is only doing what is necessary to fix your mistakes. Stop making mistakes, and the central bank won't have to "print money" (snicker).

Monetarily...

Mircea
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Old 07-18-2012, 10:22 AM
 
Location: Chicago
5,559 posts, read 3,986,981 times
Reputation: 2196
Quote:
Originally Posted by Mircea View Post
Then forfeit your standard of ling and quality of life, and stop your incessant demands that governments at all levels provide you with ridiculous and unnecessary services.

The central bank is only doing what is necessary to fix your mistakes. Stop making mistakes, and the central bank won't have to "print money" (snicker).

Monetarily...

Mircea
The Central Bank is under no obligation to print money to bail out banks who made horrific loans and now want to be paid back in full. This not only includes the U.S. (Goldman and friends) but bankers around the world. This is just a free largess for bankers. And do you know why they get all this money? Because bankers are the ones who literally appointed to and run the Board. Any Google will reveal the game that the bankers are playing to enrich themselves at the expense of the middle class:

Here's What We Now Know About Goldman's Connection To The Fed - Business Insider
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Old 07-18-2012, 10:34 PM
 
Location: In a state of denial
1,289 posts, read 2,781,927 times
Reputation: 942
Quote:
Originally Posted by richrf View Post
The Central Bank is under no obligation to print money to bail out banks who made horrific loans and now want to be paid back in full. This not only includes the U.S. (Goldman and friends) but bankers around the world. This is just a free largess for bankers. And do you know why they get all this money? Because bankers are the ones who literally appointed to and run the Board. Any Google will reveal the game that the bankers are playing to enrich themselves at the expense of the middle class:

Here's What We Now Know About Goldman's Connection To The Fed - Business Insider
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Old 07-19-2012, 12:35 AM
 
Location: The North
5,576 posts, read 9,856,435 times
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Umm...printing money is a US Treasury thing. The forms of QE undertaken by the Fed are merely additions to member bank accounts in the hope they increase the velocity of money.

These are just members of Congress saying things to win points with constituents and deflect the reality here: Congress decides to undertake deficit spending and they are members of Congress. To make it even worse, these idiots really have no clue what Congressional "auditing" would do to the credibility of an independent central bank. Want to give up the benefits of being the world's reserve currency in an instant? Tell your central bank you are now really subject to control by the government in power.
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Old 07-19-2012, 09:00 AM
 
Location: Chicago
5,559 posts, read 3,986,981 times
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Quote:
Originally Posted by Willy702 View Post
Umm...printing money is a US Treasury thing. The forms of QE undertaken by the Fed are merely additions to member bank accounts in the hope they increase the velocity of money.

These are just members of Congress saying things to win points with constituents and deflect the reality here: Congress decides to undertake deficit spending and they are members of Congress. To make it even worse, these idiots really have no clue what Congressional "auditing" would do to the credibility of an independent central bank. Want to give up the benefits of being the world's reserve currency in an instant? Tell your central bank you are now really subject to control by the government in power.
Good book learning. Now go out into the real world and learn how bankers take care of their own. It is no accident that 98% of the population lost their shirt because of all of the bad loans and yet the bankers who made those loans are richer than ever. Or maybe you hang onto that fairy tale that Wall Street is full of smart guys. Correction ... they are the worse kind of crooks. But they own the politicians so they are permitted to do whatever they want.
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Old 07-19-2012, 09:57 PM
 
Location: The North
5,576 posts, read 9,856,435 times
Reputation: 4911
Quote:
Originally Posted by richrf View Post
Good book learning. Now go out into the real world and learn how bankers take care of their own. It is no accident that 98% of the population lost their shirt because of all of the bad loans and yet the bankers who made those loans are richer than ever. Or maybe you hang onto that fairy tale that Wall Street is full of smart guys. Correction ... they are the worse kind of crooks. But they own the politicians so they are permitted to do whatever they want.
Banking is a business so yeah bankers take care of their own just like every other industry. Politicians are taking care of their own with their comments and silly partisanship games. The middle class is "losing" not because of rich bankers or extra zeros being added to bank funding accounts, but because the middle class has to compete with the rest of the world and its not doing so well.
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Old 07-21-2012, 05:27 AM
 
12,869 posts, read 13,679,140 times
Reputation: 4453
Quote:
Originally Posted by Mircea View Post
Then forfeit your standard of ling and quality of life, and stop your incessant demands that governments at all levels provide you with ridiculous and unnecessary services.

The central bank is only doing what is necessary to fix your mistakes. Stop making mistakes, and the central bank won't have to "print money" (snicker).

Monetarily...

Mircea
oh really,

what mistakes did i make that they need to "fix"?
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Old 07-21-2012, 06:18 PM
 
28,665 posts, read 31,263,525 times
Reputation: 29654
Quote:
Originally Posted by richrf View Post
The Central Bank is under no obligation to print money to bail out banks who made horrific loans and now want to be paid back in full. This not only includes the U.S. (Goldman and friends) but bankers around the world. This is just a free largess for bankers. And do you know why they get all this money? Because bankers are the ones who literally appointed to and run the Board. Any Google will reveal the game that the bankers are playing to enrich themselves at the expense of the middle class:

Here's What We Now Know About Goldman's Connection To The Fed - Business Insider
It seems to me both you and Mircea are correct. Greedy and corrupt bankers can only get away with this stuff if people are idiots and take out idiotic loans. It's not an either/or. It's both. But I will say that If ordinary people would wise up and stop being idiots about their money, the bankers would not have so much power.

As was mentioned by several in another thread. People are lazy and don't want to be inconvenienced by standing up to the bankers, by paying attention to their money, by saying no to insane loans, etc.
We wouldn't be in the situation we're in if we didn't have so many complacent people who don't use the brains they were born with.
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Old 07-21-2012, 06:59 PM
 
Location: Chicago
5,559 posts, read 3,986,981 times
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Quote:
Originally Posted by mysticaltyger View Post
It seems to me both you and Mircea are correct. Greedy and corrupt bankers can only get away with this stuff if people are idiots and take out idiotic loans. It's not an either/or. It's both. But I will say that If ordinary people would wise up and stop being idiots about their money, the bankers would not have so much power.

As was mentioned by several in another thread. People are lazy and don't want to be inconvenienced by standing up to the bankers, by paying attention to their money, by saying no to insane loans, etc.
We wouldn't be in the situation we're in if we didn't have so many complacent people who don't use the brains they were born with.
Yes, there are people who don't understand how to manage their finances and take out loans that they can never pay back or barely pay back. And there are corrupt bankers (and their surrogates) who make these loans because they have nothing to lose and everything to gain (the so-called process of securitization).

However there are tons of "speculators" who take out loans without ever intending to pay them back hoping that they can make a quick killing by flipping the houses or whatever asset they are buying. And if they can't make any money, they just walk away from the loans since little to no collateral is required. Again, corrupt bankers give them the money because they have nothing to lose. The Feds and Central Banks will always print up money (as they are now doing in Europe) to make up the losses so that the bankers always make money no matter what. It is an entirely corrupt system which is now destroying the middle class all around the world. The bankers make the money and the middle class has to pay for all of the bad loans (witness what is happening with so-called private sector institutions such as Fannie Mae, Freddie Mac, and the FHA).
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