I meant the economic consequences to Canada if those banks failed and there were no bail out.Luckily, I bank at TD.
What I would like to think would happen, is that if the officers of those banks committed serious financial crimes that caused that to occur, they would suffer the same consequences as if they had stolen the money at gunpoint. And that they definitely would not still be in charge.
I totally agree that the financial bailouts of american banks as well as AIG were total BS the American people were their own worst enemy due to blatant stupidity.....the average situation is : prospective home owner buys a house with a paltry 5% down on a home worth $200,000 with a 35 year ammortised mortgage and only makes the basic payments for say 3-5 years....those 3-5 years go buy and the house is worth $450,000 on paper (asset backed commercial paper)....so a shitload of people said hey we are well off....why dont we buy a new car/truck and matching jet skis etc and take out a 2nd mortgage since the house is now worth $450,000 and we only owe $180,000.....they did that and the housing market tanked....suddenly their house that they bought for $200,000 and owed $180,000 which was at once worth$450,000 at which point they borrowed against the ptotential equity for say $100,000 and thusly owe $280,000 on a home that was then valued at $140,000....meaning that they are behinf the 8 ball for $140,000 whilst owning that home that wont sell on the market as most people are in the same situation.
I think relatively few people would have advocated letting all the banks fail. The issue was there was no discussion of reversing the 20 years of deregulation that led to these problems, there was little or no oversight into the bailout (honestly no one can account for where a lot of the money went), and there was a curious realignment of Wall Street with some firms like Goldman Sachs improving their position quite markedly. There is really no changes that have been made to the regulatory environment that will prevent this sort of thing from happening again. There certainly was no relief for the people conned into the sub prime mortgages, and certainly not for many of the people who thought their savings were deposited in triple A securities. To date, no one has been charged with anything, though this is not for a lack of evidence or people who acted criminally.
Exactly. Let's say for sake of argument the banks needed to get bailed out. Why to date has no one gone to jail for negligence, nor have any signficant financial reforms been enacted/enforced?
Exactly, doesn't matter who is in power in the states, it's the same puppet masters behind the scenes serving themselves at the trough
That guy, as dumb as he is, should get his college paid for (if he can hack it). Plenty of countries all over the world provide free higher education to those that deserve it, and that is a good thing.
Haha, I had the same thought about the 30hrs working and 3.8GPA. I did the 30hrs or more and went from a 3.7 GPA to a 2.8. When you are in the Science based program, to maintain that GPA you would have to have no life and no work. At least the people that I know that maintained that mark had no life and no work.
Proof that getting an education doesn't mean your intelligence will improve, lol.
DESERVE vs right. Why waste taxpayers money on those with no chance to complete, never mind excel at college
Congratulations inspector, you really cracked the case. Yes I wear my biases on my sleeve unlike most of the closet socialists on this board. I believe that free market capitalism is the most productive, fair and just economic system and also the best guarantee of political freedom. You go ahead and tell me why you think I am wrong.
Please tell me why you think this is a good thing, and also who in your mind is "deserving".
Is it really biased if you believe that hard work should have its rewards and not be punished for working hard?
Because it produces educated and productive citizens. The deserving are deserving, as determined by higher education institutions that admit students. It's not sorcery.
In real life (unlike in sophomoric novels) the vast majority of the rich are rich because of inheritance, or behaviour that most would consider criminal (e.g., inventing and selling worthless crap like the investment banks).
reality
I love this train of thought, we live in a capitalistic society where it is the goal of virtually every man on the street to increase his personal wealth in one way or another. Yet for the lucky few that actually succeed in doing so, the rest want to burn them at stake.
He's speaking about his own experience and about MBAs. As far as I understand it - open to correction here - there is no evidence at all that people with MBAs do anything better than people without them.
