Ah, but being in the Loan business is not that same as speculating in stocks/commodities/futures. With loans, a banker "should" take into account the borrower's ability to not just repay the loan, but also consider what the borrower brings in as collateral. Which is completely different than using the savings of other people in order to speculate in uncertain markets in order to make money, using someone else's money, and as the bank I pocket all profit.
That's not banking, that's gambling. Providing loans as a bank is nothing like speculating in the markets with the money of other people because at least with loans, the ability of the borrower to repay and offer up collateral is something to consider if that loan should enter default.
I get your sentiment. I completely understand it. Any system crash happening now will hurt the main street person far, far worse than it would any banker or politician. But that's the crux of the issue. How will this type of behavior end, if the blue collar worker doesn't completely understand how much he/she is being screwed over by bankers gambling with funds that don't belong to the banker?
For decades people have been trying to educate and disseminate information about how the banking industry actually operates. Up until this recent /r/wallstreetbets focus on the silver industry, people would have thought you crazy if you said you bought an ASE and tried to explain the difference between currency and money.
What big banks are doing with Wall Street should be, and at one time was, criminal. It's not anymore because the right people lined the pockets of the other right people. If the person on main street doesn't wake up and stop this type of action, then they will keep getting screwed by those same banks and politicians. Any action now to delay it is simply kicking a hand grenade further down the road and praying it doesn't explode.
Ah, but being in the Loan business is not that same as speculating in stocks/commodities/futures. With loans, a banker "should" take into account the borrower's ability to not just repay the loan, but also consider what the borrower brings in as collateral. Which is completely different than using the savings of other people in order to speculate in uncertain markets in order to make money, using someone else's money, and as the bank I pocket all profit.
That's not banking, that's gambling. Providing loans as a bank is nothing like speculating in the markets with the money of other people because at least with loans, the ability of the borrower to repay and offer up collateral is something to consider if that loan should enter default.
I get your sentiment. I completely understand it. Any system crash happening now will hurt the main street person far, far worse than it would any banker or politician. But that's the crux of the issue. How will this type of behavior end, if the blue collar worker doesn't completely understand how much he/she is being screwed over by bankers gambling with funds that don't belong to the banker?
For decades people have been trying to educate and disseminate information about how the banking industry actually operates. Up until this recent /r/wallstreetbets focus on the silver industry, people would have thought you crazy if you said you bought an ASE and tried to explain the difference between currency and money.
What big banks are doing with Wall Street should be, and at one time was, criminal. It's not anymore because the right people lined the pockets of the other right people. If the person on main street doesn't wake up and stop this type of action, then they will keep getting screwed by those same banks and politicians. Any action now to delay it is simply kicking a hand grenade further down the road and praying it doesn't explode.