Author Topic: Socialism works! Ask a banker  (Read 380 times)

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Offline LotusBud

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Socialism works! Ask a banker
« on: April 08, 2019, 07:09:31 PM »
In his annual letter to shareholders, distributed last week, JPMorgan Chase CEO Jamie Dimon took aim at socialism, warning it would be “a disaster for our country,” because it produces “stagnation, corruption and often worse.”

Dimon should know. He was at the helm when JPMorgan received a $25bn socialist-like bailout in 2008, after it and other Wall Street banks almost tanked because of their reckless loans.

Dimon subsequently agreed to pay the government $13bn to settle charges that the bank overstated the quality of mortgages it was selling to investors in the run-up to the crisis. According to the Justice Department, JPMorgan acknowledged it had regularly and knowingly sold mortgages that should have never been sold. (Presumably this is where the “stagnation, corruption and often worse” comes in.)

The $13bn penalty was chicken feed to the biggest bank on Wall Street, whose profits last year alone amounted to $35bn. Besides, JPMorgan was able to deduct around $11bn of the settlement costs from its taxable income.

To state it another way, Dimon and other Wall Street CEOs helped trigger the 2008 financial crisis when the dangerous and irresponsible loans their banks were peddling – on which they made big money – finally went bust. But instead of letting the market punish the banks (which is what capitalism is supposed to do) the government bailed them out and eventually levied paltry fines which the banks treated as the cost of doing business.

https://www.yahoo.com/news/wall-street-loves-socialism-bankers-142834258.html
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Offline AMF

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Re: Socialism works! Ask a banker
« Reply #1 on: April 08, 2019, 10:08:43 PM »
Yes, that's the bankster way.  The government is there to privatize profit and socialize risk.

It's apparently the Biggie Smiles way, too.

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Offline Oak

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Re: Socialism works! Ask a banker
« Reply #2 on: April 08, 2019, 10:12:00 PM »
Yes, that's the bankster way.  The government is there to privatize profit and socialize risk.

It's apparently the Biggie Smiles way, too.

The banks grabbed the government by the pussy ages ago.
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Offline LotusBud

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Re: Socialism works! Ask a banker
« Reply #3 on: April 08, 2019, 11:17:01 PM »
Yes, that's the bankster way.  The government is there to privatize profit and socialize risk.

It's apparently the Biggie Smiles way, too.

It's the Dumbfuck Murican way, that's for damn sure.
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Offline Biggie Smiles

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Re: Socialism works! Ask a banker
« Reply #4 on: April 08, 2019, 11:27:10 PM »
Do you think any of the Clinton Era policies had anything to do with the crash?

Anything at all?
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Offline LotusBud

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Re: Socialism works! Ask a banker
« Reply #5 on: April 08, 2019, 11:35:20 PM »
Do you think any of the Clinton Era policies had anything to do with the crash?

Anything at all?

I'll say it one more time: Clinton pulled a lot of horrible, Republicanesque stuff.  I did not like him.  I am sure all of the corporatist policies contributed to the crash and the one that's coming: Clinton, Mostly Bushco, and Obama and Trump.

That's why we need to elect someone who is not bought.
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Offline Biggie Smiles

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Re: Socialism works! Ask a banker
« Reply #6 on: April 08, 2019, 11:37:58 PM »
I'll say it one more time: Clinton pulled a lot of horrible, Republicanesque stuff.  I did not like him.  I am sure all of the corporatist policies contributed to the crash and the one that's coming: Clinton, Mostly Bushco, and Obama and Trump.

That's why we need to elect someone who is not bought.
and does that ""someone"" have a solid plan to facilitate economic growth?
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Re: Socialism works! Ask a banker
« Reply #7 on: April 08, 2019, 11:51:46 PM »
Do you think any of the Clinton Era policies had anything to do with the crash?

Anything at all?


OK obviously it was all Clinton's fault, since the crashes onset began 3-4 years after his terms in office ended and then it's going nuclear at the tail end of W's Administration.
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Offline LotusBud

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Re: Socialism works! Ask a banker
« Reply #8 on: April 09, 2019, 12:02:27 AM »
and does that ""someone"" have a solid plan to facilitate economic growth?

Dude, the malignant capitalism being practiced now is facilitating economic growth solely for the .01%.  This system cannot maintain itself.  Something has to be done.  People who care only about their personal wealth and the wealth of their cronies should not be running the government.  The government is supposed to exist for the COUNTRY, not the wealthy.

Economic growth should benefit the country, the workers, the consumers, and the companies.  A solid plan to aid that has been devised.  You just need to come down off your damn cloud and take a look.
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Offline Biggie Smiles

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Re: Socialism works! Ask a banker
« Reply #9 on: April 09, 2019, 12:03:50 AM »
Dude, the malignant capitalism being practiced now is facilitating economic growth solely for the .01%.  This system cannot maintain itself.  Something has to be done.  People who care only about their personal wealth and the wealth of their cronies should not be running the government.  The government is supposed to exist for the COUNTRY, not the wealthy.

Economic growth should benefit the country, the workers, the consumers, and the companies.  A solid plan to aid that has been devised.  You just need to come down off your damn cloud and take a look.
Ok.. you've outlined everything you feel is wrong.

Now outline a plan that works moving forward. One that addresses many of the delicate balances in our economic system
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MacGuffin

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Re: Socialism works! Ask a banker
« Reply #10 on: April 09, 2019, 12:05:15 AM »
and does that ""someone"" have a solid plan to facilitate economic growth?

Here's a self made Wall Street multi billionaire that claims the system as currently managed is living on borrowed time.

https://www.vanityfair.com/news/2019/04/ray-dalio-capitalism-revolution
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Offline LotusBud

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Re: Socialism works! Ask a banker
« Reply #11 on: April 09, 2019, 12:22:24 AM »
Ok.. you've outlined everything you feel is wrong.

Now outline a plan that works moving forward. One that addresses many of the delicate balances in our economic system

You have a propensity to order me to do complex processes and post them for you here on this troll board.  Dude, I'm not running for office, and I'm not getting paid to post.  Do it your damn self.
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Offline Biggie Smiles

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Re: Socialism works! Ask a banker
« Reply #12 on: April 09, 2019, 12:24:16 AM »
You have a propensity to order me to do complex processes and post them for you here on this troll board.  Dude, I'm not running for office, and I'm not getting paid to post.  Do it your damn self.
Typical back pedal

Point out everything that is wrong and provide no answers as how to do it right
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Re: Socialism works! Ask a banker
« Reply #13 on: April 09, 2019, 12:36:31 AM »
Typical back pedal

Point out everything that is wrong and provide no answers as how to do it right

Surrender scoffed and jeered at.
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Offline LotusBud

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Re: Socialism works! Ask a banker
« Reply #14 on: April 09, 2019, 01:12:28 AM »
Typical back pedal

Point out everything that is wrong and provide no answers as how to do it right

Oh, well, from now on I'll use the work you do here to solve our problems as my model for how to post.
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Offline Biggie Smiles

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Re: Socialism works! Ask a banker
« Reply #15 on: April 09, 2019, 09:12:09 AM »
Oh, well, from now on I'll use the work you do here to solve our problems as my model for how to post.
You would think that when someone takes such a hard line position calling for the dissolution of  current policy they might at least have one of their own to replace it

I guess that's not a prerequisite in the communist regime? Just wing it?
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Offline AMF

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Re: Socialism works! Ask a banker
« Reply #16 on: April 09, 2019, 12:35:27 PM »

I guess that's not a prerequisite in the communist regime? Just wing it?

Maybe the "communist regime" is modeled on the GOP and its numerous efforts to dismantle the Affordable Care Act.

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Offline LotusBud

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Re: Socialism works! Ask a banker
« Reply #17 on: April 09, 2019, 05:12:49 PM »
You would think that when someone takes such a hard line position calling for the dissolution of  current policy they might at least have one of their own to replace it

I guess that's not a prerequisite in the communist regime? Just wing it?

Are you suggesting I know the rules of the phantom communist regime you're so enthralled with?
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