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fasttense

(17,301 posts)

15. Economies existed long before banks were ever created.

Reply to dkf (Reply #8)

Sat Aug 3, 2013, 04:17 PM

Aug 2013

You don't need banks to have an economy.

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Highlight:

Geithner Admitted Administration Sacrificed Homeowners to ''Foam the Runway'' for Banks [View all] Octafish Aug 2013 OP

"Keep this in mind while Obama prattles on about his undying support for the middle class." bahrbearian Aug 2013 #1

Neil Barofsky Gave Us The Best Explanation For Washington's Dysfunction We've Ever Heard Octafish Aug 2013 #26

K&R especially for this post. JDPriestly Aug 2013 #62

Kicked and Recommended! Enthusiast Aug 2013 #84

Just read that book. Really appalling. Geithner was strictly on the banks' side. eppur_se_muova Aug 2013 #95

My library has this book. CrispyQ Aug 2013 #97

+++ 1,000 +++ n/t RKP5637 Aug 2013 #78

K&R. The proof is in the program's massive, allowed, failure MotherPetrie Aug 2013 #2

One guy on TV. iandhr Aug 2013 #3

If you watch the video you will hear him say that Geithner told him Autumn Aug 2013 #5

Let me guess your point. Because it's hearsay it couldnt possibly have happened. In other words, rhett o rick Aug 2013 #6

10 million families yanked out of their homes in foreclosures; $20 billion 2nd qtr 2013 profit jtuck004 Aug 2013 #23

Not "one guy on TV", the former Solicitor General for TARP AZ Progressive Aug 2013 #70

Im not surprised. Actions speaks louder than words. We need bonniebgood Aug 2013 #4

We just need to take back our party from the Turd Way. nm rhett o rick Aug 2013 #7

What is more important...a few million home owners or the entire banking system? dkf Aug 2013 #8

Are you kidding? Are you FUCKING kidding? LaydeeBug Aug 2013 #9

Yes I'm serious. I know many on this site have no appreciation for banks but it is the lending dkf Aug 2013 #10

You make the assumption that our banking system is decent, and THAT'S a stretch... LaydeeBug Aug 2013 #11

If you had to choose one you'd choose a few million homeowners and crash the banking system? dkf Aug 2013 #14

I would save the millions of homeowners and let the irresponsible private banks fail fasttense Aug 2013 #18

Did you live through 2007-2008? dkf Aug 2013 #42

Really what we are experiencing is nothing? fasttense Aug 2013 #88

They let the banks fail in '29 and it led to the Great Depression. Blanks Aug 2013 #92

Nationalize the banks... KansDem Aug 2013 #91

Yes Vanje Aug 2013 #99

To suggest the banking system would fall because of the homeowners is utter BULLSHIT... LaydeeBug Aug 2013 #35

I have no idea where you get that I think it was due to homeowners. dkf Aug 2013 #43

I have no idea where you get that 'it's ok to sacrifice millions of homeowners' LaydeeBug Aug 2013 #48

That's ridiculous. Whatever happened to those homeowners was not the pivotal point. dkf Aug 2013 #57

Whatever happened to them??? Seriously, Seriously fascist. Really LaydeeBug Aug 2013 #68

But they aren't lending. progressoid Aug 2013 #12

If they have excess reserves they hold it at the Fed. dkf Aug 2013 #13

No. They're not. (and you know it) nt LaydeeBug Aug 2013 #41

You have not been paying attention. dkf Aug 2013 #45

You are the one turning a blind eye, dear...they ain't lending, and you damn well know it. nt LaydeeBug Aug 2013 #49

The Fed is. That's where the banks excess reserves go to. dkf Aug 2013 #51

It is labor and the excess supply of goods created by labor fasttense Aug 2013 #17

But lending allows the investment that allows the use of labor to create excess supply. dkf Aug 2013 #20

You can NOT lend unless labor has already created the wealth fasttense Aug 2013 #90

NO it is the spending by the people in this country that creates the matthews Aug 2013 #19

You could sell to someone else. dkf Aug 2013 #21

And who would that be? And how would that make an 'economy'? matthews Aug 2013 #24

How did it work for China? dkf Aug 2013 #27

China and the US aren't the same. The economy of China only matthews Aug 2013 #40

Last year a Chinese bank was the largest in the world. Many of the top banks are. dkf Aug 2013 #47

So??????????????? nt matthews Aug 2013 #59

Yeah but when they stop lending and start hoarding the whole thing grinds to a halt tularetom Aug 2013 #36

Yet we don't want them lending indiscriminately again. dkf Aug 2013 #61

No. It was the banks that WRECKED our economy. Vanje Aug 2013 #98

Economies existed long before banks were ever created. fasttense Aug 2013 #15

Yeah what kind of economies did we have back then? Subsistence farming? dkf Aug 2013 #22

Since you brought it up, the Bible has a fair bit to say about money lenders Electric Monk Aug 2013 #37

I speak of him as a historical person since I am an Atheist. dkf Aug 2013 #50

That is what you think the country was founded on? Made the progress to become matthews Aug 2013 #39

Lenders yes, but privately owned banks fasttense Aug 2013 #89

FDR answered that in roughly 1933. Homeowners more important than thieving bankers. jtuck004 Aug 2013 #25

And taxpayers and homeowners don't use banks? dkf Aug 2013 #28

Thieving, lying bankers and the politicians they buy are not necessary, no. n/t jtuck004 Aug 2013 #29

Lol. Stop using yours then. No credit cards, checks... dkf Aug 2013 #31

Conflating good business with thievery. The Master's money can buy many tongues. n/t jtuck004 Aug 2013 #34

Oh so you do love what the banks allow you to do. dkf Aug 2013 #58

When thieves do their work, many good things leave as well. I wonder why you want to piss jtuck004 Aug 2013 #67

Are heroin dealers necessary to having drug manufacturers? n/t jtuck004 Aug 2013 #30

Not really. dkf Aug 2013 #33

How money works and how power works KT2000 Aug 2013 #46

Did you see the results of the modification programs? dkf Aug 2013 #60

Guess what KT2000 Aug 2013 #69

Your logic does NOT compute. AdHocSolver Aug 2013 #56

You have not been keeping up with how the banking system has changed. dkf Aug 2013 #64

The change in the banking system occurred with repeal of Glass-Steagall which legalized thievery. AdHocSolver Aug 2013 #71

This isn't pure economics, it's the reality of how the system works. dkf Aug 2013 #72

All my posts apply to how our banking system really works. AdHocSolver Aug 2013 #74

but if that happened ceonupe Aug 2013 #80

What I described was why our current banking system failed the U.S. economy. AdHocSolver Aug 2013 #82

Considering they used the bailouts for bonuses for themselves and lavish parties? Spitfire of ATJ Aug 2013 #73

THANK GAWD IT PASSED!!!!!!!1 cui bono Aug 2013 #87

I hope I live to see the day when this rat bastard gets jail time. n.t truedelphi Aug 2013 #16

I just listened to that video and he never says "designed to sacrifice homeowners." pnwmom Aug 2013 #32

Ifa. Coulda. Woulda. Shoulda. DeSwiss Aug 2013 #55

But the program was designed to sacrifice homeowners, because the banks designed it TiberiusB Aug 2013 #85

Whatever the banks did, the administration didn't design the program to sacrifice pnwmom Aug 2013 #86

I disagree TiberiusB Aug 2013 #96

I'm shocked, I tell you: absolutely shocked! Who woulda' ever thunk it? indepat Aug 2013 #38

Citizens Used As 747 Crash Pads Such That Oligarch Bankers Might Have A Soft Landing - Despicable cantbeserious Aug 2013 #44

''Foam the runway?'' DeSwiss Aug 2013 #52

Actually the words fit perfectly. AtheistCrusader Aug 2013 #54

And the banks PROFITED from it. AtheistCrusader Aug 2013 #53

Admitted! Fuck u Tim G. Fuck u. We don't need no admission. It's as plain as fuckung day. geckosfeet Aug 2013 #63

Geithner should be made an honorary Republican Jack Rabbit Aug 2013 #65

as should Obama burnodo Aug 2013 #81

The got $7 trillion in cheap loans and the fuckers still didn't help out the homeowners. GoneFishin Aug 2013 #66

I don't think the runway was foamed for the banks ...... AnneD Aug 2013 #75

Helicopter Ben and Foam the Runway 'Geithner - what a team! bananas Aug 2013 #76

Trust NOT these guys ... for me, they have lost all credibility, I only half listen to RKP5637 Aug 2013 #77

Nice to knew we did our part in getting flattened by an out of control 747. leveymg Aug 2013 #79

It's not like I didn't suspect this and worse. Enthusiast Aug 2013 #83

Those who control public finances sulphurdunn Aug 2013 #93

WOW! BillyRibs Aug 2013 #94