Thursday, May 5, 2016

Banking: You Deposit What You Can, and They Withdraw Whatever They Can Get Away With

And sometimes they pay a fine for that, but they get to negotiate what that will be. Wouldn't it be nice if you could negotiate what your occasional checking account overages might be? And even better if you could pass that cost on to the people you were making the payments to?

If only you could afford the right lobbyists.

The sad thing is, even if you could find a way to greed proof banks, and the other related financial institutions, you'd only serve to make capital formulation a drip compared to what it is now and that would likely choke Capitalism fatally; especially now that it has been electrically amplified.

Just as Gordon Gekko clearly indicated, "Greed is good," and Capitalism truly cannot exist without it. As such trying to find the right mix of "reforms" to make it be "manageable" in some way is just as clearly a fools errand. And you would think that, after decades of trying, this fact would be clear by now.

Of course, there is the notion that it has been clear all along, and to pretty much to all involved who matter. It's just that they are in a position to pretend, and quite successfully, that nothing could be further from the truth. They make believe for the rubes who do not matter and it's business as usual no matter what law might get trotted out from time to time. I mean, it's not like anybody is ever going to go jail after all.

Seven Major Banks Agree to Pay $324M in Rate-Rigging Lawsuit