pimpjui

How Deceitful Are the Big Banks?

If you think of banks as just another type of business (i.e. producing products, carrying inventory perhaps of those products, marketing them, etc), then banks are probably just as dishonest as other businesses (e.g. tobacco companies, auto makers, etc.). Granted, they are special in the sense that the government (via the Fed) controls what they can do. And at this point in time, banking is producing a disproportionate amount of federal tax revenue, hence it is classified as an industry of strategic importance to national security (i.e. at the same level as the defense indistry). Hence, you can expect all sorts of bailouts. Where else is the government going to get it's taxes from? All the manufacturing and IT jobs shipped offshore? Finally, if the banks are poorly run dishonest businesses, their market prices (e.g 50% drops) are a good reflection of that sentiment. Looks like the banks are taking their medicine....