< HOME  Friday, March 10, 2006

Laughing all the way to the BANK

According to the Economist online...
"LIFE has been good for American banks. Low interest rates, a roaring mortgage market and borrowing by the spendthrift American consumer have sent money washing into their coffers. According to the Federal Deposit Insurance Corporation (FDIC), one of America's many financial regulators, banks chalked up $135 billion in profits last year, their fifth consecutive year of record earnings..."
Unfortunately, I can't tell you what else they have to say about American Banks, since I must pay to find out--which I will not do because the message is crystal clear.

While Americans are struggling to pay increased interest on their student loans and home mortgages, American bankers are raking in the dough and laughing all the way to the bank.

And, they're not through with us yet. When it's all over, we'll be scraping for money to buy our daily bread.


At Saturday, March 11, 2006, Blogger Akber said...

The problem is the current form of democracy.

Traders will get away with whatever they can. They lobby the legislators, finance the campaigns, and then ask for payback. The legislators oblige.

Western citizens still are well-off. It is Saturday night and there are thousands of revellers out on the streets, with enough disposable income to have a good time.

The current crop of "conspiracy theories" is, IMHO, the effect of globalization on Western low-wage earners. As their incomes decline, they find scapegoats - yet do not have the will and organization to elect honourable men/women to their legislatures.

When the debt-load becomes unbearable and then the depression ensues (and banks even more money) - only then will the Western people rise up. Until then, nothing is going to happen. Even then, guns will silence the objectors.


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