Shocked and Persuaded

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Separating Fact From Fiction

Concrete Suggestions for Occupy Wall Street

Excerpt from a project I am working on and a helpful blueprint for how to curb irresponsible activities throughout the financial services industry:

According to the FDIC you Mr. Big Banker (i.e., 109 banks with more than $10 billion in assets) have no qualms with giving depositors a measly 0.8% annually, while the country’s 7,651 local/smaller banks paid 1.29% vs. values of 0.49% and 0.69% in 2009 [275], respectively, even though it was you not them that we the taxpayer bailed out and we Generation X will continue to feel the austerity backlash of for years to come. It doesn’t take a rocket scientist or a fifth-grader for that matter much in the way of mental exertion to understand how easy it is to mint huge profits when you borrow money from The Fed or investors for the aforementioned paltry rates and lend it to private citizens or the Tim Geithner led Treasury at 3-4%, however, in doing so you Mr. Banker are failing to do what you most likely state in your charters “furnishing money to firms and funding capital investments.” [276] We need our banks to act as utilities not casinos. Banks must stop making in the words of the Bank of Engl Read the rest of this entry »

My Ideas for Ameliorating The Next Great Recession

The following is an excerpt from a book I am working on geared towards Generation X and the prevention of The Great Decoupling,

According to the FDIC you Mr. Big Banker (i.e., 109 banks with more than $10 billion in assets) have no qualms with giving depositors a measly 0.8% annually, while the country’s 7,651 local/smaller banks paid 1.29% vs. values of 0.49% and 0.69% in 2009 [184], respectively, even though it was you not them that we the taxpayer bailed out and we Generation X will continue to feel the austerity backlash of for years to come. It doesn’t take a rocket scientist or a fifth-grader for that matter much in the way of mental exertion to understand how easy it is to mint huge profits when you borrow money from The Fed or investors for the aforementioned paltry rates and lend it to private citizens or the Tim Geithner led Treasury at 3-4%, however, in doing so you Mr. Banker are failing to do what you most likely state in your charters “furnishing money to firms and funding capital investments.” [185] We need our banks to act as utilities not casinos. Banks must stop making in the words of the Bank of England’s Andrew Haldane mirages look like miracles and just do your boring but admittedly useful service to society absent extraordinarily leverage and quarterly bonuses. If they refuse Generation X must by any means necessary make them stop because their reckless gallivanting is only hurting the long-term viability of this country and in a more circuitous way this planet and possibly even the true principles of democracy. This will involve Generation X when we get the reins of power putting serious constraints on capitalism and more specifically the financial sector including the ten steps listed below: Read the rest of this entry »