Hah. So, he is saying that we shouldn't be surprised because there isn't enough regulation of the industry? I know he didn't mean to say that, but that is what he said.
These men are my heroes! Make as much money as you can don't worry about how it may affect others because in the end its a fight for survival and only the fittest will survive. As for the weak, you can blame God for putting you in that position in the first place, better luck next time!
the difference is this one wasn't jsut a financial crisis, but a big scam that turned into an economic bubble orders of magnitude more severe than a mere financial crisis.
If no surprise then what measures did this CEO take to prevent to tackle the problem? Obviously not a great measure as it was one of the companies that was handed money from the pockets of the American people.
What an idiot, if you take billions of tax payers dollars to stay alive and don't pass on the favor to the taxpayers thats the problem! you spit in our faces with the million dollar bonuses while the rest of us suffer!
Talk to the old school brokers (the ones who made it and haven't jumped out their window) and they aren't worried at all.
You have to be smart and get out at the right time and put the loss on someone else. Namely mum and dad investors and superannuation funds. They are stupid for trusting their managers who know nothing let this be a lesson to them.
He's absoultly right and I can't damn him for what he said. We bring it on ourselves.
And if I was living his lifestyle, I don't know if I would give any more than 1/3 of my savings to Haiti. That sounds horrible, but he's already set in his lifestyle. Before you pass judgement on him for not giving half his money up, you try it first. Sure, I'd be nice if we lived in a world where we were self-sacrificing, but that's unrealistic and we shouldn't expect anymore than that.
These CEOs should donate all of their bonuses to the relief effort in Haiti. To demand millions, if not billions of dollars while such misery is going on is a sign of complete immorality and greed. These CEOs don't care about anyone else!
I'd disagree that we have a "financial crisis" every five to ten years. Minor recessions, yes. But major crises brought about by moral hazards that result from collusion between govt and business is something that only started to appear again in the mid 80s, starting with the S&L crisis.
The recent crisis shouldn't have been any surprise. We had a big warning in 1995 when Nick Leeson collapsed the Barings Bank through over leveraging.
This tells us everything we need to know about the financial oligarchs who are ruining this country.
This is not a cyclical crisis; this is a financial meltdown with frankly no end in sight.
The jobs lost are not coming back, and the financial "industry" is nowhere near being out of the woods. So long as people continue to lose their homes due to foreclosure the financial industry cannot recover; neither can consumer spending or employment.
Actually Brooksley Born did warn that these derivatives were a bad thing and without regulation would result in dire consequences. She was forced out of her job and villianized by Greenspan and the corporate banking community.
what a fucking prick. and what crisis did he have to deal with exactly? he didnt. he gets his bonus and all his fancy shit thanks to taxpayers like me.
ppl like this rich fuck make me wish we had vigilante justice in this country.
Financial crises have happened every 5 to 10 years before the Great Depression and after they started deregulating the safeguards put in after the Great Depression. It's no big deal to them because they set it up to win no matter what and don't care that it devastates the little people. We need to go back to the reforms FDR put in place that kept us stable and prosperous for decades.
It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. The one aim of these financiers is world control by the creation of inextinguishable debt. Henry Ford
There's a reason it happens. The reason for the housing bubble is the same reason for the dot-com bubble. It's the Federal Reserve.
I'm not saying we should abolish it overnight, but we should look at their books and see where our money went. It's one of the few things where I agree with Alan Grayson.
This is what happens when the Political System is ran by Private Enterprise & Big Business- I also bet the SOB feels as if he's the Michael Jordan of the US Economy-Carrying the weight of the financial world on his shoulders by consuming at a rate large enough to feed and clothe several 3rd world nations-These idiots make me sick....
But I suppose i can't be too mad, I had a vote and I let the system sucker me into selecting between a maverick and a rock star
I guess boom and bust cycles are okay if you are rich like this bastard, but traditionally people try to regulate markets to avoid big booms and deep busts.
Everybody practices the EASY part of Keynesian Economics (lowering interest rates, borrowing money and injecting it into the economy during a recession) but nobody has yet practiced the other element of Keynesian economics (raising interest rates, raising taxes, and paying off the debt during a boom).
You can't blame Keynesian economics for this, given that nobody has ever practiced it.
Ironically, the only people who ever came close to practicing communism were Christian missionaries in South America, Israeli Kibbutzers, and a hand full of dirty hippies growing organic vegetables on "communes" during the 60s. Stalin and Mao? Pfft! Gimme a break.
But at least somebody came close. Nobody has EVER come close to practicing Keynesian economics.
Most tribal societies practice what you would call communism all over the world, and have been doing so long before communism was ever conceived by the west.
I am trying to improve my community and my society. You know the one that has been steam rolling other cultures for 1000 years?
Our society has many flaws and looking to functioning societies for example on how to solve our problems is one of the methods we can utilize to improve our society.
Socialism is the idea that individuals have no natural rights, and that any individual's interests may be sacrificed to the government in the interest of some overall social goal. Under socialism, groups are said to have rights, and individuals are not, in spite of the fact that a group right is a contradiction in terms.
Government power must be Constitutionally (and though other means) limited in order to defend minority rights, and the ultimate minority is the individual.
Again, your understanding of socialism seems to be slightly skewed to this new idea of socialism that Fox News likes to lie about.
If you don't believe me, then you must think that places like Sweden and Norway are the worst of the worst. You should go to a free market havens like Haiti or Somalia.
Haiti and Somalia have neither. This is why their poor are so badly off.
They aren't free market havens.
According to their Index of Economic Freedom, the freest markets in the world are in Hong Kong, Singapore, Australia, NZ, Ireland, Canada, Switz., Denmark, the UK and the US.
Sweden is 26th and Norway is the 28th freest economy of the 185 nations. Haiti is 147th.
Free trade is wreaking havoc on the American middle class and it is no more complicated than the fact that the American worker no gets to compete for jobs w/ people who will work and can live off of a few dollars a day.
Somalia is in ruins because they have no governmental infrastructure.
Look up "Ricardo's Theory of Comparative Advantage."
It is an economic theory, which means it is as well accepted as Darwin's Theory.
It shows that both nations are richer when they specialize and trade with each other. Free trade displaces workers, but they eventually wind up in more productive and better paying jobs than they lost.
Somalia's warlords are like little, local rulers. They military dictators. They ARE the govt, and they are bad at it.
I think you have it flipped around completely. Communism is a violent, non-voluntary form of socialist revolution that almost always becomes totalitarianism.
Socialism is a broader philosophy with many forms, such as the utopian socialism practiced in small communes long before the writing of the Communist Manifesto by Karl Marx.
We have many socialist innovations to moderate capitalism. Communists dislike these because they want it to get bad enough for a revolution to end capitalism.
We are quibbling over definitions, but I think we basically agree.
What is evil is forcing peaceful people to do anything, or violating the equal, individual rights to life, liberty and property.
Tribes and communes were often voluntary associations. Whether you call them communist or socialist, they were moral. But when govts use force against peaceful people, they do wrong, even if their ends are "for the good of society."
Few tribes were voluntary in the sense that outside of them an individual would surely perish in the wild. Modern capitalism is not very voluntary either.
Violence is evil, whether used to kill the capitalists or to protect their profits.
Proper socialism is a recognition of what the individual owes to the group, and helps to moderate the excesses of capitalism, so that we can have a more stable world.
If the masses are afraid of socialism, they deserve to be stolen from by the capitalists.
You shouldn't be surprised if you have an artifical economy that it all comes crashing down every 5-10 years. Though this is much bigger this is not even the 70s big, this is 30s.
Boom/bust cycle is taught, but I know from experience that teachers don't understand why. Even thought ABCT has been traced back and found true all the way back to tulip mania.
The CEOs don't even care, they know the system is rigged to benefit them.
I have to agree with everything you said there, except that this a 30's style depression. I would say it's closer to 70's since I'm already seeing the beginnings of stagflation brought from too much public spending and not enough private investment.
Well I'm seeing all the signs of hyperinflation, so I would say this will get worse that the 30s, not better, if anything.
The style of all depressions are really the same, it's nothing unique about one form the other, it's all about credit expansion. When you artifically lower interest rates capital move into unsustainable long time projects like production and housing, and then it comes crashing down when there's no capital left.
It's gonna get really really bad just in a few years.
At least a revolution, hopefuly we get rid of the cycle of empires after that. I'm an anarchist :)
(feels like I'm trying to get you to disagree with me, but I'm merely being honest)
I'm watching the whole thing from abroad, here in Sweden. I'm trying to think up how it will effect us. I'm think about getting my gold out so I can physcially store it at home - I definetly need to get a gun.
Anarchy sux, I like power grids, the internet, and television networks. That all comes from rule of law. Make sure you have 90 days of food stored and check out the NutnFancy project on youtube. The guy has a lot of videos on survival and a world without rule of law. Be careful with guns, if you get one, be sure you get it for the right reasons. Just my opinions there, no offense intended. Good luck to you, bro
Well, anarchy doesn't mean chaos, it doesn't mean lack of order, it means that the rule of law is that which spontaneously occurs. Basically, we have libertarians laws with private institutions, private police, private defense. Dispure Resolution Organzations.
But yeah, I like minarchism as the next best thing. If there is a government, it should do as little as possible, and the aim should be to dissolve it and let the market do everything.
Hah. So, he is saying that we shouldn't be surprised because there isn't enough regulation of the industry? I know he didn't mean to say that, but that is what he said.
Tekneek74 2 years ago
Ya, no surprise for people making ~20 mil in total compensation.
slmskrpk 2 years ago
CEO James Dimon - Karl Marx couldn't have said it better.
The system is inherently sick. And it's NOT "news" - it hasn't been since the 19th century.
RadicalSolutions 2 years ago
These men are my heroes! Make as much money as you can don't worry about how it may affect others because in the end its a fight for survival and only the fittest will survive. As for the weak, you can blame God for putting you in that position in the first place, better luck next time!
ugboy1 2 years ago
the difference is this one wasn't jsut a financial crisis, but a big scam that turned into an economic bubble orders of magnitude more severe than a mere financial crisis.
jellygraph 2 years ago
Chase Sucks and so does James Dimon, Please Tax their Bonuses 100%!
bloggerfl5486 2 years ago
It's all by design.
freddymedal 2 years ago
If no surprise then what measures did this CEO take to prevent to tackle the problem? Obviously not a great measure as it was one of the companies that was handed money from the pockets of the American people.
amendoza2 2 years ago
What an idiot, if you take billions of tax payers dollars to stay alive and don't pass on the favor to the taxpayers thats the problem! you spit in our faces with the million dollar bonuses while the rest of us suffer!
darkally 2 years ago
"Daddy, what's a financial crisis?"
"It's something that happens to other people, so we can have 10 houses and 20 cars..."
bushputz 2 years ago 8
LOL
Theblizzardking 2 years ago
Financial crises do NOT happen every 5-10 years - until you strip away all the regulations and safeguards and let the jackals have their way.
It's time to re-instate the Glass Steagall act, enforce the Sherman antitrust act, stop the corporate welfare, and kick these asses to the curb.
Let this jerk work 2-3 jobs to support his family for awhile, and maybe he'll have a better answer for his daughter next time.
bushputz 2 years ago
More, more more!
Hooray for uncontrolled greed.
Phyrexious 2 years ago 2
"hey daddy, what's a financial crisis?"...,.
yeah, ok. have u no shame?
Chewy240284 2 years ago 2
Talk to the old school brokers (the ones who made it and haven't jumped out their window) and they aren't worried at all.
You have to be smart and get out at the right time and put the loss on someone else. Namely mum and dad investors and superannuation funds. They are stupid for trusting their managers who know nothing let this be a lesson to them.
ipxzor 2 years ago
He's absoultly right and I can't damn him for what he said. We bring it on ourselves.
And if I was living his lifestyle, I don't know if I would give any more than 1/3 of my savings to Haiti. That sounds horrible, but he's already set in his lifestyle. Before you pass judgement on him for not giving half his money up, you try it first. Sure, I'd be nice if we lived in a world where we were self-sacrificing, but that's unrealistic and we shouldn't expect anymore than that.
phillydat 2 years ago
These CEOs should donate all of their bonuses to the relief effort in Haiti. To demand millions, if not billions of dollars while such misery is going on is a sign of complete immorality and greed. These CEOs don't care about anyone else!
Iceberg6606 2 years ago
I'd disagree that we have a "financial crisis" every five to ten years. Minor recessions, yes. But major crises brought about by moral hazards that result from collusion between govt and business is something that only started to appear again in the mid 80s, starting with the S&L crisis.
The recent crisis shouldn't have been any surprise. We had a big warning in 1995 when Nick Leeson collapsed the Barings Bank through over leveraging.
Nobody paid any attention.
TrollBuster9090 2 years ago
How about every five years you assholes lose everything including your job. Then we'll see how surprised you are.
j0hnwi11iams 2 years ago
This tells us everything we need to know about the financial oligarchs who are ruining this country.
This is not a cyclical crisis; this is a financial meltdown with frankly no end in sight.
The jobs lost are not coming back, and the financial "industry" is nowhere near being out of the woods. So long as people continue to lose their homes due to foreclosure the financial industry cannot recover; neither can consumer spending or employment.
And the dollar may never recover its value.
classic14rider 2 years ago
these people are THIEVES!
iknewitalready 2 years ago
Actually Brooksley Born did warn that these derivatives were a bad thing and without regulation would result in dire consequences. She was forced out of her job and villianized by Greenspan and the corporate banking community.
kaytede 2 years ago 2
Not a good first impression.
AtSwimTwoBricks 2 years ago
what a fucking prick. and what crisis did he have to deal with exactly? he didnt. he gets his bonus and all his fancy shit thanks to taxpayers like me.
ppl like this rich fuck make me wish we had vigilante justice in this country.
achampag 2 years ago 3
Financial crises have happened every 5 to 10 years before the Great Depression and after they started deregulating the safeguards put in after the Great Depression. It's no big deal to them because they set it up to win no matter what and don't care that it devastates the little people. We need to go back to the reforms FDR put in place that kept us stable and prosperous for decades.
mmmtoblerone 2 years ago
So in 5 years he will be expecting another $500 billion from the American taxpayer. No questions asked.
Richardgwm 2 years ago 4
It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning. The one aim of these financiers is world control by the creation of inextinguishable debt. Henry Ford
MyImago 2 years ago
no one is surprised... We're just tired of it!
PersonalJesus348 2 years ago
Jew banker blames everyone but himself, film at 11
CarryANationIII 2 years ago
Take every dime away from him and say
What's the Big Deal? Revolutions happen ever 70 to 100 years
marniespeaks 2 years ago 12
There's a reason it happens. The reason for the housing bubble is the same reason for the dot-com bubble. It's the Federal Reserve.
I'm not saying we should abolish it overnight, but we should look at their books and see where our money went. It's one of the few things where I agree with Alan Grayson.
MooseOfReason 2 years ago
This is what happens when the Political System is ran by Private Enterprise & Big Business- I also bet the SOB feels as if he's the Michael Jordan of the US Economy-Carrying the weight of the financial world on his shoulders by consuming at a rate large enough to feed and clothe several 3rd world nations-These idiots make me sick....
But I suppose i can't be too mad, I had a vote and I let the system sucker me into selecting between a maverick and a rock star
Pimpdaddy992k 2 years ago 2
Yeah, uh huh, and piano wire and lamp-posts happen every few years too.
facelesshorseman 2 years ago 3
It makes me yearn for the days of the lynch mob, public hangings and the guilotine.
killerbandit 2 years ago 2
Imagine if GM said:
So why are we making a big deal about this? The car only breaks down every 1,000 miles...
southparkgtaca 2 years ago
I guess boom and bust cycles are okay if you are rich like this bastard, but traditionally people try to regulate markets to avoid big booms and deep busts.
killerbandit 2 years ago
This asshole needs to be castrated and his face needs to be branded.
melonbarmonster 2 years ago 3
wow ok
savior02 2 years ago
ಠ_ಠ
j37a 2 years ago
Prison, now.
FixedNewsAlerts 2 years ago 6
I remember seeing a funny cartoon once. It showed Wall Street and the difference between the market crash of 1929 and the market crash of 2008.
In the market crash of 1929 all the bankers and traders were throwing themselves out of windows.
In the market crash of 2008 they were doing the same thing, but they were all wearing "golden parachutes."
TrollBuster9090 2 years ago 5
a financial crisis to a bank CEO is getting a 500 million dollar bonus instead of a billion dollar bonus.......who is he kidding.
MISSBEBEBLUE 2 years ago 2
too much keynes
LeGioNoFZioN 2 years ago
Not enough Keynes.
Everybody practices the EASY part of Keynesian Economics (lowering interest rates, borrowing money and injecting it into the economy during a recession) but nobody has yet practiced the other element of Keynesian economics (raising interest rates, raising taxes, and paying off the debt during a boom).
You can't blame Keynesian economics for this, given that nobody has ever practiced it.
TrollBuster9090 2 years ago
@TrollBuster9090
You could say the same about communism. No nation has actually practiced it.
killerbandit 2 years ago
Ironically, the only people who ever came close to practicing communism were Christian missionaries in South America, Israeli Kibbutzers, and a hand full of dirty hippies growing organic vegetables on "communes" during the 60s. Stalin and Mao? Pfft! Gimme a break.
But at least somebody came close. Nobody has EVER come close to practicing Keynesian economics.
TrollBuster9090 2 years ago
Most tribal societies practice what you would call communism all over the world, and have been doing so long before communism was ever conceived by the west.
killerbandit 2 years ago
so join some tribal community
what stops you?
pwl1980 2 years ago
I am trying to improve my community and my society. You know the one that has been steam rolling other cultures for 1000 years?
Our society has many flaws and looking to functioning societies for example on how to solve our problems is one of the methods we can utilize to improve our society.
killerbandit 2 years ago
Communism is not evil. True communism is voluntary. Like a tribe or a hippie commune.
The Soviet Union was not communist. It was socialist.
Socialism is what is evil.
freesk8 2 years ago
If you think that socialism is evil then you have only been paying attention as long as Fox News has been freaked out about Obama.
killerbandit 2 years ago
Socialism is the idea that individuals have no natural rights, and that any individual's interests may be sacrificed to the government in the interest of some overall social goal. Under socialism, groups are said to have rights, and individuals are not, in spite of the fact that a group right is a contradiction in terms.
Government power must be Constitutionally (and though other means) limited in order to defend minority rights, and the ultimate minority is the individual.
freesk8 2 years ago
Again, your understanding of socialism seems to be slightly skewed to this new idea of socialism that Fox News likes to lie about.
If you don't believe me, then you must think that places like Sweden and Norway are the worst of the worst. You should go to a free market havens like Haiti or Somalia.
killerbandit 2 years ago 2
Capitalism has two, key elements:
1) The defense of individual property rights
2) Free trade, both internally and for export
Haiti and Somalia have neither. This is why their poor are so badly off.
They aren't free market havens.
According to their Index of Economic Freedom, the freest markets in the world are in Hong Kong, Singapore, Australia, NZ, Ireland, Canada, Switz., Denmark, the UK and the US.
Sweden is 26th and Norway is the 28th freest economy of the 185 nations. Haiti is 147th.
freesk8 2 years ago
Free trade is wreaking havoc on the American middle class and it is no more complicated than the fact that the American worker no gets to compete for jobs w/ people who will work and can live off of a few dollars a day.
Somalia is in ruins because they have no governmental infrastructure.
killerbandit 2 years ago
Look up "Ricardo's Theory of Comparative Advantage."
It is an economic theory, which means it is as well accepted as Darwin's Theory.
It shows that both nations are richer when they specialize and trade with each other. Free trade displaces workers, but they eventually wind up in more productive and better paying jobs than they lost.
Somalia's warlords are like little, local rulers. They military dictators. They ARE the govt, and they are bad at it.
freesk8 2 years ago
I think you have it flipped around completely. Communism is a violent, non-voluntary form of socialist revolution that almost always becomes totalitarianism.
Socialism is a broader philosophy with many forms, such as the utopian socialism practiced in small communes long before the writing of the Communist Manifesto by Karl Marx.
We have many socialist innovations to moderate capitalism. Communists dislike these because they want it to get bad enough for a revolution to end capitalism.
questforfire69 2 years ago
We are quibbling over definitions, but I think we basically agree.
What is evil is forcing peaceful people to do anything, or violating the equal, individual rights to life, liberty and property.
Tribes and communes were often voluntary associations. Whether you call them communist or socialist, they were moral. But when govts use force against peaceful people, they do wrong, even if their ends are "for the good of society."
But true capitalism is voluntary association.
freesk8 2 years ago
Few tribes were voluntary in the sense that outside of them an individual would surely perish in the wild. Modern capitalism is not very voluntary either.
Violence is evil, whether used to kill the capitalists or to protect their profits.
Proper socialism is a recognition of what the individual owes to the group, and helps to moderate the excesses of capitalism, so that we can have a more stable world.
If the masses are afraid of socialism, they deserve to be stolen from by the capitalists.
questforfire69 2 years ago 2
I totally agree with your third sentence, but your fourth sentence contradicts it.
What does the individual "owe" to the group, and why?
I accept no such debt, and reject the use of force to enforce payment.
I think that cooperating in society is in one's own self interest, but that is the main thing that binds the individual to the group.
To me, socialism is state force.
Capitalism is the free market, which means voluntary trade and no force.
Corps that steal aren't capitalistic.
freesk8 2 years ago
I guess the boom/bust cycle isn't taught in economics anynore
d00mie74 2 years ago
You shouldn't be surprised if you have an artifical economy that it all comes crashing down every 5-10 years. Though this is much bigger this is not even the 70s big, this is 30s.
Boom/bust cycle is taught, but I know from experience that teachers don't understand why. Even thought ABCT has been traced back and found true all the way back to tulip mania.
The CEOs don't even care, they know the system is rigged to benefit them.
Visfen 2 years ago 2
I have to agree with everything you said there, except that this a 30's style depression. I would say it's closer to 70's since I'm already seeing the beginnings of stagflation brought from too much public spending and not enough private investment.
d00mie74 2 years ago
Well I'm seeing all the signs of hyperinflation, so I would say this will get worse that the 30s, not better, if anything.
The style of all depressions are really the same, it's nothing unique about one form the other, it's all about credit expansion. When you artifically lower interest rates capital move into unsustainable long time projects like production and housing, and then it comes crashing down when there's no capital left.
It's gonna get really really bad just in a few years.
Visfen 2 years ago
Again, I have to agree with everything you've said. Get your urban survival kit ready. We're only 3 days for total anarchy.(in theory, at least)
d00mie74 2 years ago
At least a revolution, hopefuly we get rid of the cycle of empires after that. I'm an anarchist :)
(feels like I'm trying to get you to disagree with me, but I'm merely being honest)
I'm watching the whole thing from abroad, here in Sweden. I'm trying to think up how it will effect us. I'm think about getting my gold out so I can physcially store it at home - I definetly need to get a gun.
Visfen 2 years ago
Anarchy sux, I like power grids, the internet, and television networks. That all comes from rule of law. Make sure you have 90 days of food stored and check out the NutnFancy project on youtube. The guy has a lot of videos on survival and a world without rule of law. Be careful with guns, if you get one, be sure you get it for the right reasons. Just my opinions there, no offense intended. Good luck to you, bro
d00mie74 2 years ago 2
Well, anarchy doesn't mean chaos, it doesn't mean lack of order, it means that the rule of law is that which spontaneously occurs. Basically, we have libertarians laws with private institutions, private police, private defense. Dispure Resolution Organzations.
But yeah, I like minarchism as the next best thing. If there is a government, it should do as little as possible, and the aim should be to dissolve it and let the market do everything.
Good luck :)
Visfen 2 years ago