Summers to Big Banks: Why Cash for Bonuses, None for Lending?

[SimplyStupidNews]

because its a legal way to Rip off the bank profits before investors see the stock profits, give out bonus's

[MishuTaste]

Would it kill some of you bank executives to actually EARN your bonuses?! And another thing: I don't understand why you bankers won't settle for a re-financed mortgage w/ lower payments instead of taking back a house that will remain empty until the housing market picks up again. Some money is better than no money.

[blackiron60]

What a hypocrit - a fat capitalist trying to convince us that he somehow doesn't know how his own economic system works and has worked for a long time.

[willb128]

Everyone is a communist now a days

[dlucas90]

What would you expect from a monetary system that creates money from nothing yet still charges real interest?

Central banks + fiat currency = unelected central planning.

[RadarKat73080]

What would you suggest? Gold? Gold isn't a really useful commodity. There are few practical things you can make with gold.

[dlucas90]

Gold and silver are the only legal American money according to the constitution. Your point about gold's lack of usefulness could be excused if one recognizes gold and silver to be commodities used as money. Gold and silver can not be created from 'thin air", so bankers could not create it from nothing to prop themselves and their favorite monopolies up. While it is not the only way to bring some honesty back to money, gold and silver beat the tar out of paper.

[liber8me]

so basically what you are doing is tying a nation's economic growth and capital to the finite amount of this metal we find.

[dlucas90]

What you would be doing is giving the people the power of money. Anyone who believes economic growth can go on indefinately is crazy. The value of an ounce of gold would be determined through free market forces rather than bankers dictating what value a dollar has.

Gold and silver aren't the only way to achieve sound money, but it has worked quit successfully for over 6 thousand years.

[RadarKat73080]

Gold is too expensive to be used as pure coinage. i.e. a one oz. pure gold coin would be worth $1,000 worth of goods or services, by today's price of gold. ever had a pocketfull of change? It's bulky and heavy. Paper money, or some other medium, is madatory. This won't stop bankers from creating money "out of thin air."

[dlucas90]

Thats why the paper money has to be fully redeemable in gold, as it used to be. Keeps them from printing what they don't have.

Please, I encourage everyone to watch "money as debt". It is a Canadian educational film designed to explain the process by which fiat money comes into existence. This film too, is not a fan of gold but gives its own solution, that while not as good as gold, is much better than what we have today.

[BrutusBlackest]

@dlucas90

I agree. That little film scratched an itch I'd been having since I was 16 or 17. Namely, if this paper printed dollar is the exact same paper printed dollar as I had yesterday, what causes the value of it to fluctuate? Creating debt out of thin friggin' air does! The gold standard replaced by a national debt limit. Come on guys, I don't want to skip on my way to the slaughterhouse. Let's right this thing.

[dlucas90]

That little film was a big eye opener for me too. It also explains why our unelected bankers ultimately have more power than the politicians that pretend to work for us but really work for the central bank. After all, congress can pass what ever goofy program they want but it won't mean a thing unless it can be financed and who decides that?not congress, they unconstitutionally gave the power to issue credit to the newly formed central bank, aka FED reserve in 1913. The $ lost 98% since then.

[UncommonThinker]

@RadarKat73080

Gold is one of the best super conductors in the world. There are many things we'd use it for if it wasn't so expensive. Mostly in electronics.

[RadarKat73080]

If electronics were made with gold, we'd be watching fire.lol

[m0nkeybl1tz]

Ok, but I disagree with the fundamental idea that money is "created". It's not created, it's borrowed from the future; that is, wealth is constantly being created and banks trade money today for the promise of future money. The key is that banks need to figure out how much they realistically expect to get back.

[dlucas90]

Ah yes, and that is all part of the "heads I win, tails you lose" , slight of hand accompanying the creation of money. First off you are correct in a sense, to state that the money is created from debt. Three problems with that, 1, someone receives something for nothing, 2,debt measured in units of debt is meaningless, ............

[dlucas90]

............ 3, only the money for the principle of the loan is ever created, the money for the interest payment is never created and is therefore not in the money supply, causing ever bigger loans to always need to be created. "growth"

[BrutusBlackest]

@dlucas90

I mean, speaking in a strictly pragmatic sense here, it is genius. In essence, we borrow imaginary money, at interest. Which means,eventually a particular subset of society will have the VAST MAJORITY IF ALL MONETARY RESOURCES...vast majority...of all...monetary resources. One, small, elite, tiny, banking,oops, resourceful subset...

[HouseNigro]

how the fuck is this guy in any position of power...how the fuck did he get in, graduate, and teach at Harvard? ..FML...

[DeletedDelusion]

Oh, really?

You don't say.....

[agfigueroaa]

This ... will burn in hell.

[italianchappy]

@agfigueroaa, I' m afraid the retributive system of this universe is screwed up.

Why I cannot view your channel ?

[agfigueroaa]

No idea, Sir.

[italianchappy]

just to make you know it. If I click on your channel youtube says:

"This channel is not available in your country"