The Fed’s Bailout of Bad Banks Looks Like 2008 All Over Again
(00:00.846)
Wall Street has its fingers on the scale more ways than one. Think about when I think about fingers on the scale, I think about. What is it? Christopher Moltisanti and the Sopranos. I think they were prepping for the the executive game. That was the first season, second season of the Sopranos there, the poker game, and Chris had to go to the butcher shop and he had to get fish and he had to get meat and all this stuff and.
guy turned around, he was messing around with the scale. Anyway, yeah, Wall Street’s always had its fingers on the scale, more often than not, in their favor. But want to be truly honest, they also do it in our favor, as well. Again, I’ve no one goes after the big firms more than I do. Nobody. And I’ve gone after the Glass -Steagall Act, and where they allowed all of these big banks to become these
Financial supermarkets, I warned everybody back in that point in time this wasn’t gonna end well and now we have in essence too big to fail. Too big to fail is the law of the land. It is what it is. Now, do I believe that these banks should be broken up? Commercial bank, investment bank, people who manage money, they should all be separate. Is that gonna happen? Ah!
Honestly, it was kind of a part of the 2016 Republican platform, but I just don’t see that happening at this point in time. I was reading a column talking about how these mega banks, in essence, have created a law -free zone around themselves and what they’re allowed to get away with. Yeah, they have. And we, the people, have allowed that to happen.
And one of the things in this column is a very interesting column talking about all of the reverse repose and various different things that the Fed has funded these big banks with and gotten them out of trouble. And yeah, it’s crooked, but nobody wants to know about it. Nobody wants to talk about it simply because what? They like what the big banks provide. Let’s be honest.
(02:17.774)
They like what the big banks provide. People want their credit cards. They want their buy now, pay later. They want their low interest on their loans for their mortgages or their cars or whatever it may be that these banks provide. So they don’t want to know. And great way, I thought about it when I was reading this column today, because the author of this column, very upset.
Right? It’s big banks. It’s not fair. You’re right. It’s not. It’s not. But it’s not going to change because the people keep demanding more from these institutions. There was a scene and again, I highly recommend, highly recommend this again this summer. I’ve got to get it done. I’ve got to get like a watchdog on Wall Street reading list and movie list because I sub reference a lot here. Margin Call, which in my opinion was one of the
better movies and insight in regards to the financial crisis and what took place and it was a masterclass and acting it really was. There was a scene in the movie towards the end of the movie where one of the characters, an executive at Big Bank, knowing that this, you know, it’s all gonna come crumbling down to financial crisis is in a car with a lower level worker and a lower level worker asks him whether or not he’s gonna get fired. And he’s like, yeah, yeah, you’re gonna get fired. And I feel bad.
about that and it’s going to suck for a while, but you’re going to be okay. And the person in the car said, well, you know what? I know it’s going to stink for us, but it’s going to stink for all the regular people that are out there that are going to deal with this financial crisis. And Will Emerson says to him, and again, I’m going to edit this because there’s a lot of swear words. He says, Seth, listen, if you really want to do this with your life, you have to believe.
You’re necessary and you are. People want to live like this with their cars and their big blanking houses they can’t even pay for. Then you’re necessary. The only reason they all get to continue living like kings is because we got our fingers on the scales in their favor. I take my hand off and then the whole world gets really blanking fair, really blanking quickly. And nobody actually wants that.
(04:42.574)
They say they do, but they don’t. They want what we have to give them, but they also wanna play innocent and pretend they have no idea where it came from. Well, that’s more hypocrisy than I’m willing to swallow. So blank them, blank normal people. The funny thing is tomorrow, if all this goes blank up and they’re gonna crucify us for being too reckless, but if we’re wrong and everything gets back on track, well then the same people are gonna laugh.
until they pee in their pants, because we’re going to all look like the biggest wimps God has ever let through the door.
point. And again, one of the points that I made in regards to the financial crisis, as well, the fact that, you know, blame this bank blame that one, whatever it may be, I’m a big believer in personal responsibility. Okay, no one. No one all those bad banking, it’s countrywide all the crooked crap that they were in all the stupid all the
that they had out there that they were peddling. Okay. I didn’t go out and buy three, four or five pre -construction condo with no money down. Why? Because it’s not real. It’s not real. You don’t get four or five pre -construction condo, whatever it may be with no work time and effort.
Because then it’s not real. Everything in life that has meaning, value, and worth involves work, time, and effort. What these big banks provide, like Will Emerson says for many people, is a shortcut.
(06:29.23)
Shortcut and shortcuts don’t always work out well. There’s personal sponsor responsibility involved countrywide JP Morgan as much as I go after all these big from not a single one of them held a gun to anybody’s head and told them to go out and take out a loan that they shouldn’t have gotten. Yeah, where their crooked mortgage salespeople out there that were pushing crap, you know, you should probably get absolutely there’s no doubt about that. And again,
They’re all crooks. I don’t think they should get in trouble for what they did. But people also have to understand their responsibility as well. Watchdog on wallstreet .com.
