Hi hhiusa
You are extremely entertaining and have many of the attributes of your great Donald Trump - high IQ - living in la- la land - conveniently missing out many truths in your stories - a total wind up merchant to get reactions and been educated with loads of misconceptions.
Do tell about this la-la-land. You always point out that I am missing the point but you never completely make any points yourself. You state that I have been educated with loads of misconceptions. You have not addressed my points. What are those "loads of misconceptions"?
Banks are like Lawyers and marketing people ie they are parasites and should be looked upon differently to other businesses that actually are helping the whole economy - rather than ripping it off.
Prove it. When are you guys going to put your money where your mouth is? You are the one living in la-la-land about what banks and the world should be doing. Stop focusing upon how things should be and start focusing upon how things are. I am not asking questions because I do not know. I am asking questions to you because you need to back up your statements up with evidence. How are they ripping you off? I do not consider any of their practices illegal.
I do not have the same negative experiences with my bank or banks as you do. The recessions happened in 2001 & 2008 and even before that, and I just kept moving along. The world kept on turning.
Charging overdraft fees is a completely legitimate practice. If you do not have money in your bank account when you buy something, the bank is, in essence, charging you a fee for a micro-loan on the money they gave you to purchase whatever it was that caused the overdraft.
Even during the subprime mortgages period, banks were not completely at fault. The ignorant masses were so greedy that they let the banks give them a mortgage on a house that they could never afford. That should have raised so many red flags in their mind, but instead they only saw dollar signs. They thought that they could ride the bubble, sell and get the inflated equity out of their house. The poor are just as greedy as the wealthy. It is the pot calling the kettle black.
They all started with good intentions and then realised the power they had and started to take over assisted maybe by "soft" governments rather than being put firmly into their correct place and made to give proper services and not abuse their customers money.
You are so wrong in so many of your comments - even dividing people by their intelligence and wealth and not realising so many of your Billionaires borrowed money as well as stealing it from the government and more importantly the public
Here is a concept. Why don't you let your argument do the talking and have it show how in-the-know you are instead of just being lazy and saying someone is wrong?
When you make a statement, the burden of proof is on you to prove that it is true. The burden is not on me to prove that it is not true. Classify what you mean by stealing! Name the billionaires who borrowed money! Explain how their actions could legally be classified as stealing. Cite you sources! Do you have any veritable sources besides Wikipedia and the BBC?
Lets look at Donald Trump has he is my favourite "thick and devious" American with a massive mindset problem. His first fortune came from the US government via his Father in the early 1940's and he inherited it. He then borrowed like mad and was way over leveraged - but being a very "clever" businessman ( which he his ) was able to make it that if he went down - so did many others - including a few smaller banks - ie he did a "blackmail " job and stitched them up rotten. Extremely clever in being ruthless and strong in business - but again brought up in a "private US school " system that basically brainwashed their students to think they were superior to anybody else ( ie a bit like the IS as of now) and that the US and world needed them.
Prove it. Prove that he blackmailed people. The slanderer is required to prove to he is telling the truth. Explain how what he did what illegal.
You hhiusa need to get out into the big wide world and then you would understand that you have been "brainwashed" as well.
You need to realize how lackluster your arguments are. Ad hominems statements mean nothing to me. It seems as though all you can do is throw metaphorical stones and sound bites at me without providing any evidence.
I worked closely with a UK billionaire in the mid 1980's ( at that stage he was only a multi millionaire ). He was also brilliant at borrowing money but without paying interest on it. Instead he used cashflow to grow ( even having to go to jail for a short period for not paying his VAT taxes ) and took up to 180+ day to pay his suppliers and creditors - things that you frown upon being undertaken by mere normal mortals who should not borrow to buy a car or house.
Anecdotal evidence is completely useless. I am surprised that someone who supposedly worked with the educated wealthy cannot make sound arguments. I have many friends that work at multinational companies. They work closely with the executives who are very wealthy. They are not any better off. This is a fallacy of false authority that you are relying upon to boost your statements. Working closely with "a UK billionaire in the mid 1980s" is a straw man argument as well. It is completely useless. His wealth is not your wealth. His success is not your success. You sound like you like to live vicariously. Tell me about your successes, not some anecdotal nameless UK billionaire.
You really do take the "biscuit" for being very intelligent but just not understanding what really is going on out there.
I dont like your contempt but then again I do like your entertainment value
Please keep it up
Regards
F
The Irony of that statement is not lost on me. You say that I have entertainment value but you get rather flustered for someone who says he finds it entertaining. Additionally, it is your posts that have entertainment value, being fraught with fallacies.
I will not say something as self-serving as "keep it up" to you.
What do you understand by the term "Fractional Reserve Banking"?
The practice whereby a bank accepts deposits, makes loans or investments, and holds reserves that are a fraction of its deposit liabilities. Reserves are held at the bank as currency, or as deposits in the bank's accounts at the central bank.
There is nothing wrong with that. The bank is required to keep excess reserves, which are only a fraction of the total deposits. The bank then issues loans to people, who otherwise could not afford things. This is essential to the economy. No one woul be able to buy a house or a car if banks did not give out loans. Banks are investing and making loans on your money with your consent. If you do not want the bank to do this, then do not put your money in the bank. That is really simple.
Do you have a credit card? Did you pay cash for car? Do you have a house?