Since when?

According to Fox Business Analyst Uri Man, we need to be careful about making large banks angry – they control the nation’s wealth and can take it all overseas if we don’t kowtow to them.  Since when do banks have the right to blackmail us with our own money?  Watch this vid, starting at about 3:07.  Now he says some pretty dumb stuff before that but that one really pissed me off.  And nobody thinks there’s a problem?  Earlier in the vid, Uri implies that we don’t have the right to question banks about what they do with the money we invest because we’re not smart enough to understand it.  WTF?  Why does nobody think that this is horribly fucking wrong here?

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  1. #1 by Chadwick on June 18, 2010 - 8:20 PM

    This reminds me of a thing I was reading earlier (I believe from the Washington Post; I sent it to Phil, maybe he still has the link) where they basically said that the President should be careful what he says about BP and Wall Street and other businesses, because they might see “the United States as a too risky place to do business, a country where big mistakes can lead to vilification and, perhaps, bankruptcy.” (emphasis mine)

    Um…isn’t that exactly what’s supposed to happen in a free market? If you fuck up, you face public disapproval, and economic hardship? Oh, wait, that’s right, we’re supposed to bow to whatever major corporations want.

  2. #3 by Phillip on June 19, 2010 - 12:19 AM

    I like the “Goldman Sachs is losing a PR war with the church” bit. The priest nailed it though, our entire economic system depends on trust. The banks trust what we tell them, we trust them on what they do. Hell, that was one of the first things we learned in economics. But, the banks are supposed to go one further and actually do fact checking.

    But, realistically, what would happen if the banks moved off shore? They wouldn’t be protected by FDIC/NCUA for deposits. If they failed (again) they may not get bailout money, the money would still remain in our nationals hands, either through investments in the company or by the company for certain entities, and I’m sure the tax code could be rewritten to take out any advantages. Further, if they wanted to maintain services here they’d have to maintain branches and hire/keep on workers and still pay taxes on that. It’d essentially be changing a location in name only.

    Man is wrong too. The more educated people are, the better off they are. When I turned down that one job, during the interview, the guy said that every year they have to rethink how they do anything because some statute changes. That in turn gets everything more complicated, sometimes to the point that unless they study it, they have no idea how the hell it works.

    • #4 by Chadwick on June 19, 2010 - 11:27 AM

      Related: I don’t think every bank would pick up and go all at once. And I wonder how many people would want to shift their cash if their bank went overseas? I know if I found out my bank was abandoning the US to avoid regulations or harsh language, or whatever, I’d take my money elsewhere.

      • #5 by Phillip on June 19, 2010 - 3:00 PM

        I know I would too. But, luckily, the largest bank I have an account with is a local regional one. I also have an account with UWCU and with a S&L.

        I learned my lesson when I had a couple accounts at a branch that was in a couple states. They managed to literally lose a couple thousand dollars of mine for a couple days. I checked on the computer and it wasn’t there, I called them up and it wasn’t there, I made a complaint and it wasn’t there. A week later they called me up saying that they found it. Now, they shouldn’t have lost it in the first place, but, because they did my account went under the minimum (I think it was $1000 or something like that) they charged me a fee. That was the straw that broke the camel’s back.

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