Cenk Uygur discusses a report by Boston Consulting Group showing that while bank executives have made incredible amounts of money, the industry has offered very little return to investors over the last 5 years (and even that little return was boosted by the taxpayer bailout after the financial collapse). He also explains how the Justice Department advised Bank Of America on how to fight against WikiLeaks. Finally, he adds that bank protests are spreading. On Facebook: www.facebook.com On Twitter: twitter.com TYT Mobile: bit.ly Subscribe: bit.ly www.theyoungturks.com Read Ana’s blog and subscribe at: www.examiner.com Read Cenk’s Blog: www.huffingtonpost.com
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corporations are unproductive because they’re too big, when a company gets that big it becomes clumsy. The reason they got so big it’s because of 0 interest rates.
Thumbs up if you agree
So where did all the fukwits go that believed trickledown economics and deregulated free market magic.
That is what is killing you america, the dumb fucks that believed in keeping the bush tax cuts because those rich will then hire the poor?
I hope they fkn shoot themselves in the head for being so idiotic
People need to stand up and stop this corruption. We can do it, we have the numbers. This is not the world we all dreamed about. Stand up, do your bit.
@jonisilk “we got flamethrowers, well we dont have flamethrowers the government has flamethrowers…thats right we dont HAVE flamethrowers. guess we’re pretty fucked if we gotta go against the us government”~george carlin.
banks have the use gov on their side…they win.
@waltermh111 The Fed exists through govt edict, and cannot exist without govt. So calling it private makes no difference. The fact remains that they have a legal monopoly over the currency…to the benifit of big banks and big govt. Even if the Fed was abolished and the congress had full control of the central bank, it would still have the same economic effects of inflation and the whipping out of the middle class. But you are right that both political establishments protect the Fed.
@19TEC85 Sadly, the Fed Res is not gov manipulated. Its a private entity that is unregulated by the gov. Thats been the debate over the last 2 years, the fact that we cant do anything about them.
I believe we appoint the head, then he does his own thing.
Its the most retarded system and nobody likes it. Really, this isnt a party issue. Liberals have called for an audit of the fed as much as the repubs and many want to end it, or put its purpose under actual full gov control.
@waltermh111 I’m not against banking itself, I’m against the current govt manipulated banking system(The Federal Reserve System). Yes, banks are important in helping to grow an economy. The problem is when govt creates a bank cartel under a monopoly currency, then makes it legal for all banks to use fractional reserves. That is how the expansion of artificial credit comes about(banks lending money they didn’t have), creating bubbles that end up having to burst.
@19TEC85 First, nothing would be here without the purpose of the bank.
The Federal Reserve is a fraud, but banking itself isnt.
Few people have the money to do anything without borrowing.
You cant even have capitalism without banks unless only rich people get to start businesses.
Even under no regulation, starting a business costs more than 10x what the avg person would make.
So what kind of banking are libertarians actually against?
They miss the point from the way your telling it.
LOLOLO, widespread corruption!
@Silberdachs No the world as a whole is fucked. Humanity is fucked. Luckily, it can be changed. But it will take much need effort, work, knowledge, understanding and mass consciousness. And at the end of the day Love.
It doesn’t matter how much a suckers we all are, the bankers and their business palls still think that they didn’t get exactly what they were due from all of you “lazy hopeless pathetic lames.” Today these people think that if you’re a blue collar middle American then you owe them; if you’ve finished higher education then they know that most of you owe them; if you’re old, still alive, and don’t have premium coverage then you didn’t sacrifice enough. Their sentiments: “You owe us, freaks!!!”
@JMFytube Because a lot of regulations don’t work and miss the point. Either someone has committed fraud or not. Either someone committed a violent crime or not. For example, In the eyes of many libertarians the entire banking system is legalized fraud, so adding regulations to it misses the point. it’s trying to patch up a flawed system so it’s bound to fail at some point. The same is applied in other areas.
For additional melodramatic effect to this news segment play New Born – Muse in the background.
@19TEC85
Courts, judges, etc can also be bought (and sometimes are, and sometimes they get caught too). As long as a human being is in charge, that human has pockets and there is a chance he/she will get bribed.
But if you say you are not against laws, I suppose you see a role for the government there. Our disagreement seems to narrow on the question of govt regulations. What do you mean specifically when you say regulations? In the end, they’re nothing more than rules, laws.
@19TEC85
then on unions we agree completely
@JMFytube As for unions, I think any group of people have the right to associate, to bargain collectively, but at the same time many unions get too much power through govt and even prevent others within their industry or company from breaking away from the union to represent themselves.
@JMFytube I’m not against courts, laws, contracts, and I am in favor of prosecuting fraud. But I am not for govt regulations, which is different. Govt regulators always get co opted by the very people they are supposed to regulate. When they fail to prevent a crises, they get even more funding rather then getting fired. Their is free market solutions to regulations whether through insurance companies or consumer protection agencies that compete(without govt given monopolies).
@19TEC85
By the way, we seem to have at least some disagreements regarding the role of governments, however it’s always excellent when it’s possible to have a constructive dialog with someone.
Many people sharing your ideas seem to focus on a narrow set of talking points they read or heard somewhere and stick to them. They can’t develop their dialog beyond the talking points and will often resort to insult.
Kind of like comparing, let’s say, Sarah Palin and Ron Paul.
@19TEC85
You want regulations, but not gov regulations. So who will enforce those regulations then? Would it be a “gentleman’s agreement”? A few comments ago you said cartels don’t work because they turn on each other. In a cartel at least they increase profits. How would regulations hold, “gentleman’s agreement” or other, if they decreased profits?
One more thing, I suppose you support labor unions, as long as government doesn’t interfere, right?
@JMFytube I want regulations but not govt regulations because they don’t work. The areas of the economy that are most regulated and govt manipulated and subsidized are the most troubles areas-banking, education, health care, housing…etc.
@JMFytube I want regulations but not govt regulations because they don’t work. The areas of the economy that are most regulated and govt manipulated and subsidized are the most troubles areas-banking, education, health care, housing…etc.
@JMFytube Yeah it’s easy for govt to pose as the hero but most likely they would have failed miserably like all other cartels have when tried before govt used to intervene. During the 1800s is was tried many times to create cartels and they failed each time.It wasn’t till the govt stepped in that any cartels actually lasted. Usually govt does the opposite of what it claims to do. JP Morgan I believe tried to make a railroad cartel in the 1800s and it failed. They ran to govt and then it worked.
@19TEC85
I gave you a real example. The cartel failed because of government intervention, that’s a fact, not speculation that it might fail because of supply and demand. If they were making a bigger profit sticking together, they wouldn’t break ranks because alone they would have less negotiating power, hence less profit.
Are you talking about free market as completely unregulated market?
Wow Youtube is epic fail today
Wake up to this? Austrian school of economics, actual libertarians not just woke for this, they have PREDICTED it for years and played their cards right to make money in the process.
watch?v=BOW6yMxUL8Q – 2:33 “would not participate in banks”
TINY URL: 6j26o9a – 1:29 “anybody who is buying stocks in these financials may as well flush their money down the toilet” – Peter Schiff 20 January 2009
etc.etc.
watch?v=RYX1AgEV0vo
watch?v=tZaHNeNgrcI
watch?v=2I0QN-FYkpw
REAL economists are awake