Good news everyone. Goldman Sach's lost some money!!
Goldman Sachs reports third quarter loss of $393m
http://www.guardian.co.uk/business/2011/oct/18/goldman-sachs-third-quarter-loss
too bad they didn't lose more money.
Comments
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Can I want one of the last successful industries in NYC to succeed?
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like all business some other better companies is going to come along. that's the problem with how the whole thing started too big to fail etc.. if companies were allow to fail other companies could take up the slack etc...
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I am ok with letting some banks fail, but I don't want them to take us all with them.
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Goldman has so many tentacles into what is wrong today. too many policy makers and appointed government officials are either recipients of their money or former workers.
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Talk about worthless finical companies, It's very difficult for me to get a loan. I have a good track record yet loans are very difficult.
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they are by no means alone. I am still waiting for David Rosen to be sentenced.
http://brooklynian.com/forum/brooklyn-and-beyond/without-bribes-the-state-money-stops
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whynot_31 said:
Can I want one of the last successful industries in NYC to succeed?Not if it means a repeat of 2008 any time soon.
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I think the real question may be: Do we want an environment in which people who have no means to pay loans back, still get them?
Or, do we want an environment is so strict that not even the illustrious Armchar Warrior can get a loan?
Clearly, we want something in the happy middle.
Yes, lots of financial firms made lots of money. Those who fail to give their employees lots of money will find themselves with the worst talent.
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strict my ass it's still probably who you know etc...
fine example is donald trump, he lost tons of money in the past in the past yet some how he still gets money.
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On a serious note, why aren't they lending to small business people?
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It is a pendulum, that has swung away from risk.
As much as I would like you to have an easier time getting a loan, I think the economy is going to force a lot of small businesses to close over the next few years. I'm ok with the banks holding on to that money. They may need available as people deplete their savings.
Note, I am not predicting the end of the world, just a world in which the US residents live more modestly. For the poor, this will especially suck.
For better or worse, I think the wealthy will come out just fine.
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whynot_31 said:
Clearly, we want something in the happy middle.Now we're getting somewhere!
Modern society existed for decades before the financial excesses of the 80s became our new normal.
It IS possible to exist differently. We are an industrious nation. Especially when it comes to finding ways to keep making money as situations change.
Yes, lots of financial firms made lots of money. Those who fail to give their employees lots of money will find themselves with the worst talent.
We can start with dramatically cutting executive pay, raising taxes on the 10%, even more on the 1%, and dramatically raising capital gains and estate taxes.
This will dramatically help society, yet protect bankers' precious rights to make more money than pretty much anyone else on earth.
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Boygabriel said:
Now we're getting somewhere!Modern society existed for decades before the financial excesses of the 80s became our new normal.
It IS possible to exist differently. We are an industrious nation. Especially when it comes to finding ways to keep making money as situations change.
We can start with dramatically cutting executive pay, raising taxes on the 10%, even more on the 1%, and dramatically raising capital gains and estate taxes.
This will dramatically help society, yet protect bankers' precious rights to make more money than pretty much anyone else on earth.
people shouldn't involved themselves in what should the pay be of the businesses. what is this communist country? lol
They pay them what ever they like. if people don't like, they should not do business with that business and they'll go out of business(isn't that democratic huh
). the point of business to make money. isn't there to make people feel better about themselves, unless they are in the business to make people feel better.
No business should be bailed out because its too big to fail ie banks and auto etc.... not to make a bunch of rich/entitle people feel good about themselves.
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We can start with dramatically cutting executive pay, raising taxes on the 10%, even more on the 1%, and dramatically raising capital gains and estate taxes.
This will dramatically help society, yet protect bankers' precious rights to make more money than pretty much anyone else on earth.
The last I checked, the government had no power to set an earnings cap.
Likewise, your plan to implement higher taxes seems to ignore that politicians are dependent upon the donations of rich people to obtain their positions.
....but other that, I like your plan.
BTW, you may want to realize that this has been going on since long before the 1980s. Brownstoner wrote a short piece on Bank greed and fraud that happened in the early 1900s.
If you wanted you could probably find the same kind of stories in Europe in the 1400s.
...the sky is always falling.
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Without robust regulations, which we do not have, leaving businesses up to their own devices will lead to excess and destruction, like we saw in 2008.
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Boygabriel said:
Without robust regulations, which we do not have, leaving businesses up to their own devices will lead to excess and destruction, like we saw in 2008.yup.
...regulations can slow the cycle down, but it is best to get used to the cycle.
For as long as we live, there will be:
banks,
bank fraud,
people who have no ability to pay back what they borrowed, and
people who make lots of money. -
Discussion on Rachel Maddow last night:
1) Post-Depression Glass-Steagall Act financial speculation and bank holding company limits repealed by Republican majority in 1999.
--> Banks allowed to acquire brokers, insurance etc. without limits
----> Citi, AIG etc. grew massive and became too big to be allowed to just fail as per pure capitalism. Some call this corporate socialism.2) Sarbanes-Oxley passed in the wake of massive Enron (fake trades between internal units = massive PROFITS!)
--> Movement afoot by Republicans now to repeal that to allow big banks and smaller folks to Madoff to their hearts' content.3) Dodd-Frank passed in the wake of massive financial crash and recession due to Wall Street banks' high-risk gambling to out-do each other and appease addicted shareholders with all kinds of new, ginned-up financial products promising security but delivering freefall.
--> Like #2 above, the big banks have also successfully lobbied Republicans to make repeal of this a key part of their campaign platforms, as declared in recent presidential debates and throughout recent Republican congressional leadership statements.All the while pledging to cut taxes for millionaires and scramble to make some of it up by raising taxes on middle and lower classes and cutting social programs and healthcare, deriding those as socialism.
Ha. Sweeeeeeet.
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jeffrey said:
Discussion on Rachel Maddow last night:1) Post-Depression Glass-Steagall Act financial speculation and bank holding company limits repealed by Republican majority in 1999.
--> Banks allowed to acquire brokers, insurance etc. without limits
----> Citi, AIG etc. grew massive and became too big to be allowed to just fail as per pure capitalism. Some call this corporate socialism.2) Sarbanes-Oxley passed in the wake of massive Enron (fake trades between internal units = massive PROFITS!)
--> Movement afoot by Republicans now to repeal that to allow big banks and smaller folks to Madoff to their hearts' content.3) Dodd-Frank passed in the wake of massive financial crash and recession due to Wall Street banks' high-risk gambling to out-do each other and appease addicted shareholders with all kinds of new, ginned-up financial products promising security but delivering freefall.
--> Like #2 above, the big banks have also successfully lobbied Republicans to make repeal of this a key part of their campaign platforms, as declared in recent presidential debates and throughout recent Republican congressional leadership statements.All the while pledging to cut taxes for millionaires and scramble to make some of it up by raising taxes on middle and lower classes and cutting social programs and healthcare, deriding those as socialism.
Ha. Sweeeeeeet.
Huh, I was told Republicans and Democrats are equally to blame for our financial problems.
Hmm.
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jeffrey said:
Discussion on Rachel Maddow last night:1) Post-Depression Glass-Steagall Act financial speculation and bank holding company limits repealed by Republican majority in 1999.
--> Banks allowed to acquire brokers, insurance etc. without limits
----> Citi, AIG etc. grew massive and became too big to be allowed to just fail as per pure capitalism. Some call this corporate socialism.2) Sarbanes-Oxley passed in the wake of massive Enron (fake trades between internal units = massive PROFITS!)
--> Movement afoot by Republicans now to repeal that to allow big banks and smaller folks to Madoff to their hearts' content.3) Dodd-Frank passed in the wake of massive financial crash and recession due to Wall Street banks' high-risk gambling to out-do each other and appease addicted shareholders with all kinds of new, ginned-up financial products promising security but delivering freefall.
--> Like #2 above, the big banks have also successfully lobbied Republicans to make repeal of this a key part of their campaign platforms, as declared in recent presidential debates and throughout recent Republican congressional leadership statements.All the while pledging to cut taxes for millionaires and scramble to make some of it up by raising taxes on middle and lower classes and cutting social programs and healthcare, deriding those as socialism.
Ha. Sweeeeeeet.
yup, it is complete madness.
Did you hear that the bailed out JPMorgan is now the biggest bank in the US?
...too bad the article didn't tell us about how other banks in the world are rapidly catching up:
While having a big bank is good, it is also important that the bank be profitable.
economist wrote: Yet another indicator tells a story of China’s rise. The People’s Republic now has three of the world’s biggest banks by Tier-1 capital, up from one last year. This rise, however, is at the expense of British banks rather than American ones. Barclays and Lloyds Banking Group have slipped back. America remains top dog, with four of the world’s top ten. But China has three of the five most profitable banks, America only one. This might be one race China is not desperate to win. With systemically important banks facing additional capital requirements, China’s state-dependent banks will face pressure to find more robust funding. The domestic focus of their operations will limit global scrutiny. But only for now.
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To be fair, JPMorgan Chase did not need the bailout money. They were successful in avoiding the fallout from so much risk and merely helped themselves to the pie because those in gov't (with Goldman advising them) insisted they take it.
They were among the first to repay it.
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jeffrey said:
To be fair, JPMorgan Chase did not need the bailout money. They were successful in avoiding the fallout from so much risk and merely helped themselves to the pie because those in gov't (with Goldman advising them) insisted they take it.They were among the first to repay it.
Well, it is their fiduciary duty to maximize their firm's interests.
I am glad they took the money, even though they did not need it. I hope they make a lot of money next quarter.
NYC could really use the money.
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I hope the big banks are able to make a profit without destroying our economy or contributing even more to our awful distribution of wealth.
Neither of those things are acceptable so that NYC can enjoy continued wealth.
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Hope away.
...but at some point it may be time to realize we are merely passengers on a roller coaster. Because no one is driving, the choice is not whether we get to drive or not; The choice is merely whether to ride.
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Actually robust regulations are completely possible.
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yup. We used to have some good ones, and it would be nice if we got them back.
So many things in life are "nice", but it all really comes down to what things we want most, and whether we have the power to make it happen.
The ones with power rule the hour.
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The ones with power rule the hour.
we should start a protest against the status quo.
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Barney Frank has good advice on how to make a protest against the status quo more than simply sleeping in the park and fighting with the police.
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Sadly, he does not make a statement RE: "less jazz hands".
Suits for Wall Street is providing free suits to increase the image of OWS.
....both Mr. Frank and Suits for Wall Street should be commended for their excellent efforts.
Howdy, Stranger!
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