I was not sure what to think of the US bail out, but since france had brought up the demand that the european taxpayers should reward the criminal energy of top bankers witht heirn own hard-worked-for money, I found my position. I do not wish that to happen, and I strictly oppose both the american bail out at cost of the US tax payers, and i totally oppose a similiar plan form europe at the cost of european tax payers. Whcih would mean that germany and germna tax pqayers would have to paw the most for it.
German finance minster is violently angry about the banker'S complete lack of trustworthiness and morals, and especially the Hypo real Estate. Why? simple. Hypo real estate was brought into trouble by lousy business being done by it's Irish daughter. It called for help and got a deal by private banks and the state over 38 billion. Hypo said that would solve issues, and they talked about transparency and rebuilding trust, and trustworthiness. Unfortunetyl while they said all that nice stuff, they were blatantly lying about their problem's real size. After they got the deal, other bank's controlers found that they would not need guarantees over 38 billion and then are done, but that the problem is much bigger: they would need 50 billion until just this year, and another 50-70 billion next year alone.
transparency? Trust? Trustworthiness?
The financial senior expert of the the SPD Dressler is even clearer in words, and called such bankers as crminals and called it criminal energy if for capitalistic selfishness and egoism whole national economies are pushed into the abyss and whole world gets threatened by doom, just for somebody's financial interests. And I totally agree with him. these business pratcices are criminal. this business ideals are criminal, these practitioners act criminally, and it is a ciminal lack of responsibility and ethics to act like the banking business is doing since - since when? since almost always?
If it means that many or most banks die a miserable death, and the global economy goes to it's knees, okay with me, let them. This business is the first in demands for being untouchable when it privatises its many profits that it makes by producing nothing, and not raising our cultural value, and not increasing our knowledge. But when they have losses, they are also the first to demand the state and taxpayers - in short: other people's money - to pay them their losses, and getting rewarded for their miserable management that way! for me, that is totally unacceptable, even more so since germany since years has warned of these critical developements, and asked washington and london for assistance in raising new codes and standards, to safeguard against this desaster - and the americans laughed them in the face, and the British turned their backs on the germans. It were just the stupid germans, you know, these stupid Germans that do not know how to do real banking, and alsways having Angst, and always wanting total regulation and being in control. strangely, not a few experts would argue that the "overr-regulated" german banking system is the most crisis-proof in the world, while the "most profitable" one - America - was the first to collapse, and collapses with louder noise than any other. . But even the german system gets shaken now. And that means something.
If this kind of bankers and business ways now kicks the bucket - let it, don't disturb it. It makes me sick that still there are voices saying it should be saved - and please, "
no more monitoring and regulation!"
I hope the banks really get it, and get so tough that a good ammount of them dies. If people do not suffer sufficient pain from this crisis, they will not learn - and will not change things.
The system itself is what stinks, not just this or that single bank. the system encourages and even provokes the messy behavior that led to all this.
I also want chief bankers ijn chains for a lifetime, and hacking stones in the mine. Just to teach them about what the term "reality" means.