FOLLOW BOREME
TAGS
<< Back to listing
Max Keiser:

Max Keiser: "The banks are dead"

(3:28) Moody's, one of the 'Big Three' credit rating agencies who assesses the credit worthiness of corporations and governments, has slashed the ratings of fifteen of the biggest banks in Europe and the US including Goldman Sachs, Morgan Stanley, RBS and Deutsche Bank. Max Keiser, American broadcaster and host of 'The Keiser Report', gives his analysis on Russia Today.

Share this post

You can comment as a guest, but registering gives you added benefits

Add your comment
Submit as guest (your name)

Copy code captcha


Submit as member (username / password)

CANCEL
Guest: Al Berta (1944 days ago)
Oh I see....these muppets are making shit up!
ReplyVote up (224)down (202)
Original comment
Oh I see....these muppets are making shit up!
Add your reply
Submit as guest (your name)

Copy code captcha


Submit as member (username / password)

CANCEL
cengland0 cengland0 (1942 days ago)
What a surprise. Everyone has been complaining about the banks making too much money so the government steps in and puts limits on how much they can charge in fees and now the banks are going under. The government changed the interest rates the banks can charge for student loans (even after the student agreed on a higher rate). The solders and sailors act. The inability of banks to get their collateral back on bad home loans. The list goes on and on.
ReplyVote up (231)down (205)
Original comment
What a surprise. Everyone has been complaining about the banks making too much money so the government steps in and puts limits on how much they can charge in fees and now the banks are going under. The government changed the interest rates the banks can charge for student loans (even after the student agreed on a higher rate). The solders and sailors act. The inability of banks to get their collateral back on bad home loans. The list goes on and on.
Add your reply
Submit as guest (your name)

Copy code captcha


Submit as member (username / password)

CANCEL
WalterEgo WalterEgo (1942 days ago)
Banks should be nationalised, and all those 'super-clever' bankers should move into industries that are not essential to society. Why have people who don't give a shit about anyone except themselves, run an industry that is essential to to everyone?
ReplyVote up (124)down (117)
Original comment
Banks should be nationalised, and all those 'super-clever' bankers should move into industries that are not essential to society. Why have people who don't give a shit about anyone except themselves, run an industry that is essential to to everyone?
Add your reply
Submit as guest (your name)

Copy code captcha


Submit as member (username / password)

CANCEL
cengland0 cengland0 (1942 days ago)
Why just nationalize banks? Why not healthcare (Obama Care?). Why not grocery stores -- those provide a necessary staple. Why not gas stations? The list could go on and on. I'm a libertarian so I think there should be less government control and let the people decide where to shop. If they don't like a particular bank's practices, go to a different bank.
ReplyVote up (120)down (113)
Original comment
Why just nationalize banks? Why not healthcare (Obama Care?). Why not grocery stores -- those provide a necessary staple. Why not gas stations? The list could go on and on. I'm a libertarian so I think there should be less government control and let the people decide where to shop. If they don't like a particular bank's practices, go to a different bank.
Add your reply
Submit as guest (your name)

Copy code captcha


Submit as member (username / password)

CANCEL
WalterEgo WalterEgo (1942 days ago)
Grocery stores are not essential to society, but food production is. If you look at what big business has done to the health of the population, then you should agree that big business ethics are not compatible with food production. Gas stations are not essential to society, but energy is. In a world where climate change is possibly our biggest challenge, 'dirty' energy should not be sold for profit, because we need to reduce the use of oil, which is diametrically opposed to what a for-profit organisation is trying to do. Clean energy should privately run, but dirty energy should be nationalised. As for going to a different bank, banks are a cartel in everything but name. As for healthcare, I'm from the UK, our national health service is far from perfect, but it is so much better for our society than what I understand of the American system.
ReplyVote up (112)down (126)
Original comment
Grocery stores are not essential to society, but food production is. If you look at what big business has done to the health of the population, then you should agree that big business ethics are not compatible with food production. Gas stations are not essential to society, but energy is. In a world where climate change is possibly our biggest challenge, 'dirty' energy should not be sold for profit, because we need to reduce the use of oil, which is diametrically opposed to what a for-profit organisation is trying to do. Clean energy should privately run, but dirty energy should be nationalised. As for going to a different bank, banks are a cartel in everything but name. As for healthcare, I'm from the UK, our national health service is far from perfect, but it is so much better for our society than what I understand of the American system.
Add your reply
Submit as guest (your name)

Copy code captcha


Submit as member (username / password)

CANCEL
WalterEgo WalterEgo (1942 days ago)
On a deeper level, I think the problem is the business ethic. We are taught that the point of a business is to make a profit, whereas if the the point of a business was to provide a great service or product, and profit was the side-effect of that product or service, it's easy to imagine that the world would be in a much better position than it is in now.
ReplyVote up (122)down (127)
Original comment
On a deeper level, I think the problem is the business ethic. We are taught that the point of a business is to make a profit, whereas if the the point of a business was to provide a great service or product, and profit was the side-effect of that product or service, it's easy to imagine that the world would be in a much better position than it is in now.
Add your reply
Submit as guest (your name)

Copy code captcha


Submit as member (username / password)

CANCEL
cengland0 cengland0 (1942 days ago)
A cartel is a formal agreement among competing firms. I can assure you that the banks are not forming agreements. Interest rates are set by the fed. NCUA and FDIC generate rules that member banks must abide by. Privacy agreements with customers prohibit the sharing of your information to other organizations. You can sit here all day and tell me that the banks are in collusion somehow but you need proof for a statement like that. I'm not sure how your banks in the UK work but I assure you that our banks are very competitive and try to get customers from other banks instead of price fixing or other methods to maximize profits of ALL banks. Again, if the customer does not like the practices of their banks, they can decide to go to another bank or not use them at all. There is no requirement in US law that forces people to use a bank.
ReplyVote up (100)down (117)
Original comment
A cartel is a formal agreement among competing firms. I can assure you that the banks are not forming agreements. Interest rates are set by the fed. NCUA and FDIC generate rules that member banks must abide by. Privacy agreements with customers prohibit the sharing of your information to other organizations. You can sit here all day and tell me that the banks are in collusion somehow but you need proof for a statement like that. I'm not sure how your banks in the UK work but I assure you that our banks are very competitive and try to get customers from other banks instead of price fixing or other methods to maximize profits of ALL banks. Again, if the customer does not like the practices of their banks, they can decide to go to another bank or not use them at all. There is no requirement in US law that forces people to use a bank.
Add your reply
Submit as guest (your name)

Copy code captcha


Submit as member (username / password)

CANCEL
WalterEgo WalterEgo (1942 days ago)
Not using a bank in today's world is not a choice. I don't believe banks are a cartel, but I do believe they collectively act like one. I can't prove this, all I can say is that it looks like it. Banks do fight for customers, but they tend to be new customers (students, mortgages, people coming of age), not long-term customers from rival banks. It appears that there is an understanding that if they start to undercut each other, they all lose out in the long run. For example, bank charges in the UK are extortionate, so much so that the Office of Fair Trading has been battling the banks for some time. But do we have a banks offering fair bank charges to try to woo customers? Not that I'm aware of.
ReplyVote up (112)down (124)
Original comment
Not using a bank in today's world is not a choice. I don't believe banks are a cartel, but I do believe they collectively act like one. I can't prove this, all I can say is that it looks like it. Banks do fight for customers, but they tend to be new customers (students, mortgages, people coming of age), not long-term customers from rival banks. It appears that there is an understanding that if they start to undercut each other, they all lose out in the long run. For example, bank charges in the UK are extortionate, so much so that the Office of Fair Trading has been battling the banks for some time. But do we have a banks offering fair bank charges to try to woo customers? Not that I'm aware of.
Add your reply
Submit as guest (your name)

Copy code captcha


Submit as member (username / password)

CANCEL
cengland0 cengland0 (1942 days ago)
In the US, we have Usury statutes. Each U.S. state has its own statute which dictates how much interest can be charged before it is considered usurious or unlawful. Congress put a federal criminal limit on interest rates by the Racketeer Influenced and Corrupt Organizations Act (RICO), which make it a federal felony to lend money at an interest rate more than twice the local state usury rate and then try to collect that "unlawful debt". So, again, where are the banks going wrong? Can you name a US bank that is charging more than the allowable limits set by law? I'm not sure about the laws of the UK but do they force you to use their banks? Are all UK citizens required to use the banks in the UK? You say that "Not using a bank in today's world is not a choice." Can you explain why you would need a bank more than you would need something like food?
ReplyVote up (73)down (111)
Original comment
In the US, we have Usury statutes. Each U.S. state has its own statute which dictates how much interest can be charged before it is considered usurious or unlawful. Congress put a federal criminal limit on interest rates by the Racketeer Influenced and Corrupt Organizations Act (RICO), which make it a federal felony to lend money at an interest rate more than twice the local state usury rate and then try to collect that "unlawful debt". So, again, where are the banks going wrong? Can you name a US bank that is charging more than the allowable limits set by law? I'm not sure about the laws of the UK but do they force you to use their banks? Are all UK citizens required to use the banks in the UK? You say that "Not using a bank in today's world is not a choice." Can you explain why you would need a bank more than you would need something like food?
Add your reply
Submit as guest (your name)

Copy code captcha


Submit as member (username / password)

CANCEL
WalterEgo WalterEgo (1942 days ago)
You have to use a bank to run a business. You have to use a bank to buy anything on the internet. You have to use a bank if your wage is not paid in cash. Almost every situation involving money in this modern world involves banks. As a banker yourself (I'm assuming), you know that cash is on its way out. That's what I mean by essential, not the minimum to keep someone alive, but enough to give someone a fighting chance to fulfill the American Dream. I'm not a banker, so I'm not as knowledgeable with banking as you are. But I don't think citing 'not breaking the law' as a defence of banking practice, is valid. From an ethical point of view, laws should be adhered to in spirit as well as to the letter. But more importantly, bankers themselves have influence in the making of these laws. And I suspect some of these influences go very deep.
ReplyVote up (133)down (105)
Original comment
You have to use a bank to run a business. You have to use a bank to buy anything on the internet. You have to use a bank if your wage is not paid in cash. Almost every situation involving money in this modern world involves banks. As a banker yourself (I'm assuming), you know that cash is on its way out. That's what I mean by essential, not the minimum to keep someone alive, but enough to give someone a fighting chance to fulfill the American Dream. I'm not a banker, so I'm not as knowledgeable with banking as you are. But I don't think citing 'not breaking the law' as a defence of banking practice, is valid. From an ethical point of view, laws should be adhered to in spirit as well as to the letter. But more importantly, bankers themselves have influence in the making of these laws. And I suspect some of these influences go very deep.
Add your reply
Submit as guest (your name)

Copy code captcha


Submit as member (username / password)

CANCEL
Guest: Eat Therich (1942 days ago)
Latest comment: I can name one. The Michigan criminal usury statute, MCL 438.41, makes it a felony to charge more than 25%. I'm holding a Chase bank statement charging 27.24%. Chase bank is a felon.
ReplyVote up (103)down (129)
Original comment
Latest comment: I can name one. The Michigan criminal usury statute, MCL 438.41, makes it a felony to charge more than 25%. I'm holding a Chase bank statement charging 27.24%. Chase bank is a felon.
Add your reply
Submit as guest (your name)

Copy code captcha


Submit as member (username / password)

CANCEL
Guest: (1942 days ago)
You must be a banker to so thoroughly misunderstand what is/has been ging on?
ReplyVote up (108)down (112)
Original comment
You must be a banker to so thoroughly misunderstand what is/has been ging on?
Add your reply
Submit as guest (your name)

Copy code captcha


Submit as member (username / password)

CANCEL
cengland0 cengland0 (1942 days ago)
Your comment is too vague. What comment do you believe I misunderstood?
ReplyVote up (120)down (117)
Original comment
Your comment is too vague. What comment do you believe I misunderstood?
Add your reply
Submit as guest (your name)

Copy code captcha


Submit as member (username / password)

CANCEL
Guest: (1943 days ago)
That dude looks so evil...
ReplyVote up (174)down (218)
Original comment
That dude looks so evil...
Add your reply
Submit as guest (your name)

Copy code captcha


Submit as member (username / password)

CANCEL
Moonlight Moonlight (1942 days ago)
True, but don't judge a dude by his face.
ReplyVote up (123)down (110)
Original comment
True, but don't judge a dude by his face.
Add your reply
Submit as guest (your name)

Copy code captcha


Submit as member (username / password)

CANCEL
RELATED POSTS
Virgin gets involved with Hyperloop
Virgin gets involved with Hyperloop
Questions about SpaceX's BFR concept
Questions about SpaceX's BFR concept
Can Tesla compete in the trucking industry?
Can Tesla compete in the trucking industry?
Why has Apple released a premium model iPhone?
Why has Apple released a premium model iPhone?
BFR - Earth to Earth: BUSTED!
BFR - Earth to Earth: BUSTED!