the banking business model is dead

[sniglet]

[Alex]

This is very interesting and eye opening (at least for me) explanation of the whole monetary system. Pretty scary, really. It is 47 minutes, but it worth it.

Money is debt. http://video.google.com/videoplay?docid ... 2583451279

Alexander

[SeattleMoose]

Alex...I cannot thank you enough for the link to that illuminating and yes, scary video.

I have sent the link to all my family and friends and asked them to do the same.

Tim, this link should be put in a special place so EVERYONE gets to see it.

It confirms everything I only "felt" but now more fully understand about the rotting and leaning tower that is our debt/interest driven financial system.

To sum up...not only is a crash coming, it is inevitable.

OUR WHOLE FINANCIAL SYSTEM IS AN UNSUSTAINABLE GAME OF MUSICAL CHAIRS!!!

[TJ_98370]

Alex -
.
Good video. It goes a long way toward explaining the "debt is wealth" mentality.
.
If you consider what a bond, CDO, MBS, etc. really is and how these "instruments" are traded as something of concrete value, as opposed to what they really are (just a promise to pay back a debt), alot of the financial system really does look like some massive potentially unstable scheme.
.

[TJ_98370]

.
Sixty Minutes investigates Wall Street's credit default swaps, reputedly the major reason for the current economic crisis. Video and transcript -
.

.

[rose-colored-coolaid]

[Charles Dean]

The Credit Default Swaps are a pretty big culprit, but there are at least a dozen different things that caused this to happen.

I would personally suggest that it was a storm of massive deregulation, regulators looking the other day, rampant greed and a system that was rewarding corporate leadership for short-term big gains over good long term safe investing.

To blame the entire collapse on one thing is a case of not being able to see the forest for the trees.

[rose-colored-coolaid]

[FreedomLover]

Someone didn't tell BofA, Wells Fargo and JP Morgan Chase that they're dead.

[FreedomLover]