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Political involvement should be a requirement for citizenship

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Financial Industry Share Of Domestic Profits Near 40% #p2 #tcot #teaparty

April 26, 2010 By Egberto Willies

Sorry, there was a YouTube error.

Making money from money as opposed making money from products and services ensures a countries economy will ultimately fail as it transfers it wealth straight to the top.

image

image The Secret of the Banks’ Success

Back in early 2009 I was skeptical about the ability of major banks to recapitalize themselves out of profits. I was wrong, it turns out. Here’s why:

Bureau of Economic Analysis

Financial-industry profits have soared, probably because banks that can borrow money cheaply — because they have an implicit guarantee from the feds — are more or less guaranteed money machines unless they do something stupid; and gross stupidity has been placed temporarily on hold.

This has been good for the TARP, which won’t lose much money.

Beyond that, however, I find this ominous. We got into this mess because we had an over-financialized economy, with finance making a share of profits out of all proportion to its actual economic contribution. And now it’s baaaack.

 

The Secret of the Banks’ Success – Paul Krugman Blog – NYTimes.com

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Filed Under: General

About Egberto Willies

Egberto Willies is a political activist, author, political blogger, radio show host, business owner, software developer, web designer, and mechanical engineer in Kingwood, TX. He is an ardent Liberal that believes tolerance is essential. His favorite phrase is “political involvement should be a requirement for citizenship”. Willies is currently a contributing editor to DailyKos, OpEdNews, and several other Progressive sites. He was a frequent contributor to HuffPost Live. He won the 2nd CNN iReport Spirit Award and was the Pundit of the Week.

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