"Bank does not make rules."
From: Jiten Roy <jnrsr53@yahoo.com>
To: mukto-mona@yahoogroups.com
Sent: Tuesday, September 11, 2012 7:37 PM
Subject: Re: [mukto-mona] Re: November Election: Disappointing News for Rush Limbaugh Fans
But they break the rules all the time! Bank has become a state within a state. Rules are there but the big boys do not follow the rules. Goldman Sachs knowingly packaged the toxic products and sold them to its favorite clients while took bets against the same bad products. What would you call it? That is the mother of all greed. How do we know that they are not cooking something different this time? The system is totally broke. I would rather have a sink or swim capitalism. One strike and you are out!.
-SD
"All great truths begin as blasphemies." GBS
From: Jiten Roy <jnrsr53@yahoo.com>
To: mukto-mona@yahoogroups.com
Sent: Tuesday, September 11, 2012 7:37 PM
Subject: Re: [mukto-mona] Re: November Election: Disappointing News for Rush Limbaugh Fans
K. Das said : "Besides, Dr. Roy, your pro-republican bias does not mix with anti-religious stance. I hope you have noticed it. Unregulated capitalism has made the bankers rich and bankrupted the institutions which created wealth. Should you defend the people who earn five times more bonus than salary (which might be as much as fifteen times as yours). If you should, that would be a manifestation of an identity crisis." _______________________________ Dr. Das, you are assuming I support everything in the Republican Party platform. I am not a partisan political animal, as many in this forum. Yes, many of my economic ideology match with republicans; that's all. You cannot match everything, can you? You cannot split presidential vote either. If I could, maybe I could give a part of it to democrats. I have to see what's at stake at the moment. Religion is not that important issue to me; so it will be the last thing I will worry about. Yes, banks failed, Wall Street failed, many corporations failed, and everybody got affected more or less from those failures. Many of the lost houses were bought by unqualified buyers. Government is responsible for relaxing the requirements for qualifying for the loan to increase the number of home-ownerships. Banks are intermediary vendors between government funds and buyers. Bank does not make rules. However, banks are responsible for derivative market. Security and exchange commission screwed up there. That's another story. But, people who got affected the most were the rich. Rich also got affected the most in the Madoff scandal. I had a very small investment account, which I manage myself as a hobby. I lost 80% money in that account during the internet bubble-burst. Many people lost their houses and life-savings during that time. Many got out of the market, and accepted the loss. I didn't. I was putting more and more money in the market when it tanked. Today, I am happy to say that - I made much more than I lost during that bubble burst. What I am trying to say is - where there is risk there is gain also. Also, as a small invester, I know greed is the only thing that drives me in the stock market. When I gain, I want more gain. Don't you call that my greed? Don't be possessed by negative feelings all the times. Behind every cloud cover there is sunshine. You mention salary discrepancy between me and the Wall Street executive? This is a political talk. But, let me explain this which politicians forget to tell. The salary of a Wall Street executive is 1000 times more than me. That's true, and I know why. Those guys take 1000 times more risk than me every day. They handle our retirement accounts; they handle thousands of corporate accounts. How many people are smart enough to do that? President's view about CEOs is - "There are many smart people, like you....." The fact is - there are not too many people who can be CEOs. There is no school or training center for graduating CEOs to saturate the market to lower their pay. Their pay is determined by the market price. I am not smart enough to do that job either; otherwise, I would not have given my own retirement accounts to them, knowing full well they might fail sometime. I get my quarterly statements, and I see sometimes - my account is losing money. What should I do - pull my money out and put it under the mattress? Politicians, who like to incite class-warfare, compare CEO pay with ordinary workers to mislead people. It's disturbing to see that many people in this forum also are buying into that class-envy rhetoric. I wish to get CEO salary. That should be my dream, not my envy. Obviously, nobody can be 100% successful in a risky game. Yes, they will fail sometimes. You can't drive a CEO out of the company for each failure. If you do that – either you will end up paying much more to hire someone else or you will not find any. Even if you find someone for more money - there is no guarantee that he will not fail in the future. Every time CEOs fail, you cannot rewrite their contracts either. The game is risky. That's all. When a politician does this math, verify the math yourself. I don't trust politicians. This president once said the following about the rich people - "How much money do you need? You don't need that much money...." These statements reveal his desire, which is to set upper limit on earning potential. This is the distribution of wealth in disguise, a centerpiece of the socialism. I am not sure he can do it in this country, but that would be his desire in the second term, when he will get much more flexibility to use his executive privileges. If he can do it, he will make it very difficult to become millionaire/billionaire in this country. You may ask - if all that is true, why billionaires are supporting him? The answer is - do you think those who are already billionaires want many more billionaires around them? The answer is "NO." Who wants more competition? Nobody! If you still like this president, you can vote for him. Jiten Roy --- On Mon, 9/10/12, Kamal Das <kamalctgu@gmail.com> wrote:
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