Centralized banking systems and private banking systems. They are difference in these two systems of banking. As a centralized banking system has your money guaranteed by the your government.
In my own opinion that is what brought Wall Street to where it is right now. Un enforced banks - which are private and have several smaller bankes ties into them caused one very large bank to fall and be bailed out. Basically in a nutshell, Loans and mortgages were being handed out like candy. Maybe (you would hope) with the stock market hitting it's lowest since September 11th, people will return back to the desire for real change. Not the slogan's that are used but change that creates a rebound where economies of scale are able to balance back.
America will rebound back - but I will say with no apprehension that for the people that have lost their homes - this was part and parcel the government never making an admission of being in a recession - or that it was on it's way. And with the banks just doing as they pleased......this really is outlandish in how much can take place in such a small period of time within a nation.
There has to be another way. And this is not prone to "this blog is approved by McCain nor Obama". I don't think they would even touch this right now as it's a very vulnerable area that once they do start speaking about what they would do, they are under the microscope, and really whom is accountable is once again the current administration coupled with some within the banking systems - that really when it comes down to it - it's negligence.
"Live within your means" sometimes people are desperate and are taken advantage of. And I look forward to a time now where people start thinking about the real.....Real issues at hand.
I recall the first gulf war, and one mentor of mine mentioning to me that there has been more that has happened in the last 50 years, than he has ever seen before. I look at things right now and the last eight years there has been more that has happened in at least the last 25 years - easily.
But that is just my own thoughts. Yes I reside in Canada, but I have no hate for United States, some do already know this. Knowledge is the key, we can know so much but yet to look into things rather than just pass them by with the thought that "It will all work it's way out". Where did accountability go? But there is one thing that still is abundant - it's that right to undertand and not allow these things to happen again.
Those are the Real Issues, as I see it in at this time. But everyone has there own. And that is what a democracy truly is about. Real Democracy that is...
Our banking system in Canada is definately different than in the US. Then again, we only have 10% of their population. I was told today that it is getting harder to get a mortgage here in Canada. The banks have suffered from the US downturn and they appear to be reacting wisely. Some of our retirement money is tied up in bank stocks. They've taken a bit of a nose dive but hopefully things will return to good days again before we retire.
ReplyDeleteA cloak of respectability with little accountability. Doesn't sound very "responsibly" to me. .
ReplyDeleteHow can we take responsibility for our lives and live in a way that is likely to improve it? I don't agree to that statement-- -""But everyone has there own. And that is what a democracy truly is about. Real Democracy that is.""
If a culture believes in cannibalism or child scarifies does that make it right?? Should everyone be allowed to their own views?? NO, ""there is a right and wrong."" And accountability to others.
America will rebound back? Lets hope so--but I am not so sure. Has New Orleans rebounded back--did the people rebuild or did new ones just take over? Is that better?
I think many are in serious trouble here. More than they will admit. And Our Government will never admit to selling us out.
Live within your means" sometimes people are desperate and are taken advantage of. And I look forward to a time now where people start thinking about the real.....Real issues at hand. ( perhaps we need to bring true values back--to me those are the real issues) (And let me clue you--toxic spreads)
Add on--on banking--A factor not mentioned too----a lowering of basic Bank Standards--how many loans were given out to people who simply can not afford the pay off? In recent years Illegals were even allowed to get loans without SSN. Many could not pay back. And just left it. How long can that go on? How good was that for business practice? Who has to pick up the pieces than? Who really pays the price of such bad decisions?
Good blog by the way--I love to read yours. Time we all did some thinking. Nice job
ReplyDeleteYes but our the banking systems of both Canada are different. There are some banks that are federally protected but I know a person that has a small sum within an american bank. Lets start there.....
ReplyDeleteWithin Canada and some other countries are federally protected. The government guarantees your money. The downturn has already hit it's peak economically and it will return. But outside of that I am amazed at the issue. And the point that was trying to get across is that we need to really look hard and close with what takes place within our own governments now. Before we just thought that "It will be alright" and I honestly feel that greed with a hand that was willing to offer "with no colateral down" jeaporadized the entire economy - which lead right into the stock market. Did we ever think we would hit a low that was lower than September 11th?
No...
America needs to really look at other systems and apply it to their own. When I hear McCain or Obama - right now I am asking myself where is the substance...I know who I would vote for but right now, I have yet to see any of them nor the President - comment on this. They have too much to loose if they bring up this pandoras box. And are the real issues being discussed? Something to consider. Within Canada we have an election and it takes 6 months and then it's over. And toxins spread here too but as mentioned Canada's population is very small, althought the land is very large.
ReplyDeleteWithin the last two terms I have no reservations in saying "yes you were sold out". But where does it go now. I has to go up, but sometimes I think that people forget the real issues.
In any country, we the citizens pay the price. There will be a rebound but I think people have to start taking into account what is best for the future generations. However - Had this is not the end of the world, I just thought I would write on something that I was wanting too.
America still wakes up each morning very proud and why not :)
Thank you (boy I woke up early), I truly wish to say that I don't hate america nor american's in any way. And it's my own thoughts on the matter.
ReplyDeleteOnce again you see "Canada" on my blog, but I am probably more americanized than canadian in some ways. And I have a passion with what takes place there right now. Here in Canada - I like it but I am not patriotic about Canada. Canada is something that is different. I am not sure what one would say Canada is.