

Bankers affected say it's no big deal


I. Adobe Flaw Likely Exploited by Hackers.





Adobe Cold Fusion

In the press release for the patch, Adobe stated:





II. Hackers Still Flaming Mad About Swartz's Death




Aaron Swartz


III. Sabu to be Sentenced


Sabu 1



Source: Reuters

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RE: Nitpick
By Integral9 on 2/8/2013 3:34:23 PM , Rating: 0
The Great Depression lasted as long as it did because the Federal Government was loath to get involved. Back then the view was to let the failing banks die. They deserved it. Sounds good and all, but what was over looked was the ripple effect of letting banks die. W/out an FDIC to insure people's bank deposits, when their banks went under, they lost their savings. W/out a bank to borrow money from, people couldn't buy houses or cars and businesses couldn't get simple loans. Letting the banks die effectively killed many more businesses which resulted in even higher unemployment. That coupled with a the Dust Bowl and bad decisions by the USDA (telling farmers to plow their fields under) resulted in even higher unemployment and then food shortages.

The recovery didn't happen until WW2 because that's when the Federal Government spent tons of money building up our manufacturing (retooling factories to build war machines) and other projects (Greenville, Greensboro, etc). It would have happened sooner, but people bitched about government spending and FDR stopped. Sound familiar? It should.

Those who don't know their history are doomed to repeat it.

RE: Nitpick
By RufusM on 2/8/2013 5:01:00 PM , Rating: 2
This is also why we need to go back to having two separate types of banks:

Commercial Banks
Investment Banks

These institutions were kept separate since 1933. Lessons were learned in the Great Depression that Commercial Banks should not be making risky investments in the market, since they have a much higher probability of going under than if they stick to just lending money.

Fast forward to 1999 and the Gramm-Leach-Bliley Act. This repealed the banking separation letting Commercial Banks make risky investments in the market, getting them chained to all of those crap CBO's and other products offered by the Investment Banks when they were going under.

Many Commercial Banks were bailed out. If they weren't bailed out they would've went under causing the FDIC to have to back their depositor's dollars with taxpayer money.

Either way the taxpayer's lose. It's a good system for the banks.

RE: Nitpick
By Reclaimer77 on 2/8/2013 7:29:50 PM , Rating: 2
Yeaaah nice theory, but meanwhile in the real world we can clearly see that recessions and depressions have been happening at ever increasing rates since the Federal Reserve act of 1913. Someone like you probably thought it was a great idea to give the Government unlimited financial power.

"The Congress established three key objectives for monetary policy in the Federal Reserve Act: Maximum employment, stable prices, and moderate long-term interest rates" - Wikipedia

Gee what could go wrong right? Well today we have minimum employment, unstable prices, and a zero percent interest rate. Government's track record is just flawless here /sarcasm

Those who don't know their history are doomed to repeat it.

I couldn't agree more. Too bad you are ignoring half of the "history" on this subject.

RE: Nitpick
By Armageddonite on 2/8/2013 7:43:48 PM , Rating: 2
Several small recessions are better than one huge depression, the likes of which have not been seen since. And probably never will be again, provided the people in charge of oversight don't get caught napping on duty like in 2007-2008.

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