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THE BANKING INDUSTRY SHOULLD BE ABOLISHED

Posted by kenyantykoon • 9/15/09 • Subscribe to this Discussion [RSS] • Report This Topic
Topics: abolished, banking

I think that banks are not here to help John Q public but are here to serve their own needs, they are businesses that are driven by profits and not to help us keep our money safe and help increase the amount with attractive interest rates(no matter what the commercials say) this is a business that is largely driven by ignorance of the masses and they will not take time to educate people about finance and wealth creation. You want to know why i say this? it is because of the policies and concepts that they use. i have written a rather long (and highly linked) post on some of this. here it is

kenyantykoon.wordpress.com/2009/09/14/why-the-banking-industry-should-be-ab...

User Comments

9/15/09

MadameX

I think what you say here is true of nearly all businesses. Why do you see the banking industry as different?

[reply]
1. 9/15/09
  
  kenyantykoon
  
  because of all the commercials and offers and so many other things that make us believe that they care for out money and financial security when all they want is to to play around with it. thats wrong
2. 9/15/09
  
  MadameX
  
  What about the car manufacturer (or tire manufacturer) who advertises in a way designed to make us think they care about our families' safety? The pharmaceutical companies with their "better life" advertising and their buried studies about the people they're killing? What you're describing is simply the way America does business.
3. 9/15/09
  
  kenyantykoon
  
  i see your point but do we entrust our life savings to them and watch them as they play around with it for their own profits and watch them make all the laws because"he who has the gold makes the rules"? all other businesses have rules and policies to abide by but the banking industry is different because it makes the rules to play by. at least you can sue a tire company for "causing" the accident but can you sue a bank like morgan chase and the like for devaluing all your savings??
9/15/09

wagerwitch

Uhm --- hate to break it to you - Banking is a SERVICE - they want you to use their service.

Just like ANY company or product the seller wants the consumer to WANT THE PRODUCT.

Advertising has rarely been honest in ANY company.

All products have downsides...

Just par for business in general.

Buy it - or not - UP TO YOU.

Don't let them charging you a fee for NSF tick you off - don't have an NSF.

Period.

College offers financial informational courses.

[reply]
1. 9/15/09
  
  kenyantykoon
  
  i agree with what you are saying but this is people's life savings we are talking about. and in any case the real bone of contention is what they do with that cash. if they were making a little profit out of the good products that would be fine but the kind of mess they have caused is colossal. read the 'conspiracy of the rich' and you will see what i am talking about
2. 9/15/09
  
  SweetViolet
  
  There are other ways to deal with one's life savings...in fact, with the pitiful interest American banks pay, it's stupid to put one's "life savings" in there. Far better instruments exist.
  
  But WW and MmeX are right...a bank is a business, and it is in business to make a profit for its shareholders. That is its primary purpose. And if the adverts are misleading, then the problem is truth-in-advertising, not the banking business.
  
  Besides, deposits in US banks are FDIC insured up to...what is it now, $200K? If your life savings are more than that and you are satisfied with the pittance the bank pays in interest, then open more accounts and don't keep more than the insured amount in each one.
9/15/09

kenyantykoon

who's side are you one sweet violet??

[reply]
1. 9/15/09
  
  SweetViolet
  
  I'm on the side of reason and common sense, which your suggestion flies in the face of.
2. 9/16/09
  
  kenyantykoon
  
  you seem to disagree with everything that i seem to say. i am just putting stuff as i see them and these points are backed with facts not emotion
9/15/09

beyondpottery

There isn’t fundamental difference between them and the criminal syndicate apart from one is legal and the other isn’t.

[reply]
1. 9/16/09
  
  kenyantykoon
  
  in banking whether something is legal or illegal is relative. i mean what they do with fractional reserve banking is legal for them but illegal for the rest of the public. so in a sense the banking institution is a criminal syndicate. depending on how you look at it
  (I HOPE THAT NONE OF YOU OWN BANKS BECAUSE I MUST BE REALLY STEPPING ON YOUR TOES)