World wide recession.

@Memnon (2170)
July 7, 2010 10:47am CST
Do you think that banking expansion, the greed of their chief officers, and risky bank policies are one of the main causes of the recession? Should we have allowed more banks to fail before throwing away public funds to support them, especially in the light of the large bonuses that they are awarding their boardrooms? Would you support a move by governments to convert the tax payer's money thrown at the banks into shares, so that governments have a controlling interest in them, or should they all be brought into national ownership to streamline them, and make profits for the state and people rather than a chosen few fat cats?
3 responses
siaosong
@siaosong (165)
• United States
8 Jul 10
Bank should be partially responsible for the world recession. But if the banks are owned by the country (in some countries, they are doing this.), problems still exist.
Memnon
@Memnon (2170)
•
8 Jul 10
That's a much worse situation, as it is clearly the government to blame.
satz0249
@satz0249 (125)
• India
8 Jul 10
the main cause for recission is wnwanted policies of bank and give away credit cards to people who are not in a position to return the money !! this is the main cause..
Memnon
@Memnon (2170)
•
8 Jul 10
Although many of us asked for credit that we could not afford, it is equally greedy of the banks to lend this, with only profit in mind: when they knew that customers were unlikely to be unable to afford it.
boboypete
@boboypete (209)
• Manila, Philippines
7 Jul 10
Definitely yes! In recession, I know it is normal that government applies policy to support the bank if they fail, I think the control should be there so that not only the banks could benefit those public funds but the less fortunate people trapped with the big debt in many cases... buyouts here ... buyouts there these happen because as what you mentioned so the government have a controlling interest! Normal thing for me to see bankers living in a luxurious lifestyle, receiving big bonuses and abusing themselves by spending big bucks of money in many earthly things... In my opinion it is not good to support any movement of government converting taxpayer's money just for them to abuse again. We have been witnessing how people suffered from this financial turmoil, now, it is our time to have precautions. If I were the president or prime minister I have to control the bank using the money (from the taxpayers) to normalize their operation and so they could not continue sabotaging the public again... and minimize them with their abusive authority, and to diminish personal interest of those few fat cats.
Memnon
@Memnon (2170)
•
7 Jul 10
I have just heard on Sky News that the EU has approved new curbs on banker's bonuses. That has to be good.