13 August 2010

Breaking News: Bankers are Greedy!!!

Walking in Central today, I made a startling discovery: apparently, banks have been ripping Hongkies off! If you can believe this, banks are gambling with people's money, expecting their customers to assume the risk while keeping the profits for themselves!

It's hard to find a bank in Central that isn't being protested these days. I must say, I totally don't get it. Are these protesters really surprised? Banks are a mechanism for transferring wealth from poor/middle class people to rich people (yes, they have other less anti-social functions, but those are secondary to their core purpose). This has been true for thousands of years (and it's the reason the three Abrahamic religions all have or had taboos against charging interest). This function isn't exactly hidden: it's fairly obvious who makes gets paid interest and who pays interest. Yet somehow these poor shmucks in Central think they have some sort of specific greivance against specific banks. And they think they have a duty to inform Villagers about the nefarious doings of (mostly foreign) banks.

Privatizing profits and socializing losses is what makes banks so profitable: CEOs make huge bonuses by trimming expenses (and increasing hidden risk), then when the shit hits the fan, they stick someone else with the bill. That's just a damn good business model. These protesters might as well be protesting the humidity. It sucks. But it's the way things are.


  1. After my daily observation of them (alongside with those bankers who barely raise an eyelid on them), I decided not to worry too much about them as they are retired folks who got plenty of time on hand. If you look closely, you'll find them chatting in a relaxed manner.

    I admire their persistence tho, which those post-80s protesters lack.

  2. Yeah, they have persistence. But when they just leave the megaphone on the floor and walk away, that seems sorta lame.

  3. Exactly, like you say, it's nothing new, it's a scam business model that has been running for hundreds of years - "give us your money because we're telling you that we're good at managing it, we take the risk and you take the loss, but we'll charge you for our services no matter what happens" - and then they employ lots of young clueless kids to stare at computer screens all day and take random guesses at what to buy and sell, so it looks like you're a getting value for money finance service. Next to prostitution, it's one of the world's oldest professions.


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