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pampango

(24,692 posts)

77. They existed under FDR. They just have to be controlled and taxed like he did. n/t

Reply to el_bryanto (Original post)

Tue Mar 24, 2015, 12:37 PM

Mar 2015

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In your opinion do Wall Street and the Investment Banks serve a societal purpose? [View all] el_bryanto Mar 2015 OP

where is the "Hell No!" option? n/t PowerToThePeople Mar 2015 #1

Sorry about that el_bryanto Mar 2015 #3

choice #2. n/t PowerToThePeople Mar 2015 #7

Of course they do. A HERETIC I AM Mar 2015 #2

I don't know about 60 years; rather more money would have to be set aside up front el_bryanto Mar 2015 #8

Bond issuance is precisely the method Investment Banks perform ... A HERETIC I AM Mar 2015 #15

Bond proceeds - when you issue a bond for a public project el_bryanto Mar 2015 #20

That is partially true. A HERETIC I AM Mar 2015 #25

I'm more familiar with it on the investment side el_bryanto Mar 2015 #26

This message was self-deleted by its author A HERETIC I AM Mar 2015 #28

Oh, really? Care to elaborate? It only took the USSR about 15 years to put the first man into space KingCharlemagne Mar 2015 #32

OK...I really have only one response to that completely absurd comparison. A HERETIC I AM Mar 2015 #33

Typical . . . resort to insults and invective when you can't respond to KingCharlemagne Mar 2015 #36

that is a good point treestar Mar 2015 #51

I meant only to note that the institution(s) of Wall Street and the investment banking KingCharlemagne Mar 2015 #57

But are we sure they did not treestar Mar 2015 #59

Using the USSR as a paragon might be the greatest vindication of private capital imaginable. nt Dreamer Tatum Mar 2015 #64

Ah, the obligatory red-baiting. Refreshing, it is. - nt KingCharlemagne Mar 2015 #66

The USSR: so efficient in its central planning that it doesn't exist anymore. Dreamer Tatum Mar 2015 #67

I'll bet you're all down with 10% of this country owning 80% of its KingCharlemagne Mar 2015 #69

No, I'm down with 8 guys in a Politburo owning 100% of it. nt Dreamer Tatum Mar 2015 #70

Like I say, good old-fashioned red-baiting. Been around since at least KingCharlemagne Mar 2015 #71

You trumpet the USSR and then accuse me of preferring wealth concentration. Dreamer Tatum Mar 2015 #73

It wasn't efficient in its planning. It did what we are doing now, in a slightly different way. sabrina 1 Mar 2015 #94

Slapping my forhead or banging it against the wall is not an insult. (Edited) A HERETIC I AM Mar 2015 #53

The USSR managed to construct an enormous number of public works projects at the local and KingCharlemagne Mar 2015 #62

The Trabant. nt Dreamer Tatum Mar 2015 #68

First of all, nowhere in this thread did I say investment banks were "absolutely necessary" A HERETIC I AM Mar 2015 #74

The USSR was operating under a command economy at that point, weren't they? el_bryanto Mar 2015 #55

I meant only to note that there is no writ in Holy Scripture for the institutions KingCharlemagne Mar 2015 #58

Two votes oldandhappy Mar 2015 #4

Nothing that credit unions couldn't manage. moondust Mar 2015 #5

I think there are a small number of functions hughee99 Mar 2015 #6

I guess the concept of starting a business, building it up, Nye Bevan Mar 2015 #9

Is the roll of wall street/investment bankers necessary to accomplish that however? el_bryanto Mar 2015 #11

Ah yes, I'd forgotten about Kickstarter. Nye Bevan Mar 2015 #17

I'm not saying as it exists now it could replace them; but it could grow to fill that roll. nt el_bryanto Mar 2015 #18

I hear what you are saying, but that "new" entity would essentially be an investment banker. Hoyt Mar 2015 #37

Because Henry Ford was a banker. closeupready Mar 2015 #13

They do, but they've gone too far. jeff47 Mar 2015 #10

This is where I'm at. Xyzse Mar 2015 #16

What do you mean by "providing savings"? n/t A HERETIC I AM Mar 2015 #21

A place to put savings so that it can grow more than stuffing it in a mattress. (nt) jeff47 Mar 2015 #72

OK...fair enough. A HERETIC I AM Mar 2015 #75

The interest comes from work. jeff47 Mar 2015 #78

I would add a couple words to the sentence in your title line; A HERETIC I AM Mar 2015 #91

They don't make capital, they are just a point of organization treestar Mar 2015 #45

Didn't say they made capital. They make capital available. jeff47 Mar 2015 #76

If charging a fee to move money from point A to point B serves a social purpose, then I suppose. closeupready Mar 2015 #12

How do you feel about truckers charging a fee to move food from the fields/packaging plants el_bryanto Mar 2015 #14

Because cash is edible and sustaining nutrition. closeupready Mar 2015 #22

OK - but the truckers are paid cash right? Or do you favor a cashless economy? nt el_bryanto Mar 2015 #24

Look. I get it. You're in banking. Check. And you disagree with me. closeupready Mar 2015 #30

Why are you so dismissive? I asked a follow up question and you responded with an eye roll el_bryanto Mar 2015 #31

Sorry. I apologize for my tone. closeupready Mar 2015 #41

I'm not in banking but I do use banks treestar Mar 2015 #43

Do I use banks? Yes, but if there were a viable alternative, I'd use it. closeupready Mar 2015 #49

It would be interesting to try to imagine those forms treestar Mar 2015 #60

Not a jibe at you, but I believe you demonstrate a lack of imagination here - closeupready Mar 2015 #65

What are those functioning members of the world economy treestar Mar 2015 #83

No offense, but I think I'm done here. I answered the OP's question, closeupready Mar 2015 #90

Do you like paved roads? A HERETIC I AM Mar 2015 #27

Because cash makes good asphalt - just add water! closeupready Mar 2015 #29

I know you're trying to be clever with your rapier wit and all..... A HERETIC I AM Mar 2015 #35

Your analogy is flawed. My response to you illustrated how. closeupready Mar 2015 #44

How is it flawed? A HERETIC I AM Mar 2015 #46

Your post illustrates why (as I responded to el bryanto) I didn't want to get into this. closeupready Mar 2015 #52

And you too. A HERETIC I AM Mar 2015 #54

No. Just part of the pyramid scheme that is capitalism - TBF Mar 2015 #19

pyramid. PowerToThePeople Mar 2015 #23

^ this right here is perfect. nt TBF Mar 2015 #88

Not really. Or, the societal purpose they serve (allocating resources) could be KingCharlemagne Mar 2015 #34

Sadly, many retirement plans are dependent on them. So I said "yes" but could be better served Coventina Mar 2015 #38

That's the key point. Our economic system and standard of living right now are dependent on them Hoyt Mar 2015 #48

They are necessary as long as we are going to be a modern, complex society treestar Mar 2015 #39

Our "modern, complex society" sucks rotten eggs in so many ways. I'm certain we could do better. hunter Mar 2015 #42

We'd have to organize big things in some way though treestar Mar 2015 #61

The interstate highway system connects things up pretty well. hunter Mar 2015 #95

I'm a Socialist and my economics are radical. hunter Mar 2015 #40

imo, your economics are not radical PowerToThePeople Mar 2015 #50

of course - at least under any system that is going to be in place for the foreseeable future Douglas Carpenter Mar 2015 #47

Without investment bankers etc how many people would be able to afford homes until they Thinkingabout Mar 2015 #56

Yeah, let's make the world a million times less liquid and see how that works for you. Dreamer Tatum Mar 2015 #63

Well said and spot on. A HERETIC I AM Mar 2015 #87

They existed under FDR. They just have to be controlled and taxed like he did. n/t pampango Mar 2015 #77

But Kickstarter wasn't around back then (nt) Nye Bevan Mar 2015 #81

Does everything need a purpose? randome Mar 2015 #79

Yes having a hobby does serve a purpose el_bryanto Mar 2015 #84

With more than 300 million people in this country... randome Mar 2015 #92

Even under communist rules, Russia had a Central bank that exists to this day. Agnosticsherbet Mar 2015 #80

the poll is about investment banks and stock market. PowerToThePeople Mar 2015 #82

Yes, they serve a critical purpose in our economic system. Agnosticsherbet Mar 2015 #97

The only purpose they serve is to keep the rich rich. WDIM Mar 2015 #85

Of course-- particularly the commodities markets. Marr Mar 2015 #86

Yes, but they need to be adequately regulated. subterranean Mar 2015 #89

Nods - I don't know if many people here believe they shouldn't be more tightly regulated and el_bryanto Mar 2015 #98

Sorry, but that is two seperate questions. Does Wall Street serve a societal purpose? Rex Mar 2015 #93

Business ownership puts billions of $$ into society and makes many of the things listed in cbdo2007 Mar 2015 #96

Yes, unfortunately they favor concentrated wealth and power rather PufPuf23 Mar 2015 #99

Yes, but their reach and power have become so overgrown and distorted that TheKentuckian Mar 2015 #100

Yes, but they're overly centralized. Nuclear Unicorn Mar 2015 #101