Free markets are for losers
Posted: November 29, 2011 | Author: quixote | Filed under: U.S. Economy, U.S. Politics | Tags: Banksters, Chinese banks, ratings agencies |8 CommentsYou don’t have to believe me. The S&P says so. At the very heart of the supposedly free market, right there on Wall St., they’ve got no use for it. Standard & Poors announced a mass of ratings cuts for the biggest names in banking.
Bank of America and Goldman Sachs, … Barclays, HSBC, … Citigroup, … Morgan Stanley, Commerzbank, and UBS, [all] had ratings cut by one notch. …
But. But, but, but, and however,
it upgraded ratings on two Chinese banks, Bank of China Ltd. and China Construction Bank Corp. …
The upgrade for the Chinese banks has come at a time when there have been increased concerns about the health of the country’s banking sector. …
Analysts said while the Chinese banks were prone to the risk of accumulating bad debt, they still remain a safe bet.
“The key factor is that they are largely government owned, that means the risk to shareholders of these banks is quite low.”
Too funny. The joke is on me, thinking they believed all that free market eyewash.
Did you like this post? Please share it with your friends:
- Share on Facebook (Opens in new window) Facebook
- Share on Reddit (Opens in new window) Reddit
- Share on Pinterest (Opens in new window) Pinterest
- Share on Tumblr (Opens in new window) Tumblr
- Share on Mastodon (Opens in new window) Mastodon
- Share on LinkedIn (Opens in new window) LinkedIn
- Email a link to a friend (Opens in new window) Email
- Print (Opens in new window) Print
- Share on X (Opens in new window) X
- Share on Threads (Opens in new window) Threads
- Share on Bluesky (Opens in new window) Bluesky
- More
peej
Carissa
bostonboomer
ecocatwoman
mablue2
Mama Lopez
peggysue22
quixote
skydancingguestblogger
Mona (aka Wonk the Vote)
Sky Dancing 
ROFLOL! That’s hilarious. But of course none of these people really believe in free markets. They believe in socialism for the rich and fascism for the lesser classes.
There’s a real good argument in economics that a lot of what banks do is actually a public good and it should be provided either in the public sector or be heavily regulated. The payment services area–clearing checks and electronic payments–was essentially done by the FED for years. Some forms of lending are in the same category.
Interesting. and makes a lot of sense to me.
Barney Frank said tonight the reason for those downgrades is someone finally understood that, according to Dodd-Frank, there would be no further legal bailouts for the TBTF banks.
I could believe that, except Big Money doesn’t seem over-worried about what’s legal….
“Free Market” is more like a religious ideal than anything resembling science — the US securities just downgraded seem to favor funding politicians who are religious rightwing nutbags.
The Chinese Gov/politicians don’t believe in Christmas — but these guys DO believe in producing boat loads of xmas junk. So the bets are now on the Chinese banks — and it seems that the credit ratings are actually betting odds.
I’m just following the line of logic about gamblers taking over the financial world.
Good post by the way.
They’re raiding another occupy site …
Live Video – Watching Police Staging Over 20 Buses #OWS #OccupyLA on http://www.ustream.tv/cbsnews
From firedoglake — one of the comments on the riot of the cops in LA is that tweets are being blocked. 0bowma must be having fun. If homeland security is involved then so is da Prez. Typical passive aggressive crap.