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View Diary: Bill Maher shows why people don't like Mitt Romney (183 comments)

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  •  I must disagree with you on this (1+ / 0-)
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    Finance isn't the problem. It's people who manipulate finance that are the problem. There is plenty of finance that is good, moral, and benefits everyone involved while also following rules.

    There are only 2 things in life I believe about religion: There could be a God and I'm sure as heck not him.

    by Irixsh on Sat Jan 21, 2012 at 12:31:21 PM PST

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    •  Today's finance is the problem (1+ / 0-)
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      Joe Willy

      It's not just the people, but the rules. They are malformed. When all the incentives push people towards making a quick buck unproductively if not destructively, that's where they'll go.

      "Liberty without virtue would be no blessing to us" - Benjamin Rush, 1777

      by kovie on Sat Jan 21, 2012 at 05:34:26 PM PST

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      •  Finance is many things (1+ / 0-)
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        My corner banker, and his counterpart at the credit union, is/are involved in finance.  With few exceptions, what they do is socially beneficial.  On the other side of what most people think of finance, I have organized large non-profit corporate projects requiring hundreds of millions of dollars in capital outlays.  To get that I used Wall Street investment banks and IDB's.  I worked with those rating agencies, big banks and investment bankers, etc we now decry.  It was true then, and even truer now, that "if you want a friend on Wall Street, get a dog."  The investment bankers were deeply corrupt, but even they performed a useful service.  The part of finance to which I think you are referring is financial engineering: interest rate swaps, dirivatives, mortgage backed securities featuring repackaged liars loans rated Aaa, and the like.  We should have a commonly accepted term for that sort of business - casino finance, flim-flam finance.  I am sure that someone more adept at marketing can come up with a better term.

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