Results are out! Find what you need...fast. Get quick advice or join the chat
Hey there Sign in to join this conversationNew here? Join for free

Is banking immoral?

Announcements Posted on
Applying to Uni? Let Universities come to you. Click here to get your perfect place 20-10-2014
    • 2 followers
    Offline

    ReputationRep:
    (Original post by Zenomorph)
    It IS immoral in the sense that the whole industry is controlled by a few big players. even by economics orthodoxy this is Oligopolistic market failure and government should step and correct it.
    You think it should be perfectly competitive :rolleyes:
    • 1 follower
    Offline

    ReputationRep:
    (Original post by goape)
    You think it should be perfectly competitive :rolleyes:
    • 1 follower
    Offline

    ReputationRep:
    Banking is not immoral, it's a service / industry that has existed for centuries and allowed many countries to develop the way they did (eg. Italy during and after the Renaissance). There's nothing immoral about banking, unless you consider charging interest immoral. If there were no banks, people and companies would have to somehow store all their cash in their house, which would be impractical; many people and companies would also not be able to afford a lot of things they can now afford, which would be bad for the economy as there would be limited opportunities for growth and development.

    There is also nothing immoral about investment banking particularly, as it's just an extension of the basic purpose of banks, which is to manage capital. There are, of course, some immoral people working in the banking sector in the same way as there are immoral doctors or teachers or bus drivers and it is those people that we always hear about as examples of the horribleness of the City. But most people working in the City (or the financial services in general, which make up 1 in every 14 jobs in the UK) are neither immoral, nor are they even investment bankers. As they say, hate the player, not the game.
    • 5 followers
    Offline

    ReputationRep:
    (Original post by goape)
    You think it should be perfectly competitive :rolleyes:
    I think it should be MORE competitive than it is
    • 4 followers
    Offline

    ReputationRep:
    (Original post by Dmon1Unlimited)
    If you are so poor you are on the verge of death I'd:
    1)Move somewhere where everything is cheaper, pretty stupid to live in a city or something if you can't afford crap
    2)seek free/cheap financial consultation
    3) live with parents or even a hostel till you raise enough money
    4)worst comes to worst, find a new job given that the current one is so **** that you can't even buy your own food and apply for JSA, or even benefits as a last resort....
    5) moonlight
    I'm pretty sure I've said stuff like this in a previous post?

    If you're so poor, you shouldnt have to take a loan out anyway... If you can't even afford food, how are you going to pay back the bank if you took out a loan? Regardless of interest or whatever...

    What situation would you be in where you have to pay someone by tomorrow?
    All this in one day? Sure!!

    And this is not a question directly to you but everyone on this forum - do you not think the Bank of England's new quantitative easing scheme is really immoral, as the BoE is giving money to banks such as BARCLAYS so these banks give it smaller businesses, in order to help money flow through the economy, however the banks are actually keeping the money for themselve?. Yet again banks continue to prove they are willing to go the extra mile for immorality.
    Basically, BoE is giving money to banks but banks are keeping it for themselves (a clear example of immorality)
    • 6 followers
    Offline

    ReputationRep:
    (Original post by chefdave)
    Would we be better off without the bankers and spivs that occupy the City of London?
    No. Then we would have no banking system.
    • 3 followers
    Offline

    ReputationRep:
    (Original post by JamalAhmed)
    All this in one day? Sure!!

    And this is not a question directly to you but everyone on this forum - do you not think the Bank of England's new quantitative easing scheme is really immoral, as the BoE is giving money to banks such as BARCLAYS so these banks give it smaller businesses, in order to help money flow through the economy, however the banks are actually keeping the money for themselve?. Yet again banks continue to prove they are willing to go the extra mile for immorality.
    Basically, BoE is giving money to banks but banks are keeping it for themselves (a clear example of immorality)
    No not doing all of them in one day, merely stating various things you can do to improve your finances so you won't end up in the situation you described. Usually you will notice that you are losing a lot of money and then act before its too late, you don't necessarily wake up and find out you are poor. Again it's a weighing up pro/cons thing, and there are ways (as I have mentioned) to add stability regarding money

    I'm afraid someone else will have to reply to this, it's beyond my knowledge
    • 4 followers
    Offline

    ReputationRep:
    (Original post by Dmon1Unlimited)
    No not doing all of them in one day, merely stating various things you can do to improve your finances so you won't end up in the situation you described. Usually you will notice that you are losing a lot of money and then act before its too late, you don't necessarily wake up and find out you are poor. Again it's a weighing up pro/cons thing, and there are ways (as I have mentioned) to add stability regarding money

    I'm afraid someone else will have to reply to this, it's beyond my knowledge
    From what you said, this is the conclusion I came upon....

    I see your point - you should care more about finances and see problems earlier in your situation so you can act upon it (I agree with what you said about this)

    But if you are too late, banks will take advantage of you, which is still immoral for banks.
    • 15 followers
    Offline

    ReputationRep:
    (Original post by funsongfactory)
    No. Then we would have no banking system.
    Depending on what type of banking we're talking about its not necesserally such a bad idea, investment banking [whilst very profitable for our economy theres no doubt about it] is going to blow up in the banks faces in the coming couple of years i guarentee it.
    • 2 followers
    Offline

    ReputationRep:
    (Original post by cl_steele)
    Depending on what type of banking we're talking about its not necesserally such a bad idea, investment banking [whilst very profitable for our economy theres no doubt about it] is going to blow up in the banks faces in the coming couple of years i guarentee it.
    Oh really? You can foresee the future can you!? Don't be so bloody ridiculous.
    • 1 follower
    Offline

    ReputationRep:
    (Original post by cl_steele)
    Depending on what type of banking we're talking about its not necesserally such a bad idea, investment banking [whilst very profitable for our economy theres no doubt about it] is going to blow up in the banks faces in the coming couple of years i guarentee it.
    I'm interested in what you mean by "blow up in the banks faces"?
    • 6 followers
    Offline

    ReputationRep:
    (Original post by cl_steele)
    Depending on what type of banking we're talking about its not necesserally such a bad idea, investment banking [whilst very profitable for our economy theres no doubt about it] is going to blow up in the banks faces in the coming couple of years i guarentee it.
    Oh mighty soothsayer, I bow to you.

    Ahaha, seriously though, you can read the future? Impressive, you should be on TV!

    Owait no.
    • 1 follower
    Offline

    ReputationRep:
    People think banking is immoral until the bank gives them loans which let's them buy nice things which improves their quality of life.
    • 15 followers
    Offline

    ReputationRep:
    (Original post by Roy064)
    I'm interested in what you mean by "blow up in the banks faces"?
    Banks like Morgan Stanley, Citi etc. etc. have been trading in things like P.E.A.R.Ls, CDS's and other derivitives of verious perversions and these things to put it very simply are wired like a bitch and tend to go down in value especially given that compared to when they were created the debts, exchange rates, debts etc. etc. these things are backed against have gone down the pan meaning when these things come to maturity some people are going to be left seriously out of pocket, sort of like what happened in 1994 but on a far grander scale since the markets have grown expenentually since then.

    (Original post by funsongfactory)
    Oh mighty soothsayer, I bow to you.

    Ahaha, seriously though, you can read the future? Impressive, you should be on TV!

    Owait no.

    (Original post by Hackett)
    Oh really? You can foresee the future can you!? Don't be so bloody ridiculous.
    If either of you two would take the time to actually read a financial article then you might notice that there is a $1,500,000,000,000,000 derivitive bubble of CDS's that will come to maturity soon but naturally since you both know more than the experts i should just shut my mouth right because students are oh so learned in this.
    And besides it doesnt take a genious to note that banking bubbles come and go, take a look in a History book at some point and you might notice that these things happen in cycles so either way at some point i will be right.
    • 1 follower
    Offline

    ReputationRep:
    If our present banking system does nothing but produce bubbles of debt, which can only be destroyed by cycles of crisis (wars, depressions etc), then it might not be immoral but it is a ****ed up thing.
    • 2 followers
    Offline

    ReputationRep:
    (Original post by cl_steele)
    Banks like Morgan Stanley, Citi etc. etc. have been trading in things like P.E.A.R.Ls, CDS's and other derivitives of verious perversions and these things to put it very simply are wired like a bitch and tend to go down in value especially given that compared to when they were created the debts, exchange rates, debts etc. etc. these things are backed against have gone down the pan meaning when these things come to maturity some people are going to be left seriously out of pocket, sort of like what happened in 1994 but on a far grander scale since the markets have grown expenentually since then.






    If either of you two would take the time to actually read a financial article then you might notice that there is a $600,000,000,000 derivitive bubble of CDS's that will come to maturity soon but naturally since you both know more than the experts i should just shut my mouth right because students are oh so learned in this.
    And besides it doesnt take a genious to note that banking bubbles come and go, take a look in a History book at some point and you might notice that these things happen in cycles so either way at some point i will be right.
    considering I have just spent today and yesterday sitting on the desk at one of the top IB's trading these credit products, I can tell you now that what you have written is. Well Bull****. Banks are sell - side instituions, let's leave it at that. I am limited in what I can say due to confidentiality etc.
    • 15 followers
    Offline

    ReputationRep:
    (Original post by Hackett)
    considering I have just spent today and yesterday sitting on the desk at one of the top IB's trading these credit products, I can tell you now that what you have written is. Well Bull****. Banks are sell - side instituions, let's leave it at that. I am limited in what I can say due to confidentiality etc.
    mmm so all of these sources are simply lying?

    prove them wrong and i might believe you untill then though i think i'll trust the experts over someone whos worked in a bank for a whole 2 days...

    http://theeconomiccollapseblog.com/a...nancial-system
    http://www.globalresearch.ca/index.p...t=va&aid=12947
    http://articles.marketwatch.com/2008...ubble-subprime
    http://www.marketoracle.co.uk/Article21764.html
    http://aotearoaawiderperspective.wor...ng-of-the-end/
    http://www.dailymarkets.com/stock/20...s-bubble-pops/

    want more?
    • 15 followers
    Offline

    ReputationRep:
    (Original post by Hackett)
    All a bunch of crappy sources, give me stuff written by proper economists or people who work in the industry with a track record.
    I have yet to see you prove anything to the contrary and please dont try and cite that you worked in a bank for a few days as that really proves nothing especially considering i doubt you have access to or the time to see a history of all their past trades...
    From someone written in the industry; somewhat dated but have a read of F.I.A.S.C.O by Frank Partnoy it goes into some depth about the last time the derivitives market hit 'a bump' and lost billions of dollars and considering that was back in the '90s and the market in them has exploded in size by over 1000% since then i think its pretty safe to say that these sources arent wrong.
    but heres a couple more anyway. Im still eagerly waiting for your sources saying anything to the contrary though.
    http://www.siliconvalleywatcher.com/...ize_of_der.php
    http://www.examiner.com/article/fina...vatives-market

    and as with most of the other links they all refference back to other sources
    • 1 follower
    Offline

    ReputationRep:
    (Original post by cl_steele)
    If either of you two would take the time to actually read a financial article then you might notice that there is a $1,500,000,000,000,000 derivitive bubble of CDS's that will come to maturity soon but naturally since you both know more than the experts i should just shut my mouth right because students are oh so learned in this.
    And besides it doesnt take a genious to note that banking bubbles come and go, take a look in a History book at some point and you might notice that these things happen in cycles so either way at some point i will be right.
    (Original post by Hackett)
    considering I have just spent today and yesterday sitting on the desk at one of the top IB's trading these credit products, I can tell you now that what you have written is. Well Bull****. Banks are sell - side instituions, let's leave it at that. I am limited in what I can say due to confidentiality etc.
    You can deny it all you please and of course the traders will play it down, but the reality is as steele says.

    Derivatives are a dangerous game, but one that they are happy to play because the profits are obviously enormous. The downside is a lot of people are going to suffer when that bubble also bursts and as steele indicates it will be a mighty big one.

    Again, the fault can be laid more at the door of the US and their penchant for deregulation, but unfortunately it won't stop the UK from being hurt as well.
    • 5 followers
    Offline

    ReputationRep:
    (Original post by Hackett)
    considering I have just spent today and yesterday sitting on the desk at one of the top IB's trading these credit products, I can tell you now that what you have written is. Well Bull****. Banks are sell - side instituions, let's leave it at that. I am limited in what I can say due to confidentiality etc.
    And you got time to post everyday ? Yeah right .....

Reply

Submit reply

Register

Thanks for posting! You just need to create an account in order to submit the post
  1. this can't be left blank
    that username has been taken, please choose another Forgotten your password?
  2. this can't be left blank
    this email is already registered. Forgotten your password?
  3. this can't be left blank

    6 characters or longer with both numbers and letters is safer

  4. this can't be left empty
    your full birthday is required
  1. By joining you agree to our Ts and Cs, privacy policy and site rules

  2. Slide to join now Processing…

Updated: July 11, 2012
New on TSR

What is sixth form like?

Share your story!

Article updates
Useful resources
Reputation gems:
You get these gems as you gain rep from other members for making good contributions and giving helpful advice.