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Is banking immoral?

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Reply 40
Avatar for chefdave
chefdave
OP
Original post by Fynch101
Are you an economics grad? You've got some really sensible points in this post, although I haven't read your others. I'm not sure about a land value tax as I've not seen any research on the topic - hasn't italy recently imposed something like this? Might be completely wrong...


I'm no economics grad just an interested amatuer. I believe Greece recently imposed something akin to a v.light land value tax and tagged it onto domestic electricty bills. Naturally the Greeks reacted in horror though because tax evasion is a national passtime and taxes linked to housing/property are notoriously difficult to evade. I havn't heard anything about Italy however, but it's something I'd definitely support.
Reply 41
Avatar for Fynch101
Fynch101
13
Original post by Hackett
I think we are looking at two different ball parks, I'm talking about Investment Banking mainly, you seem to be looking at the retail side of things.....


Do you understand what CDOs are? And how large their part was in the subprime mortgage crash? Just because he mentioned housing doesn't mean its retail banking. Give him a proper answer, or you'll look like a fool to those who know how.
Reply 42
Avatar for Fynch101
Fynch101
13
Original post by chefdave
I'm no economics grad just an interested amatuer. I believe Greece recently imposed something akin to a v.light land value tax and tagged it onto domestic electricty bills. Naturally the Greeks reacted in horror though because tax evasion is a national passtime and taxes linked to housing/property are notoriously difficult to evade. I havn't heard anything about Italy however, but it's something I'd definitely support.


I can guarantee people will have published work on what you're suggesting, its just finding it which can prove difficult. I'm sure it would make for interesting reading anyway!
Reply 43
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Nick100
5
Banking at its core is just the lending of money with interest; that isn't immoral.
Reply 44
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LETSJaM
16
At first I thought this said "Is baking immoral?" :tongue:

<3 x
(edited 11 years ago)
Reply 45
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Topcat19
Service industry ain't really working out, time to tell the bankers to pay up or **** off to singapore, a proper police state in nice managable city form. Thatcheer got it wrong, thank her for wasting our industry and the successive governments for wasting money on things other than unis and infastructure and manafacturing.
Original post by The Patriot
Well banking is capitalism, so 'm going to say yes, it is immoral.


A bank invests money and increases capital for capitalists to employ people. If you desire employment (and people to be fed well) you should desire more capitalists.
Original post by cl_steele
the fact all you can do is neg instead of reply just shows how ignorant you are in how banks work.


If people didn't think Banks kept their money safe,then their wouldn't be banks-thats why I put my money in a bank and thats why everyone does.
Original post by Classical Liberal
The money in "your" bank account is not actually your money. It is a loan to the bank. Important distinction.


This was posted from The Student Room's iPhone/iPad App


I've never heard so much rubbish,yes your money is loaned to the bank and gambled with but it is still your money and I can take all my bank money out just as I please and spend it.
Yes, it is immoral because bankers take money from the poor and give it to the rich.
Original post by Dalek1099
I've never heard so much rubbish,yes your money is loaned to the bank and gambled with but it is still your money and I can take all my bank money out just as I please and spend it.


It is not legally your money. The bank owes you money, you do not have a claim on any actual money, you just have the banks promise to pay you on demand.



This was posted from The Student Room's iPhone/iPad App
Original post by JamalAhmed
Yes, it is immoral because bankers take money from the poor and give it to the rich.


"Shopkeeping is immoral because some shopkeepers steal money from the tills."
They give money to the poor and want more in return... and then, they actually, indirectly, force the poor to give more money back because if they don't pay early the debt builds up.

Do you think making the poor poorer is good?
Original post by JamalAhmed
Yes, it is immoral because bankers take money from the poor and give it to the rich.


They actually do exactly the opposite. :rolleyes:

In commercial banking: banks lend money to people who want it, using the money from the accounts they look after. This is why banks need to have a large sum of money in reserve, so that if lots of people want to withdraw all their money, then they can. Of course, if everyone tries to withdraw all their money, there is a massive problem because the bank frankly doesn't have it all at any given moment.

In investment banking: investment banks provide numerous services; they trade stocks, commodities and futures/options, they manage other peoples'/companies' assets on their behalf, they act as mediators for companies looking to buy/sell other companies, and I think they help private companies go public by trying to pre-sell their shares or something to that effect (but I could be wrong and would welcome correction if I am).

None of the above is immoral.
Original post by JamalAhmed
They give money to the poor and want more in return... and then, they actually, indirectly, force the poor to give more money back because if they don't pay early the debt builds up.

Do you think making the poor poorer is good?


Bankers do not make the poor poorer. They make them richer through job creation and investment in industry. If you think the industrial revolution and the expansion of global markets that have made it possible for those at the bottom to rise up could have taken place without a system of banking then you obviously don't know what you're talking about.
Original post by Classical Liberal
It is not legally your money. The bank owes you money, you do not have a claim on any actual money, you just have the banks promise to pay you on demand.



This was posted from The Student Room's iPhone/iPad App


It counts as part of your assets.Pretty much all people,who have massive amounts of money put in the bank and it is still counted,when it says on the internet,newspaper etc how much money they are worth because if it wasn't they wouldn't own much at all.
A British person wishing the end of London's financial services? Am I reading this right?
Reply 57
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Roy064
1
Original post by idontthinkso
A British person wishing the end of London's financial services? Am I reading this right?


Welcome to public opinion, where everything is speculated and the truth and information contradicting your views doesn't matter. That's right they don't matter, just like vows at a marriage ceremony.

Spoiler

Original post by Dalek1099
It counts as part of your assets.Pretty much all people,who have massive amounts of money put in the bank and it is still counted,when it says on the internet,newspaper etc how much money they are worth because if it wasn't they wouldn't own much at all.


Those figures are derived from speculated ownership of assets, such as property, not rumaging through peoples bank statements.
Land and food speculation is immoral, the rest is acceptable.

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