Tuesday, September 11, 2012

The Bank Trap on Your Standard of Living

By William J. Quirk

Four years after the 2008 financial crisis, banks are behaving more recklessly than ever.

In 1989, the CEOs of our seven largest banks earned an average of $2.6 million. In 2007, the average CEO income had risen to $26 million. The ordinary citizen might believe that this is grotesque overcompensation, but the financial sector found the pay perfectly reasonable. A year later, this sort of thinking led us to the brink of complete financial collapse. The financial crisis of 2008 now looks more and more like a defining moment, a crisis of capitalism. Globally, it has produced, in addition to a crippling recession, an unending debt crisis. Our own escalating, unpayable debt makes the future of U.S. power increasingly uncertain. Government borrowing and spending policies have failed to stimulate growth in the economy.

Confidence is lost, the system is broken and your standard of living, your freedoms and liberties will be sacrificed for "their" gains. It's time to take serious action when considering your savings and wealth.  BK