My family is pretty recent immigrants, I am second generation. My great-grandparents and grandparents came over from Italy and worked in the coal mines until they got their stake saved up. My grandfathers worked the coal mines, my grandmothers took in boarders and did laundry.
They bought their farm in 1932 for $7,000 cash. None of that money ever saw the inside of a bank. The money was earned and saved in a big coffee can underneath the oven under floorboards in the kitchen. All of my family hated bankers with a grand passion. I still do. If you look at it, the only reason that I grew up on a farm rather than in a mining town is because my Grandparents had this clear vision of what banks are. The chances of a bank taking their money and collapsing with it were pretty high at that point in time.
We are sliding into the first stage of Orlov's collapse continuum. Let us get the reason out there in the open my friends, it is because the greedy fucking assholes in the banks tried to set it up so that they would own everyone and everything through the magic of credit and low monthly payments.
What I love is the way that the media (who, by the way, is a wholly owned subsidiary of the greedy fucking shits) have tried to break it out as bank and non-bank, Wall Street, Investment banking, brokerage, etcetera, ad nauseum. But in the end, the fucking assholes are the same greedy shitheads that drove the country to the brink in 1929.
Anyway, back to my family. My Nona would never go to a bank because they were "stesso come la mafia" (same as the mafia). This idea came back in spades in the 1990's and 2000's. The banks paid off their other employees, the Congress of the United States, to pass a law that made bankruptcy a thing of the past, and hired the federal government to make sure that the lumpenproletariat never missed a payment. Then they decided that there wasn't enough margin just screwing American lumpen, they decided to gut the country's production sector and move it to third world countries where they could repeat the process for the poor sorry bastards there.
In the end though, the fin of this sorry and sad cycle is the collapse of the financial sector. But you know what, maybe, just maybe, that is not a bad thing. Maybe now we can push to get the banking sector driven to its knees. They have nothing in common with you and I, and our pain is their gain. I say now we should take them down now that they are weakened by their own greed. I think that we should re-regulate them in a serious way. If any bank, US or foreign, owns a US bond, it should be defaulted on. Plain and simple. Fuck 'em. The collapse will be painful, but so will watching them line their pockets with what remains of our savings. Let's get real folks, they have it and have no intention of giving it back.
Like it or not, the world banking system is a huge parasite with a great public relations machine. Lets kill it.