Are banks evil, /biz/? Why do people hate them so much?

Pre-recession, banks offered mortgages to people who shouldn't be trusted to pay them back. These people inevitably buckled under the financial responsibility, causing a spiral the impacted the world economy.

People like to blame the banks but ignore the financially illiterate idiots who drowned themselves in debt they couldn't handle.

Banks are also convenient scapegoats for poor morons who ruined their own credit history and now the big mean banks won't lend them money that they'd just waste anyway.

I take it that you've never done business with banks if you don't know why people have come to fucking hate them.

>>1159187
agreed.
I don't hate banks personally because i try my hardest not to use it unless i buy a car and even then i pay more than the minimun to avoid having a 5 year payment method. My grand father taught me to live with out things that i don't need so I only get the essentials and don't buy what i cant afford to pay.

>>1159187
Please don't post again until you go through puberty.

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>>1159178
inb4 LIBOR

Banks never loan money when you need it. Starting a business? Get fucked. Continuing education? Get fucked. Car blew up? Get fucked.

And then they squeal to mommy government for a bailout.

>>1159178

Who is this semen desolator

>>1159187
plus banks were bailed out with taxpayer funds
despite being morons who ruined their own credit history
the poor morons who just bought a house did not get bailed out

God i love banks.

Credit scores are a great measure of the true character of a person. A person with a bad credit score surely is dumb and undisciplined. I hope the next genocide is not of jews but of people with FICO scores below 700.

I pay my bills on time and never expect others just to loan me money because I feel entitled to other people's money. It's too bad that the majority of the population can't control themselves to manage their finances, yet they feel the need to scapegoat their fucking failures on banks.

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>>1159187

I mostly agree, but when they sold the CDO's 2x and 3x times upon themselves, that's where you have to say "holy shit this is fucked up".

People were wrong to take loans on things they knew the future could not provide for, but the banks were very wrong to sell mortgage securities in the way they did. They basically made trillions of fake dollars off the working class, then assumed none of the responsibility when the dollars were exposed to be fake.

Anyway, I think banks were fairly noble until the 80's. Now the way they operate and use securities to make money really manipulates the entire system of currency to put a shitload of money into their own pockets while providing fuckall to humanity.

Conjuring money out of thin air, i.e. typing in the account value on a computer and then charging interest. Would be equivalent to you being able to invest $2m into p2p lending and earn 7% return when you only actually have $100 to your name.

Re-ordering debit card purchases so they charge a $35 overdraft fee multiple times.

>>1159178
>Why do people hate them so much?

They're basically just mad that they got themselves into debt and want to blame the banks because they're mad that they have to pay them back.

>>1159178
Banks are pretty evil. They loan out money they don't actually have (see what happens when everyone comes to a bank for their money at once).
If you do this, it's fraud. If a bank does it it's business as usual.

>>1159178
People don't really "hate" banks. They just don't want banks running their government and influencing the laws that they have to live under.

Banks

Borrow money from government for 0% interest. Charge you 20% interest to use the money they borrowed.

Why don't I start my own bank?

>>1159178
They are free to do lots of stupidly risky shit with money. If it works, they make a handsome profit, if it doesn't, they get bailed out with taxpayer money.

>>1159897
This is why credit unions were invented.

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>>1159476
>>1159187
Ok but the banks payed the bailout money back plus interest!

A "poor moron bailout" would not have collected ANY payback and the housing market was still tanked.

The value was gone with the decline in the housing market and people were pissed about it.

It's fine to be pissed, they're not villains for being angry but it doesn't make the mob right. The mob sees bank executives getting huge bonuses but that's irrelevant.

It's like when liberals argue for higher minimum wage by bringing up executive CEO pay.
>hurr durr if the highly skilled, highly experienced top officer in the company makes this much.....
>then the unskilled, inexperienced bottom employees should make more
There's no logical point there, it's an emotional argument for emotional peasants. Go get your fucking shine box.

Funny how pragmatism never shows up in these threads. Financial illiteracy is to be expected so it seems odd to continually vilify these people. Their irresponsibility makes banks money and destroys currency integrity. Even the primitive natives had enough sense to be pragmatic and send their elderly out on ice floes.

There is no hedge for responsible people when idiots over leverage and their banks get bailed out--markets are priced by the highest borrower and the currency takes a beating.

>>1159897
OR you could be more accurate and say, borrow money from customers at .25% and loan it back at 3.75%.

>>1159924
but banks are not consumers thus don't actually add anything to the economy they just control official cash rates on behalf of the govt. consumers ie "poor people" are what makes your economy run - and when they cant afford things, your economy tanks hard. u r stupid.

>be bank
>get free money from the government
>also get allowed to lend money that doesn't exist to people and then charge interest on top of it
Gee, I wonder why. It must be because poor people are just dumb.

>>1160265
that's completely backwards. Poor people don't afford things ever. You're literally talking about upper middle class as "poor" and that just reminds me how retarded this generation is. Do you think a higher minimum wage will actually solve any existing social or economic issue on its own?

>>1159187
>People like to blame the banks but ignore the financially illiterate idiots who drowned themselves in debt they couldn't handle.

banks are supposed to be the experts regarding loans and risk factors. you don't blame a patient for being ill when a doctor fucks up and kills them

>>1160115
you forgot to mention them lending 10 to 100 times what they actually have

>>1159499
eufag here, so I don't know much about FICO
However, I totally agree.
I know bunch of people who pay their bills after a few months just because "they can" and "nothing will happen." Or get pissed at you when you're asking them to repay a loan "all the time"

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>>1159178
people fear what they do not understand.

>>1159178
the same dumb people who take out loans they can't pay back are too dumb to understand this doesn't make banks the bad guys

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>>1160741
what a qt

>>1160774
it's based shkreli

The prisoners dilemma

>>1159470

!!!!!!!

>>1159576

Not exactly how it works but good try.