Bankers – What They Do And Why We Need Them

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From the beginning of time, bankers have always played a vital role in society, and over time they have become ever more instrumental to the functioning of our economy. From investment banking services and finance, to wealth management and proprietary trading, the role of banks has expanded over the years to include a wide variety of vital activities that help create jobs, increase economic stability and ensure that key individuals and entities get the financing they need to continue growing the global economy.

Bankers received much criticism after the financial crisis of 07-08 when governments were forced to bail out various top tier financial institutions deemed too big to fail. But what the man on the street doesn’t understand is just how essential the activities of these investment banks really are, and the complex mechanisms by which bankers create jobs and uphold our standard of living.

Consider the role of banks in financing our government for example. In the USA, a select group of accredited banks called “primary dealers”, hold accounts with our public Federal Reserve bank, where they have exclusive access to large sums of credit at extremely favorable rates and terms. Primary dealer banks use this credit to buy government bonds with better rates, essentially making a risk free profit while providing essential funds to our government to be spent on welfare programs, humanitarian interventions in the Middle East and giving Obamacare to struggling undocumented citizens. What’s even better is that many of these banks have financial investments in the very government activities that they are financing, such as JP Morgan running food stamps, and many bank shareholders owning equity in military contracting companies like Lockheed Martin. So not only are these bankers keeping our government flush with credit – they are also profiting from the activities our government invests in, thereby stimulating economic growth and creating jobs.

Banks have also now branched into other businesses like proprietary trading and wealth management, where your hard-earned savings are used as collateral to make clever investments in sophisticated derivatives markets, helping to generate even more wealth and more tax revenue for our government! A win-win-win!

The financial industry is so dominant in our economy now, that it attracts a huge percentage of our best and brightest college graduates. Decades ago, top engineers and science graduates used to work in a range of industries from aviation and construction to biotech, but today they are lured into the lucrative world of finance, where their skills are put to far better use, creating clever derivatives, trading strategies and state of the art systems to manage the operations of investment banks. What would you rather have engineers work on? Building efficient electric cars and jet packs? Or trading systems which buy and sell securities? If you answered the former, you simply don’t understand how far reaching the benefits of trading are to society and economic growth.

There was a time when bankers were mainly responsible for lending to businesses, but their role in the economy is now far more sophisticated and important. Financial services now make up a much larger percentage of western economies than ever before, and if we want to continue enjoying the economic growth we’ve become accustomed to, our attitudes towards bankers simply have to change. We need to stop viewing them as evil monopolists, and start seeing them as the smart, talented and indispensable individuals that they truly are.

richandrenee

It seems somewhat trendy to knock bankers (especially by the less informed) but how else would anyone ever become a homeowner if there were no bankers to lend us the money at the super-low interest rates, that everyone’s been enjoying.

#accredited-times-pick

littleshoppinlucy
littleshoppinlucy

I love the magic of fractional reserve banking – only a selfish idiot who doesn’t want people to have enough money would oppose the money multiplier!

BLM\'s Baby Mama #6
BLM\'s Baby Mama #6

YOU CAN’T EAT GOLD

drb6
drb6

Dollars are fiber, which should be part of every balanced diet.

richandrenee

I know it’s a little off topic and that Donald Trump is a monster but I’m still going to say it – Jared Kushner is super dreamy. If only he was gay.

Pbier

Banks also give back to society in so many ways. Take Canton Fitzgerald, for example, who were kind enough to pay $400,000 to our dear departed President Obama for a short speech. This institution recognised the valuable contribution Obama had made to the country and wanted to help him in his well-deserved retirement.

#accredited-times-pick

richandrenee

Yes of course – it’s really great that they recognized just how much Obama did to look after everyone by fighting inequality. I hope they remember that Hillary Clinton and Susan Rice should also be rewarded for all their good work. It’d be a great investment for any financial institution to hear what these great womyn have to say for only a few hundred thousand.

Make my votes count
Make my votes count

Goldman Chief Executive Lloyd Blankfein said it best
just a banker “doing God’s work”

hungrypirana
hungrypirana

Barney Fag has love-hate and possibly hermaphrodite relations with the money-center banks. He’s presidential material. Definitely.

#homophobic

Gimme-da-Bling
Gimme-da-Bling

Indeed, and how else could our leaders (and betters) have the kind of access to the wealth they so richly need and deserve to guide us into becoming ever better and better human beings. Is this not evolution at it’s best.

Make my votes count
Make my votes count

OMG my life is now over. Those psychopath republicans just overturned Obamacare.
How am I going to get my opium pills prescription and my mental health treatment in the future. What about all my pre-existing conditions.
I was going to transition over to a gender fluid cismalefemale. Who is going to pay for my hormone and testosterone treatments?
Forgive my rambling and off topic post as I am beyond triggered right now.
Next those assholes will expect for me to get a job to pay for my own food clothing and shelter. Those are all basic rights and I fully expect for the government to buy those for me. I did not ask to be born into this horrid racist country.
I knew Trump was trying to kill us all.
All this protesting and it’s like he does not even care.
I’ve been tweeting like crazy and it is like it falls on deaf ears.
What is going to kill me first. Lack of government healthcare or the environment?

richandrenee

OMG I hope that you’re ok MMVC. It is unbelievable what these nasty right-wingers are doing. Oxycodone and a state funded clean and safe place to shoot it up is a basic human right. This whole thing stinks of the worst kind of transphobia – maybe you should consider relocating to Canada.

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