Thank you for bringing up Iceland again Cenk, you guys are one of the few that have even mentioned it, took you a while, but thumbs up nonetheless. ;] Definitely relevant to this vid, and people should know about it. I have yet to meet anyone who has heard about the great example Iceland has set.
Thanks for doing this excellent reporting. If only the rest of the news focused on the financial corruption like you guys we could turn this boat around.
I'm a republican(on the liberal side), but I have to say I do love TYT's delivery and totally respect their perspective. Cenk is the best and together with Anna they're awesome.
"LIBOR DISLOCATED WITH ITSELF"... (quote from a libor trader.. it's my favourite)... they were not only financially but also semantically 'aggressive'...:)
I'm saying those infinitesimal changes because you would see huge distortions in the market if the interest rate was set away from where it should be set. Banks would either see surpluses or shortages, and would change the rate back to where it should be based on that. LIBOR is only used to determine what the banks' selling rates are; banks will just adjust their premiums above or below rates if LIBOR is inaccurate.
actually, that is a normal part of their business, and not really something to be concerned about. Exxon and Chevron buy and sell to and from each other all the time because they have different customers with different needs. However, when they use these mechanisms to fix prices, THAT is the problem.
Well, we should get some form of co-determination at the Fed. By using what been seen in Germany, and Bullock Report rapport in UK, here is a one solution: they got 7 men on the board, we add 3 : 1 representing the senate, 1 representing the congress and 1 judge with at least 10 years of experience .
Where as in Britain I must admit this most resent Scandal even has a lot of the bankers saying we need not just ring fencing of investment banks and retail banking but a total spiting. And also to not allow leveraging in retail banking. I'm sure you know why. which would go further to sorting out the problems we had than the US is talking about. While this does equate to an actual change rather than just fining/arresting people/companies when you do find a problem, There is still a reaction.
It's because the Fed doesn't deal with this, it's either the Justice department or the Securities & exchange comission, or Commodity Futures Trading Commission.
Libor does have a relatively profound affect on interest rates at the consumer level. While Libor is the interest rate the 20 or so mega-banks charge each other to borrow from one another, it's the basis on which all other interests rates like mortgage and credit cards are set. To the average consumer with debt, a couple of ticks up or down is a big deal, and in the aggregate, the implications are mammoth in literally moving whole markets in one direction or other. Libor is a big deal.
People find "socialism", which is the PUBLIC ownership of certain sectors of the economy, detestable, but find corporate ownership of the economy - corporations which are NOT accountable to the electorate - acceptable. Nothing could be more destructive to our political environment.
so i only get my news form youtube, namely this page and moxnews, can someone explain what the fuck libor is and why ive never heard of it until now? its nice not being part of the news cycle but i find myself lost in this scandal.
Ironic how Barclays, one of the world's oldest banks, was founded by Quakers whose word/handshake was an ironclad bond toward integrity in any dealings. Cenk's slightly overstating the effect of LIBOR but he's right that the scandal is very serious, & it may also had an effect on sub-prime. I actually have a Barclays mortgage from 2007. The interest rate was high for the 1st fixed 2 years, but it's now very low as per the terms agreed then. This is probably because of rate manipulation mooted.
When the managers of large companies get caught cheating we have got to put them in prison! Make the companies pay back what they stole through fraud plus a 100% penalty. That would discourage the stockholders from encouraging such criminal activities.. And put those managers responsible for the thefts and fraud in prison. Why don’t we do this? Because today paying fines for theft and fraud is just part of the cost of doing business and the regulators are either impotent or bought off.
The head guys maybe gone or at least going at Barclays, but they walk away with golden goodbyes in the tens of millions. When people steal from banks, they go to prison, when banks steal from people, they get a profit!
In the UK, the people who have 'lost' their jobs still keep all the bonus and salary payments which run into the hundreds of millions. look up all the major financial scandals in the last few years and you'll find that London is the main facilitator. The UK is to bankers as Afghanistan is to Al Qaeda.
I hear you, & I've read the article you'd directed me to. Won't argue with you about the Fed; it's got its problems, for sure. In the case of LIBOR, it's at least as responsible as the banks & the banksters in enabling them to do what they did.
and yet bondholders continue to lower treasury bond yeild. The fed is corupt no reason for them not to print money and give it to the banks. When will investers start to punish the states!
This scheme to change the LIBOR rate barely changes what you have to pay for interest. LIBOR is not the actual interest rate. It is a rate banks look at to determine what they should base their rate on; the actual rate is set by the market. This doesn't mean they can't affect the rate, what it means is that if they do anything more than a tiny change in it, there will be huge misallocations in the market. Banks would also simply charge a different premium above or below LIBOR.
Who can believe it's merely LIBOR manipulation? ...and not the price of every interest rate in the world? ...and not the price of our worthless money? ...and not the price of our energy? ...and not the price of commodities? ...and not the price of our food? ...and ultimately, not the price of our lives?
Although "Fixing LIBOR" is an unfortunate choice of words, it has two meanings. The meeting was about LIBOR fixings, which are dates at which the rate is taken as a reference for the mentioned 500 something trillion in contracts. So the word "fixing" isn't intended to mean "cheating", but of course this doesn't change the topic discussed, which was cheating at libor fixings.
C'mon, TYT... A little bit of an editorial/spell check of the video description before posting. Choose and effect --> chose and affect. I'm guessing Ana wrote the description.
Whenever anybody with the so-called "Fed" answers questions, they make sure they answer the question in the most wordy confusing way possible so that most people's eyes glaze over with irritation and boredom. If brevity is he soul of wit- what does this say.
All you have to do is withdraw your money from these banks and give it to a well regulated trusted bank, if there is one. Is it laziness that people dont, or is it that people dont think they have enough money to worry about losing or making a difference. Nothing will change, dont put your faith in the population. Anyone whose angry i recommend buying gold.
Well Ana tends to stay away from the "boring" political issues. Like finance and the economy... But when she's fired up about a social issue she really goes for it. I'd say I'm more of a fiscal con, social lib. I think some necessary services should be socialised, as a way of making them more available. Like education and healthcare. But there are some things that need less Government support, such as the banks and energy companies.
I'm sorry Cenk but the bank your talking about also operates in the US and the US regulator actually sued them for more than the British regulator did and there are more call in the government by officials saying that suing them 150 million was a slap on the wrist for what seems like a endemic corruption. And calls for at least a significant fine or even arrests.
Sure, I agree it is a scandal and should be looked at as one, but I think there's huge exaggeration of its consequences for the regular public. That's all I was pointing out.
there's only 75 trillion dollars worth of GDP in the world so 500 trillion dollars is impossible. They mean notional amount in derivative bets not real assets...
Occupy Wall Street is protesting right now on the steps of the NY fed reserve bank and Wall Street ! ALLOT of people there protesting they are back they even took back the park they had !
I don't call it a war until there is actual shooting going on. That's what I meant by class war. I'm going to side with the poor, just because there's more of them, and in the land of the blind, the one eyed man is king, so I like my odds of becoming a leader.
I am not american, yet it pains me to see this stuff. U.S. has been like an example for peoples around the world. At least as long as they don't know about the reality. And then you learn about this and your american dream collapses. Turns out your country actually is better than U.S. in many ways.
Oh yeah sorry in Britain there are no calls for arrests either, NA-THN! So I again yes there are real changes proposed. But you know how these thing go they will shout about it for all of a month and do nothing, because money is even more of a problem over here. Out of all the developed countries the UK has the worst social mobility the second worst however is the US by a small margin.
And here I am, sweating like an asshole, working hard, trying to save up enough money to move to Canada and establish myself a new better life... Why can't I thug myself into several millions? Planet, why you so unfair to me?
Possibly. But my guess is that it would have been another major league slimewad - Phil Gramm. It would have been his reward for passing the 'Commodity Futures Modernization Act' which created our financial mess.
The people should have the right to indict any politician, and ask them questions with a lie-detector. See how well their usual bullshit-answers of "Oh I am unsure of whether I recall the specifics that pertain to this certain issue, it might be that potential information would be partially, or wholly, made secret under law, but either way I'm unsure as to my knowledge, or my whereabouts, on anything in relation to said issue" works when it's a yes or no-question with their life depending on it.
Thank you for bringing up Iceland again Cenk, you guys are one of the few that have even mentioned it, took you a while, but thumbs up nonetheless. ;] Definitely relevant to this vid, and people should know about it. I have yet to meet anyone who has heard about the great example Iceland has set.
Thanks for doing this excellent reporting. If only the rest of the news focused on the financial corruption like you guys we could turn this boat around.
A great point!
Man I love it when you mention Iceland. Makes me so proud to be from there.
"They gain all the advantages and suffer none of the consequences" that pretty much sums up the private sector
I won't point out the error in the video title, it's trivial. The political analysis was extremely sharp.
I'm a republican(on the liberal side), but I have to say I do love TYT's delivery and totally respect their perspective. Cenk is the best and together with Anna they're awesome.
You deserve a medal.
"LIBOR DISLOCATED WITH ITSELF"... (quote from a libor trader.. it's my favourite)... they were not only financially but also semantically 'aggressive'...:)
6:35 Cenk always makes me start singing Everybody's Got Something to Hide Except Me and My Monkey when he fucking does this.
I'm saying those infinitesimal changes because you would see huge distortions in the market if the interest rate was set away from where it should be set. Banks would either see surpluses or shortages, and would change the rate back to where it should be based on that. LIBOR is only used to determine what the banks' selling rates are; banks will just adjust their premiums above or below rates if LIBOR is inaccurate.
@DreadNaught1985 I would describe myself the exact same way. Nice to receive a reply from someone level-headed.
bob diamond, the former barclays chairman, would have gotten a £20m bonus but he refused it, but he still gets a pension package worth £2m
i agree 100%
actually, that is a normal part of their business, and not really something to be concerned about. Exxon and Chevron buy and sell to and from each other all the time because they have different customers with different needs. However, when they use these mechanisms to fix prices, THAT is the problem.
I can't without blowing up. My blood pressure- honestly... Chill, chill, chill: poppies, puppies, kitty cats, etc.
Well, we should get some form of co-determination at the Fed. By using what been seen in Germany, and Bullock Report rapport in UK, here is a one solution: they got 7 men on the board, we add 3 : 1 representing the senate, 1 representing the congress and 1 judge with at least 10 years of experience .
I agree
Where as in Britain I must admit this most resent Scandal even has a lot of the bankers saying we need not just ring fencing of investment banks and retail banking but a total spiting. And also to not allow leveraging in retail banking. I'm sure you know why. which would go further to sorting out the problems we had than the US is talking about.
While this does equate to an actual change rather than just fining/arresting people/companies when you do find a problem, There is still a reaction.
chose*
Fixing LIBOR - that could either mean solving the problem or artificially 'fixing' the rate.
It's because the Fed doesn't deal with this, it's either the Justice department or the Securities & exchange comission, or Commodity Futures Trading Commission.
wow. the isolated arctic fishing nation of iceland with a few thousand inhabitants is such a great comparison to the US financial system!
Libor does have a relatively profound affect on interest rates at the consumer level. While Libor is the interest rate the 20 or so mega-banks charge each other to borrow from one another, it's the basis on which all other interests rates like mortgage and credit cards are set. To the average consumer with debt, a couple of ticks up or down is a big deal, and in the aggregate, the implications are mammoth in literally moving whole markets in one direction or other. Libor is a big deal.
People find "socialism", which is the PUBLIC ownership of certain sectors of the economy, detestable, but find corporate ownership of the economy - corporations which are NOT accountable to the electorate - acceptable. Nothing could be more destructive to our political environment.
YES!
AFFECTS.
so i only get my news form youtube, namely this page and moxnews, can someone explain what the fuck libor is and why ive never heard of it until now? its nice not being part of the news cycle but i find myself lost in this scandal.
public ownership is not efficient though compared to corporate ownership
Ironic how Barclays, one of the world's oldest banks, was founded by Quakers whose word/handshake was an ironclad bond toward integrity in any dealings.
Cenk's slightly overstating the effect of LIBOR but he's right that the scandal is very serious, & it may also had an effect on sub-prime. I actually have a Barclays mortgage from 2007. The interest rate was high for the 1st fixed 2 years, but it's now very low as per the terms agreed then. This is probably because of rate manipulation mooted.
When the managers of large companies get caught cheating we have got to put them in prison! Make the companies pay back what they stole through fraud plus a 100% penalty. That would discourage the stockholders from encouraging such criminal activities.. And put those managers responsible for the thefts and fraud in prison. Why don’t we do this? Because today paying fines for theft and fraud is just part of the cost of doing business and the regulators are either impotent or bought off.
The head guys maybe gone or at least going at Barclays, but they walk away with golden goodbyes in the tens of millions.
When people steal from banks, they go to prison, when banks steal from people, they get a profit!
In the UK, the people who have 'lost' their jobs still keep all the bonus and salary payments which run into the hundreds of millions.
look up all the major financial scandals in the last few years and you'll find that London is the main facilitator.
The UK is to bankers as Afghanistan is to Al Qaeda.
Yes but correcting someone in a friendly is just helping to educate, and that's not a bad thing.
"Fascism should more appropriately be called corporatism because it is a merger of state and corporate power." -often attributed to Benito Mussolini
I hear you, & I've read the article you'd directed me to. Won't argue with you about the Fed; it's got its problems, for sure. In the case of LIBOR, it's at least as responsible as the banks & the banksters in enabling them to do what they did.
and yet bondholders continue to lower treasury bond yeild. The fed is corupt no reason for them not to print money and give it to the banks. When will investers start to punish the states!
titled wrong.........this would 'affect'' you / not 'effect'...need to correct the titling....
Yeah, effect can be used as a verb, and the title is still wrong.
This scheme to change the LIBOR rate barely changes what you have to pay for interest. LIBOR is not the actual interest rate. It is a rate banks look at to determine what they should base their rate on; the actual rate is set by the market. This doesn't mean they can't affect the rate, what it means is that if they do anything more than a tiny change in it, there will be huge misallocations in the market. Banks would also simply charge a different premium above or below LIBOR.
Who can believe it's merely LIBOR manipulation?
...and not the price of every interest rate in the world?
...and not the price of our worthless money?
...and not the price of our energy?
...and not the price of commodities?
...and not the price of our food?
...and ultimately, not the price of our lives?
Although "Fixing LIBOR" is an unfortunate choice of words, it has two meanings. The meeting was about LIBOR fixings, which are dates at which the rate is taken as a reference for the mentioned 500 something trillion in contracts.
So the word "fixing" isn't intended to mean "cheating", but of course this doesn't change the topic discussed, which was cheating at libor fixings.
C'mon, TYT... A little bit of an editorial/spell check of the video description before posting. Choose and effect --> chose and affect. I'm guessing Ana wrote the description.
I like how the "Fixing LIBOR" meeting was set for only thirty minutes.
Damn they must be good. Oh, wait, they didn't fix it in half of an hour?
Hey, TYT: Come, and spell, CORRECT(ly)!
Tim Geitner, bankers ass blanket.....kinda catchy. He should run for president under that platform/slogan.
It worked... by screwing over British savers, some of whom lost a lot of money when the Icelandic banks defaulted.
Are these real funds or just derivatives?
Whenever anybody with the so-called "Fed" answers questions, they make sure they answer the question in the most wordy confusing way possible so that most people's eyes glaze over with irritation and boredom. If brevity is he soul of wit- what does this say.
All you have to do is withdraw your money from these banks and give it to a well regulated trusted bank, if there is one. Is it laziness that people dont, or is it that people dont think they have enough money to worry about losing or making a difference. Nothing will change, dont put your faith in the population. Anyone whose angry i recommend buying gold.
"...and the Oscar for Best Overacting in a RUclips Video goes to.... Cenk!"
"You like me! You really like me!"
Yes. And who do you think is most responsible for promoting negative associations with the word "socialism", and then misapplying the word.
@romanmir01 Are you from Iceland? Are you versed in Icelands financial collapse? And are you aware that America has no free market?
real wealth. like resources: minerals, oil, factories, people, farms, etc...
NO LIBOR BROUGHT ME ABOUT
The title should say "Affect" not "Effect".
Roubini said it best:
"Either brake up the banks or hang someone on the street"
I vote for Jamie Dimon and Loyd blankfein
I've said it before, " I love Veronica Corningstone, shit, I mean "Cenk Uygur"
Well Ana tends to stay away from the "boring" political issues. Like finance and the economy... But when she's fired up about a social issue she really goes for it.
I'd say I'm more of a fiscal con, social lib. I think some necessary services should be socialised, as a way of making them more available. Like education and healthcare. But there are some things that need less Government support, such as the banks and energy companies.
money value is more complicated than just shitty economy = low dollar. it has more to do with how interesting investments are in that country
I miss Cenk on MSNBC he told it like it was and they didnt like that.
"OF COUUURRRSSSEEE"
I'm sorry Cenk but the bank your talking about also operates in the US and the US regulator actually sued them for more than the British regulator did and there are more call in the government by officials saying that suing them 150 million was a slap on the wrist for what seems like a endemic corruption. And calls for at least a significant fine or even arrests.
its still wrong in the description lol
Sure, I agree it is a scandal and should be looked at as one, but I think there's huge exaggeration of its consequences for the regular public. That's all I was pointing out.
That would require a functional democracy.
Who found out or blew the whistle?
The verb meaning "to produce an effect, or influence" is affect, not effect. Oh, English...
"Fixing LIBOR" - does that mean rigging or repairing it?
So what's new?
o I imagine they still got bonuses.
What is LIBOR
America does have socialism. It just mostly benefits the rich. Icelands has a well regulated capitalism.
AFFECTS!!
Wasn't that ingenious of them to title the meeting so?
there's only 75 trillion dollars worth of GDP in the world so 500 trillion dollars is impossible. They mean notional amount in derivative bets not real assets...
Can someone explain libor scandal to me really plainly
Occupy Wall Street is protesting right now on the steps of the NY fed reserve bank and Wall Street ! ALLOT of people there protesting they are back they even took back the park they had !
what even more hillarious is Cenk's uninformed views regarding how our financial system/banking system operates
We're screwed.
er... stepped down... not good enough... people in england want them prosecuted ... not for them to step down and take a big bonus when they leave.
I don't call it a war until there is actual shooting going on. That's what I meant by class war. I'm going to side with the poor, just because there's more of them, and in the land of the blind, the one eyed man is king, so I like my odds of becoming a leader.
I am not american, yet it pains me to see this stuff. U.S. has been like an example for peoples around the world. At least as long as they don't know about the reality. And then you learn about this and your american dream collapses. Turns out your country actually is better than U.S. in many ways.
500 TRILLION??????
Isn't that all the money in the world??
"Affects..."
HEY!! RUclips edited his subtitles!!! WTF!!!!
ive been waiting a few yrs for us brits to go for it but no!! where is the british bull dog fighting breed???
Oh yeah sorry in Britain there are no calls for arrests either, NA-THN! So I again yes there are real changes proposed. But you know how these thing go they will shout about it for all of a month and do nothing, because money is even more of a problem over here. Out of all the developed countries the UK has the worst social mobility the second worst however is the US by a small margin.
It's like some people subscribe just to dislike the video
And here I am, sweating like an asshole, working hard, trying to save up enough money to move to Canada and establish myself a new better life... Why can't I thug myself into several millions? Planet, why you so unfair to me?
What part of...THIS IS A FUCKEN CRIMINAL CARTEL!..don't people understand?
anyone notice that the american flag in the background is tattered and covered in bird poop?
550 trillion? Is there even that much money in the world?
Possibly. But my guess is that it would have been another major league slimewad - Phil Gramm. It would have been his reward for passing the 'Commodity Futures Modernization Act' which created our financial mess.
End the Fed
This should be considered treason and the culprits hung.
Regarding the title it's "affects" not "effects"
billionaires=grossly outnumbered.
The people should have the right to indict any politician, and ask them questions with a lie-detector. See how well their usual bullshit-answers of "Oh I am unsure of whether I recall the specifics that pertain to this certain issue, it might be that potential information would be partially, or wholly, made secret under law, but either way I'm unsure as to my knowledge, or my whereabouts, on anything in relation to said issue" works when it's a yes or no-question with their life depending on it.
it is affects to me
Public sector tyranny is immoral.
This is why I'm Libertarian--because tyranny is a function best carried out by the private sector.
(sarcasm)
-_-
Sorry but I'm still confused. wtf IS LIBOR?