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Links 1 through 6 of 6 by Simon Phipps tagged Banking

"The fact of the matter is that banks are not like any other business. They run the payments system. That is one of the main reasons that governments protect them from failure with explicit and implicit guarantees." -- Finally mainstream comment is realising that denying essential services without a court order is a problem, private company or not.

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The house is theirs, they can prove it, yet still the bank proceeds on the basis that it doesn't make mistakes. This is exactly the reason why lightweight, pro-business processes and laws (like three-strikes) are bad. When they go wrong, the victim is considered guilty until they can prove themselves innocent - usually at great effort and expense.

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Note how unconcerned the bank spokesman appears. Then note that all transactions verified with a PIN (according to the bank) are the liability of the customer. Then draw the obvious conclusion.

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After this presumably all payments will either need a payment card or to be made on the internet. Joining the dots, this means that if some music publisher decided my internet connection had been used in a way he didn't like, I could be rendered unable to pay bills. IN what way is that appropriate? We need a bit more joined-up thinking from our legislators.

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Wonderful, clear, vaguely funny explanation of what "derivatives" are and why anyone watching should have understood it would all fold like a house of cards one day. No wonder we have a huge crisis.

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"Excess wealth is gone like the codpiece. The free market will continue but any respect for the idea of free money is all over."

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