drink_more_milk comments

Posted in: Mystery over runaway Prius in Calif deepens See in context

liar liar pants on fire.

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Posted in: The punishment of banks: To whose benefit? See in context

tkoind2, I've taken an effort to explain products and the sub prime in earlier post. If you're discredit me, do it on a point by point basis. So far, you haven't pointed out a single thing fact, just general rhetoric. Just because you worked in a bank means nothing. You could be a bank teller. There's no point also telling us how generous or smart you are if you don't argue in a smart way. My previous post are factual post - who took TARP money and why this blanket tax may be a bad idea. Where's your factual points? More "lets just get them rich bankers cause they are greedy" arguments? If bankers broke the law, then we should punish them and exact justice. If we apply the rule of law frivolously, then the very same laws can be used against us.

There is no moral authority in an argument that takes liberties with someone else's money. Before you argue that banks gambled with others money, I need to remind you again that investors do understand the down side of investing. No one argues that stocks or security products are another form gambling.

Please argue coherently. It's nonsensical to speak of things like suicides when Japan has the highest rates globally, even before the crisis. I could go on pointing out the fallacy in your arguments but you don't seem to be giving any coherent argument or valid facts whatsoever.

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Posted in: The punishment of banks: To whose benefit? See in context

tkoind2, I'm not in finance. I am just calling it as I see it. You wanna tax the hell out of someone else, and think they are going to just sit there and let you do it? Funny how it's always the "intellectuals" that cause societal downfalls. I'd assume you're some guy on a salary who have no concept of the idea of personal risk and responsibility. I am all for letting the bad banks fail. But the government called the shot. The way I see it, it's the government's fault. The pertinent point here is does taxing them help in any way. To me, it's just revenge, not justice. People getting paid up is the first step to an economic recovery.

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Posted in: The punishment of banks: To whose benefit? See in context

dude... its a blanket tax. All banks, regardless of their involvements in the sub prime or if they've received government money will have to pay US taxes, if their US assets are over USD50bn. Almost all the banks targeted by the tax have paid back the money they owed. Some of them paid back even more. Goldman Sachs, for example, repaid its money with a 23 percent return to taxpayers. Indeed, the part of TARP that went to banks is not the part that has lost money. That would be the billions in loans to the auto industry, AIG, and smaller banks across the country, as well as to mortgage foreclosure mitigation efforts. The big banks, by contrast, have been responsible debtors. (After the crisis started, that is.) Why target them? What about people who borrowed money and defaulted. What about unscrupulous real estate companies that exploited the situation? Moreover, the banks will merely pass the cost over to end users. So let's be pragmatic about this.

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Posted in: The punishment of banks: To whose benefit? See in context

"Workers and ordinary people need to have more control over their economic well being and not leave it to extra-governmental entities and corporations."

I think this statement pretty much sums up what you want. A level playing field for you, probably at someone else expense. It's a foolish notion to assume that governments work for the well being of their citizens. Your own government is a fine example of that.

GJ, Individuals and smaller companies in Japan have always had difficulty getting credit. That's why so many consumer finance companies were born. As for the US example, I believe the investment banks have repaid TARP funds with interest.

Junnama, That cut and paste argument is both emotional and not very logical, but I get your point. The sub prime market caused the credit crisis, not large bonuses. Innovation comes from risk taking and the prospects of rewards. While I'm not saying that banks are without fault, I am arguing that we need to apply the right medicine to the disease. Otherwise, we worsen the situation. A blanket tax for banks and bankers solves nothing.

As wanderlust pointed out, what feels like the right thing to do would have inadvertent consequences. Take Japanese Public Pension Funds for instance. It's been so badly mismanaged that our generation (30-40's) would have less than 10 years worth of support after we retire. Hence, an investment bank can help them improve yield and optimize their balance sheet so that you and I can retire gracefully and with some dignity.

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Posted in: The punishment of banks: To whose benefit? See in context

I just want to clarify that bankers already pay up to 45% taxes on their income in usual times. What these new socialist are suggesting is an additional tax as "punishment", regardless if you caused the troubles, or if you accepted bail out money, or pretty much whatever. How is that fair? And exactly how does that help the global economy?

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Posted in: The punishment of banks: To whose benefit? See in context

tkoind2, we should tax you too since you're pretty smart and talented. The reality is, you can't tax them universally. so there are only consequences.

junnama, read my post properly before replying. I wasn't talking about mom and pop retails banks. I was talking about mom pop businesses. Also I want to clarify that you are willing to pay US taxes? If Japanese banks get taxed, that means less money for the Japanese economy. Do you think?

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Posted in: The punishment of banks: To whose benefit? See in context

tkoind2,

No one is painting banks as victims. And everyone, is interested in making some money. How can you fault something as basic as that. You might as well fault babies for greenhouse gases cause they fart. Having a higher tax rate merely means the government has more money, everyone else have lesser.

Everything is diminishing in life. The only way to solve it is human population is reduced dramatically. Care to volunteer?

So much of this rhetoric sounds like just angry people wanting to do something for the sake of doing something, regardless of impact or consequence. Tax the bank unreasonably, and they'll take the business somewhere else. It's already happening. Tokyo has seem so many business HQ, plants, finance companies move to Singapore China and HK. It's because the business environment is not conducive. If Japan were smart, they'd offer the rich bankers in LDN and NY some lucrative tax breaks so that they can set up home and office here, and give you and me some work.

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Posted in: The punishment of banks: To whose benefit? See in context

pawatan, I agree, those banks should have been allowed to fail. The repercussions would be huge though. You and I most likely join and soup line. I'd also like to add that only some banks would've failed. Also, the government stepped in for self interest. Healthy banks mean a healthy economy which translates to jobs. They are also trying to prevent bank runs, by setting aside TARP money to g'tee people's deposits and savings.

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Posted in: The punishment of banks: To whose benefit? See in context

Junnama, I think you, like most people, have a deep misunderstanding of what banks does. Is understandable since it's all very convoluted and inter-connected. The banks handing out big bonuses are not commercial and retail lending banks, but investment banks. So if a bank tightens credit, it's got very little to do with the investment banks. Retail and Commercial banks are typical banks and do not pay their staff astronomical bonuses. Assuming that you are Japanese, your government lent no money in bailing anyone in banking out. So there's nothing to argue. However, Japanese mega banks will be subject to taxes in the US & UK, even though they accepted no bailout money. Fair?

If you think you're badly off, imagine what would happen if banks pull out.

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Posted in: The punishment of banks: To whose benefit? See in context

I think you are deeply mistaken. While I agree that the perma growth model and exponential debt model is unsustainable, I'd like to point out that Obama and the Hatoyama administrations have just issued record debt to fund their welfare programs. So the deficit and debt is going to get bigger. They have recently stopped the postal saving bank privatisation because that's the biggest buyer of the Japanese Government Bonds (JGB). If private, they would buy other assets/investments other than JGBs. So in summary, the Japanese government is raiding people's savings to fund their programs. I think you also misunderstand credit. The supply of credit is the problem. Companies want to borrow. But no one wants to lend. That's the fundamental problem facing Japan in the last 20 years after the bubble burst. Japan's an asset trap.

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Posted in: The punishment of banks: To whose benefit? See in context

GJDailleult, <The business model of infinitely expanding debt is dead, because the world economy can't take on any more debt.> You can't be more wrong. It's not dead. I would agree that it's folly but its hardly dead. US has just announced another record deficit. (what do you expect of socialist? Someone else will foot the bill) The Japanese government has stopped the postal saving bank privatisation so that they can continue to make them buy Japanese Government Bonds. (they cant force a private company to buy JGBs can they?) There's going to be another 5-7 years or record deficit. Japan will be robbed silly by these politicians.

You are deeply mistaken. Demand for credit is very, very high in Japan. No one wants to lend. Just ask any fudousan or small business. They can't borrow. Even Japanese government bond auction was lack lustre. No one wants to lend anymore.

Why do you think Singapore and HK are booming? All the credit, hedge funds and banks have migrated over.

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Posted in: The punishment of banks: To whose benefit? See in context

tkoind2, I don't disagree with anything that you've said regarding globalisation and the demise of local/regional economies. But what has that got to do with taxing bankers? If I want to borrow money from you, are you obligated to lend me? Its the same for banks. Banks are happy to lend money if they can get paid back with interest. However,if the borrower cannot repay the money, then the banks have to right to take a look at the business. Sometimes it makes sense to re-work the business, sometimes to sell it. In any case, the burden lies not with the lender but the borrower. I don't see how its everyone's else's fault (the bank, the consumers etc) when a business goes under. Hasn't it occurred to you that maybe that the service or product being offered is unwanted? Anyhow I think this line of argument is tangential and irrelevant. Simply put: Big banks got in trouble because they lent money to people who can't pay back. The effect got multiplied through credit derivatives. Everyone wanted a piece of the pie so the effect is multiplied by hundred fold. By everyone I mean, everyone. Big and small companies, mom and pop, saving bank. I think you are a bit idealist. Everyone, you and I included, inherently want to better our lot by making a bit more money. Companies, banks and governments are the same. The silly bit is voters are so willing to lend their vote to government to transfer money and power from banks to government. Of which, none of the voters will ever see a cent of.

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Posted in: The punishment of banks: To whose benefit? See in context

Junnama, Most of the major banks paid back TARP money, with interest. The loss of is with the likes of AIG, which is not a bank. In any recovery or recession, banks lead the way. Before anyone has heard of the credit crisis or the sub prime crisis, the banks were already suffering and cutting back on staff and bonuses. Hence, a bank recovery heralds a real economy recovery one year later. You should realise by now that all of our fortunes are interconnected in the global economy.

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Posted in: Ginza's hostesses feel the economic pinch See in context

I'd like to correct myself. Not "Westerners" but rather "champions of western ideals". My apologies.

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Posted in: Ginza's hostesses feel the economic pinch See in context

dano2002, I totally agree with you. While being a hostess would not be my personal choice of occupation, I'd not go so far as to rubbish another person's effort to make a living. There's so much moral wrangling going on about the rights and wrongs of mizushobai in Japan and yet conveniently forgetting that many will be/ are reduced to living below the poverty line. Westerners can sometimes be so obnoxious and hypocritical about women's right etc, when they are so quick to deny a woman a means to a living.

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Posted in: The punishment of banks: To whose benefit? See in context

Junnama, Banks are not in favor of socialism, ever. They sometimes borrow but almost always pay back their debt, unless its a government bank, like LTCB or Nippon Credit. Governments want to control banks, because banks are big, safe money makers and they can finance & extend their political ambitions through them.

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Posted in: The punishment of banks: To whose benefit? See in context

Imagine how your job will suffer if the rich bankers leave town for greener pastures. First to suffer would the the real estate market. That's you buddy. That piece of land that you and your Mrs. bought just got devalued and you're still paying the mortgage you locked into at the peak of the market. Then next to go is the service sector, which accounts for most big city jobs. That's malls, restaurants, consumer electronics, cars, etc. And no loans or new mortgage either. Cause all the banks tighten credit in view of higher taxes. Then manufacturing, due to the slow down in demand.

There's never been an Utopian society that tkoind2 spoke of through human history. What makes you think this taking from the rich will actually benefit the poor? At best it subsidises for some public welfare for a year. And then you run out of other people's money.

People keep talking like they are miserable and suffering like peasants. But how worse is it compared to the early last century. People today have rights, travel in cheap fast transportation, have access to safe drinking water and food, and yet they bitch about what other people's money.

Communism and socialism doesn't work because it can't foot its own bill.

If we're going to tax banks, we should tax all the industries -airlines, car manufacturing, etc that's been receiving bail out money for the last 3 decades.

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Posted in: Jury member loses cool in Miyagi high school girl rape case See in context

And for a while I thought the jury pulled out a shotgun and blew the defendant's head off.

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Posted in: Man stabbed to death in Tokyo apartment See in context

This happened in the building next to mine. The police cordoned off the street since last night and loads of reporters this morning.

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Posted in: Divorce said to be a requisite for Erika Sawajiri's comeback See in context

She needs a dad, not a husband, from the sounds of it.

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Posted in: U.S. bands blast use of their music in Gitmo interrogations See in context

Its like casting pearls at swines....

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Posted in: I can't think of any Japanese company that treats foreigners the same as Japanese in terms of promotion and involvement at the top. See in context

Strange comment given that's she's been out of the market for over 10 years....

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Posted in: If the government invites U.S. POWs, then it should ask the U.S. government to apologize to the victims of the atomic bombings and the air raids. See in context

Tell ya what, as soon as Yasakuni is burned to the ground, the government stops accepting right wingers faux history books, and Japan starts making reparations to Nanking and Unit 731 survivors....

While I do not agree with right wingers, yasukuni shrine etc... , forcibly silencing them merely takes us all one step closer to a dictatorial form of government. Democracy is a difficult thing...

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Posted in: U.S. Marines storm Taliban town in Afghanistan See in context

Iraq has been talked to death and nothing can be done about spilt milk. I just wonder if the American public learnt anything from it? Unlikely....

I still recall many Americans back in 2002 aggressively championing attacking Iraq even though it was clear as day that it was pointless and illegal. They just wanted to show that they're the boss.

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Posted in: Akiko Yada divorces Oshio after his arrest See in context

It was really bad judgment to have married him in the first place. It's not like she didn't know about his lifestyle or troublesome character. He's not so tough now, now that he's behind bars, is he?

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Posted in: Yada's management says she, Oshio had been living apart See in context

Word is, the dead chick in connection to Oshio was another known personality. No wonder Yada's distancing herself from this.

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Posted in: Japan can do without preaching on how to fix its economy See in context

Seiharinokaze,

The lost decade speaks the loudest. No Japanese leader have solved the economy. There's no telling where Japan will end up this time round.

Paul Krugman is but one economist of hundreds who offers differing solutions. Even if he is wrong, the Japanese still hasn't figured out how to solve their economy. I never recalled anything that comes close to an apology to Japan so perhaps you can point out the article?

It's keep coming back to the fact that Japan is still broken and have no idea how to fix it. No amount of telling foreigners to 'go away' is going to help.

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Posted in: Recession a good opportunity to return to Japan's core virtues See in context

tkoind2, you are spot on. For too long, Japan has been enamored by the romanticized age of samurais and code of bushido without realizing that that particular system involves enslaving the population and curbing freedom of speech and thought. It is precisely that kind of thinking that got them into the war and helped them lose it. This backwards, socialist mindset, where everyone is supposed to be equal, is precisely why Japan is unable to climb out of the depression.

The last 5 good years was merely a short break from the continuing economic depression. The poor and backwards economic/ political fundamentals are unchanged. We can look forward to a very bleak summer with lots of real estate bankruptcies.

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Posted in: Ai Iijima died of pneumonia; no foul play, say police See in context

JoinceRojo, It's an issue because it concerns public health. Japanese usage of protection is very low. Hence, if Ai Iijima was HIV positive, its a matter of public health to screen her former partners.

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