Title : World Financial Network National Bank
link : World Financial Network National Bank
World Financial Network National Bank
since the occupy wall street movement of 2011gained national interest, wall street has taken center stage on the political radar.in particular, candidates bernie sanders, and hillary clinton, have rallied againstwall street’s disproportionate influence in the us and global economy. so, just howpowerful is wall street? well, in common use, “wall street†refersto the american banking industry. the term
World Financial Network National Bank, is used because wall street in new york cityis the location of significant financial markets, including the nasdaq and the new york stockexchange. these two markets are the largest exchanges in the world, and facilitate thetrade of more than $27 trillion dollars of company stock. changes in the global economyare directly reflected in the performance
of these stock markets, and vice-versa. but stock market capitalization isn’t necessarilya measurement of power, as that money is actually held by investors and not specifically wallstreet banks. by comparison, us financial institutions hold roughly $15 trillion dollarsin assets, half of which is controlled by just five banks. that’s almost the unitedstates’ entire yearly gdp; the largest in the world. so what does wall street do with that money?well, a significant portion of it goes towards swaying political policy. a 2009 study bythe center for economic and policy research found that banking deregulation in the unitedstates was heavily pushed by banks themselves
by way of financial lobbyists. deregulationin the 1970s and 1980s was based on the idea that removing government oversight of thefinancial system would allow it to flourish, and wall street’s profits would trickledown to main street. in fact what ended up happening was that financialderegulation allowed banks and lenders to take on riskier loans, as well as bet on thestock market using customer money. this all came to a head during the late-2000s financialcrisis, where it came out that poorly regulated banks were offering massive mortgages to peoplewho were unable to pay them. so when the housing market finally collapsed under the weightof these bad loans, it took down the world’s financial markets as well. in short, wallstreet’s practices contributed to the downturn
in the global economy. that’s pretty powerful. but what’s even more powerful is what happenednext. instead of letting the affected financial institutions fail under the weight of theirbad loans, they were bailed out with public money. the treasury department committed roughly$16 trillion dollars, a bailout led by henry paulson, the secretary of the treasury. paulsonwas also the former ceo of goldman sachs, which received nearly $13 billion dollarsas part of the bailout. clearly, wall street has a huge amount ofmoney, a huge amount of influence, and even former ceos in government positions. so whencandidates like bernie sanders promise to take down wall street, it may sound like agood idea, but it's probably harder than you’d
think. but why exactly does bernie sanders want totake down big banks, and what’s so bad about them anyway? learn more about the problemwith banks being “too big to fail†in this video. thanks for watching seeker daily! don’t forget to likeand subscribe for new videos every day.
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