European bank shares tumbled on Tuesday on the news
Oh no think of the shareholders
this post was submitted on 09 Aug 2023
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I tried thinking of them and started laughing. Tried a second time to be sure and it happened again. Am I doing it right?
after reprimanding lenders for failing to reward deposits
This really is key. Think bank for a second. They make oodles off cash of nothing. Nothing. Just other people’s money. Think what you could do in 30 days with $6b. And what do the millions of people who pooled that $6h get? Fees. Nothing. There’s no interest for chequing, which the banks have set up to be the only way really to bank with. Savings net you next to nothing (do banks really think .5% is enough when they likely double your money day to day).
And incentivizes to deposit? Yeah, zero.
So they take all your money, charge you for it, make a killing, pay next to no taxes and call it a day.
And here I am slaving away making nothing, paying 45% in taxes, all the while making them rich. I’m so done with capitalism which has turned out to be every bit as bad as every other kind of government that came before it.
Okay and I agree but how is capitalism a government?
They purchase governments
It can't exist without the government keeping the angry mob from chopping off the Capitalists' heads off.
To be fair, we don't want them doing too much stuff with our deposits, since they have to be able to give it back at any point. IIRC they earn most of their money off of lending as a result.
And here I am slaving away making nothing, paying 45% in taxes,
Where the fuck is that one of the lower tax brackets? Where I live 48% is the highest possible rate, including taxes from all levels of government. I hope your government services are pretty dope with that much funding.
Just for what facts are worth, interest rates on savings account are a good 8x higher than 0.5%, at least in a lot of American banks right now. I'm not sure where you are exactly, but central bank rates have risen essentially everywhere, so you should absolutely be able to find better rates than that.
For $10,000 left sitting for 5 years, at 4% that becomes $12,100. At 0.5%, it's $10,250.
Its not even a gamble, its a safe investment they do because fucking Equifax knows all your banking history.
Bout time. Spain did it two years ago and now has inflation down to 2%.
Oh no, Spain shouldn’t be an example to anything lol.
Food?
Economic-related.
Governments change, the current one handled this crisis pretty well. Spain also became a de facto lider in Europe on energy policy.
How so? They pretty much made the housing market problem 1000x worse, they're overtaxing the Spanish tax payer a lot for little or no result. Even the energy crisis they handled it like fucking apes.
I don't know where are you getting this from. The have better GDP forecast than Germany for example and one of the lowest inflation in EU. Part of this is thanks to lower energy prices achieved thanks to policies that are now copied by other countries. And the current government did pretty good in elections just couple weeks ago so I don't think people feel overtaxed. Biased much?
Did pretty good? They lost them.
They're having huge troubles with habitation.
Lower energy prices were achieved with government debt by subsidising the prices. By comparison, Germany is doing quite fine when compared to Spain:
- Spain debt is 112.8% of their GDP according to their central bank data.
- Germany debit is 66.4% of their GDP according to their central bank data.
So, basically the tax payer ended up paying the (lower energy prices in taxes raises)[https://elpais.com/economia/2022-11-30/espana-en-el-podio-de-paises-de-la-ocde-con-mayor-alza-de-la-presion-fiscal-en-una-decada.html]. So you basically fell for the socialist trap, that's giving some benefits while raising the taxes, which ends up screwing people even more.
The inflation rate being better in Spain is well... good but on everything else they're far worse than even Germany.
The debt looked like this well before the energy crisis and it grew to over 100% under right wing government: https://www.macrotrends.net/countries/ESP/spain/debt-to-gdp-ratio Current government was hit by Covid but they actually managed to lower it in 2021. And I'm of course not saying that Spain is economically in better situation than Germany over all, just that this government managed current crises pretty well and got inflation and GDP under control faster than them and most other countries.
Current government was hit by Covid but they actually managed to lower it in 2021
Yes, with record breaking taxation... Apparently for Lemmy fucking over people's lives is all good as long is the government doing it and not some corporation.
Sure, because higher taxes fuck over people's lives but inflation, recession, unemployment and high costs of living do not. Just look how happy everyone is in UK with their current cost of living crisis. Not raising taxes sure worked out great for them...
Also, I'm not Lemmy. Don't know why would you generalize like that.
The unemployment rate is horrendous, at 13.3% in the first quarter of 2023. In comparison, Germany was at around 5.5%, the UK at about 3.8%, and the US at around 3.5%.
Edit: And when you scope that to youth unemployment, the rate in Spain is nearly 30%. I won't pretend to know enough about Spanish economic policy to speculate on causes, but things are not exactly going well.
Okay?
I'm genuinely not understanding your point. That website shows 13.01% unemployment it 2022, and 28.34% for youth. These are very high.
So you misses the point if this entire discussion.
I'll maintain that the Spanish economy is not exactly a good example of economic prosperity, and thank you for providing additional data that exactly shows that point. Cheers.
And I never said it is which proves, again, that you didn't understand anything that was said here. Cheers.
They have a statue of a hand flipping the bird in front of their stock exchange?!
Looks like they do. Wtf.
i'm italian and wtf now i want to go see it
They have since announced that it will be capped at 0.1% of a bank's assets: https://edition.cnn.com/2023/08/09/business/italy-bank-windfall-tax-change/index.html
It should be noted that this was in response to bank stocks rapidly collapsing. It seems pretty doubtful that this was planned or they would have included it in the original announcement.
Nah, it didn't even last a blink of an eye
https://www.ft.com/content/4db1e071-9ff1-44f1-a92a-c01a048aad17
They will increase all wages thanks to that extra money. It's a joke, a joke gov that should be either upgraded or removed 🥳