Mark Sundeen: Wall Street Felons
on Wednesday, October 25, 2023Meaning of Mark Sundeen Money Quote: saying We complain about the felons of Wall Street, but keep them in control by paying them. Mark Sundeen said:
“Grumble as we might about Wall Street felons, we keep the banks in business by lending them our money, paying their interest on mortgages and credit cards, and amassing our savings in their IRAs and money-market accounts” — Mark Sundeen
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Mark Sundeen seems to be pointing out that despite complaints about unethical behavior by some in the financial industry, average citizens continue to support and fund the major banks through various financial activities.
By taking out loans like mortgages and credit cards that charge interest, keeping savings in retirement accounts at these institutions, and depositing money in bank accounts, people are essentially “lending” their money to the banks and keeping them in business.
So even while some banks engage in illegal behavior, the general public still relies heavily on these financial companies for various services and products. Sundeen’s quote suggests this ongoing financial patronage is what really allows the banks to maintain their prominent role in the economy, more so than any displeasure voiced about their actions on Wall Street.