Posted on 04/08/2010 4:33:04 PM PDT by Kartographer
In The End of Wall Street, noted author and financial journalist Roger Lowenstein argues the crisis of 2008 marked more than just the end of Lehman Brothers, Bear Stearns, Washington Mutual and a host of other firms.
"This was the collapse of an ethos that prevailed for a generation," Lowenstein says. "The idea that markets always have it right, that bankers knew when to set their own limits, that we didn't need government in Wall Street at all...that painful recessions were a thing of the past because the Fed had it all figured out -- that Wall Street I think we've seen the end of. "
(Excerpt) Read more at finance.yahoo.com ...
The market is amoral and goes where the bottom line tells it to. If there was buffering by a Moral/Ethical Compass, it has been significantly decayed pursuant to the progressive demoralization of American society.========1. Ideological subversion is the process which is [a] legitimate, old word, and open. You can see it with your own eyes. All American mass media has to do is to "unplug bananas" from their ears, open up their eyes, and they can see it. There is no mystery.It has nothing to do with espionage. I know that espionage intelligence gathering looks more romantic. It sells more deodorants through the advertising. That's probably why your Hollywood producers are so crazy about James Bond types of films. But in reality the main emphasis of the KGB is NOT in the area of intelligence at all.According to my opinion, and the opinions of many defectors of my caliber, only about 15% of time, money, and manpower is spent on espionage as such. The other 85% is a slow process which we call either ideological subversion, active measures, or psychological warfare. What it basically means is: to change the perception of reality of every American that despite of the abundance of information no one is able to come to sensible conclusions in the interest of defending themselves, their families, their community, and their country.It's a great brainwashing process which goes very slow and is divided into four basic stages.The first stage being "demoralization"....---KGB Defector Yuri Bezmenov, circa 1984========
It is if you're not the one holding the bag.Hos 12:7
7 The merchant uses dishonest scales; he loves to defraud.
NIVPlus they didn't believe the vehicles would blow up. The industry was under the shared delusion that "Real estate always goes up". Oops!
Why would an industry built using H1B slave laborers whose feet were being dangled over the fires of the caste system care about cash-cow America? The Sub-prime industry essentially became an engine for wealth redistribution. Might have even kept running too - if folks hadn't gotten greedy and gamed the system into self-destruction.
The ratings were based upon the information supplied with the loans. Argent mortgage, for example, was fabricating FICO scores. For Liar Loans, the FICO score is the only number of meaning regarding he borrower's credit worthiness.Combine with less-than-reliable appraisals... and you have AAA A$$PAPER (and a bubble expanding at an accelerated rate) in the making.
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