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To: monocle

Never was OWS. Just a numbers man. If you know the debt our nation piled up on, the losses on derivatives our banks got the taxpayers on the hook for and how the world is wobbling from the international dealings among the banks of every major nation as they brought leveraged derivatives on sovereign debt and other toxic assets, the situation will get worst not better. When large EU countries like Italy and Spain default, the central bankers and banks of the world will act out of desperation and seize customer money to plug the gaps to prevent a worldwide implosion. As more and more people lose their savings, 401k, mutual funds and etc, people will no longer ask are you a Democrat or Republican, do you believe in large or small government, they will latch onto anyone who had the guts to go after the bankers who took their money. Right now only the OWS is willing to fill that role. If the central banks and world banks at the behest of desperate national governments do what I think they will do, the OWS movement will grow.


31 posted on 01/03/2012 1:24:26 AM PST by Fee
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To: Fee
If the housing bubble hadn't burst, most of the people who lost their homes or are under water would be bragging how smart they were because their homes had risen so much in value. Since these people lost so much money they are blaming the banks. Strange thing though I can't ever recall bankers putting guns to people's heads to force them to take such mortgages. Indeed in the mid to late 90's ppeople were screaming that mortgages should be easier to get.

One aspect of the financial collapse that has not been mentioned is the FDIC which was also involved in the earlier savings and loan scandal. By insuring deposits financial institutions can make more risky investments and most of their customers would not lose anything.

Whenever some risk is covered by insurance, risky behavior and fraud will follow like a shadow. Once Obamacare kicks in fully fraud will become a way of life for many. People will bemoan that shady people are scamming them but few, if any, will blame the government.

BTW I have an engineering degree, a MBA in finance and a JD so I can manipulate numbers with the best of them. Banks in any flavor of economy play a vital role and just like in any other profession are honest and dishonest people. Indeed, the Catholic Church is still reeling from its scandal.

33 posted on 01/03/2012 8:41:54 AM PST by monocle
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