Posted on 02/02/2009 12:41:18 AM PST by Tempest
The basic story line so far is that we are all to blame, including homeowners who bit off more than they could chew, lenders who wrote absurd adjustable-rate mortgages, and greedy investment bankers.
Credit derivatives also figure heavily in the plot. Apologists say that these became so complicated that even Wall Street couldn't understand them and that they created "an unacceptable level of risk." Then these blowhards tell us that the bailout will pump hundreds of billions of dollars into the credit arteries and save the patient, which is the world's financial system. It will take time—maybe a year or so—but if everyone hangs in there, we'll be all right. No structural damage has been done, and all's well that ends well.
Sorry, but that's drivel. In fact, what we are living through is the worst financial scandal in history. It dwarfs 1929, Ponzi's scheme, Teapot Dome, the South Sea Bubble, tulip bulbs, you name it. Bernie Madoff? He's peanuts.
(Excerpt) Read more at villagevoice.com ...
Did you bother to read the article before giving us your politically motivated opinion?...some of us prefer facts over the ideologically based blame game. What you say is just not true...if you sat down and look at the money involved you could see this clearly.
I think this is correct...if he was involved in the day to day...he would have taken his money out and ran, like the rest of these cockroaches.
Credit unions invest in their community mostly and do not engage in risky lending practices...hence they don’t need a bail out.
OK, I can follow this part, now how do we get to where our 7.2% unemployment is worse than when it was 7.4%?
Liberals know they can't continue their ponzi schemes, they know the end is coming. Right now as liberals always do is to find somebody, anybody to necklace the blame. Reason why they are nearly down on their bended knees trying to get Republican cover.
Podesta is running the Obama administration. Podesta headed a George Soros think tank that picked all of Obama’s nominees. Well, he gave Obama a list of possible picks for each job and Obama made the selection, supposedly. I think that Podesta has even written a book about it, laying it all out, saying that they planned to have it all planned out, so that Obama could hit the ground running.
Now, Podesta is head of the CIA.
That's why the whole thing passed without comment and it's why this article misses the point.
I hear a bunch of traders have bought oil and storing it on ships...so it will go up. They will see to it. Where is the biggest oil company located? Wall Street, NYC
There is a finite supply of oil tankers, what happens when they fill several hundred?
(Where did you lose your money again?)
Six month lag...it will hit over 10% by the end of the years even with the BS statistics kept by our government.
No doubt...they are desperate. I would not just include Dems though...the bucket law was repealed during a GOP Congress-2000. They are all to blame.
No the government backstopped the losses so we don’t know what they were...they were big losses...no doubt.
Traders will attempt to drive oil up...where else are they going to make money? Count on it...the money I lost was in a 401K...supposedly diversified... and a few stocks I’ll pretend you really care and answer your question which was only posed...so you could find a clever way to say, “YOUR STUPID AND LOST YOUR MONEY’. There are naughty words for people like you who feed off of others misery...but I’m not allowed to use them while posting on Free Republic...or in the presence of a lady.
You know, realizing I’ve been justified in hating Podesta all these years doesn’t feel very good. :(
Being right can be damned depressing...right now.
Settlements for the credit default swaps on Lehman Brother’s contracts are on October 21st. With over $350 billion of losses that will be recorded from just one financial institution failure, this is sure to spread throughout the industry and cause further defaults.
Now go back and look at what actually happened on Oct 21. The $350 billion mentioned here actually turned out to be about $6 billion (from memory). The government didn't backstop the losses. There was a give and take between buyers and sellers of the swaps which ended in a much smaller net transfer of money from sellers to buyers.Reason: many players in the game were both buyers and sellers. When it all panned out, the fallout was much smaller than expected.
Posting claims with no back up again. LOL!
People are putting their money in banks. The problem is that too many are saving not enough people are borrowing from the banks and spending their loan money. Banks don't make profits from deposits, they profit from making loans. Our problem is gloom'n'doom negativity.
Worse, it's downright delusional. Example: something in the latest GDP press release that nobody's talking about is the fact that while the total product shrank, our personal incomes grew! It gets better. Our personal after-tax incomes have been growing for the entire span of our 'recession', so this is the first recession ever where we not only have had an increasing GDP, but we've seen incomes go up too.
Truly amazing!
I would bet that I lost more money than you in 2008, but I’m not prepared to get in a micturation contest with you.
Sorry to confuse you. You can be even nastier now if you want. I’m a guy.
You aren't right, you just talk too much. Endless numbers of posts...none of them backed by even the slimest logic or facts.
All that you are proving is that you can get in the last word, even if your last word is as erroneous as your first.
This forum needs a *limit* on the number of posts by one member in a given thread. Otherwise, wild-eyed know-nothings who have gotten propaganda stuffed into their heads will simply out-talk everyone else.
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