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God bless deregulation!! and Chuck22, thanks very much for clarifying the destructive role that CDSs played in all of this. Mainstream media has been focusing on other components of this crisis while underexplaining the trainwreck resulting from credit default swaps.
This is too f*** unbelievable - Wall Street gets paid to play Russian roulette and leaves the rest of the world in a smoldering mess. How much tighter did they want the noose around their necks before finally admitting they were suffocating?
How about the CEOs, hedgefunds, and other financiers that made all of this possible? When do they get to go to jail? I don't think they can hide for long... they caused a "global" mess... every country that they'd run or find refuge has been effected. They should be considered world financial criminals worse than terrorists and tried under international scrutiny.
About 4 years ago, I was reading one of those books on how to manage finances and this book, can't remember the name of it and can't find it in my bookshelf darn it, this book said that banks wanted people who might not be able to pay for homes to take out loans so they could take the homes and resell them thus making money off the first person till they defaulted and again on a new loan to another sucker er buyer. This is when I started paying off my debt, it made me angry and I decided I didn't need to keep buying into the system.
I know this is not an intelligent analysis such as what you guys are saying, and thanks for all you do say it is most helpful, but even a layperson such as I understood the writing on the wall from that book!
Thankfully, I almost made it, my personal debt has gone down to less than 14k.
They all knew- from Greenspan to Bernanke to Paulsen. But they all said the problem was 'contained' the economy was strong-blah blah blah.....
Read some of the Blogs from 2 years ago or more- they told the truth about everything- and most predicted this massive catastrophe. I used to read posts from some saying- I am enjoying this all- the time will come when I can sit in an easy chair eat popcorn and watch the biggest leveraging in American history take place-guess what? That time has come- and its even worse then many predicted
Location: Georgia, on the Florida line, right above Tallahassee
10,471 posts, read 15,831,906 times
Reputation: 6438
Quote:
Originally Posted by aiangel_writer
About 4 years ago, I was reading one of those books on how to manage finances and this book, can't remember the name of it and can't find it in my bookshelf darn it, this book said that banks wanted people who might not be able to pay for homes to take out loans so they could take the homes and resell them thus making money off the first person till they defaulted and again on a new loan to another sucker er buyer. This is when I started paying off my debt, it made me angry and I decided I didn't need to keep buying into the system.
I know this is not an intelligent analysis such as what you guys are saying, and thanks for all you do say it is most helpful, but even a layperson such as I understood the writing on the wall from that book!
Thankfully, I almost made it, my personal debt has gone down to less than 14k.
Um, that's actually what the used car dealer in my hometown did...well one of them. He'd take a junker as a trade-in, and then sell it to some poor slob "as is" for 100 bucks a month. Car blows up, customer wants his money back...but he bought it "as is". He's still paying a 100 bucks a month and the auto dealer just makes pure, sweet profit.
America....you just got suckered by a used car salesman.
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