Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Government Wall Street likes it just the way it is.
There is too much of other people's money involved to gamble with and going back to the old boring ways is not as lucrative and profitable.
The top .5% in this country owe their wealth to Wall Street, despite the fact that 50% of American's have a 401K or similar retirement plan and are not doing as well compared to the top .5%
How well would those in the top .5% do, if those 50% of American's pulled their retirement plans out of the markets.
You can see who the real leeches are.
If 50% pulled their 401K $ out of the market, they would likely be the biggest losers.
What does that mean? The rating agencies where paid off with plenty of money to look the other way. Not a opinion. It was in the rating agency's interests to play along.
I am aware of the inherent conflicts of interest between Wall Street and the independent rating agencies.
I am not aware they were paid off. Maybe I missed it. Can you provide a link, please.
PBS Drops Another Bombshell: Wall Street Is Gobbling Up Two-Thirds of Your 401(k)
Quote:
If you work for 50 years and receive the typical long-term return of 7 percent on your 401(k) plan and your fees are 2 percent, almost two-thirds of your account will go to Wall Street. This was the bombshell dropped by Frontline’s Martin Smith in this Tuesday evening’s PBS program, The Retirement Gamble.
This is not so much a gamble as a certainty: under a 2 percent 401(k) fee structure, almost two-thirds of your working life will go toward paying obscene compensation to Wall Street; a little over one-third will benefit your family – and that’s before paying taxes on withdrawals to Uncle Sam.
To put it another way – you work for Wall Street. You are their slave, their lackey and as long as their toadies dominate in Congress, nothing is going to change on the legislative front to stop the looting. Wall Street seized millions of homes through illegal foreclosures and stripped the equity from the owners.
They got away with it. Some Wall Street firms further enriched themselves making bets that the housing market would collapse, using their inside knowledge of the bogus loans they had made. They got away with that also.
Now Wall Street is busy asset stripping the retirement plans of the working class in America while President Obama proposes to cut Social Security benefits through a discredited calculation called Chained CPI – conveniently causing people to save more in their 401(k) plans to make up for the potential loss. But the more you save, the more Wall Street asset strips.
I am aware of the inherent conflicts of interest between Wall Street and the independent rating agencies.
I am not aware they were paid off. Maybe I missed it. Can you provide a link, please.
"Moody’s gross revenue from rating the complex products quadrupled to $260 million in 2006 from $61 million in 2002, according to the congressional report. For S&P, the number also quadrupled to $265 million in 2006 from $64 million in 2002.
“Investment bankers who complained about rating methodologies, criteria, or decisions were often able to obtain exceptions or other favorable treatment,” according to the Levin report. The decisions appeared to be “concessions made to prevent the loss of business.”
All in their interests, not the investor or anyone else. Yet, our government shuts down for a week or so and BOOM! They lower the US rating.
Umm, sure, you bet. The big Wall Street investment banks ruined their owners, toasted the stock options and equity of all top officers and all the way down the ranks of employees, flushing more than a trillion dollars of their own wealth down the toilet....all so they could buy crappy houses and collect some rent, five years later.
Can we stop the absurd notion that the big banks "got away with" all the money that was "lost" in the downturn? When the mass delusion afflicting 300 million Americans that you can't lose money in real estate, when that delusion went away, we all lost. Ask the former shareholder/employees of Lehman, Bear Stearns, Merrill Lynch, Countrywide, Wells Fargo, Wachovia, Citi, etc., etc. They all got killed.
As for who owns the houses now, it is a free country. I bought an extra one, cheap--if you didn't, it is not Wall Street's fault.
That comment is a quote from the article, not mine. I also don't think your statement of the "plan" he musing on is what Tyler means.
However, when you are too big to fail and given a gambling environment that benefits you and your shareholders, which are govt et al, btw, you get away with a great deal of unhealthy behavior, unsustainable or not.
My statement was a general one. Apparently, you are not too familiar with Blackstone group are you?(about 67% institutionally owned) or government investments? I have posted information on all of this many times.
My statement was a general one. Apparently, you are not too familiar with Blackstone group are you?(about 67% institutionally owned) or government investments? I have posted information on all of this many times.
No doubt there have been a few mistaken foreclosures, especially in those states that allow non-judicial foreclosures.
There is ample opportunity for an owner to redeem his property before foreclosure.
Once foreclosed, a the asset manager, representing the bank typically offers the former owners cash for keys to depart and leave the property intact and avoid eviction proceedings.
You don't see MERS discussed much in political forums either.
Another roadblock the cockroaches cleared in their scam since the old way was slowing them down.
Treating American's like they are sheeple to be raped on an industrial scale to maximize their profits.
If only the common American outside of politics really new how the game works where all our productivity, sweat and toil goes to benefit a bunch of animals that are of this world only.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
