Quote:
Originally Posted by samyn on the green
The anti-blue collar bias is huge for the connected that run this country. I always thought welfare was for poor parasites too lazy to work but it turns out the upper class is an awful parasite as well. There should be outrage in the streets over thi s $200 billion bail out for Maddoff and his peers. |
: still at work, glances over shoulder then skims the article, lifts brow : Hmmmm...
Clients demanding to pull their money out of hedge funds has caused extreme pressure on the credit and stock markets... So much so that your larger hedge funds have become gated (in their prospectuses is a little small print saying bottom line, the manager can refuse your request for redemption for a certain period of time).
The managers need to keep the investors' money in the fund and so deny the investors redemption (that they cannot pull their money out right now).
Hmmm... this I must admit (the news) has surprised me if only because it's been done in the open and reported. Hedge funds are so intertwined with the money market sector (the sector American businesses use for their day-to-day operations; commercial paper is cheaper than using a line of credit from a bank) and maybe that's why "hedge funds" could qualify for Fed money.
The article also states:
"... This includes hedge funds, which have never been able to borrow from the US central bank before, although the Fed
may not permit hedge funds to
use offshore vehicles to conduct the transactions."
"The idea is to increase the supply of these loans [pools of credit card receivables, automobile loans and student loans] and reduce borrowing rates by ensuring that the
companies that make the loans can sell them on to investors who have guaranteed access to low-cost funding from the Fed."
"... it could also be
broadened to include new commercial and residential mortgage-backed securities."
"It attributes this [unusually high risk premiums on consumer loans]
to a lack of buying interest in the secondary market where the loans are sold on to investors. By making loans to these investors
on attractive terms it aims to increase market liquidity."
(My only comment is weren't these... instruments that got us into the global financial mess we are presently in? That's all I'm going to say on a public board.)
"... Fed officials hope that hedge funds will be among those investors that take advantage of the low-cost finance..."
Samyn ... you are right as to the reaction given to the UAW regarding the auto bailout in comparison to ... how can I say this?... any arm of the Global Financial Industry...
(If blue collar workers whether union or nonunion, cannot appreciate the benefit given them to function as a group, or to support the group if you are not union, [only in that the group is a shield for you and your wages], the powerful have no reason to consider any worker outside of being a piece of production.)
Paulson represented the... banking sector before the Congressional hearings, but the Big 3 had to represent themselves. It was ensured that they would suffer some form of humiliation, yet hedge fund representatives will never be asked... I should stay quiet.
All is never what, at first glance, it appears to be.
The upper echelon will alway move as a group, a business tribe, and fulfill its purpose
as a group. If the working classes are stupid enough to "free" themselves totally from "their" group (any union), so much the better for Globalists.
I'd be interested in reading people's reaction to this tho for personal reasons, I won't be able to comment.
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