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Old 12-06-2011, 06:01 AM
 
12,869 posts, read 13,718,152 times
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Dylan Ratigan | Greedy Bastards Favorite Financial Innovation: The Swaps Market (Part 1) | ZeroHedge

Why do Greedy Bastards love credit default swaps? Dylan explains it this way. “The genius of the Greedy Bastards maneuvering in the swaps market is the following: After collecting the revenue for all the insurance that you’re selling and all the credit and debt of the world—by the way, the more debt there is, the more insurance you can sell—when the insurance claims come from default on that credit, you don’t have to pay a penny because you, my friend, are too big to fail,” says Dylan.

“This is a market that has been created to basically protect the profitability of these banks that could be put on exchange but the barrier to doing it is the threat to their profits and the ability to do that is from money and politics.”

What?...I thought they were ingenious risk management tools just like Greenspan said.

Q: How could we have managed without them?

A: Look at the trajectory of the country since the dawn of these modern marvels of fraudulent wonder and put 2 and 2 together.

and NY frankie has the answer to the problem:
What is needed is a COMPLETE SEPARATION of commercial/retail banking - the Real Economy - from the parasitism & gaming of the system - derivatives being the current WMDs of choice. It is the assocation of this parasitism with traditional banking (which serves the Real Economy) that has been the convenient excuse/reason for the $13+ TRILLION - and counting - bailout of the parasites.

Once there is this separation, who gives a flying f*ck where/how "they" trade derivatives - they'll blow themselves up anyway... mercifully sooner, rather than later.

What is also needed is for the Wall St perps - who not only willfully wrecked the US economy but are also bringing down the global economy - is RICO prosecution, if not Nuremberg-type Trials, followed, at the very least, by life-imprisonment and confiscation of all assets
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Old 12-06-2011, 06:52 AM
 
Location: The Triad (NC)
31,411 posts, read 70,041,818 times
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Quote:
Originally Posted by floridasandy View Post
Doesn't work and never will work.
The closest you'll get is modest consensus on some low hanging fruit, a few feel good "programs"
or "initiatives" maybe a few different appointed officials or even some elected ones...
in short the usual BS window dressing.

If you want to "fix" the system you're barking up the wrong tree.
If you think you can actually achieve the goal... you delusional.

hth
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Old 12-06-2011, 07:01 AM
 
Location: Beautiful Rhode Island
7,758 posts, read 12,282,913 times
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quote:"What is also needed is for the Wall St perps - who not only willfully wrecked the US economy but are also bringing down the global economy - is RICO prosecution, if not Nuremberg-type Trials, followed, at the very least, by life-imprisonment and confiscation of all assets"


I'll second that!!!! It is amazing how little publicity and interest this has generated. The people seem fairly oblivious.
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Old 12-06-2011, 07:56 AM
 
Location: Ohio
22,798 posts, read 16,022,497 times
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Quote:
Originally Posted by Hollytree View Post
It is amazing how little publicity and interest this has generated.
You're talking about people who live paycheck-to-paycheck; who can't even define "Capital"; who think Student Loans should be "free"; who think their body-piercings and tattoos should be paid for by other people vis-a-vis Obamacare under the guise of "Medical Therapy"; who use their McMansions as humongous credit cards; who think buying something at "10% Off" and putting it on their credit card and paying 19.8% interest is a "bargain"; who think "0% Financing" really means "0% Financing"; who think buying a car with no money down financed for 72 months is a "deal"; who think buying a home with no money down is "good financial sense."

They aren't exactly "Big Brains."

Quote:
Originally Posted by Hollytree View Post
The people seem fairly oblivious.
To what?

Granted, Finance & Accounting isn't exactly my field of expertise, and financial crimes are not something I routinely investigated, other than insurance fraud schemes, but I'm still waiting for someone to show me the laws that were actually broken.
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Old 12-06-2011, 08:34 AM
 
Location: Sierra Vista, AZ
16,635 posts, read 22,060,354 times
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The only way to "fix" the system is to drag some parasites off in haandcuffs.
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Old 12-06-2011, 01:43 PM
 
Location: Beautiful Rhode Island
7,758 posts, read 12,282,913 times
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Mircea, how about fraud and misrepresentation? And just because the masses are dumb- that doesn't make what the Wall Street players did right.

Wall Street Was ‘Too Big to Jail’ | Consortiumnews
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Old 12-06-2011, 03:09 PM
 
19,346 posts, read 17,011,587 times
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The fraud just allowed it to go on longer. You can't create wealth driving up land prices and handing it over to the banks, this is especially the case when its residential. It cannot work under any circumstances. Instead of crashing down at the last solvent debtor, we added a bunch of phony ones. Its quite inevitable because the last one to take a loan will now have no additional credit fuel behind them, and there is no way they can sustain any equity at all. Since mortgages are about 80% of the private money supply, there is no engine of monetary growth. The interest over hang dooms us to either huge deficits or a bottomless depression for a very long time.

The result is it drives up the costs of labor until its priced out of the market. The double whammy was our new recruits who just had their labor costs driven up with their debtucations who are now supposed to pay bloated real estate prices to use them. $5000 - $2500 housing - $1000 college debt - $1000 car + gas commutes from being driven from the city center = debt free living in a trailer next to fast food oasis along the highway. Instead of performance style rationing, gone since GPA bloat, we have a debt load rationing system. The new crop of professionals entering the market are qualified by their willingness to go furthest into debt, PHD(Person Has Debt). One reason why boys are dropping out of college more than the girls is the lack of the erotic dancing finance option. At least that is one area where bankers are willing to help.

Fraud was just tacked on at the end when every willing and legitimate buyer was already pouring all the sap they could into the boiling bank bucket. No one will notice a little anti-freeze will they?

Last edited by gwynedd1; 12-06-2011 at 04:15 PM..
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Old 12-06-2011, 03:18 PM
 
Location: Wherever women are
19,011 posts, read 26,992,319 times
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Quote:
Originally Posted by Mircea View Post
You're talking about people who live paycheck-to-paycheck; who can't even define "Capital"; who think Student Loans should be "free"; who think their body-piercings and tattoos should be paid for by other people vis-a-vis Obamacare under the guise of "Medical Therapy"; who use their McMansions as humongous credit cards; who think buying something at "10% Off" and putting it on their credit card and paying 19.8% interest is a "bargain"; who think "0% Financing" really means "0% Financing"; who think buying a car with no money down financed for 72 months is a "deal"; who think buying a home with no money down is "good financial sense."

They aren't exactly "Big Brains."



To what?

Granted, Finance & Accounting isn't exactly my field of expertise, and financial crimes are not something I routinely investigated, other than insurance fraud schemes, but I'm still waiting for someone to show me the laws that were actually broken.
That's a good one. That's why I love this country. God bless America
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Old 12-06-2011, 03:23 PM
 
Location: Metro Detroit, Michigan
18,131 posts, read 16,601,096 times
Reputation: 18092
Quote:
Originally Posted by Mircea View Post
You're talking about people who live paycheck-to-paycheck; who can't even define "Capital"; who think Student Loans should be "free"; who think their body-piercings and tattoos should be paid for by other people vis-a-vis Obamacare under the guise of "Medical Therapy"; who use their McMansions as humongous credit cards; who think buying something at "10% Off" and putting it on their credit card and paying 19.8% interest is a "bargain"; who think "0% Financing" really means "0% Financing"; who think buying a car with no money down financed for 72 months is a "deal"; who think buying a home with no money down is "good financial sense."

Ha, I love it. And our country experiences 30 years of unprecedented, and very unsound growth because of people like this! The government is doing everything it can to restart the debt and spend engine and return to those times.
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Old 12-06-2011, 04:14 PM
 
19,346 posts, read 17,011,587 times
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Quote:
Originally Posted by Antlered Chamataka View Post
That's a good one. That's why I love this country. God bless America
IT HAS been seen that the dangers incident to a representative democracy are of two kinds: danger of a low grade of intelligence in the representative body, and in the popular opinion which controls it;
and danger of class legislation on the part of the numerical majority, these being all composed of the same class.

J S Mill
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