Much Improved Job Numbers Released Today (banks, stock market, government, economy)
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What you fail to understand is that pendulums can only swing so far in one direction. There will at some time be reprisals for the injustices being perpetrated now. Those reprisals will not be good for the country as a whole. The greed of the rich has brought down several countries and governments over history, and it could easily happen again.
Wtf are you talking about? Reprisals? Injustices? Greed of the rich?
This isn't a biblicle event it's a freaking credit driven recession caused by an overleveraged economy. An economy where far too many little guys and big guys over extended themselves.
So everyone, the rich and the not rich, got greedy. There's nothing unjust or even uncommon about that. As far as reprisals thats just goofey talk. Calm down and take a breath.
Wtf are you talking about? Reprisals? Injustices? Greed of the rich?
This isn't a biblicle event it's a freaking credit driven recession caused by an overleveraged economy. An economy where far too many little guys and big guys over extended themselves.
So everyone, the rich and the not rich, got greedy. There's nothing unjust or even uncommon about that. As far as reprisals thats just goofey talk. Calm down and take a breath.
The difference is that the relative few "Rich" that overleveraged themselves got bailed out by the tax payers and the many more "not rich" lost there homes and jobs and small business's.
As for reprisals that will come in the form of stifling government regulations and interference into business and wall street that will hurt any chance for a recovery.
The reprisals will come from politicians looking to garner votes from angry taxpayers that are not going to care about why we had to bailout the "rich".
The difference is that the relative few "Rich" that overleveraged themselves got bailed out by the tax payers and the many more "not rich" lost there homes and jobs and small business's.
When did the tax payers bailout the rich? I don't recall hearing about uncle Sam handing out checks to anybody that was rich. They have talked about raising their taxes though...to pay for the little guys things.
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Originally Posted by roadrat
As for reprisals that will come in the form of stifling government regulations and interference into business and wall street that will hurt any chance for a recovery.
Perhaps you did not notice, but part of this crisis was caused by the removal of key banking regulations put in place after the Great Depression.
When did the tax payers bailout the rich? I don't recall hearing about uncle Sam handing out checks to anybody that was rich. They have talked about raising their taxes though...to pay for the little guys things.
Perhaps you did not notice, but part of this crisis was caused by the removal of key banking regulations put in place after the Great Depression.
i guess you missed the bank / wall street bailouts.....
When did the tax payers bailout the rich? I don't recall hearing about uncle Sam handing out checks to anybody that was rich. They have talked about raising their taxes though...to pay for the little guys things.
How 'bout when they put Goldman Sacks-o-sh*t in a key advisory role on AIG, then put hundreds of billions of taxpayers dollars into AIG, which were subsequently passed through to wealthy counterparties, with the largest being...Goldman Sacks-o-sh*t.
How about when they injected tens of billions into Citibank preferred shares, and then allowed Citi to swap the preferred stock to common stock, giving up guaranteed dividends and any priority the taxpayer had in recovery? And when Citi then paid multimillion dollar bonuses to its executives...the ones that made the policies that allowed the country's largest bank to become insolvent in the first place?
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Originally Posted by user_id
Perhaps you did not notice, but part of this crisis was caused by the removal of key banking regulations put in place after the Great Depression.
Yes, I did notice. I also notice that the Treasury Secretary in office and actively supporting the Gramm-Leach-Bliley act, which effectively shelved those Glass-Steagal Act protections, was none other than Larry Summers...currently head of Obama's economic team. And that another one of the principal proponents of GLB was Hank Paulson, then-CEO of Goldman Sacks-o-sh*t, just before he became Treasury Secretary.
What a God-awful corrupt disaster.
The existence of bankers Demands the existence of guillotines
How 'bout when they put Goldman Sacks-o-sh*t in a key advisory role on AIG, then put hundreds of billions of taxpayers dollars into AIG, which were subsequently passed through to wealthy counterparties, with the largest being...Goldman Sacks-o-sh*t.
Do you have a time machine? I'm a bit curious how you know exactly how much the government is going to lose on these bailouts. These were loans and to what degree they will be paid back is completely unknown. The tax payers could actually gain...although that is unlikely.
Regardless, as with anything government related there are people that walk away with money, but treasury supported AIG to support the CDS markets not to transfer wealth to Goldman Sachs. Goldman Sachs was heavily involved in these markets so of course they would benefit, but the alternative is a total financial meltdown.
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Originally Posted by Bob from down south
And when Citi then paid multimillion dollar bonuses to its executives...the ones that made the policies that allowed the country's largest bank to become insolvent in the first place?
This is just class warfare stuff. Firstly this money is small fish, secondly these bonuses are part of their contract and usually in direct relation to money they make for the bank. If the government was giving aid to a car dealership, would you cut the commissions on your top car salesmen?
this is not at all class warfare. it is about corruption and our government either being complicit in the corruption or doing nothing to stop it. americans know that the stock market is not trading on fundamentals now. honest traders and honest banks risk being pulled under with market manipulation.
we have a destabilizing world market and the chinese market hit a brick wall this morning, yet our media is full of happy economy stories.
"Regardless, as with anything government related there are people that walk away with money, but treasury supported AIG to support the CDS markets not to transfer wealth to Goldman Sachs. Goldman Sachs was heavily involved in these markets so of course they would benefit, but the alternative is a total financial meltdown."
Most of the CDS' weren't held to protect holdings of corporate and mortgage-related debt securities. They were being used in the same manner as naked put option contracts. The US was under no obligation to reward companies for these unregulated products. They were certainly not obligated to pay off these contracts as if they were insuring debt, which in most cases they were not.
Most of the CDS' weren't held to protect holdings of corporate and mortgage-related debt securities. They were being used in the same manner as naked put option contracts. The US was under no obligation to reward companies for these unregulated products. They were certainly not obligated to pay off these contracts as if they were insuring debt, which in most cases they were not.
I never implied they were "obligated" to deal with it, but if they did not the entire financial system could have melted down. The collapse of Lehman brothers caused a number of problems, they were trying not to duplicate that experience.
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