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Maybe you don't think on such a level... maybe the most you care about is whether your neighborhood bank's ATM continues working. Well, I invite all to "try" and get through this article [,,,]
Maybe take out a sentence or two, and just write what you think about what was written... I want to know what you think, and what you believe your responsibility is as a voting citizen of whatever country you're from.
And now for some quotes from the article: [...]
[b] European Comic relief: [/url]
Quote:
Originally Posted by MadAtMcCain
: smiles and then laughs good-naturedly : I'm just happy you responded. Sometimes it's difficult to have to be so careful when it comes to finances, particularly global finances. Material that is broad in scope, but genius enough to be expressed in layman's terms is hard to find. (Frankly, it's a means to discourage inquiry.)
Okay, so let's see if I can break some of this down. I do wish that others who work in the field of finance that read City-Data would take on the challenge of breaking down financial concepts to everyday language. After all, it is everyone's world that is affected.
: holds nose and jumps into the pool of finance : [...]
CDS = credit default swap = (for example) We have a contract between us and I pay you a certain percentage every month, on a company's chances of going bankrupt or restructuring or the bond or loan defaulting. You collect every month if everything is okay; I collect big if things go south.
That now brings us to a synthetic CDO or SCDO. It's a packaged CDO plus the CDS, or a credit default swap and a collateralized debt obligation that stays on the originator's balance sheet. It all stays with you and cannot be transferred. This is to get around certain laws in foreign countries that forbid such transfers or make the taxes on such transfers uneconomical.
: pulls Self out of the financial pool : Whew! I hope that's all we need to know to make the article understandable.
: suddenly snaps fingers : There's a couple of YouTube videos that might make it easier to understand if you don't mind viewing them.
Thank you for taking on the challenge. :-)
Aw shucks, sensei, I've been trading online for about six years now. You'd be surprised to learn how many traders, brokers, bankers and financial consultants and analysts post on C-D, and how many others in unrelated professions are more than knowledgeable about the current and projected economic situations. Have you been by the Business > Investing section of the site? You wouldn't be able to get away with the condescension you applied here, but now and then some young guys come on who are interested in trade.
Aw shucks, sensei, I've been trading online for about six years now. You'd be surprised to learn how many traders, brokers, bankers and financial consultants and analysts post on C-D, and how many others in unrelated professions are more than knowledgeable about the current and projected economic situations. Have you been by the Business > Investing section of the site? You wouldn't be able to get away with the condescension you applied here, but now and then some young guys come on who are interested in trade.
I assume you are addressing me. My comment was made in the context of this forum: Politics and Other Controversies. but lets not hijack the thread just yet.
I assume you are addressing me. My comment was made in the context of this forum: Politics and Other Controversies. but lets not hijack the thread just yet.
Aw shucks, sensei, I've been trading online for about six years now. You'd be surprised to learn how many traders, brokers, bankers and financial consultants and analysts post on C-D, and how many others in unrelated professions are more than knowledgeable about the current and projected economic situations. Have you been by the Business > Investing section of the site? You wouldn't be able to get away with the condescension you applied here, but now and then some young guys come on who are interested in trade.
Yikes! if you're talking to me because I am young (below the age of 25). For myself, I guess being reared to always speak plainly regardless of specialization is quite the challenge and discipline for one of my orientation. I've never been to the investing forum primarily because my line of interest and work involve politics and finance.
I truly beg pardon if I came off condescending. My motivation was to invite discussion as well as to deepen my own understanding through the views of others. I truly thought that you didn't understand and only sought to be most responsible for assisting your understanding.
Ahh, the way the post began. Truly that's a reflection of the threads I've been in and the effort it's taken to speak to the body of people; and not a specialized group. If I were speaking to investors, my approach would have been different.
My experience so far has been the limitations of people's everyday awareness and not the broadness of an awareness which includes all individuals, even in their States.
Therefore my appeal was to the general, whose concern is for their ATMs and not much further beyond that. Thank you for your view.
Yikes! if you're talking to me because I am young (below the age of 25). For myself, I guess being reared to always speak plainly regardless of specialization is quite the challenge and discipline for one of my orientation. I've never been to the investing forum primarily because my line of interest and work involve politics and finance.
I truly beg pardon if I came off condescending. My motivation was to invite discussion as well as to deepen my own understanding through the views of others. Thank you for your point of view.
Oh no, please be yourself... I dont understand your first sentence; your communication style and an age below 25 go together perfectly. It's okay if you truly don't see what is so grating, or if it works for you : smiles kindly :
The investment forum on City-Data isn't scary; it isn't like one of the forums online for financial professionals. New investors do come through there often, asking how to get started in trading; your need to instruct surely would be welcome.
I certainly don't mean to derail your thread; carry on : leaves :
Ahh, the way the post began. Truly that's a reflection of the threads I've been in and the effort it's taken to speak to the body of people; and not a specialized group. If I were speaking to investors, my approach would have been different.
My experience so far has been the limitations of people's everyday awareness and not the broadness of an awareness which includes all individuals, even in their States.
Therefore my appeal was to the general, whose concern is for their ATMs and not much further beyond that. Thank you for your view.
: sticks head back in : Why don't you pretend you're speaking to investors? Many people reading your thread title may well be, you know. : collects advisory fee, abandons ship :
: sticks head back in : Why don't you pretend you're speaking to investors? Many people reading your thread title may well be, you know. : collects advisory fee, abandons ship :
Why not stick around, you sound like you are familiar with the issue as well. Any thoughts on the matter?
... These are excellent, easy to listen to, shows that put the crisis in layman terms and provide a lot of clarity...
Chauncy, I've just finished listening to The Giant Pool of Money and it is GREAT!
I am so glad to have it in my inventory now. It gives a wonderful overview to the ordinary layman exactly why people were seduced by any means necessary, into homes regardless of whether they could pay for them or not.
It is hard for the ordinary American to understand how congressional policy worked in concert with Wall Street to attract this "giant pool of money" to themselves and needed bait.
The bait was the poor and lower middle class. Why would the guy who convinced the ex-serviceman to take a half million dollar loan care if he qualified for a VHA loan when the fees on the NINA loan would net him $18 K on just that one deal.
The broker on Wall Street is telling him to get anybody and everybody! He'll buy the loans then chop them up and sell them to that giant pool of money.
Money and not people, money and not your country was the single most important value because after all, there weren't any more "isms" to force us into our best behavior.
The article I presented represents this scam on a global level and the potential consequences that have yet to be fully played out.
There are still two groups of mortgage loan types that won't reset until next year...alt-a and option ARMS. These loans are expected to default tho they were considered a better class of loan.
I am glad we have unity of agreement between us in regards to the role greed played at the top, and was trickled down to those least able to resist or understand the manipulation of Wall Street's offer.
I'm going to listen to the next NPR show as I finish up some work:
(I suggest anyone following this thread who finds the original article confusing, to listen to the shows given by Chauncy and after listening to it, go back to the article and read again.)
Last edited by MadAtMcCain; 12-19-2008 at 10:56 PM..
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