They're both guilty...
... So just how are they going to fix something that they broke?
Deregulation
That's the conservative republican view. Big bumbling government will likely do more damage than good. Makes some sense, right? Well there is a big assumption, that the free market is free from greed, fraud, and a bail out.
A chicken in every pot and a house for everyone
If a chicken in every pot is good, isn't a house for everyone better? Well I don't think people should be homeless, but can we just loan out any amount of money with no down payment, with no incentive to pay back? If you weren't sure of the answer before, I think the mortgage crash answered that. Is it fair that hard working people who made a down payment are screwed by this mess? According to the redistribution of wealth theory espoused by liberals - Yes!
Greed
The investment community has moved to full out greed.
Pleading Ignorance
Does anyone believe that billions (even trillions) were invested in complex derivatives that no one understood? Really!?! Sure they didn't bother with the details, they didn't need to! They understood all they needed to, the government (would stand behind Fannie & Freddie) was on the hook. They didn't need to exercise caution, they didn't need to understand the risks, they had a gullible government on the hook.
Before corrupt lawyers assisted by a corrupt judge stole all my money, I was an active trader, I had invested in options, commodities and derivatives. But no one was going to bail me out, so I took the time to understand them. And that day in Oct 87 when the market crashed and I was on the wrong side of a derivative, a naked call on a basket of stocks, an aggressive investment vehicle. I received a margin call for $25,000 to cover my position over and above the securities I had already pledged. But there was no bail out for me, I worked hard for two weeks to unwind my position, I continued my hard work over the next year in a risky, volatile market to make the loses back.
Who to Bail Out?
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Status: Rough Draft - Last Updated 10/19/08
2 comments:
Hey JQ,
These deceptions are now being widely and comprehensively exposed and are failing rapidly. No one in their right mind would continue to be enslaved by a proven deception, which is also proven to be undeniable slavery by proxy.
Understand clearly, that these leaders have, once again, been caught red-handed, with their pants down around their ankles, and their hands in the cookie-jar/till, colluding to exploit and deceive everyone and at a scale and scope that is absolutely mind-boggling. Furthermore, this model of civilization (money, politics, and religion) has repeatedly failed. Unlike past failures though, this one is global in scope and greatly compounded by massive international deception and rampant greed in the form of derivatives, other smoke and mirrors financial schemes (scams), and several layers of speculation. The same out-of-control "betting schemes" were also behind the skyrocketing oil prices of recent years.
The derivatives scams alone have grown to more than 10-times the entire global GDP (at last counting) and are now failing because the scam/pyramid scheme broke and exposed the deception for all to see. A significant portion of global wealth and power was created and propped-up using these and other now-proven smoke and mirrors and house of cards illusions and delusions. These deceptions have grown many times larger than the rest of the entire world economy. Consequently, there is no way that all of the world’s governments combined, who themselves borrow so-called "money" from other central-bank smoke and mirror deceptions, can solve this debacle, by using more smoke and mirrors money scams. The only solutions they are offering will take centuries to repay, if ever.
So, why should all of humanity be forced to suffer and struggle any longer now that the entire global financial system has been exposed as a mind-boggling deception within many other deceptions?
Here is Wisdom...
Well Seven Star Hand I guess that just goes to prove the age old adage that power corrupts!
This country started with the power in the people's hands. But then people got busy and delegated their power and abdicated their responsibility to manage the government to the professional political leaders, who seeing that they weren't being supervised, went on to abuse their power.
As if the deception you describe isn't bad enough, the media goes on to insult our intelligence by saying that these derivatives are so complicated that no one understands them while they invest billions in them. REALLY!!! So its nobody's fault, its too damn complicated! How lame is that.
I just wonder how much worse it will have to get before people will finally sit up, take notice, and ask loudly and in unison, "Just what kind of bullshit are you trying to sell us?" And as we look around the political landscape, especially as it relates to this mortgage mess, I see no one with clean hands.
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