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zeus3925
07-06-2011, 07:35 AM
Brett Arends of the WSJ published a story on the Marketplace website this morning. This ought to steam your biscuits.

http://www.marketwatch.com/story/the-next-worse-financial-crisis-2011-07-06?dist=beforebell

subroc
07-06-2011, 08:21 AM
I wonder why the bail out wasn't a more front and center part of the story.

zeus3925
07-06-2011, 09:50 AM
I wonder why the bail out wasn't a more front and center part of the story.

Good point, Subroc. It was not followed up with sanctions against those execs that acted with abandon. Now you have a belief that, since they are too big too fail, they don't have to change their behavior. Drop big contributions to the POTUS, POTUS candidates and congress and they see themselves as invincible. No question the big banking houses have been successful in styming anything that would address their corruption.

They push the mantra that regulation cost jobs. There are a few of them that should lose theirs. The corruption continues unabated.

2tall
07-06-2011, 09:57 AM
In my darkest hours, I say it is too late. The corrupt financiers and CEO's have been able to buy their way to safety. They reached the destination by playing on the "Capitalism is the Patriotic American Way" to those that will wave the flag at anyone who is not a liberal or democrat without understanding the motive of the individuals and corporations involved. Their definition of capitalism may not be the same as yours.

BTW, thanks for posting the article. Sometimes the media will actually state the facts! I enjoyed it.

zeus3925
07-06-2011, 12:36 PM
Another voice echoing the same theme, George Packer of the New Yorker magazine was on Minnesota Public Radio this morning. Here are links to the audio as well as the story in the New Yorker.

http://minnesota.publicradio.org/display/web/2011/07/06/midmorning1/

http://www.newyorker.com/reporting/2011/06/27/110627fa_fact_packer?currentPage=2

Franco
07-06-2011, 01:47 PM
Why is this not surprising­. Wall St, its leaders and partners are only interested in one thing, their own wealth. This country any country can go to hell for all they care. They were arrogant in front of congress, because they owned most of the clowns questionin­g them, to them it was just unimportan­t theater. They are rich and we bailed them out, they get record bonuses and citizens got unemployme­nt, foreclosur­e all at tax payers expense. I said it at the beginning, we needed Guillitins in Columbus Circle and cart to carry the Goldman people and the rest including politicians up Broadway to the just deserts.

Wall St writes the laws that our politicians approve thus allowing them to steal leaglly via the Federal Reserve. And we know it yet, there are still no prosecutions of Wall St bankers or the politicians from both parties that get paid off through contributions.

Yet folks are critical of Ron Paul wanting to shutdown the Fed. Reserve!

troy schwab
07-06-2011, 01:58 PM
Great article...... thanks for the link.

cotts135
07-08-2011, 12:46 PM
In my darkest hours, I say it is too late. The corrupt financiers and CEO's have been able to buy their way to safety. They reached the destination by playing on the "Capitalism is the Patriotic American Way" to those that will wave the flag at anyone who is not a liberal or democrat without understanding the motive of the individuals and corporations involved. Their definition of capitalism may not be the same as yours.

BTW, thanks for posting the article. Sometimes the media will actually state the facts! I enjoyed it.
So very well said. I am convinced that until Wall St. is cleaned up with stricter enforcement of regulations and a return to "Normal Capitalism" this country is going to face a long slog of economic problems. Normal capitalism is what we used to have and is investment with risk for the big players. Today's game is totally rigged and these guys win no matter what the outcome.

For some other outstanding reading dealing with the shenanigans of Wall St. I suggest reading Matt Taibbi of Rolling Stone. Here is a link to one of his articles

http://www.rollingstone.com/politics/news/the-great-american-bubble-machine-20100405

Franco
07-08-2011, 01:51 PM
From the Ordinary Gentlemen website.......

What haunts the Obama administration is what still haunts the country: the stunning lack of accountability for the greed and misdeeds that brought America to its gravest financial crisis since the Great Depression. There has been no legal, moral, or financial reckoning for the most powerful wrongdoers. Nor have there been meaningful reforms that might prevent a repeat catastrophe. Time may heal most wounds, but not these. Chronic unemployment remains a constant, painful reminder of the havoc inflicted on the bustís innocent victims. As the ghost of Hamletís father might have it, America will be stalked by its foul and unresolved crimes until they are burnt and purged away.

more

Those in executive suites at the top of that chain have long since fled the scene with the proceeds, while bleeding shareholders, investors, homeowners, and ­cashiered employees were left with the bills. The weak Dodd-Frank financial-reform law that rose from the ruins remains largely inoperative, since the actual rule-writing was delegated to understaffed agencies now under siege by banking lobbyists and their well-greased congressional overlords.

T. Mac
07-08-2011, 05:30 PM
Another point to consider with regard to possible market crash is the effect the 401K type investment is inflating the market. Consider that trillions of dollars of stocks are being held by mutual funds and other 401K investments with billions more dollars being added each week. This continual influx of money has got to be falsely inflating the market and stock values. Further consider that as the workforce continues to age, these funds will be put under the same stress that SS is under, in trying to keep the market inflated such that the younger generations are left with some return on their investments. If you begin to factor in the large volume of $$ that will begin being moved to increasingly more stable investments. Traditionally these are money market funds, treasuries, and government bonds. The resultant drop in demand of the higher yield, more risky investments (stocks) should cause their values to drop. Based on this model, the market will plateau for a couple years before it goes into a long steady decline for about the next 30 years.

T. Mac

Uncle Bill
07-09-2011, 02:17 PM
Another point to consider with regard to possible market crash is the effect the 401K type investment is inflating the market. Consider that trillions of dollars of stocks are being held by mutual funds and other 401K investments with billions more dollars being added each week. This continual influx of money has got to be falsely inflating the market and stock values. Further consider that as the workforce continues to age, these funds will be put under the same stress that SS is under, in trying to keep the market inflated such that the younger generations are left with some return on their investments. If you begin to factor in the large volume of $$ that will begin being moved to increasingly more stable investments. Traditionally these are money market funds, treasuries, and government bonds. The resultant drop in demand of the higher yield, more risky investments (stocks) should cause their values to drop. Based on this model, the market will plateau for a couple years before it goes into a long steady decline for about the next 30 years.

T. Mac


That is real spooky, Tommy Mac. Our becoming similar to Greece can't be far off, especially if this oligarchy is given another 2.4 trillion to disperse among their minions.

FWIW, in case there are a few that haven't been keeping up with the European situation, which of course is understandable since we are becoming such a basket case, but here's a quick reminder of the Euro situation, and how they are handling their woes.

UB


http://www.youtube.com/watch?v=NOzR3UAyXao&feature=related (http://www.youtube.com/watch?v=NOzR3UAyXao&feature=related)