http://messages.finance.yahoo.com/Stocks_(A_to_Z)/Stocks_G/threadview?m=tm&bn=8089&tid=95546&mid=95546&tof=5&rt=2&frt=2&off=1
The reason the financial sector is crashing is really pretty simple:
it created too many fraudulent securities. What has been conspicuously
absent so far is any sense of accountability for what may go down as
history's greatest swindle. It's really impossible to imagine that a
bunch of low-ranking worker bees in the banking hives spun out all
these bundles of collateralized debt obligations, mortgage-backed
securities, and similar trash on their own without the say-so of their
bosses -- a group that includes the current Secretary of the Treasury,
Mr. Paulson, formerly CEO of the Goldman Sachs organization. And, of
course, the questions naturally follow: what about those in charge of
the ratings agencies that awarded AAA status to high-risk junk
investments; and where were the banking regulators when outfits like
Countrywide Financial, Washington Mutual, and Ditech were handing out
miracle mortgages to borrowers without normal qualifications; and
where was the Securities and Exchange Commission when the wholesale
trade in creatively-engineered debt instruments ramped up to high
volume, and what was the board of directors at Merrill Lynch thinking
when it allowed disgraced CEO Stan O'Neal to back a truck up to the
company loading dock and fill it up with $160 million in bonus-and-
termination payments after O'Neal presided over at least $8 billion in
losses?"--J.Kunstler
This next one is the CEO of an internet clothing reseller that takes
clothes from large retail outlets that people aren't buying (mostly
around the holidays) and sells them at a discounted price. It doesn't
get interesting until about 3 minutes into it.
http://www.youtube.com/watch?v=m-TLfmLTiqA
The coming collapse of the modern banking system
The banks don't have the reserves to cover their downgraded assets and
the Federal Reserve cannot simply monetize their bad bets. There's no
way out.
http://www.speroforum.com/site/article.asp?id=13080
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| User: "Pers3id" |
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| Title: Re: So who's been in charge ? |
19 Dec 2007 09:46:19 PM |
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John Lemke <jflemke@locallink.net> wrote in
news:acb4192d-f7ba-473f-9ba1-91310f72d140@d21g2000prf.googlegroups.com:
Check this one out. It's not exactly fresh news, but it could portend
things to come.
Florida school districts make a "Run on the Bank" of the School Fund
http://bloomberg.com/apps/news?pid=20601109&sid=aj3K4H7aXnBM&refer=home
I wonder if there will be a general run on the banks at some point. Of
course, the people with no money in the bank (which I would estimate to
be a sizeable percentage of the US population) will be running less
quickly.
http://messages.finance.yahoo.com/Stocks_(A_to_Z)/Stocks_G/threadview?m
=tm&bn=8089&tid=95546&mid=95546&tof=5&rt=2&frt=2&off=1
The reason the financial sector is crashing is really pretty simple:
it created too many fraudulent securities. What has been conspicuously
absent so far is any sense of accountability for what may go down as
history's greatest swindle. It's really impossible to imagine that a
bunch of low-ranking worker bees in the banking hives spun out all
these bundles of collateralized debt obligations, mortgage-backed
securities, and similar trash on their own without the say-so of their
bosses -- a group that includes the current Secretary of the Treasury,
Mr. Paulson, formerly CEO of the Goldman Sachs organization. And, of
course, the questions naturally follow: what about those in charge of
the ratings agencies that awarded AAA status to high-risk junk
investments; and where were the banking regulators when outfits like
Countrywide Financial, Washington Mutual, and Ditech were handing out
miracle mortgages to borrowers without normal qualifications; and
where was the Securities and Exchange Commission when the wholesale
trade in creatively-engineered debt instruments ramped up to high
volume, and what was the board of directors at Merrill Lynch thinking
when it allowed disgraced CEO Stan O'Neal to back a truck up to the
company loading dock and fill it up with $160 million in bonus-and-
termination payments after O'Neal presided over at least $8 billion in
losses?"--J.Kunstler
This next one is the CEO of an internet clothing reseller that takes
clothes from large retail outlets that people aren't buying (mostly
around the holidays) and sells them at a discounted price. It doesn't
get interesting until about 3 minutes into it.
http://www.youtube.com/watch?v=m-TLfmLTiqA
The coming collapse of the modern banking system
The banks don't have the reserves to cover their downgraded assets and
the Federal Reserve cannot simply monetize their bad bets. There's no
way out.
http://www.speroforum.com/site/article.asp?id=13080
.
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| User: "John Lemke" |
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| Title: Re: So who's been in charge ? |
19 Dec 2007 11:06:59 PM |
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Pers3id wrote:
John Lemke <jflemke@locallink.net> wrote in
news:acb4192d-f7ba-473f-9ba1-91310f72d140@d21g2000prf.googlegroups.com:
Check this one out. It's not exactly fresh news, but it could portend
things to come.
Florida school districts make a "Run on the Bank" of the School Fund
http://bloomberg.com/apps/news?pid=20601109&sid=aj3K4H7aXnBM&refer=home
I wonder if there will be a general run on the banks at some point. Of
course, the people with no money in the bank (which I would estimate to
be a sizeable percentage of the US population) will be running less
quickly.
Spectacular article.
Run now. There are crooks high and low and unimaginable things
operating in the shadows.
Supremely skilled predators at the highest levels. Such a slick,
cutthroat game. Must be a myriad of ways to pass all this debt off on
the little people.
The common plan among crooks and liars seems to be to spin until the
situation gets so bad you can't lie your way around it anymore. Then
you resign or your term of office runs out and then you can head back
into the shadows.
.
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| User: "Pers3id" |
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| Title: Re: So who's been in charge ? |
19 Dec 2007 11:22:42 PM |
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John Lemke <jflemke@locallink.net> wrote in news:6c4da6ca-4c97-48b1-934e-
53cddb932f8b@b40g2000prf.googlegroups.com:
Pers3id wrote:
John Lemke <jflemke@locallink.net> wrote in
news:acb4192d-f7ba-473f-9ba1-91310f72d140@d21g2000prf.googlegroups.com:
Check this one out. It's not exactly fresh news, but it could portend
things to come.
Florida school districts make a "Run on the Bank" of the School Fund
http://bloomberg.com/apps/news?pid=20601109&sid=aj3K4H7aXnBM&refer=home
I wonder if there will be a general run on the banks at some point. Of
course, the people with no money in the bank (which I would estimate to
be a sizeable percentage of the US population) will be running less
quickly.
Spectacular article.
Run now. There are crooks high and low and unimaginable things
operating in the shadows.
Supremely skilled predators at the highest levels. Such a slick,
cutthroat game. Must be a myriad of ways to pass all this debt off on
the little people.
The common plan among crooks and liars seems to be to spin until the
situation gets so bad you can't lie your way around it anymore. Then
you resign or your term of office runs out and then you can head back
into the shadows.
The irony of all this is that a contraction or collapse of the magnitude
people are talking about really seems only to affect the small class
that actually have wealth. The vast majority of our population really
doesn't have significant wealth to speak of. After the whole shitmess
crashes though, we'll still have all this perfectly good infrastructure
and commodities to use.. then we just start fresh and the uber-
billionnaires are no more.. of course, there will be some pain and
suffering in the meantime.. we may even get a political revolution if
things get bad enough, and of course China and Japan may think they
own parts of the USA.. well, we shall see (may you live in interesting
times.. it doesn't get much better than this).
ps. I loved that article about the collapse of our modern banking system.
Do you think it would behoove us to pull our money out of the bank and
stuff the mattresses with it ?? Perhaps we should buy large quantities
of MRE's and bottled water (and ammo).
.
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| User: "John Lemke" |
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| Title: Re: So who's been in charge ? |
20 Dec 2007 08:44:01 AM |
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Pers3id wrote:
The irony of all this is that a contraction or collapse of the magnitude
people are talking about really seems only to affect the small class
that actually have wealth. The vast majority of our population really
doesn't have significant wealth to speak of. After the whole shitmess
crashes though, we'll still have all this perfectly good infrastructure
and commodities to use.. then we just start fresh and the uber-
billionnaires are no more.. of course, there will be some pain and
suffering in the meantime.. we may even get a political revolution if
things get bad enough, and of course China and Japan may think they
own parts of the USA.. well, we shall see (may you live in interesting
times.. it doesn't get much better than this).
Don't forget the Saudis also.
From talking to people that came thru the Great Depression you find
out that people that had tangible assets and managed them well came
thru just fine. Others, like Joe Kennedy who saw things coming, made
moves to protect themselves and did very well. Kennedy bought a lof
of his neighbors' real estate for dimes on the dollar.
Most people sufffered but muddled thru.
Not sure what may happen this time. If inflation goes thru the roof
or if government can't maintain it's support of it's social programs
we may have a bunch of desperate people in our neighborhoods. Got a
wheelbarrow to take your cash to the store and buy bread?
There's no way to tell what form America might take after going thru
another Great Depression.
ps. I loved that article about the collapse of our modern banking system.
Where there's a Bush there's fire, eh? :-)
Gotta be thankful for the internet.
Do you think it would behoove us to pull our money out of the bank and
stuff the mattresses with it ?? Perhaps we should buy large quantities
of MRE's and bottled water (and ammo).
Good question. The mattress and the money may be of equal value.
Something to burn in a barrel to keep you warm at night.
FEMA recommends that we all maintain at minimum a rotating stock of
food and water that would tide us over for two weeks. They suggest a
month would be better.
Not sure what they recommend in terms of guns and ammo. :-)
I'm pretty much covered for the short term and there is a longterm
plan as well.
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