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  • Wall Street

    Anyone that thinks the banking industry doesn't need to be regulated should watch Frontline 4 part show titled; "Money, Power, and Wall Street", the first episode of which airs this evening and again over the next couple days. The banks ability to influence legislators to their favor is what created the atmosphere in which they were able to reaphuge profits on credit default swaps, and it is these CDFs which led to the downfall of the economy. JP Morgan started it all in the late 90s, and it took off from there.

    If I won the Powerball for 300M i would pay to air this show non-stop until America saw what happened and did something to fix it, and prosecute those who are responsible.
    ---------------
    Light is faster than sound. That's why some people seem really bright until you hear them speak.
    ---------------
    “If I had my life to live over again, I'd be a plumber.” - Albert Einstein
    ---------
    "Its a table saw.... Do you know where your fingers are?"
    ---------
    sigpic http://www.helmetstohardhats.com/

  • #2
    Re: Wall Street

    Originally posted by Bob D. View Post
    Anyone that thinks the banking industry doesn't need to be regulated should watch Frontline 4 part show titled; "Money, Power, and Wall Street", the first episode of which airs this evening and again over the next couple days. The banks ability to influence legislators to their favor is what created the atmosphere in which they were able to reaphuge profits on credit default swaps, and it is these CDFs which led to the downfall of the economy. JP Morgan started it all in the late 90s, and it took off from there.

    If I won the Powerball for 300M i would pay to air this show non-stop until America saw what happened and did something to fix it, and prosecute those who are responsible.
    If you won 300m I suppose you would take it in one lump sum and blow it in a couple of years if it was me i would take it in installments and learn from blowing it over the first couple of years and still receive many more years of installments as the majority of people including wall street and big business don`t know how to manage money just look at the state of the world we are in now

    Tony

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    • #3
      Re: Wall Street

      I would take it all at once I think. Invest it and live off the interest only. Even if all I could get was 1% that's 3m/year. I think I could make it on that w/o food stamps.
      Of course after taxes on a lump sum payment which is about half the annumity payout of 300M I would probably only net ~100M, but still I think I could make it work.

      But this thread is not about the money. My point was the show really dug deep and traced the whole economic collapse back to its roots and where it all started which was JP Morgan who are the one who dreamed up those Credit Default Swaps to ofload their risk on large loans, the first one was Exxon in the early 90s not long after the Valdez oil spill. To free up some of their capital to make other loans they more or less 'sold' the risk associated with the large loan they made to Exxon. That's where it started and it grew from there but it was in the beginning only between the large banks to distribute the risk of these large loans to major corporations and so on. Since none of these new transactions were covered by any existing regulation it was all basically hidden from any watchdog agency, the Fed, Treasury Dept, SEC, Banking Commission, etc. It wasn't until years later that it would be applied to home mortgages and that's when corporate greed took it viral and it became toxic.

      ---------------
      Light is faster than sound. That's why some people seem really bright until you hear them speak.
      ---------------
      “If I had my life to live over again, I'd be a plumber.” - Albert Einstein
      ---------
      "Its a table saw.... Do you know where your fingers are?"
      ---------
      sigpic http://www.helmetstohardhats.com/

      Comment


      • #4
        Re: Wall Street

        Good post Bob. I agree that money on that scale does buy influence where needed. Unfortunately people, and institutions with such wealth and powerful allies are rarely brought to justice. Were any of the folks at JP punished? Did the folks at solyndra have to explain the loss of taxpayer money? I'm sorry I ever invested in the stock market, I lost a good deal of money but not nearly as much as folks who saw their life savings disappear! Regarding the lotto /powerball, I would take the lump sum. I am mature enough to not do anything too stupid, and I've given it a lot of thought just in case. My main concern would be to help loved ones without having their money problems resolved only to cause different and worse problems.
        http://video.pbs.org/video/2226666502
        Last edited by Frankiarmz; 09-02-2012, 09:37 AM.

        Comment


        • #5
          Re: Wall Street

          Bob, I watched a few minutes of that program and posted a link above. Watching just a bit of the senate hearings immediately makes clear that financial experts and not legislators should have been asking the questions. These "money" people created and manipulated a world of their own and were smart enough to avoid prosecution. I think of all the media coverage for criminals like john gotti, or public figures like linsay lohan and the total lack of coverage and information into this event which destroyed many lives. I'm still left with the sense that those responsible were not brought to justice and that people we trust with such important responsibilities will continue to fail us, unless they are held responsible. Frank

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