Comments on: A Look At Wall Street's Shadow Market
60 Minutes: How Some Arcane Wall Street Financial Instruments Magnified Economic Crisis
Add a Comment See all 184 Comments
- The Glass-Steagall repeal was the worse domestic policy decision that the Clinton Administration ever made, and that%u2019s saying something.
- Reply to this comment
- lwc777,
What leads you to believe that The United States is represented in the vision mentioned in the Bible Book of Daniel, chapter 2 ? - Reply to this comment
- cbsisafraid wrote......Says Partnoy, "Well, we really don''''t know. There''''s this voluntary survey that claims that the market is in the range of 50 to 60 or so trillion dollars."
Please explain how there are 229 million home mortgages in a country of 100 million households?
Divide 50 trillion by median home price of $217,000 and you come up with 229 million homes!
Problem with Americans today is they listen to idiots like Portnoy who doesn''''t have the common sense to realize what a bogus number $50 trillion is!!!
the number is not bogus. the number is derived from the potential liability incurred by writing multiple swaps (insurance policies) one one individual mbs. it''s like if you bought a new corvette for $50,000 and 10 people in your neighborhood bet your insurance company that you would total it in 5 years. the insurance company''s liability would be 500,000 on one $50,000 car. - Reply to this comment
- cbsisafraid wrote......Says Partnoy, "Well, we really don''''t know. There''''s this voluntary survey that claims that the market is in the range of 50 to 60 or so trillion dollars."
Please explain how there are 229 million home mortgages in a country of 100 million households?
Divide 50 trillion by median home price of $217,000 and you come up with 229 million homes!
Problem with Americans today is they listen to idiots like Portnoy who doesn''''t have the common sense to realize what a bogus number $50 trillion is!!!
the number is not bogus. the number is derived from the potential liability incurred by writing multiple swaps (insurance policies) one one individual mbs. it''s like if you bought a new corvette for $50,000 and 10 people in your neighborhood bet your insurance company that you would total it in 5 years. the insurance company''s liability would be 500,000 on one $50,000 car. - Reply to this comment
- I haven''t yelled at the screen in a long time... But... Mr. Croft... why didn''t you seek an interview with Secty. Paulson??? I''m sure he could have talked around the whole issue! what a mess!!!
- Reply to this comment
- It''s about time that the media actually does their jobs! How easy it is to blame the CEO''s. I''m sure they do share some of the blame, but I want to know who the real people are that are responsible. CONGRESS and Washington DC. I would love if the news media would actually look at them and find out who is responsible. We all know that Congress will have hearings and will not solve the problems. It is up to the media to bring all the facts out to the light of day. This didn''t just happen as some would have us all think. Please do your job. I want to know who is responsible and I don''t care if they are republican or democrats. I want these people out of office. We can''t afford to have these stupid and wreckless people deciding things for us Americans. Please we need to know before the elections so we don''t have these people left in office. They deserve to be fired. Please find the FACTS!
- Reply to this comment
- It''s about time that the media actually does their jobs! How easy it is to blame the CEO''s. I''m sure they do share some of the blame, but I want to know who the real people are that are responsible. CONGRESS and Washington DC. I would love if the news media would actually look at them and find out who is responsible. We all know that Congress will have hearings and will not solve the problems. It is up to the media to bring all the facts out to the light of day. This didn''t just happen as some would have us all think. Please do your job. I want to know who is responsible and I don''t care if they are republican or democrats. I want these people out of office. We can''t afford to have these stupid and wreckless people deciding things for us Americans. Please we need to know before the elections so we don''t have these people left in office. They deserve to be fired. Please find the FACTS!
- Reply to this comment
- 60 Minutes - If you really want to have some fun, go to the real foundation of the derivatives mess: the top-major US law firms who for over 10 years took in huge legal fees from clients of derivatives brokers, insurance companies, investment companies, pension funds, etc., peddling their wares of unintelligible gobbly-*** and when questioned about inevitably responded "well, you just dont understand them."
And perhaps most ironic is that these firms will again score tons of fees in unwrapping or creating exceptions to get around this mess. - Reply to this comment
- The U.S. economy will collapse according to Bible prophecy. The United States is represented in the vision mentioned in the Bible Book of Daniel, chapter 2. We are the last great nation to arise that is mixed with iron and clay (cannot stick together), which shows in our political arena. We will be taken out by God, and the other nations that stand upon our economy will fall with us. This is not the worst to come. Read "FIRESTORM!" by author Lawrence W. Corob to find out what happens next, since the TRIBULATION PERIOD has begun that is mentioned in the Bible. This is only the beginning of sorrow. Read what happens next.
- Reply to this comment
- 60 Minutes - If you really want to have some fun, go to the real foundation of the derivatives mess: the top-major US law firms who for over 10 years took in huge legal fees from clients of derivatives brokers, insurance companies, investment companies, pension funds, etc., peddling their wares of unintelligible gobbly-*** and when questioned about inevitably responded "well, you just dont understand them."
And perhaps most ironic is that these firms will again score tons of fees in unwrapping or creating exceptions to get around this mess. - Reply to this comment
- Isn''t there sufficient information in the 60 Minutes article for the IRS & FBI under RICO laws to take over this Commodities Futures Trading Commission, seize assets & start sorting this mess out at its core. The time & investment investigating this scandal would be far worth the effort to ensure that this NEVER happens again. There might not be enough room in Club Fed to hold all the fat cats & greedy white collar criminals but it''s a good start.
- Reply to this comment
- A Wall Street Journal editorial on the 2008 financial crisis argued that "Washington is as deeply implicated in this meltdown as anyone on Wall Street" because politicians "promoted housing and easy credit". The editorial lists the CRA as one of the "subsidies and policies," and stated that it "compels banks to make loans to poor borrowers who often cannot repay them".
In an article for the Wall Street Journal, Austrian school economist Russell Roberts blamed the combined effects of excessive Federal Reserve credit expansion, the CRA, the implied guarantee to Fannie Mae and Freddie Mac, the Taxpayer Relief Act of 1997, and other policies for causing the crisis.
In 1997, President Clinton signed the Balanced Budget Act of 1997 and the Taxpayer Relief Act of 1997 into law. Heralded by the politicians in Washington as landmark legislation, these two laws are supposed to balance the federal budget by 2002 and cut taxes by about $95 billion over a five-year period. - Reply to this comment
- We have news this morning that Lehman brothers steered millions of dollars to executives even as the firm was going bankrupt.
- Reply to this comment
- As a victim, I paid $115,000. down on my house and now am threatened with foreclosure by Indymac who has already been foreclosed on by the FDIC. Some gamee we find ourselves in. The winnwers are loosers and the loosers are winners. Oh well the shoe shine boys are now wearing the shoes.
- Reply to this comment
- If something instument so complex only the mathmeticians and physicist who designed them, deals made only between the inside guys, to boost their own net worth and increase the "PAPER" size of their companies is what is brining this global economy to it''s knees, it''s time to call this what it is: A SHELL GAME. It''s inherently "funny money", which exists only in the minds of the people who value the paper that backs it. And what is that paper worth? Seems to me if we can''t even figure out what it is, then it''s worthless. Time to own up to the fact, write it off and get on with it (without taxpayer intervention). And if those self-same financial titans scream and moan, come begging for a handout, insist OUR money needs to be used to save THEIRS, don''t just give them the boot, put them in debtors prison, where they really belong anyway.
- Reply to this comment
- Do a story on the "Truth" who made the money ? Where there''s winners there''s losers.
- Reply to this comment
- The individuals responsible for the Wall Street Shadow Market and selling credit default swaps should be criminally prosecuted. Their greed and incompetence has put this country at risk and they should be made to pay for their criminal neglect. Phil Gramm should also be prosecuted for his part in this debacle!
- Reply to this comment
- CRA, under Jimmy Carter, required banks to loan money to people that could not afford it. Even today, there are quotas for banks - to ensure banks are loaning money to people who will likely default.
There is enough blame to go around. It''s not about dems or the gop, it''s about greedy people of all persuasions. - Reply to this comment
- To all...
Compare you to Obama
You think America is the cause of most of the world''s ills.. you should vote Obama.
If you like me, know that the US has
1) Given the most money to world needs.
2) Largest UN dues payor
3) Proud of the US MOST of the time..
4) Do not want to see socialism i.e. ACORN type
jackboot groups like: http://www.youtube.com/watch?v=rUEQz5dltml
5) Truly believe in the US and not believe
that "America''s chickens have come home to roost". - Reply to this comment
- ivoter
Saw this http://www.youtube.com/TheMouthPeace
and this is why Barney Frank didn''t vote to strengthen:
Finally the totally absurd statement by Barney Franks:
When critics point out the well known statement about Fannie Mae stability made by
Franks in 2005, Franks an Obama supporter was upset with this and answered thusly:
http://www.usnews.com/blogs/sam-dealey/2008/9/12/speaking-frank-ly--barney-frank-fires-back-on-fannie-mae-and-freddie-mac.html
Speaking Frank-ly%u2014Barney Frank Fires Back on Fannie Mae and Freddie Mac
In addition, the author points to the fact that I voted against GSE[Fannie Mae/Freddie Mac] reform in 2005,
but does not tell readers why. The Republican majority inserted language at the last minute
that would prohibit religious organizations from participating.
The Catholic and Lutheran churches, and many others, sponsor some of the best
not- for-profit housing development organizations in the country. It is only
because of this ridiculous action by arch-conservative Republicans that I cast my vote "no".
It was not because I was opposed to tougher regulations and oversight of Fannie Mae and Freddie Mac.
http://america-land-of-the-free.blogspot.com/2008/09/barrack-obama-is-covering-his-fannie.html - Reply to this comment
