Comments on: The Bet That Blew Up Wall Street

Steve Kroft On Credit Default Swaps And Their Central Role In The Unfolding Economic Crisis

[rebazhin]

Very impressed that this was reported on 60 Minutes. Maybe now people will see the trouble on Wall Street is not the fault of the Bush Administration. It''s the ''do nothing'' or in this case the ''do wrong'' Congress that passes the laws. With the prospect of having a super Democrat majority in both the House and Senate, good advice is to vote out the incumbents! But we know that won''t happen. That''s why we need definite term limits... 18 years and you''re out. That''s 9 runs in the House and 3 runs in the Senate.

[whatithink10]

"Posted by ibsteve2u at 11
I did not bet on those instruments so what is your point. You did and got burnt? Sure I vote my wallet especially cause I worked for my money and my wallet is full, so I will not vote for some slick talking promise making, Hope touting inexperieced goof who wants to spend my "Wealth". And I do not have a broker. You apparently did listent to yours.



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Posted by mroutside12 at 11:58 AM : Oct 27, 2008"



Funny, I think you missed the whole point of his message. You are so stuck in your hate Obama fest.

Funny, if a poor child gets $25 in taxes for food, you are in an uproar about somebody taking your money.

But, bankers getting $700B in bailouts and you don''t even see that that is your money too.

What a loser, you are!

[whatithink10]

Qerq,

It does matter what party. Greed is promoted by the Republicans. Selfishness is the hallmark of being a Repug. Greenspan said he thought the bankers would do the right thing for the shareholders, but instead they focused on short-term bonuses. Why was he surpised? Regulations protect man from himself.

[qerq-2009]

Lot of BS here about politics. Reps or Dems doesn''t matter, it''s boils down to right and wrong and the morality our/all gov''t has lost. Our GOD is now the all mighty dollar, Honest days work for an honest pay is lost, it appears too how much can I make if you don;t pay your morgauge.

[bm6005]

kchudy

Thank you! Your synopsis is quite correct. Gordon Gecko speaks "Greed is Good", but only for "the chosen few"!

[bm6005]

Where is the MORON xyno today? Last week he told me I didn''t understand the CDS''s were not the root cause of the financial meltdown. After reading this article it seems I was correct. CDS''s are/were/will remain nothing more than really hi stakes gambling!! Now normally I could give a rat''s patoot about whether or not someone gambles. However; it turns out that these CROOKS were gambling with MY money. So if the wall streeters and our gov''t officials expect any sympathy from me as THEY lose their jobs, fat chance at best. At worst they may have some surprises ahead!

[bm6005]

Where is the MORON xyno today? Last week he told me I didn''t understand the CDS''s were not the root cause of the financial meltdown. After reading this article it seems I was correct. CDS''s are/were/will remain nothing more than really hi stakes gambling!! Now normally I could give a rat''s patoot about whether or not someone gambles. However; it turns out that these CROOKS were gambling with MY money. So if the wall streeters and our gov''t officials expect any sympathy from me as THEY lose their jobs, fat chance at best. At worst they may have some surprises ahead!

[kchudy]

So they yank & yank & yank an SNL skit that attempts to address this travesty. As they continue to allow other "legal" derivatives that are primarily ANTI-investment and encompass 100''s of trillions of $ worldwide. Derivatives that in "legitimate" institutions require PhD%u2019s and super computers to adequately resolve. Stratagems, that in open markets seriously undermine basic investment philosophy. This is a triple dip play to the Hedge mongers. Sell defective securities using defective underlying assets, sell derivatives to %u201Cinsure%u201D these known defective securities, and then short sell the defective securities to further profit from, and fuel, the failure thereof. Then when a short sold, undermined, security collapses they avoid any taxation of the final profits thereon. Never consummated, never reported, but capital losses (rest assured) will be and thus the taxpayer pays even more. The perfect storm has ensued; the backfilled gap via changes in personal bankruptcy laws (as an attempt to assure payment on these known defective assets) meant those that must, would when necessary, just walk away and leave the defective asset to further fuel the %u201Cdirty%u201D profits that started this mess. The melt down will make some rich beyond imagination, and significantly delay the retirements of oh so many, but as a final consequence it has finally exposed the depths of their frauds.

[bm6005]

I''m voting by mail right now and ALL incumbents are out the door regardless of party affiliation!!

[bm6005]

txgrouch2007

I''ve read your comments for some time now and while you claim to be independent you are ALWAYS for the repubs. I am INDEPENDENT, I wanted Chuck Hagel to run for pres, and I blame both sides when appropriate but your idiotic, continual support for the repubs after 6 disasterous yrs of single party control show how bipartisan you are, FOOL!!!

[piercetheval]

Actually, if Social Security money was invested in the stock market, some of it at least, might still be around. As it stands now, every single penny and a few trillion more are already gone on such things as Wall street bail outs, Iraq, Afghanistan, and studying the origins of armpit odor in chimpanzees.


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Posted by dlawrenceny at 11:11 AM : Oct 27, 2008

...actually MY SOCIAL SECURITY ''is'' still around...
and my Cal/PERS for that matter...no thanks to the current Republican regime...
Tell me, "What''s In Your Wallet/Portfolio/IRA/401K...etc...hmmmm?

[bm6005]

Slimy groups like ACORN force government to force banks to make loans they knew wouldn''''t work. Face the facts!

Posted by franssusan

Have you ever heard of predatory lending practices? It''s caused because the M brokers and the bankers get commisions on the amount of M''s they sell. I understand this is a difficult concept for repubs to follow but greed is the root cause!

[missingamerica]

just finished marking up my state ballot with all the incumbents labelled. I have researched their opponents and picked the ones I will vote for to REPLACE THE INCUMBENTS.

posted by txgrouch2007 at 11:23 AM : Oct 27, 2008

Good luck with that back-door approach to voting Democrats out.

Having watched the Republicans work HARD to destroy my children''s futures since 1980, I am voting Democrat straight up and down.

And I am an Independent - but a message needs to be delivered to the Republicans.

And since siezing their assets and burning their assorted mansions down to the ground is illegal, unfortunately, I will settle for giving the Democrats absolute and total DOMINANCE.

[o2brich]

So has any of our elected representatives introduce legislation to close this back up now that we understand the consequences of foreseeable lack of regulation? It happned 100 years ago - why did anyone think it wouldn''t happen again? It should again become illegal and all such contracts declared void.

[txgrouch2007]

the dem''''s fault eh? The repubs are just poor innocent bystanders.
Posted by bm6005 at 11:13 AM : Oct 27, 2008

Ha ha ha that is really funny.

It''s funny because THAT''S WHAT MOST DEM TROLLS SEEM TO THINK, if you just reverse "dem" and "repub."

They think the DEMS were just innocent bystanders...LOL!

NOBODY is buying it anymore. BOTH sides are to blame.

FIRE CONGRESS!!

VOTE THEM OUT!! VOTE THEM *ALL* OUT!!!

I just finished marking up my state ballot with all the incumbents labelled. I have researched their opponents and picked the ones I will vote for to REPLACE THE INCUMBENTS.

[markavelli2]

And who was/is the one candidate that has blamed this on "deregulation and lack of oversight" since he beginning of this crisis?

Yep, Obama.

[missingamerica]

I did not bet on those instruments so what is your point. You did and got burnt? Sure I vote my wallet especially cause I worked for my money and my wallet is full, so I will not vote for some slick talking promise making, Hope touting inexperieced goof who wants to spend my "Wealth". And I do not have a broker. You apparently did listent to yours.

Posted by mroutside12 at 11:18 AM : Oct 27, 2008

So your INCOME in retirement exceeds $250,000?

Quite the sucessful salesman. What were you selling, crack?

[palin08o8]

You know what I changed my mind about Obama! I think he will be better for national security and the economy!

Plus sarah palin $150,000.00 on clothes, most Americans could have bought a home for that amount!

Besides I think Sarah Palin is really a Terrorist

Breaking News: The Terrorist Group AKA Alaska Independent party Calling on Russia to help secede from the Union
www.chilitoz.com
Extremists Mark Chryson and Steve Stoll former leaders of the Alaska Terrorist group AKA Independence Party and friends of Sarah Palin are calling on Russia to help them gain independence from the United States.

Watch video of Sarah palin addressing The Alaska Terrorist Group also known as The Independence party. They are calling for a civil war against the mainland.
www.chilitoz.com

[franssusan]

No one will talk about the REAL reason for the financial melt down. The blame must go to the beginning of the problem: the "liar loan" mortgages that were made to people who KNEW they could NOT afford them and bought more house than they could afford. That''s the root of this problem. Face it. Wall Street was trying to make lemonade out of the lemons they were handed. After all, their job is to make money, not lose it. Slimy groups like ACORN force government to force banks to make loans they knew wouldn''t work. Face the facts!

[bm6005]

HAMILTONGRAD


Ha, ha, ha, ha, ha, ha, ha, ha,........ What a MAROON! It''s the dem''s fault eh? The repubs are just poor innocent bystanders. None of the excess spending while cutting taxes had anything to do with this, huh? Did you graduate from Hamilton or did you just attend for a quarter? Either way you are no positive ad for that institution. Is that why you idiots are now warning about total control of the gov''t by dems? Have you finally realized how the repubs have turned us into a third world country?