Comments on: Wall Street's Shadow Market
Add a Comment See all 106 Comments
- Why are ''Credit Default Swaps'' not fraud? They are insurance with a different name to avoid regulation. If I am running a ''Ponzi Scheme'' but call it a different name do I avoid being prosecuted? I want the 10% penalty that I paid for early withdrawals from my IRA account back. Rather than taking loans to pay my bills that I knew I could not pay back because I am unemployed after my company of 20 years was moved overseas, I took the money from my retirement to pay bills knowing it cost me 10% to do it. Now my taxes and penalty''s are being used to bail out fraudulent companies and the people running them. In other words, I should do the WRONG thing and executors of the country, politicians, will cover my ***. I want my money back!
- Reply to this comment
- Why are ''Credit Default Swaps'' not fraud? They are insurance with a different name to avoid regulation. If I am running a ''Ponzi Scheme'' but call it a different name do I avoid being prosecuted? I want the 10% penalty that I paid for early withdrawals from my IRA account back. Rather than taking loans to pay my bills that I knew I could not pay back because I am unemployed after my company of 20 years was moved overseas, I took the money from my retirement to pay bills knowing it cost me 10% to do it. Now my taxes and penalty''s are being used to bail out fraudulent companies and the people running them. In other words, I should do the WRONG thing and executors of the country, politicians, will cover my ***. I want my money back!
- Reply to this comment
- Why are ''Credit Default Swaps'' not fraud? They are insurance with a different name to avoid regulation. If I am running a ''Ponzi Scheme'' but call it a different name do I avoid being prosecuted? I want the 10% penalty that I paid for early withdrawals from my IRA account back. Rather than taking loans to pay my bills that I knew I could not pay back because I am unemployed after my company of 20 years was moved overseas, I took the money from my retirement to pay bills knowing it cost me 10% to do it. Now my taxes and penalty''s are being used to bail out fraudulent companies and the people running them. In other words, I should do the WRONG thing and executors of the country, politicians, will cover my ***. I want my money back!
- Reply to this comment
- Why are ''Credit Default Swaps'' not fraud? They are insurance with a different name to avoid regulation. If I am running a ''Ponzi Scheme'' but call it a different name do I avoid being prosecuted? I want the 10% penalty that I paid for early withdrawals from my IRA account back. Rather than taking loans to pay my bills that I knew I could not pay back because I am unemployed after my company of 20 years was moved overseas, I took the money from my retirement to pay bills knowing it cost me 10% to do it. Now my taxes and penalty''s are being used to bail out fraudulent companies and the people running them. In other words, I should do the WRONG thing and executors of the country, politicians, will cover my ***. I want my money back!
- Reply to this comment
- Why are ''Credit Default Swaps'' not fraud? They are insurance with a different name to avoid regulation. If I am running a ''Ponzi Scheme'' but call it a different name do I avoid being prosecuted? I want the 10% penalty that I paid for early withdrawals from my IRA account back. Rather than taking loans to pay my bills that I knew I could not pay back because I am unemployed after my company of 20 years was moved overseas, I took the money from my retirement to pay bills knowing it cost me 10% to do it. Now my taxes and penalty''s are being used to bail out fraudulent companies and the people running them. In other words, I should do the WRONG thing and executors of the country, politicians, will cover my ***. I want my money back!
- Reply to this comment
- Here is an example of the wonderful idea of "deregulation" that the Republicans sold the country the last 20+ years.
Bad idea! - Reply to this comment
- With knowledge of the Credit Default Swaps, and their significant role in the financial crisis, I must ask what Speaker of the House, Nancy Pelosi, was smiling and laughing about as she signed the 700 billion dollar bail-out bill on Friday. Pelosi was waving the bill around smiling and giggling while the tax payers at home watched, ignorant of all the facts regarding the bail-out. She seemed genuinely delighted that a self serving Congress passed a bill that allows 700 billion dollars to be taken out of our pockets and our children%u2019s pockets. She then proceeded to blame anyone and everyone, other than herself or her own political party, for the financial crisis. No mention of Credit Default Swaps. No mention of any relevant information they had been discussing for days. This is embarrassing on a global level and Speaker Nancy Pelosi is laughing and joking at our expense.
- Reply to this comment
- I was sickened by the report on the %u201Cshadow market%u201D. Obviously, this information was made known to the members of Congress several days ago. Why didn%u2019t any member of Congress explain once, in the many televised press conferences, how Credit Default Swaps largely affected this mess? How much, of 700 billion, was bad mortgage debt and how much was worthless Credit Default Swaps backing them? We%u2019ve been told only of %u201Cbad mortgage debt%u201D and that people bought homes they couldn%u2019t afford and we must act immediately! Pay 700 billion right now or else! Nothing should be done until a criminal investigation of all those involved in Mortgage Backed Securities and related Credit Default Swaps has been completed. Initiate a separate criminal investigation of the lobbying relationships that kept Credit Default Swaps deregulated. Oops, too late. Lobbying to make certain there is no regulation and/or regulatory entity that could monitor and identify a crisis, before it destroys our economy and consumers, is diabolically criminal. The executive criminals, that pocketed hundreds of millions at our expense, have already %u201Crepositioned or relocated%u201D their personal assets. Bring on the bail-out, they can%u2019t wait.
- Reply to this comment
- This is not that complicated at all. These people needed money so they simply"spun" it. The problem is that we, the public, and by that I mean the global public, had no idea and trusted the policy people who were controlled by these spinmeisters.
Now we,the global public, must insist that the policy people whom we hired and trusted do what must be done. Build more jails and fill them with spinmeisters. - Reply to this comment
- Consider a few of the diagnostic characteristics of a sociopath - pathological lying, lack of remorse, shame or guilt, a grandiose sense of self, the inability to follow rules often resulting in trouble with the law and (no kidding) one possessing an ability to change their image as needed to avoid prosecution. And voila - the Wall Street CEO''s responsible for the destruction of the international financial system. Oh, almost forgot...gambling is also a common among sociopaths. In the end perhaps they''ll plead insanity - and for once I''ll agree.
- Reply to this comment
- If this doesn''t prove that the conservative philosophy is evil and flawed than nothing well. Nothing can convince conservatives to funnel money downward, they would rather shovel it into a black hole. The Hamiltonian view that the game of business should enrich the few and by doing so the wealth will trickle down to the many %u2026.. the Jeffersonian view that the many should be protected from the oppression of the few. Doesn''t this prove the Jeffersonian view has a better chance for a healthy and happy populace %u2026 Hamilton''s view, especially from his position of being part of the few obviously has less risk to his own and even when taken to the limit you can be assured the naove Liberals will be there to wipe the slate clean for a new game. Modern conservatives do not hide their belief that %u201Cif the rich win first, the benefits will %u2018trickle down%u2019 to the rest of us%u201D (Hartmann). What do they say now? How much expense and how many resources do %u201Cthe few%u201D expend each year absorbing the health and welfare of others? At what point do they come forward and admit our nation can no longer withstand the raping of conservativism?
- Reply to this comment
- Hopefully this link will shed some light. You should click on the other links within the article to get you where you want to be. I think this will enlighten everyone to the fact that "W" is not the reason this all has happened!
http://en.wikipedia.org/wiki/Community_Reinvestment_Act - Reply to this comment
- Hopefully this link will shed some light. You should click on the other links within the article to get you where you want to be. I think this will enlighten everyone to the fact that "W" is not the reason this all has happened!
http://en.wikipedia.org/wiki/Community_Reinvestment_Act - Reply to this comment
- Who lobbied to keep the "credit default swaps" unregulated and who did they lobby? Hurry, we need to know. Nov. 4 is coming quickly.
Did the urgency in passing the bailout have anything to do with this lobbying? - Reply to this comment
- 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:
The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.
Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)
If you really wanted our comments, you''d simply accept them in a queue (^_^) - Reply to this comment
- 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:
The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.
Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)
If you really wanted our comments, you''d simply accept them in a queue (^_^) - Reply to this comment
- 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:
The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.
Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)
If you really wanted our comments, you''d simply accept them in a queue (^_^) - Reply to this comment
- 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:
The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.
Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)
If you really wanted our comments, you''d simply accept them in a queue (^_^) - Reply to this comment
- 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:
The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.
Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)
If you really wanted our comments, you''d simply accept them in a queue (^_^) - Reply to this comment
- 60 Minutes seemed to think it was weird that the financial experts goofed; well, there is a reason:
The credit crunch was possible fundamentally because the people making the decisions assumed the housing market was going up monotonically. This explains the willingness to accept the under-rated mortgages.
Due to the phony PUBLISH button, it is clear you really don''t want comments (^_~) You claim to be going to enable it shortly - HA! Even when enabled, you cannot press it fast enough to get accepted (*_*)
If you really wanted our comments, you''d simply accept them in a queue (^_^) - Reply to this comment
