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Excerpt: Inside The Collapse

March 12, 2010 10:44 AM

Wall Street bonuses in the current climate are a "very elegant form of theft" former bond trader Michael Lewis tells Steve Kroft. "60 Minutes," Sunday, March 14 at 7 p.m. ET/PT.

Wall Street: Inside The Collapse
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by pleasetellthetruth March 15, 2010 11:01 PM EDT
Thank you 60 minutes or taking a shot at some truthful news and information. I cant remember the last time the news was not treated and seasoned brainwashing.

I think the world is ready or the truth, if that is possible, amazing to me that the voters of the current and past presidents should understand that "the vote" does not really count. That is right i said it.... While Bush, and this new president give the bailout money to the banks that give it to wall street, meanwhile we have a total collapse of our housing and life? I am sorry this just makes me sick.

I like what JFK signed into office and was killed before he could see it thru, to Abolish the Federal Reserve. If JFK was not shot we would not be going thru this nightmare right now. Life would be very different.

I like the old 60 minutes, hard hitting ...truthful...informative...


There is so much more to this story.....thanks again or being brave enough to talk this much about it.
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by gbcapin March 14, 2010 8:14 PM EDT
Your story is incomplete, does not tell the "real story" about the cause of the financial problem which was government policy. Started under Carter, pushed under Clinton, and allowed under Bush to force banks to make certain loans and allow Fannie Mae and Freddie Mac to flood the market with bad loans that Wall Street got (greedy) creative in how to make money on. So they profited (through stupidity and greed) but the cause was Government Policy. Have you seen the film Generation Zero? It is just one of many sources that track the cause back to the Federal Government Policy and LACK OF ACTION BY CONGRESS AND THE PRESIDENT despite knowing it would fall apart.
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by lctchr1 March 14, 2010 8:06 PM EDT
This was one of the best segments on 60 Minutes in a long, long time. I work in the financial services industry, and I am thoroughly ticked by the zero interest loans that big Wall Street IS (singular, they are all one in the same) getting at tax payers expense.

Thank you, so much, for following up with a story about Derek. I so appreciate 60 Minutes following his beautiful, amazing life. The two stories are such a contrast. . . I am so happy 60 Minutes concluded with Derek.
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by tmh10 March 14, 2010 7:57 PM EDT
All you care about is negative news and selling commercials. How about talking about how the stock market is the best way to invest money for the long term for retirement and college education. Everything about wall street is not negative and this is coming from someone that isn't getting a huge salary or bonus, just someone that is trying to convince folks that Certificates of Depreciation and Banks aren't the best way to invest their savings! Tell the whole story not just the drama!
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by SuperLinkFan March 14, 2010 7:46 PM EDT
Steve -
Good job w/ the Michael Lewis story. One thing you still need to explore is the lying that the investment bankers did in front of Congress when they testified that the only thing they did wrong is not knowing that home prices could go down. Obviously they knew from Fl, TX, and CAL in the 80's that home prices could down drastically. This is important because the basic assumption behind Mtge-backed securities and other collateralized debt obligations is that in a bubble, it doesn't matter if the underlying security goes broke. YOu'll just resell the house at a higher price, generating new origination fees, etc. But when the bubble finally bursts and the houses start losing value, you can't. So your next assignment is to go after the CEO's of Goldman, etc and ask them why they lied to Congress and ruined the American economy, knowing full well what they were doing. Thx.
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by sherieliza March 14, 2010 7:36 PM EDT
Let's be fair. You seem upset that the Wall street folks made all that money. What about overpaid sports figures and actors? Yes there are "bad" people everywhere but all people anywhere are not bad.
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by ricchase March 13, 2010 1:53 PM EST
I can't seem to get it to work.
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by gloriaknight March 12, 2010 5:13 PM EST
I would like to watch CBS news and other programs without the timeouts. Can you make that happen?
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