Whoops meant to add that after the cutting and pasting.
You’d think passing a law preventing banks from taking the kind of risks that trashed the economy and put a lot of Americans on the street would be an obvious thing.
Those cites document the Volcker Rule which your employers fought it tooth and nail. Apparently they like putting Americans out of work and on to the street. They bribed Congress, as documented.
Now Congress deserves a special kind of scorn for responding to it, but clearly your bosses are selfish and greedy, and care not for the misery they caused.
The Occupiers have a point. Bankers have more toadies in Congress than the people have representatives.
Durbin agrees. The banks are the most powerful lobby in politics and they have bought the senators and congressmen. No matter how much you think things are broken, you can not fix them.
That is part of what the occupations are signalling. It might be politically wise to go against the bankers . If the people refuse to accept the status quo and demand change, the pols may have to adapt to keep their seats.
I highly recommend this short piece by Brett Arends of MarketWatch, explaining how the collapse of MF Global illustrates in a nutshell what’s wrong with our economy.
A few highlights:
IOW, there’s a good chance that some of your retirement money just disappeared. I know some of mine did.
Given your “highly recommend” do I understand that you endorse the truth of this claim? iIn your view, most of Wall Street is a “zero sum” game; they just trade paper against one another?
That statement accurately captures your understanding?
Occupy is planning a “First in the Nation Caucus Occupation” to occupy the Iowa caucuses beginning about a week before that event.
I like what they are doing. They have gotten Eric Cantor to talk about income inequality and probably played a role in Bank of America deciding to not charge that $5 fee for debit cards. So far, there have been about 3000 arrests.
Dont’ answer RT! It’s a trick question. A cleverly laid trap waiting for the innocent to set foot in it. Than, SNAP!!! Caught in a rhetorical noose, and the harder you struggle, the tighter it becomes as you scream in agony. Oh, the humanity!!
No, much of it involves the fleecing of the portion of the general public that invests in something other than index funds, but doesn’t do it as their day job.
As a former deputy assistant Treasury secretary recently put it:
He continues:
I won’t defend that ratio, but it seems pretty clear that the poker-game aspects of the financial markets have overwhelmed the parts that add value.
Now, we’ll see if this is a trap, or a TARP, or what.
Bah hell wouldn’t be a cake walk like fire and brimestone. Hell is spending an eternity in elevator with someone who’s perfume is so thick it strips paint off the walls.
Swaps, futures/forwards, shortsales, syntheitcs, options and other derivatives.
I am pretty sure that the notional amount of these positions (and the gains and losses on these positions) dwarf that of the stock market or debt market.
