Banks Bundled Bad Debt, Bet Against It and Won

[edward]

The evidence contained in the above posts included a description of cocaine use in 1915 (I think it was still legal?), several references to the 1970's, and a total of 35 arrests between 1967 and 1987. Again, this is a non-starter - let's move on (please).

Sure whatever, they don't keep statistics on drug use in the markets. I know personally of three Market Makers Two of them are cocaine addicts.

My nephew works for one of them. Ironically personal experience doesn't count for anything on this forum. When my nephew tells me drug use is widespread I tend to believe him.

My nephew is a moral person. He would like to quit his job but he can't bring himself to give up the $500k he makes per year for hyping stocks on the Internet.

http://dealbook.nytimes.com/2007/12/21/drugs-and-todays-wall-street/

 

[WhoWee]

Again, it's a non-starter - let's move forward.

Here's a start - might have more teeth than cocaine use by bankers?

http://www.scribd.com/doc/49755779/Economic-Warfare-Risks-and-Responses-by-Kevin-D-Freeman

 

[edward]

Again, it's a non-starter - let's move forward.

Here's a start - might have more teeth than cocaine use by bankers?

http://www.scribd.com/doc/49755779/Economic-Warfare-Risks-and-Responses-by-Kevin-D-Freeman

The purpose of this report is to consider the implications of financial terrorismand/or economic warfare and to identify and realistically list prospective threats to U.S. economic security from a means, motive, and opportunity perspective. The preliminary conclusions of the research suggest that, without question, there wereactors who had the motive to harm the U.S. economy. These motives can be categorizedas both economic and non-economic. In addition, these same actors have clearlydemonstrated the means to carry out such an attack. Finally, the opportunity was clearlypresent given the existing economic condition and regulatory framework in operation. The hypothesis under consideration is that a three-phased attack is underway with two of those phases completed to date.

I had given this type of scenario some serious thought. No proof of any kind has surfaced.

We did it to ourselves, yet had some foreign entity been involved we would be at war.

Ironically those responsible for the financial crisis were never prosecuted or penalized.

Many people including Realtors ,appraisers, mortgage lenders, and all the way up to the big investment banks had their fingers in the pie.

with two of those phases completed to date

We still may see a third phase, homegrown or otherwise.

Hosing prices are falling well below what could be called an market adjustment with no end in sight.

 

[nismaratwork]

Gambling... high risk trading... anti-social traits... people who crave power...

...and drugs, go together like H2 and 0. If you want to generalize, I'd be happy to start a thread comparing known traits of traders, bankers, CEOs, and those of high-risk groups for drug abuse. Now, I already know the answer... still think it's a non-starter?

For instance, totally separate from bankers for an example: people with Bipolar Disorder:
http://www.nimh.nih.gov/health/publications/bipolar-disorder/complete-index.shtml

Now, imagine that we isolate traits, including "problem drinking" which is correlated specifically with cocaine abuse, with known bankers and CEO's. It's not pretty, it's not conclusive, but even being charitable it's ugly. When you add that to anecdotes, wild risks and criminal/destructive behaviour... hmmm. I'd say that's a real issue in politics, and anywhere you have a concentration of power and a lack of effective oversight.

 

[gravenewworld]

You can pretty much thank Phil Gramm for all the economic mess and $4/gallon gas we a paying for now.

http://motherjones.com/politics/2008/05/foreclosure-phil


Apparently he learned nothing from the Great Depression, gutted the Glass Steagall act, and also ushered in legislation that paved the way for the current, almost completely unregulated, derivative market as well as for all of the speculation that is artificially driving up prices for energy.

 

[Astronuc]

Yves Smith discusses the ongoing mortgage/financial crisis.

http://www.kcrw.com/media-player/embed/a/audioEmbed.swf?id=ls101205le_show_-_december_5

http://www.harryshearer.com/article/?auid=WmyVa-418-cDmH8


Sounds like racketeering and corrupt organizations.

More from Yves Smith - http://www.nakedcapitalism.com/category/econned

or example -

http://www.nakedcapitalism.com/2011...t-wall-street-ceos-and-senior-executives.html

Update: MERS? It May Have Swallowed Your Loan
http://www.nytimes.com/2011/03/06/business/06mers.html

 

[klimatos]

For a financial blogger who is both informative and literate, I recommend "London Banker". Just google on the name and take your pick of informative and well-written articles.

 

[OmCheeto]

The quote was an excerpt from Soros' book, The Crisis of Global Capitalism, and a bit off topic.

Sorry about that.

I was trying to find his quote about; "This benefited no one but me", regarding him making nearly a billion dollars in one day, playing the game, with other peoples money, but I couldn't find the quote.

It's odd to think a person can make a billion dollars in one day, legally, just because that's the way the rules are written.

I'm sure that's what Soros was thinking, a few days after that "CHA CHING!" moment.

Gads I admire smart people.

To put the matter simply, market forces, if they are given complete authority even in the purely economic and financial arena, produce chaos and could ultimately lead to the downfall of the global capitalist system.