Anybody that has been following this mess closely can not be too surprised by the list of usual suspects that have high levels of exposure. My two favourites at the top of the list are JP Morgan & PIMCO (I'ld like to see them both burn in hell) or at least go bust big time. Which two names have been more active then these two over the last 6 months? (Nobody!) These two companies are the poster children for this Derivatives Crisis and should be called out and made to pay for it.
It's just too bad that they run the "Shadow Government" and will surely only profit from what they have caused! But don't forget to a lesser degree Citibank, Bank of America, Wells Fargo, Bear Stearns and Wachovia ARE OR WERE big players in this mess too.
The Government & Shadow Government story is this entire mess is the fault of Sub-prime. Why is that? It was only a $500 Billion Dollar Market which is chump change compared to what they are spending now. Well, because if they can get you to believe this is all happening because of Sub-prime loans then that makes a certain segment of the public to blame. BUT, IF THE TRUTH WAS KNOWN and the public found out the real problem is Wall Street Creation with Government backing "Derivatives" and has nothing to do with Mom & Pop US Citizen. Well that is a horse of a very different colour and I suspect more then a few people would be really pissed off and civil unrest might be in the cards.
It's coming because the truth will get out eventually and the Corporate and Government Big Wigs better watch out. The French Revolution will go down in History as a camp fire compared to a 2008 - 2009 US Revolution.
mgdungan
· 1 year ago
Interesting points, Jim.
I think the average, hard-working, family types are starting to figure out that something very bad is happening. And, as you point out, it isn't the fault of a relatively few people who paid too much for a house or even those walking away from that house.
The blatant thievry is staggering.
mg
kennyboy
· 1 year ago
Gee, Goldman Sachs had no counterparty risk to Lehman, no wonder HANK let them go....
mgdungan
· 1 year ago
Another excellent point.
There's always something in the background that benefits GS, isn't there.
mg
Harry T
· 1 year ago
The bailouts were completely unnecessary and unwanted by much of the nation, something else definitely had there hand in the plan, to see so much resent for the bailout yet having the bailout passed anyway.
I'm trying to get a forum for centralized discussion of the bailout.
All Comments
It's just too bad that they run the "Shadow Government" and will surely only profit from what they have caused! But don't forget to a lesser degree Citibank, Bank of America, Wells Fargo, Bear Stearns and Wachovia ARE OR WERE big players in this mess too.
The Government & Shadow Government story is this entire mess is the fault of Sub-prime. Why is that? It was only a $500 Billion Dollar Market which is chump change compared to what they are spending now. Well, because if they can get you to believe this is all happening because of Sub-prime loans then that makes a certain segment of the public to blame. BUT, IF THE TRUTH WAS KNOWN and the public found out the real problem is Wall Street Creation with Government backing "Derivatives" and has nothing to do with Mom & Pop US Citizen. Well that is a horse of a very different colour and I suspect more then a few people would be really pissed off and civil unrest might be in the cards.
It's coming because the truth will get out eventually and the Corporate and Government Big Wigs better watch out. The French Revolution will go down in History as a camp fire compared to a 2008 - 2009 US Revolution.
I think the average, hard-working, family types are starting to figure out that something very bad is happening. And, as you point out, it isn't the fault of a relatively few people who paid too much for a house or even those walking away from that house.
The blatant thievry is staggering.
mg
There's always something in the background that benefits GS, isn't there.
mg
I'm trying to get a forum for centralized discussion of the bailout.