H8tank Posted February 12, 2009 Share Posted February 12, 2009 Quote Link to comment Share on other sites More sharing options...
SheikYerbuti Posted February 12, 2009 Share Posted February 12, 2009 http://www.youtube.com/watch?v=HOhc2e6UfMM This video has begun floating around. The claim at 2:20 (you HAVE to listen to this) that we were hours from total collapse and martial law is certainly illuminating. Wiegie? If that's true, it's jawdropping. Why is it when Madoff does it it's a Ponzi scheme but when the government does it it's called "world economy". Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted February 12, 2009 Share Posted February 12, 2009 If that's true, it's jawdropping. Why is it when Madoff does it it's a Ponzi scheme but when the government does it it's called "world economy". Isn't it nice to see someone telling the truth in all it's unvarnished majesty (at least, I think he is, sure looks like it)? Why hasn't this come out before? Quote Link to comment Share on other sites More sharing options...
wiegie Posted February 12, 2009 Share Posted February 12, 2009 Isn't it nice to see someone telling the truth in all it's unvarnished majesty (at least, I think he is, sure looks like it)? Why hasn't this come out before? probably because they didn't want to scare the hell out of people, making a bad situation even worse Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted February 12, 2009 Share Posted February 12, 2009 probably because they didn't want to scare the hell out of people, making a bad situation even worse It would have been better than letting everyone believe no-one had a clue what they were doing with the original bailout. Quote Link to comment Share on other sites More sharing options...
Puddy Posted February 12, 2009 Share Posted February 12, 2009 Scary stuff for sure but help me with this...How did enough people/institutions have information quick enough to decide that at 11:00 AM on Sept. 15th it was time for everyone to start taking all their money out of money market accounts to the tune of 550 billion in an hour? What triggered that? Was there a super secret meeting that scared the hell out of everyone to make that decision on that day that I wasn't invited to? I don't get that. Quote Link to comment Share on other sites More sharing options...
wiegie Posted February 12, 2009 Share Posted February 12, 2009 Scary stuff for sure but help me with this...How did enough people/institutions have information quick enough to decide that at 11:00 AM on Sept. 15th it was time for everyone to start taking all their money out of money market accounts to the tune of 550 billion in an hour? What triggered that? Was there a super secret meeting that scared the hell out of everyone to make that decision on that day that I wasn't invited to? I don't get that. The Lehman Bros. bankruptcy triggered everything and large institutional investors started a hugh run on money market mutual funds. (I think the $500+ billion dollar run in a few hours is probably (though not certainly) overstating what happened, but the withdrawals were at least close to $200 billion in the week that Lehman failed.) Quote Link to comment Share on other sites More sharing options...
Clubfoothead Posted February 12, 2009 Share Posted February 12, 2009 I think I'm just going to go back to cashing my paychecks and using money orders again. Seemed a lot simpler then. Quote Link to comment Share on other sites More sharing options...
Jimmy Neutron Posted February 12, 2009 Share Posted February 12, 2009 So who pulled the $550B out? That's a coordinated attack. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted February 12, 2009 Share Posted February 12, 2009 So who pulled the $550B out? That's a coordinated attack. just go to youtube and look up stampede Quote Link to comment Share on other sites More sharing options...
TimC Posted February 12, 2009 Share Posted February 12, 2009 So who pulled the $550B out? That's a coordinated attack. Wait til the Chinaman starts cashing checks. Do you know how to make a house from mud and tears? Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted February 13, 2009 Share Posted February 13, 2009 http://www.iht.com/articles/2009/02/13/bus...13insolvent.php Some of the large banks in the United States, according to economists and other finance experts, are like dead men walking. A sober assessment of the growing mountain of losses from bad bets, measured in today's marketplace, would overwhelm the value of the banks' assets, they say. The banks, in their view, are insolvent. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted February 13, 2009 Share Posted February 13, 2009 http://www.iht.com/articles/2009/02/13/bus...13insolvent.php Surely that depends on how the debts are measured? Since much of the money these outfits claimed to have made was funny money, many of the debts are really non-existent, just like the notional money that created them in the first place. Why can't these wankers account properly? It's not friggin' rocket science. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted February 13, 2009 Share Posted February 13, 2009 Surely that depends on how the debts are measured? Since much of the money these outfits claimed to have made was funny money, many of the debts are really non-existent, just like the notional money that created them in the first place. Why can't these wankers account properly? It's not friggin' rocket science. thats why those congressmen asked the wrong questions. they shouldve asked what the bank ceos got paid in 05, 06, 07. go after the old ceo's that are no longer there and got 200mil retirement packages. these bets werent put on in the last year. theyve been on for a few years. and they simply priced them to look like huge winners when they were bombs. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted February 13, 2009 Share Posted February 13, 2009 thats why those congressmen asked the wrong questions. they shouldve asked what the bank ceos got paid in 05, 06, 07. go after the old ceo's that are no longer there and got 200mil retirement packages. these bets werent put on in the last year. theyve been on for a few years. and they simply priced them to look like huge winners when they were bombs. Which reinforces my previously stated point about bonuses - they need to either be predicated on five years performance and more or they need to be refundable. Quote Link to comment Share on other sites More sharing options...
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