Fluke? Credit crisis was a heist

chrisweb

Came ac cross this interesting article from MSNmoney:

It was no accident.
The folks in power in Washington and on Wall Street want to pretend that the current global financial crisis -- you know, the one that reduced household net worth in the United States by $11.2 trillion in 2008, according to the Federal Reserve -- was an accident caused by some unfortunate confluence of greed and asleep-at-the-switch regulators.
What we're now living through, though, is the result of a conscious, planned looting of the world economy. Its roots stretch back decades. And it wouldn't have been possible without the contrivances of the bought-and-paid-for folks who sit in Congress.
Of course, just because the plan blew up on the looters, taking off a financial finger here and a portfolio hand there, you shouldn't have any illusion that they've retired. In fact, in the "solutions" now being proposed -- by Congress -- to fix the global and U.S. financial systems, you can see the looters at work as hard as ever.

Read more:
http://articles.moneycentral.msn.com/Investing/JubaksJournal/fluke-credit-crisis-was-a-heist.aspx?page=1

Niksan

have you not seen http://www.youtube.com/watch?v=eAaQNACwaLw then ?

chrisweb

was in my 'to watch' list. Thanks for finding the full length version for me

purch

What we're now living through, though, is the result of a conscious, planned looting of the world economy

....why does there always have to be a dark force behind everything ??

Why can't what we are living through now, be just a result of greed and incompetence ??

I will always find it difficult to imagine that there is anyone in Government or Banking clever enough and with enough power to actually plan anything of this nature !!!!

Niksan

Well, surely greed can be a conscious planned looting of the world economy ? Albeit Madoff isn't Darth Vader... or is he ? :think:

chrisweb

purch wrote: »

....why does there always have to be a dark force behind everything ??

Why can't what we are living through now, be just a result of greed and incompetence ??

I will always find it difficult to imagine that there is anyone in Government or Banking clever enough and with enough power to actually plan anything of this nature !!!!

Just because there is a group trying to manipulate the economy doesn't mean you have to buy into world domination conspiracies. It also doesn't mean one group was acting together, there could be multiple independent forces pushing a boom to bust scenario and making their own profits independent of each other. They could have worked together unknowingly, but with the same intention of getting wealthier.

People knew what they were doing with the real estate CDOs and have been able to profit from it. The bankers, who are by no means innocent, were a victim of the big hedge fund people who made massive profits from the CDO driven boom, banked it, and left others with massive debts and losses.

It is perfectly plausible that a situation like the one I described, or one similar, played out. It is perfectly plausible that the people benefiting lobbied governments to get favorable legislation, and that they were aware what they were doing would bring about a crash, and other opportunities for them.

Of course, the people that made massive profits could have had no idea what would happen and were caught completely offguard.

I don't outrule either scenario but would lean towards the point of view that certain groups profited and knew what they were doing, and knew what to do in the crash to increase their profits.

But until hard evidence can outrule either (which I don't think I'll get anytime soon) then I'll remain open to both viewpoints.

bo_drinker

It is a result of greed and incompitence, simple as. And it will be a very long time before it is sorted, if ever.

cocktail

purch wrote: »

....why does there always have to be a dark force behind everything ??

Why can't what we are living through now, be just a result of greed and incompetence ??

but there is.
is there not a force that is invisible, somewhere up there who is watching all of us. infact watching all our moves. he keeps track of everything and if you have been up to no good you can be sent to a dark,evil place full of fire and slime.
when billions can believe this why not the story about this dark force

Dr_DiNg_DoNg

purch wrote: »

....why does there always have to be a dark force behind everything ??

Why can't what we are living through now, be just a result of greed and incompetence ??

I will always find it difficult to imagine that there is anyone in Government or Banking clever enough and with enough power to actually plan anything of this nature !!!!

you are right, anyone with an ounce of sense understands that the way markets play out is the result of billions of small decisions , and sheeple mentality.

However, the sheeple love a conspiracy

bubblesmoney

purch wrote: »

....why does there always have to be a dark force behind everything??
Why can't what we are living through now, be just a result of greed and incompetence ??
I will always find it difficult to imagine that there is anyone in Government or Banking clever enough and with enough power to actually plan anything of this nature !!!!

Greed and incompetence isn’t as dangerous as greed combined with genius.

Ever wonder why the Forex trading is many times the worlds gdp, while only 2% of the transactions have anything to do with productive trade. Ever wonder why derivatives are hundreds of times of the world’s gdp.

True prosperity comes from hard work and productive trade or productive work. Some people use their genius and money to amplify the profits and pull forward profits by debt and make profits by gambling with the economy. Such activity does nothing to improve the condition of the people, it exists solely to make the trader richer at the expense of the rest, it has no morals, making money is the goal at whatever cost it takes.

"While free markets tend to democratize a society, unfettered capitalism leads invariably to corporate control of government." Robert Kennedy. Jr

"Capitalism is the extraordinary belief that the nastiest of men for the nastiest of motives will somehow work for the benefit of all." John Maynard Keynes

What would have happened if millions of American and British people, struggling with coupons and lines at the gas stations, had learned that in 1942 Standard Oil of New Jersey [part of the Rockefeller empire] managers shipped the enemy's fuel through neutral Switzerland and that the enemy was shipping Allied fuel? Suppose the public had discovered that the Chase Bank in Nazi-occupied Paris after Pearl Harbor was doing millions of dollars' worth of business with the enemy with the full knowledge of the head office in Manhattan [the Rockefeller family among others? Or that Ford trucks were being built for the German occupation troops in France with authorization from Dearbom, Michigan? Or that Colonel Sosthenes Behn, the head of the international American telephone conglomerate ITT, flew from New York to Madrid to Berne during the war to help improve Hitler's communications systems and improve the robot bombs that devastated London? Or that ITT built the FockeWulfs that dropped bombs on British and American troops? Or that crucial balI bearings were shipped to Nazi-associated customers in Latin America with the collusion of the vice-chairman of the U.S. War Production Board in partnership with Goering's cousin in Philadelphia when American forces were desperately short of them? Or that such arrangements were known about in Washington and either sanctioned or deliberately ignored?"

Charles Higham, researcher, about U.S. - Nazi collaboration during WWII

"I spent thirty-three years in the Marines, most of my time being a hlgh class muscle man for Big Business, for Wall Street and the bankers. In short, I was a racketeer for capitalism." General Smedley Butler, former US Marine Corps Commandant,1935

See many ‘interesting controversial’ articles on http://www.thirdworldtraveler.com/

Especially see the ones on subverting democracy across the world by democratic western powers and also about confessions of an economic hit man and war profiteering and afghan drug trade and when corporate rule the world.

Isn’t it curious that drug production decreases by 94% under the taliban but increases by 50% YOY under the usa occupation! Clearly when an ex DEA enforcement unit chief points the finger at the CIA and their drug escapades, something is afoot and people are making money.

purch

Ever wonder why the Forex trading is many times the worlds gdp, while only 2% of the transactions have anything to do with productive trade

No

I did it for 17 years so I know what happens and why.

Ever wonder why derivatives are hundreds of times of the world’s gdp.

No

If you understand the way these markets work, such numbers don't shock and surprise you.

greed combined with genius

There is no Genius involved in these markets.

I've seen greed, luck, incompetence and lots and lots of skill and experience, but the one's who think they are a 'Genius' are always found out !!!!