What Cooked the World's Economy? It Wasn't Your Overdue Mortgage

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fortytwo's picture
fortytwo
Status: Bronze Member (Offline)
Joined: Jan 24 2009
Posts: 35
What Cooked the World's Economy? It Wasn't Your Overdue Mortgage

another meme that strays from the dominant media explanation.  I saw House of Cards today, and I thought it was worth watching, as it helps understand how bad the mortgage game was played.  This article is a good one to get perspective on the rest of the crisis. 

In short:
"What is going on now is a massive rip off, and if the banks, hedge funds and corporations involved, were prosecuted rather than bailed out, the government could gain around 30 trillion dollars."

from the Village Voice's James Lieber:  

http://www.villagevoice.com/2009-01-28/news/what-cooked-the-world-s-econ...

 

 

strabes's picture
strabes
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Joined: Feb 7 2009
Posts: 1032
Re: What Cooked the World's Economy? It Wasn't Your Overdue ...

yep.  but the banks, funds, and corporations are just front-man stooges that the banking oligarchy uses to hide behind the scenes.  prosecuting all the operating officers of the banks and corporations takes out the small guys in the bourgeois class that have the public face.  it's the aristocratic ruling class behind them that needs to be taken down.  otherwise they will just keep putting new guys in.  

like Thain going down at Merrill...that's how it works...they use people until they don't serve their interest or until they get caught and then they turn on them and let them get strung up for public flogging (same way the mafia works).  that keeps public ire focused on the little guys to distract from the real system.  Thain's replacement in the BoA/ML organization will serve the same old interests.

 

fortytwo's picture
fortytwo
Status: Bronze Member (Offline)
Joined: Jan 24 2009
Posts: 35
Re: What Cooked the World's Economy? It Wasn't Your Overdue ...

I hear you.  

Here's another thought that occurred to me....  if the derivative market is really 600+ trillion,  I wonder if it was created and promoted as another way to increase the money supply.  If so-  it would show how far up the exponential money supply curve we are, and it makes you wonder what the next money supply expansion project will be.

strabes's picture
strabes
Status: Diamond Member (Offline)
Joined: Feb 7 2009
Posts: 1032
Re: What Cooked the World's Economy? It Wasn't Your Overdue ...

yeah...that's another reason the Fed can't do anything to stop deflation.  $9T in govt money is nothing compared to the collapse of $600T.

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