|
|
|
|
| Author |
|
|
Registered
Join Date: Dec 2004
Location: Manhattan Beach
Posts: 774
|
Economy, banks and the bailout
Not a shock to some of us, but an interesting read...
http://www.pbs.org/moyers/journal/04032009/transcript1.html BILL MOYERS: So if your assumption is correct, your evidence is sound, the bank, the lending company, created a fraud. And the ratings agency that is supposed to test the value of these assets knowingly entered into the fraud. Both parties are committing fraud by intention. WILLIAM K. BLACK: Right, and the investment banker that — we call it pooling — puts together these bad mortgages, these liars' loans, and creates the toxic waste of these derivatives. All of them do that. And then they sell it to the world and the world just thinks because it has a triple-A rating it must actually be safe. Well, instead, there are 60 and 80 percent losses on these things, because of course they, in reality, are toxic waste. BILL MOYERS: You're describing what Bernie Madoff did to a limited number of people. But you're saying it's systemic, a systemic Ponzi scheme. WILLIAM K. BLACK: Oh, Bernie was a piker. He doesn't even get into the front ranks of a Ponzi scheme... BILL MOYERS: But you're saying our system became a Ponzi scheme. WILLIAM K. BLACK: Our system... BILL MOYERS: Our financial system... WILLIAM K. BLACK: Became a Ponzi scheme. Everybody was buying a pig in the poke. But they were buying a pig in the poke with a pretty pink ribbon, and the pink ribbon said, "Triple-A."
__________________
Now Porsche-less ex-'74 Carrera, '93 RS America, '89 Cab, '88 Coupe “Thank god there’s no 48-hour race anywhere in the world, because chances are nobody could beat Porsche in a 48 hour race.” Carroll Shelby, 1972. |
||
04-06-2009, 11:24 AM
|
|
|
Registered
Join Date: Mar 2004
Location: Summerville, SC
Posts: 2,057
|
Quote:
Excellent interview. Everyone should take a few minutes to read it. |
||
|
04-06-2009, 07:14 PM
|
|
|
A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
Posts: 51,063
|
I have listened to Front Line and Bill Moyers and find that their slant is so far left that I have to lean my head to the left to even make the picture seem straight.
__________________
Copyright "Some Observer" |
||
|
04-07-2009, 05:25 PM
|
|
|
Registered
|
The word "fraud" is tossed around pretty lightly there. The subprime story has a lot more overconfidence, carelessness, greed, and grievous mistakes in it, than actual fraud. Madoff on the other hand was 100 pct fraud.
|
||
|
04-07-2009, 05:59 PM
|
|
|
Registered
Join Date: Dec 2004
Location: Manhattan Beach
Posts: 774
|
Quote:
__________________
Now Porsche-less ex-'74 Carrera, '93 RS America, '89 Cab, '88 Coupe “Thank god there’s no 48-hour race anywhere in the world, because chances are nobody could beat Porsche in a 48 hour race.” Carroll Shelby, 1972. |
||
|
04-07-2009, 07:00 PM
|
|
|
Air Medal or two
Join Date: Jul 2003
Location: cross roads
Posts: 14,079
|
I took what was left out of my 401 yesterday...I see no where but dwn
__________________
D troop 3/5 Air Cav,( Bastard CAV) and 162 Assult Helicopter Co- (Vultures) South of Saigon, U Minh Forest, Delta, and all parts in between |
||
|
04-07-2009, 08:18 PM
|
|
|
|
Registered
Join Date: Mar 2004
Location: Summerville, SC
Posts: 2,057
|
Quote:
BILL MOYERS: Who's covering up? WILLIAM K. BLACK: Geithner is charging, is covering up. Just like Paulson did before him. Geithner is publicly saying that it's going to take $2 trillion — a trillion is a thousand billion — $2 trillion taxpayer dollars to deal with this problem. But they're allowing all the banks to report that they're not only solvent, but fully capitalized. Both statements can't be true. It can't be that they need $2 trillion, because they have masses losses, and that they're fine. Fraud is the precise word that one uses to describe those who attempt to deceive in this way. Geithner is not just "mistaken" or "overconfident" when he tells us that the banks are solvent, but they need $2 trillion dollars too. He is lying; he is trying to deceive the public to cover up just how bad it is. I've posted the link to this comic strip before, but it explains the FRAUD precisely and identifies the participants in the subprime situation (we are really past the subprime mess and are entering a fiat currency collapse, but the subprime situation, was a significant point in this collapse): http://www.suburbanhousehunters.com/about/mortgage-crisis/ Those who engaged in the fraud (some of it civil fraud, some of it probably criminal) have been allowed to get away with it unpunished. They haven't even been forced into bankruptcy court to face their creditors. Not only have they been allowed to get away with it, they have been rewarded with literally hundreds of billions of dollars of bailout money. Try to call it other names if you want; but it is fraud. |
||
|
04-07-2009, 09:11 PM
|
|
1989 Porsche 911 Carrera 3.2
