monday1929

Derivatives and Bank Collapse - The Scam That Went Largely Unreported

Tim Geithner and Robert Rubin gave you Thumbs down on these correct statements.


On Jan 29 08:59 AM MauiJeff wrote:

> The whole derivative market is a casino. Most people have no ability
> or inclination to understand how it works. When the casino went bust,
> the banksters held up the taxpayer to pay off casino debts. We are
> witnessing the biggest rip off of all time. United States citizens
> are asleep upstairs and the bankers are in he house taking everything
> they can get. Criminal behavior in now being passed off as capitalism.
> After the looting is complete our bankrupt country will fall into
> chaos and then tyranny. Wake up people, this is no recession, it's
> the collapse of our country.

Banks: Just a Shadow of Their Former Selves

You hit the nail on the head. there was Trillions looted from the economy by the financial elites. They may just get away with it. There seems to be a well organized effort, up to and including Obama, to "not point fingers" and to say that "we are all to blame". No, the criminals who rob the jewelry store are more guilty than those who bought a watch a little beyond their means.


On Jan 21 06:37 PM Fitz919 wrote:

> I've been wondering for a long time now whether the sliced and diced
> motgage backed securities, so cleverly invented, and so unable to
> be honestly rated, were even legitamate "mortgage backed" secutities.
> The secrecy which continues to surround them, the inability of anyone
> to unravel them and reveal any actual mortgages which could be refinanced
> at their core, the reluctance of any other financial institution
> to buy them, the fact that the Govt chose to buy preferred shares
> rather than these securities, makes me suspect that they were actually
> just an enormous ponzi scheme, which institutions chose to insure
> with massive credit default swaps. As long as they could keep selling
> their phony securities they had lots of money with which to pay the
> interest to the securities holders, and the premiums on the credit
> default swaps, and the game could continue on uninterrupted.
>
> Then actual sub-prime mortgages started to reset, and lots of folks
> had to default. Since no one knew what was in the mortgage backed
> securities they owned, they suddenly became high risk assets. No
> one would buy them anymore, and no one could sell the ones they had.
>
>
> The big players in this scheme don't want to get caught and prosecuted,
> and figure they still have time on their side. If they can keep getting
> bailout money for a few more years they'll make it scott free. <br/>
>
> Doesn't anyone else think it's odd that these mortgage backed securities
> aren't being dissassembled, and the good and bad mortgages identified?
>
>
> If the bulk of them are phony, then the Emperor Has No Clothes, and
> our prisons will fill up with bankers, and accountants. Maybe the
> cages at Guantanimo will be useful after all. We could let our soldiers
> come home, and we could hire some currently unemployed folks to guard
> them.