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This should really tick people off!

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Date: 10/26/2008 7:28:16 PM
Author:starsapphire
Did anyone watch 60 minutes tonight????? Check this segment out.
http://www.cbsnews.com/stories/2008/10/26/60minutes/main4546199.shtml

Also, more info Commodity Futures Modernization Act of 2000 http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000
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Annoying, but old news really. And it only highlights how every big financial fiasco we''ve had is due to lack of regulation and lack of transparency - ''07, ''29, the dotcom bubble, Enron, and now this. It has also put the lie to the bill of goods we''ve been sold by foxes desperate to watch henhouses, that "undue" (ie - ANY) regulation is a terrible burden on business. No, they''re a terrible burden to those who want to gamble with our nation''s economy for their own selfish gain. Greed driven visions have always had the power to drive out common sense, as we see today...
 
Well said, ksinger.

What it comes down to is that our economy was undone in part because people were betting huge amounts on failure. Very perverse, when you think about it -- and very disturbing that this practice is now undermining economies around the world.
 
I also think ksinger said it very well! A shame really...
 
it is simple really...
A lot of money and no wealth.
Such a system can not survive external forces.
A company or country leverage 60 to 1 or even 30 to 1 can not survive any bad news.
 
This is going to make a lot of people go huh..
In this downturn a lot of people lost money but no wealth was lost because there was no wealth there to start with just debt.
Think about it...
 
My high school history teacher, who later became my colleague, always said, "wealth is productivity". Since I do not think in financial terms, as some of you do, that helps to keep it simple for me.


Deborah
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Date: 10/27/2008 5:28:49 AM
Author: AGBF



My high school history teacher, who later became my colleague, always said, ''wealth is productivity''. Since I do not think in financial terms, as some of you do, that helps to keep it simple for me.


Deborah
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John Stewart crystallized it for me one evening, when he skewered Alan Greenspan by getting him to admit that the policies that he helped put in place, rewarded investing over actual WORK, and in effect drove money out of traditional savings and into the stock market. (And if that wasn''t "redistribution of wealth, only UPWARDS, I don''t know what is). And by that you may assume that I do not give the same level of respect to people who "invest", ie - churn money, over people who "work" and produce more than "financial services". If I get one more thing from Countrywide desperately trying to get me to refinance so they can keep their jugglers busy, I think I shall die laughing...
 
Date: 10/27/2008 5:55:26 AM
Author: ksinger
Date: 10/27/2008 5:28:49 AM

Author: AGBF




My high school history teacher, who later became my colleague, always said, 'wealth is productivity'. Since I do not think in financial terms, as some of you do, that helps to keep it simple for me.



Deborah

34.gif
Click to expand...
John Stewart crystallized it for me one evening, when he skewered Alan Greenspan by getting him to admit that the policies that he helped put in place, rewarded investing over actual WORK, and in effect drove money out of traditional savings and into the stock market. (And if that wasn't 'redistribution of wealth, only UPWARDS, I don't know what is). And by that you may assume that I do not give the same level of respect to people who 'invest', ie - churn money, over people who 'work' and produce more than 'financial services'. If I get one more thing from Countrywide desperately trying to get me to refinance so they can keep their jugglers busy, I think I shall die laughing...
Click to expand...

Speaking of redistributing the wealth. I need to listen to this symposium my hubby recorded. A student asked a question about why people in China saved more than people in the States. The speaker said that they have to because they don't have a lot of the benefits we have here. So for instance, in the case of health care, if they don't have a large sum saved up for emergencies, if something happens, they're completely screwed. He then went on to say that the reason why the U.S. can borrow so much from China is because China is using the high amount of saving saved by the Chinese. So, essentially, we're living off the backs (with all our credit) of a bunch of unfortunately situated Chinese people. Gotta love that redistribution. But ya know, Obama is a socialist.
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disclaimer: I haven't had coffee yet and I'm paraphrasing, I can transcribe word for word if people would like.
 
Storm, Ksinger, MoonWater: well said.

movie zombie
 
This is why it infuriates me to hear the politicians that passed this stuff talking about ''Wall Street greed'' and hauling the CEO''s up to Capital Hill to put them on the hot seat. Talk about the pot calling the kettle black....

My fantasy....ordinary Americans grilling Congress on live TV about why they passed this stuff.
 
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