That 70's Show
posted by The Cunning Realist at Sunday, November 16, 2008
Sunday, November 16, 2008
About Me
I am a New York City resident in my forties, an investment professional, and a conservative. I have an MBA from Columbia University.
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5 Comments:
ALOHA !!
All very tragic and speaks to the fear and desperation of people these days. For many people their job is all they have! Their job is who they are ...
I thought the update from SiPort, in the Silicone Valley article, was a bit on the promotional side! The update was provided to the San Jose Mercury from SiPort. Whats with their PR people? Essentially it was like "Three dead, but we're hiring and growing and we got $20mil funding and we ..." Come on!! There's a time and a place ...
I would be very fearful of the 40,000(USPS) postal employees getting canned. I recall a number of fired postal employees that went ... POSTAL back in the 70s and 80s!
More desperate times lie ahead!
Terrible ...
Across the country, suicides have been mounting (including vets).
There's quiet desperation throughout the fabric of the country and, it's just beginning.
We just aren't the kind of people who were tempered by depression and world wars. We are "shopping" citizens with very limited understanding of civics.
God help us.
This is even worse when you actually know one of the victims, whose son was a college roommate of my son. Truly a tragedy.
Depends on your definition of "armed".
Wall Street has been engineering ways to do this for years to pursue its end, at the expense of people and society.
The End (as in the end of the Wall Street era), by Michael Lewis, author of "Liar's Poker", which chronicled his experience on Wall Street.
-- Snippets --
"This woman wasn’t saying that Wall Street bankers were corrupt. She was saying they were stupid. These people whose job it was to allocate capital apparently didn’t even know how to manage their own."
"What I learned from that experience was that Wall Street didn’t give a shit what it sold."
"The one thing Steve always says, Daniel explains, is you must assume they are lying to you. They will always lie to you."
"The only difference was that there was no actual homebuyer or borrower. The only assets backing the bonds were the side bets Eisman and others made with firms like Goldman Sachs. Eisman, in effect, was paying to Goldman the interest on a subprime mortgage. In fact, there was no mortgage at all. “They weren’t satisfied getting lots of unqualified borrowers to borrow money to buy a house they couldn’t afford,” Eisman says. “They were creating them out of whole cloth. One hundred times over! That’s why the losses are so much greater than the loans. But that’s when I realized they needed us to keep the machine running. I was like, This is allowed?”"
[This one actually makes one wonder, what the heck is Paulson paying financial institutions for, if there is actually no mortgage --- air?]
"They built a castle to rip people off. Not once in all these years have I come across a person inside a big Wall Street firm who was having a crisis of conscience."
"He agreed that the main effect of turning a partnership into a corporation was to transfer the financial risk to the shareholders. “When things go wrong, it’s their problem,” he said—and obviously not theirs alone. When a Wall Street investment bank screwed up badly enough, its risks became the problem of the U.S. government. “It’s laissez-faire until you get in deep shit,” he said, with a half chuckle. He was out of the game."
-- End Snippets --
It is hard to fathom, for a modern Democratic civilization, that society's fundamental economic foundation - everything from livelihoods, retirement, college, security, to funding substantial progress and innovation, depended/depends on this corrupt, fragile, loaded, house of cards.
ALOHA !!
If you think Wall Street is corrupt then start studying the US FEDERAL RESERVE and the FEDERAL RESERVE NOTE in your wallet! The corrupt global monetary system makes Wall Street look like Sesame Street!
Do I even have to mention the corruption that is alive and well in Washington DC?
GOVERNMENT IS ONLY AS HONEST AS ITS MONEY ...
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