if they have that much time on their hands why don't they dump this stupid arguing over healthcare and pursue the Wall Street pirates who caused the ecomonic disaster we're facing?
also HOW did Emmanuel (the dance king) and Bernanke wind up in charge of the National Cash register when they both profited from the buildup to the aforementioned disaster?
Ask Glenn Beck.
Ask your local congressman or woman.
It's not Wall Street. Wall Street only took advantage of the opportunity.
It's our government/congress that is at fault. Congress has been pushing the agenda of home ownership for the poor to the extreme for decades. In order to make it possible for "the poor" to own a home Congress relaxed the lending standards for home mortgages ... resulting in 'no documentation' loans aka 'liar loans' available to anyone.
The ACORN organization was instrumental in advising people how to obtain mortgages without any proof of income. Basically, people could get a mortgage just showing a driver's licence. The generated mortgages were then sold to the government's Fannie Mae and Freddie Mac.
Wall Street stepped in and repackaged the Fannie Mae and Freddie Mac mortgage paper as derivatives and sold them world wide. AIG insured much of the derivatives products.
When those people who should not have gotten mortgages in the first place began defaulting on their mortgage payments in droves the real estate market took a dive.
The derivatives market collapsed. The outstanding derivatives became nearly worthless with many of the underlying mortgages failing to perform. Nobody wanted to touch them.
AIG the insurer of the derivatives was unable to meet its obligations. Banking institutions here and abroad holding the derivatives had to take write-downs wiping out their equity.
“The point everyone misses,” wrote economist Robert Chapman a decade ago, “is that buying derivatives is not investing. It is gambling, insurance and high stakes bookmaking. Derivatives create nothing.”1 They not only create nothing, but they serve to enrich non-producers at the expense of the people who do create real goods and services. In congressional hearings in the early 1990s, derivatives trading was challenged as being an illegal form of gambling. But the practice was legitimized by Fed Chairman Alan Greenspan, who not only lent legal and regulatory support to the trade but actively promoted derivatives as a way to improve “risk management.” Partly, this was to boost the flagging profits of the banks; and at the larger banks and dealers, it worked. But the cost was an increase in risk to the financial system as a whole.
Agree. Wish more people understood this.
Federal prosecutors are in charge of prosecuting violations of federal law, not the Congress although sometimes Congress holds hearings when things are slow on the Hill.
RIP: D3 All-American Frank Csorba - who ran 13:56 in March - dead
RENATO can you talk about the preparation of Emile Cairess 2:06
Great interview with Steve Cram - says Jakob has no chance of WRs this year
Running for Bowerman Track Club used to be cool now its embarrassing
Hats off to my dad. He just ran a 1:42 Half Marathon and turns 75 in 2 months!
2024 College Track & Field Open Coaching Positions Discussion
2017 World 800 champ Pierre-Ambroise Bosse banned 1 year for whereabouts failures