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What if the Wall St. collapse and bailout was purposely orchestrated?
Posted September 23rd, 2008 by warmmidwest
What if the crash on Wall St. was purposely orchestrated?
I don't mean to be tinfoil hat-ish, but there's reason to ask and wonder.
... the profits here can be beyond imagining. In fact, they can be so large that one might well wonder if the whole subprime fiasco was not set up just to allow speculators to profit wildly on its collapse...
UPDATE: It makes a lot of sense when you consider this:
the Credit Default Swap market has grown from approximately $900
Billion at the end of the year 2000 to a total of $62.2 trillion at the
end of 2007 (according to the International Swaps and Derivatives
Association). That is more than four times the U.S. Gross Domestic Product and larger than the entire world stock market.
UPDATE: What does this mean, ask my friends? As best I can figure, being an English major, (read, not economics or math) it's like this - you have an insurance policy on your home against, say a fire. Now imagine that it's not just YOU who has that policy but everyone in the state you live in. So when your house catches on fire, everyone in the state who has a policy on your Wisconsin home gets paid off.
Now times that by 1 trillion dollars and you get the idea of this collapse.
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Bush and Co
have pursposefully thrown the US into fiscal crisis ($10 trillion) (prior to the Wall Street crisis) in its self-conscious attempt to rid America of Social Security and Medicaid.
But I think the extent of the threat of a financial meltdown is so severe that even these idiots would not risk a reckoning of this degree in letting the crisis occur, though they surel saw a bail-out coming to a lesser degree.
They would, however, attempt to use the crisis for their own short and long-term policy ends, thankfully shot down for now.
Well --
This is pretty closely in line with what Naomi Klein has been saying about the Shock Doctrine (I recommend the book, by the way- ) She has an interesting video with Bill Maher at http://www.dailykos.com/storyonly/2008/9/22/9451/92687/882/606261
Steve Hanson
Cruiskeen Consulting LLC
Uppity Wisconsin
Economic terrorism, anyone?
Why $700 billion? Why not $100 billion, or $1 trillion?
Most economists are saying it's actually quadruple the $700 billion AT LEAST.
Looks to me like they're asking what they think they can get, which will give enough cover for them to get the hell out of town come election time, thus the push for expediency, like the Iraq war, Patriot Act, spying on Americans, etc. Same playbook, dontcha think?
Some people have been looking on the bright side, saying "Henry Paulson is the premier student of Great Depression studies. Dude knows what he's doing."
Really? Is that why he said 1 1/2 yrs ago that things would settle down? WTF?
Ummm, right. Obviously you
Ummm, right.
Obviously you are an English major and not an economics major. Maybe you have an interest-only mortgage, or know someone who does.
Have you ever bought a car where they only make you pay interest? How would the car ever be paid for?
Well, that's what is going on right now. This is not a "Democrat" thing or a "Republican" thing. I suppose the next thing you're going to do is say the Republican Party conspired with the Israelis to bring down the Twin Towers.
I hope this blog gets you great coverage so reasonable people can see what an idiot you are.
I'm an idiot?
It's estimated that for every $30 the banks loaned home owners they set aside $1 to back up those loans with their own equity. And I'm the idiot?
Congress had one week to decide whether giving $1 trillion to people who created a ponzi scheme was a good idea - and the markets haven't rebounded. And I'm the idiot?
I own my home. I put down 20%, and can you guess the tempting, tantalizing offer I was given by the banker? Oh, I can cash in all my equity, take that trip I've been dreaming about, and oh, do I want a balloon rate on that? I said no, thankfully. Lots of other folks aren't as financially savvy and tricked by predatory lending.
It would be great if you could offer something more than name calling. But I bet you can't "anonymous."
Try to understand the credit default swap market that was created by Republicans with no oversight or regulation, and throw in the derivatives market, then get back to me, m'kay?
Created Credit Criss?
Please stop the deception … Is there no truth in blogging? Here is some real information. There are regulators, there is regulation, Fannie and Freddie elected not to follow them. Shame on them!
When the regulator brought the report showing accounting fraud and warned of the pending instability of Fannie and Freddie to the Senate banking committee in the fall of 2004, it was the Democratic representation that abused the messenger. Saying there is nothing wrong with the GSE enterprises or the financial soundness of Fannie and Freddie. In 2005 and again in 2006 legislation was brought to the floor but voted down in partisan politics by the democrats. Some of the big winners from campaign funds, Dodd, Schumer and Franks, the losers, tax payers. History repeats itself, Keating 5 anyone?
You're missing the big picture
This is so much more to this than Fannie and Freddie. Is there no truth in commentating?
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