"5 Years Later, We've Learned Nothing From the Financial Crisis"

Discussion in 'Too Hot for Swamp Gas' started by philnotfil, Sep 13, 2013.

  1. HallGator
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    I hope so too but I've read reports of the same thing which brought on the last crash happening again.

    Have you ever read "The Big Short?" by Michael Lewis? Here is a link to an interview done with him by Bloomberg a few days ago. There is plenty of reason to be concerned some of the same ones who got rich while doing underhanded dealing that lead up to the last crash are at it again.

    I don't consider his, or any other person's words the Gospel but it is worth taking the time to read in my opinion.


    http://www.businessweek.com/articles/2013-09-12/michael-lewis-on-the-next-crisis
  2. KelticGator
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    KelticGator Premium Member

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    Apparently, crooks with good PR or a powerful lobby aren't really "crooks" anymore.

    Ahhh . . . . behold . . . . the power of deception!!!

    So my question is whether the general public just doesn't care enough that they are being swindled or is the government reached such a point of corruption that it no longer matters what the public thinks?
  3. Gatorrick22
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    Gatorrick22 Well-Known Member

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    I have to put that book on my list of must reads. Thanks for the link/story.
  4. HallGator
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    It's a fairly easy read because he is quite humorous at times. Overall though the book is a scary behind-the-scenes look at the crap that was going on.
  5. HallGator
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    I think we are being fed a steady diet of misdirection. It's coming from both the government and big business which are in bed together anyway. Those who run both entities are the ones who are profiting the most.
  6. Gatorrick22
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    Gatorrick22 Well-Known Member

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    I'm sure the one reason why the Stock Market hasn't already crashed is because of the QE-ad infinitum that the Fed pumps into the markets every month.
  7. MichaelJoeWilliamson
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    MichaelJoeWilliamson Well-Known Member

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    I have always felt the most unholy (in a secular sense) of alliances is between government and business. It is almost never good for the taxpayer or the consumer.

    Businesses need laws and regulation for the same reason individuals need them. Human can be prone to killing, hurting and stealing from each other. And since businesses are run by human, the same sorts of laws should apply to them too.

    Other than that, keep them separate.
  8. g8trjax
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    g8trjax Well-Known Member

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    I always thought that was one of the driving forces behind obamacare. Large companies can now dump their healthcare costs on to the govt.
  9. antny
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    antny Well-Known Member

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    So 5 years from now Obamas policies will really hit us......but 5 years in to his administration it is all his fault..no lag from his predecessor. Got it......
  10. HallGator
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    I don't doubt for a moment the insurance companies are going to make a mint off of this. They are very adept at it.
  11. GatorNorth
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    GatorNorth Premium Member Premium Member

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    That and there is literally nowhere else trustworthy in the world offering yield and liquidity. As bad as it is here its worse most other places, especially Europe.

    Big Short is great and can be read in an afternoon. The guys who really made the true fortunes are the ones who first realized that it would only take a housing slowdown not a crash to capitalize by shorting the market. So they bought insurance on their CDOs for pennies on the dollar. And then won the lottery.
  12. HallGator
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    One of the more interesting parts is how the packaged all that bad paper, then got the rating agencies to give them far better ratings than they should have had. From there they sold it under what I consider fraudulent premises.

    In the end guess who was left holding the bag?
  13. RealGatorFan
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    That probably is the best piece of legislation the government has ever written.
  14. gregthegator
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    and WHICH party got that re-pealed...why BOTH of course...bought and PAID for by THE banker's!!!!

    a cRAT. Pres. w/ a rePUG senate leader...
  15. HallGator
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    The thing is what we are seeing here stands the chance of being far more likely to do damage to our country than Syria but just how much attention is really being paid to it by those we have elected? Goes back to my statement about misdirection.
  16. MichaelJoeWilliamson
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    MichaelJoeWilliamson Well-Known Member

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    Here is some good commentary from Megan McCardle

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  17. gatorman_07732
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    gatorman_07732 Well-Known Member

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    For the life of me I can't figure out why there was no effort to break the banks up.
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  18. HallGator
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    Money = power
  19. Gatorrick22
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    Gatorrick22 Well-Known Member

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    I remember what the brokers said before the stock market crashed. Things like the sub-prime problem is a very manageable amount to lose, and for the markets to absorb... It won't do much to change it.
  20. Swampmaster
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    Swampmaster New Member

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    biggest economic mistake in 100 years---bailing out failed banks and companies with taxpayer money, which promotes fraud and failure---the creators of the collapse and fraud walked away with millions, thanks to taxpayers.

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