"It's over ? we're officially, royally f*****."

[Phokus]

Originally posted by: Dari

Originally posted by: Robor

Originally posted by: steelodon
This is the best article I have read in a long time. I think I got more clarity from this article than from all the news channels feeding me bulls***.

:thumbsup: Just finished reading this over lunch. It's long but very informative. I simply don't understand the logic of letting those that fucked the economy in charge of fixing it. As the author said, 'why are we not throwing your ass in jail'?

Because what they did was legal. Like I said in my other thread, the real villan in this whole imbroglio is the government.

Yeah, it was the government that told AIG to over leverage itself.

 

[rudder]

I will bang my head into a wall until I am punch drunk... then I can laugh about it all.

 

[Doc Savage Fan]

Originally posted by: Robor

Originally posted by: Dari

Originally posted by: Robor

Originally posted by: steelodon
This is the best article I have read in a long time. I think I got more clarity from this article than from all the news channels feeding me bulls***.

:thumbsup: Just finished reading this over lunch. It's long but very informative. I simply don't understand the logic of letting those that fucked the economy in charge of fixing it. As the author said, 'why are we not throwing your ass in jail'?

Because what they did was legal. Like I said in my other thread, the real villan in this whole imbroglio is the government.

Seems like there's plenty of villains on both sides.

QFT. Glad to see people realizing that the finger of blame for this whole debacle can be pointed squarely on many people from BOTH parties. The blame-it-all on Bush mantra is hollow...and indicative of how simple minds deal with a complex world.

 

[GTKeeper]

Great article.

It re-affirms the two CORE causes of this mess.

1) Repealing of Glass - Stegall
2) Allowing for unlimited leverage

The Greenspan effect is huge too, but it wouldn't have been as great if Glass-Stegall was still in place.

One thing that IS making me feel better is that I know a partner at a law firm that is suing firms that sold these 'AAA' securities to the 2 largest pensions in the US. He told me that the evidence in these cases can be used to bring criminal charges eventually as well. Let's hope that happens.

 

[Doc Savage Fan]

Originally posted by: GTKeeper
Great article.

It re-affirms the two CORE causes of this mess.

1) Repealing of Glass - Stegall
2) Allowing for unlimited leverage

The Greenspan effect is huge too, but it wouldn't have been as great if Glass-Stegall was still in place.

One thing that IS making me feel better is that I know a partner at a law firm that is suing firms that sold these 'AAA' securities to the 2 largest pensions in the US. He told me that the evidence in these cases can be used to bring criminal charges eventually as well. Let's hope that happens.

Moody's and S&P ought to get their butts sued too...they totally screwed up.

 

[StageLeft]

Originally posted by: GTKeeper
Great article.

It re-affirms the two CORE causes of this mess.

1) Repealing of Glass - Stegall
2) Allowing for unlimited leverage

The Greenspan effect is huge too, but it wouldn't have been as great if Glass-Stegall was still in place.

One thing that IS making me feel better is that I know a partner at a law firm that is suing firms that sold these 'AAA' securities to the 2 largest pensions in the US. He told me that the evidence in these cases can be used to bring criminal charges eventually as well. Let's hope that happens.

Dude on cnn money just said something like 700 during the S&L scandal went to jail. How many have gone so far? Madoff doesn't really count. I can't think of any others off the top of my head.

 

[AAjax]

Originally posted by: newnameman
LOL, you get your economic analysis from Rolling Stone?? :laugh:

Sounds about right for him 🙂

But yes, were are screwed.

 

[Vette73]

Originally posted by: Skoorb

Originally posted by: GTKeeper
Great article.

It re-affirms the two CORE causes of this mess.

1) Repealing of Glass - Stegall
2) Allowing for unlimited leverage

The Greenspan effect is huge too, but it wouldn't have been as great if Glass-Stegall was still in place.

One thing that IS making me feel better is that I know a partner at a law firm that is suing firms that sold these 'AAA' securities to the 2 largest pensions in the US. He told me that the evidence in these cases can be used to bring criminal charges eventually as well. Let's hope that happens.

Dude on cnn money just said something like 700 during the S&L scandal went to jail. How many have gone so far? Madoff doesn't really count. I can't think of any others off the top of my head.

Those that made this mess learned from the S&L days. Buy off the Gramms and have them change/cut regulation so what you do is not illegal.

 

[StageLeft]

Originally posted by: Marlin1975
Those that made this mess learned from the S&L days. Buy off the Gramms and have them change/cut regulation so what you do is not illegal.

I think you're right, given that much/most of this appears to have been done legally, out in the open.

 

[Mani]

Great article. Love Taibbi's stuff.

 

[DAPUNISHER]

Originally posted by: Skoorb

Originally posted by: Marlin1975
Those that made this mess learned from the S&L days. Buy off the Gramms and have them change/cut regulation so what you do is not illegal.

I think you're right, given that much/most of this appears to have been done legally, out in the open.

Yep, Cassano learned from Milken himself

That guy ? the Patient Zero of the global economic meltdown ? was one Joseph Cassano, the head of a tiny, 400-person unit within the company called AIG Financial Products, or AIGFP. Cassano, a pudgy, balding Brooklyn College grad with beady eyes and way too much forehead, cut his teeth in the Eighties working for Mike Milken, the granddaddy of modern Wall Street debt alchemists. Milken, who pioneered the creative use of junk bonds, relied on messianic genius and a whole array of insider schemes to evade detection while wreaking financial disaster.

He's nothin' but a... low down, double dealin', back stabbin', larcenous, perverted, woooorrrm! Hangin's too good for him! Burnin's too good for him! He should be ripped into little bitsy pieces and buried alive!

 

[Michael]

Originally posted by: mugs

You could solve that problem by deleting the majority of the copyright violation from the OP, since there is a link to the article. There's no more need to post the full article than there is to quote it.

I complained about this practice years ago. The official Anandtech stance is pirating software is wrong and you'll be banned for it, but stealing copywritten materials for posting on their boards is fine.

Michael