The Mudcat Café TM
Thread #130348   Message #3059238
Posted By: Bobert
22-Dec-10 - 08:45 AM
Thread Name: BS: World's Richest People Get Richer
Subject: RE: BS: World's Richest People Get Richer
Here's the part of the story that doesn't make sense... It's no secret that the banks aren't making loans so if they aren't makin' loans then...

...how in world can the bankers be makin' all this money???

Well, I'll tell you how...

What they are doing is playing the pea-under-the-shell game with the rest of the American people, the SEC and the Justice Department with their bogus "credit default swaps"... That, in essence is coming up with a fancy term that is really just robbing the cookie jar... Ya' see, Wall Street is sitting on tons of cash and they really don't have to make loans for quite a long time yet can sell bogus crap to one another and take out "commissions" (bonuses) as they do it... Every time they pull off one of these there is less money in the cookie jar but given the amount of money they are sitting on, they can do this for years before the SEC or Justice Department unravels these deals and calls them off... Until then??? The banks won't make loans and the economy will limp along with insufficient growth to create enough jobs to get back to full employment...

That, my friends, is what is going down and that is why Wall Street seems to be doing fine while the rest of the country is still mired in a deep recession...

B~