The Mudcat Café TM
Thread #140645 Message #3239177
Posted By: ollaimh
14-Oct-11 - 10:15 PM
Thread Name: BS: Wall Street Protesters...
Subject: RE: BS: Wall Street Protesters...
the financial instruments manufactured by wall street after 1990 whic didn't exist before, and made up three quarters of the available financial instruments by the crash,were an uber ponzie scheme. no regulations and the fact the investment backs used other peoples money to do this led to most of these vestements being worthless. this financialization of the economy was great in the boom, but the bust is tough.
the total lack of the banks own money and the almost fictional nature of these new financial instruments was a fornula for disaster and shows the need for major regulation.
i hope this wall street protest is the brginning of a people's take back of the right to control the economy from these flim flam artists.
i remain amazed anyone bought these new financial instruments but they did.
if america makes major investments in infrastructure and stops subsidizing the oil industry and stops expensive wars and many overseas bases. they could concentrate on sustainable energy and under cut the reason jobs over seas are so attractive to corporations. cheap oil shipping to sell in the usa.without the subsidized oil a lot of these exported jobs would be untenable. with subsidized sustyainable energy a lot of jobs are made at home.
if this isn't well under way before the catastrphhes of the climate change happen we are in for real trouble. so go wall street protestors. it's been too long the totalitarian corporations have been able to errode the new deal and the progress under the johnson adminstration. without a response america will be a third world country in a few decades and the corporations will be happily centered elsewhere.