The Mudcat Café TM
Thread #140645 Message #3248119
Posted By: ollaimh
01-Nov-11 - 12:30 AM
Thread Name: BS: Wall Street Protesters...
Subject: RE: BS: Wall Street Protesters...
i agree with tose who say that the securitues foisted on banks and the governemnt are dressed up junk bonds. the bankc et al stopped backing the new securities with any reserve when the final regulations were lifted in 1990-92. after that they quadrupilled the securites traded with these derivitives based on other un backed securities. it's much worse than the junk bind scandal in the eighties but it's so bad that to actually crahre the culprits would have the potential to bring down the whole system. so so far the oversight people do nothing.
when obama started to regulate the knox bros put a half a billion into the tea party movement. obama got the message.
the real tragedy was that the federal government didn't get any assets for the bails out. if they had an equity stake in the bailed out banks then they could audit and see the full story. especially oif they took a stake in several key institutions in new york and get control over the north east section of the federal reserve. then they could have audited the whole federal reserve.
but that would be socialism.
i love seeing these kids out protrsting, however having fought the over fushing issues sown east and the logging abuses out west and seeing the corporations win win win i am not optimistic.
as leonard cohen said"the rich have got their channels in the bedrooms of the poor"
i repeat that in 1990 over eight per cent and as much as above ninety per cent of the securities traded on the new york markets didn't exist in any form. they congured them from thin air and took the money and ran