Forum Post: And on this Fine day of Bankruptancy and debt default
Posted 13 years ago on Nov. 1, 2011, 2:48 a.m. EST by twisted
(110)
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I hear that the US Banks Exposure to Greece and Italy and Spain, meaning Credit Default Swaps is going to be quite a problem.
The Failure of MF Global points to significant interlinking risks and nobody willing to even touch it.
Wall Street is starting to shit sharp pointy star shaped objects which is indicative by the extremely pained constipated expressions on their faces.
Seems like another US Downgrade is imminent
TEAR DOWN THE WALL
Read it . . .QE3 Must not be allowed to pass
http://www.bloomberg.com/news/2011-11-01/selling-more-insurance-on-shaky-european-debt-raises-risk-for-u-s-banks.html
U.S. Banks Sell More Insurance on Europe Debt
U.S. banks increased sales of insurance against credit losses to holders of Greek, Portuguese, Irish, Spanish and Italian debt in the first half of 2011, boosting the risk of payouts in the event of defaults.
Good Post !!!! People should be aware - since the banks are not allowed to fail; in the event of insurance default, the risk will be transferred from the banks to the taxpayer. Capitalism on the way up - corporate socialism on the way down.
http://www.counterpunch.org/2011/10/31/is-capitalism-losing-the-debate/
A Steady Diet of Distortions Is Capitalism Losing the Debate? by CARL FINAMORE A remarkable shift in mass public opinion is occurring right before our eyes. It does not happen often. Normally, only when there is a severe breakdown in public confidence about the future.
Now is such a time.
Millions are demanding clear explanations for the economic turmoil surrounding their lives and rejecting en masse standard platitudes from an increasingly discredited political establishment.
Fox-News pundits, Heritage Foundation business scholars, glib right-wing loudmouths and two-faced politicians from both major parties have been exposed as stand-in ventriloquists for the wealthy – shockingly, all in a few short weeks.
It all began with only a few hundred protestors camped out on Wall Street challenging conceited notions of the one percent.
Through it all, the Occupy Movement is discovering what my generation learned during the civil rights, antiwar, feminist and gay rights struggles begun some 65 years ago – the ideas of the rich and powerful just don’t stand up.
They don’t hold water. That is, they do not accurately explain what is happening around us, the measure most rational people use to determine if something is true or false...