Forum Post: Must See -- Watch Corzine Lie
Posted 12 years ago on Dec. 9, 2011, 12:34 a.m. EST by johnjb32
(6)
This content is user submitted and not an official statement
It is important to remember that we are fighting an enormous beast in our government and the banks, all of who are in bed together. The system is so broken and corrupt, the stench is unbelievable. The fact that Corzine can be walking around as a free man is disgusting:
http://www.collapsenet.com/affiliate/idevaffiliate.php?id=154&url=1620
I think you give these wall street guys to much credit there's a bunch morons out there. MF Global's bets were leveraged 44 times, his company at that level of leverage was just set up for disaster. It was pure gambling stupidity and lack of over-site. Take AIG's CDS disaster that taxpayers ended up on the hook for billions ------the guys overseas were selling something that they didn't understand the risks of. It was just an income producer for AIG, it was a reckless bet that should have been regulated like insurance with reserves put aside that turned out to be a 90 billion dollar time bomb. What I'm saying is we have no idea what dangerous derivatives invented and sold by morons are lurking in our banking system. You can be sure that the smart money has taken the good side of those bets. What I need to know is why are we allowing this level of unregulated gambling in our banking system? Shouldn't our money be used to loan people money for small businesses and home buyers?
I don't care if they don't ever regulate it as long as those gamblers get their proverbial kneecaps busted and then have to make good IF they do it with money that doesn't belong to them.
Right is right, wrong is wrong.
You don't "just lose" 1.2 billion dollars of money that doesn't belong to you that happens to get away mid-bankruptcy proceedings.
No you don't just loose 1.2 billion dollars that belongs to hard working farmers. You may not want regulations but the gambling at AIG was legal ---------no kneecap busting will ever happen and they ended up gambling with taxpayer funds because they had no money put aside to pay off those bets. I just think that institutions that hold money for depositors should be separate companies from those that speculate with company funds. If we don't do that we will spend a fortune trying to oversee and regulate places like MF Global and stuff like this will just keep happening.
I think people should stop being stupid and greedy. If you want to hand your money to somebody, it's a good idea to trust them. It pained me greatly to look at several of my good friends, who lost over half their net wealth betting the stock market ponies, and to ask them if they really thought their money was safe in a den of thieves.
Once people get that idea, those thieves can go at each other until they're all dead, and they would too if the government wasn't in the middle of them as well as "insuring" their banks, blatant theft and gambling habits.
While I agree with that I also think the investment arms of banks take to much risk -----and that put our personal bank deposits at risk. The reason MF global got in trouble wasn't the bonds they had it was the leverage they used-------If you had a million dollars worth of bonds and they lost 10% you would still have 900k worth of bonds No big deal If you had a million dollars and borrowed 43 million from the fed or from citibank and bought 44 million dollars worth of bonds and they lost %10 you would have 4.4 million dollar problem you would have lost your million plus 3.4 million of what you borrowed. Then you would need to steal it or get a taxpayer bailout or tell Citibank Oh well , but then Citibank would be out 3.4 million, and they would need to get a bailout -----------any way that's what MF Global and our banks and insurance companies and investment banks are doing. They are using to much leverage and the scenario I described is called systemic risk. (and that doesn't even include the derivatives) When you put your money in a bank how do know that there's no some clown in the investment wing gambling away your future?
Well, I don't. I removed any holdings I had in the stock market in 1992 when IBM split. Banks? Screw them. See, everyone wants to piss and moan about Wall Streets wealth extraction machine and how the bailouts are wrong. True, however, convince people that they should control their own money and not leave me and you hanging because they too, are greedy and/or inept at managing their own with good common sense, and then they have to step back for a rethink.
Everyone wants their money to make them money and most couldn't care less how far down this pushes people at the bottom, whose actual work and production, their dividends are mere extractions of created wealth with zero work involved for those investors.
I'm all for completely deregulating the whole kit and kaboodle. If people want to make deals with easy money investors, let them learn reasonable contract law and if they come out raw, bring any cause of which they are right and just in bringing.
The government needs to get out of it all.
I think folks like you should be able to start your own deregulated banks with no over site or FDIC insurance. I want my bank regulated but I have no problem with an alternate banking system for people as trusting as you.
So you really need the extra federal government and do not trust your fellow states-persons to regulate and assure fair play?
A bank steals money and if enough, those in charge swing from the gallows pole and restitution is taken from them in all cases. Simple and effective.
I think we need less federal oversite because I think we should go back to Glass Steagall the simple law that separates wall street banks from retail banks. The system in place now will require massive rules and over site for banks due to the systemic risk in their trading departments. No I don't trust my state to do much of anything. Who would you hang at AIG ? the guy who invented the credit default swap had been fired by the time most of them were sold. The guys in the investment wing who sold them believed the AAA ratings S & P put on the bonds.The salesmen who sold them were j just salesmen, they had no idea they were selling crap that would cost American taxpayers billions. Frankly I'd like to hang Hank Paulson the guy who paid off AIG's bets penny for penny. I think it was 20 billion just to his pals at Goldman, but I don't have real numbers because Paulson made sure the bailout money he handed out was no questions asked. We could probly agree about hanging Paulson
Corzine will get away with his massive theft and fraud because he's,........................a democrat.
http://www.youtube.com/watch?v=4mkRFCtl2MI
http://www.youtube.com/watch?v=4Z9WVZddH9w
http://www.youtube.com/watch?v=EewGMBOB4Gg
http://thezeitgeistmovement.com/
http://blog.thezeitgeistmovement.com/
http://www.thevenusproject.com/