Strange, but every time the stock market looks like this, 2000, 2008, now, in a state of what I call bubble-licious, Billy Joel’s Easy Money starts to loop through my mind. One of the great masters of obfuscation, Alan Greenspan, longtime chairman of the fed, could talk and talk and talk and say absolutely nothing. Rates were kept artificially low, just like now. The owners want Trump and easy money to continue, FWIW–perhaps that is why Buffalo Springfield is playing out in the streets now…
Last night I watched Michel Moore’s “Capitalism - A Love Story” (free on YT). I found it interesting when a Harvard Economics Professor and a Ivy League School graduate who had been the VP of Leeman Brothers couldn’t or wouldn’t give a definition on camera as to what derivatives were in relation to the Stock Market (I call it our national casino and so does MM). Basically they will bet on anything, even other bets. I’m guessing if these WS “investors” were in any other fields, they would be called fools, but in this industry their called “geniuses’”. The only reason for that term to be applied to them is they are betting other peoples money, even bigger fools, and getting bailed out when they fail, with taxpayer money, the biggest fools of all.
If your like me, and don’t have a formal education in the in’s and out’s of finance, and want to know more about what happened leading up to the 08/09 crash (robbery, bribery, fraud), another great vid is the 2010 documentary movie “Inside Job”, directed by Charles Ferguson. It’s not free on YT, but your local library may have a copy, my small town library does.
Some of the same things are happening again now on WS, with new twists, guess I’ll have to wait for the newest documentary to come out and explain it, by that time the title might be “US The Farewell Tour - How Wall Street ‘Investors’ Destroyed The Wealthiest Country In The World”.
The internet and television is filled with ads detailing the latest “get rich scheme” using computer generated algorithms so as to generate “wealth”. This just another example of Casino capitalism at play and is magnified many times over when the big boys are playing.
The investments made have absolutely nothing to do with the underlying strength of the Company and these programs fuel buying sprees that lead to similar programs picking up that trend and doing the same. At the end of the day no wealth or jobs created, it just money shifted from one pocket to another.
Not to mention that after the 2008 crash, the Fed and duopoly enabled the too-big-to-fail banks (who controlled 25% of US bank assets in 2008) to control more than 50% of US bank assets in 2016 with no end in sight of their march to monopoly and ever bigger taxpayer funded bailouts.
I had a year of economics in early 80’s and it is hardly relevant in todays economic world of casino gambling and corporate (I don’t even know how to describe corporations any longer) as many don’t produce anything productive or do research or development of new products but of course some do.) I was lucky enough to work at two corporation that provide profit sharing, healthcare, 2 weeks paid vacation, paid sick leave and a good environment.
Politicans of all stripes have stripped regulation on Wall Street and Hedge fund vultures, and financial advisors.
The Fed is working for wall street et al not main street.
Vote Blue and then hold their feet to the fire as will be needed. Get rid of blue dogs.
It might be fun to attach BiII Clinton to a fIag poIe—where he’s hanging upside down, so that he’s hanging by his ass. Then Leave him there until he apologizes for undoing sanity —CIinton dissed GIass-StegaII—so that gaming houses— aka WaII S ----t. could return to making havoc upon the American people which FDR eliminated so many years ago!
A derivative is just industry jargon used to confuse the rest of us (just like “exfiltration”).
Basically it’s just a bet, on anything.
WS even makes bets, on bets.
Watched a few Richard Wolfe segments on YouTube this past week. He confirms much of what Nader writes here. Wolfe’s thrown his hands up, not sure how the next disaster plays out.
For my two cents, if this house of cards comes down on us, some of these castrati in the money choir will need to go to jail.
Some of those castrati in the money choir will think themselves lucky to have ended up in jail once the working class begins stringing them up by their silk neckties.
Blue no matter who representatives never feel the heat, they are the lapdogs of the Dem Party’s owners. They are well paid to behave has they do, and when they behave, they have good careers, why should they change, and who are you to try to make them? It’s not like you pay their salaries or they owe you for your vote, you merely vote the way the party tells you to, and leave the strategery to the party elders.
Two trillion-----where did it go?-the rich are having a party-----while they suck everything they can out of the American economy-----but social security payments are cut by bogus inflation numbers------we are slaves in a CORPORATE MILITARY POLICE STATE!