Hour 2 – Remembering The Financial Crisis
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- Segment 1: Jeff Ferry research director for The Coalition for a Prosperous America gives a personal example of unfair trade tactics on the part of Mainland China.
- Segment 2: Michael Stumo discusses strategic trade vs fair trade.
- Segment 3: Big Al and Chris Temple discuss the goal of government in the U.S. Economy.
- Segment 4: Chris Temple and Big Al wrap up KER Politics asking the question just how long can the US equity markets continue to appreciate.
Segment 1
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Segment 2
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Segment 3
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Segment 4
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Mr. Rowlandson,
We have probably not learned from our mistakes. I confess that I have not learned from a lot of mine.
seg 1 bids so low they couldnt be challenged.
isnt that what wal mart did?
Seg 1. Talking about employment being lost to outsourcing to other countries, moving for cheaper labor cost.
Investors were sure happy with their returns when the companies did it, lots of people repeatedly warned jobs being lost was not a good thing but capitalism pays dividends.
Concerning jobs, the pot industry in Canada is hiring anyone that breaths, colleges are beginning pot growing classes to give people experience, as predicted, its huge.
Funny tho, city council is thinking of parks where people can go and smoke pot. lol.
In a year they will look back and see just how silly they were.
b,
I agree that a lot o investors were happy at the income statements of many of the companies that outsourced labor when that first started to happen.
Obviously, that emotion was very short sighted for the labor force in our country.
Instead of remembering the financial crisis Americans should be reminded that they are fighting many forever wars. When a country is at war and in this case several wars financial crises are irrelevant. Money is important and with constant war there is a need for constant cash, that means one financial crisis after another until the system collapses under a honeycomb of debt. There will never be a reckoning of the financial system until the wars are over and the troops based on foreign soil are brought home.
The common man who had a middle class living before World War one has seen his position in society relegated to the lower class, the wars take money from society in the form of inflation and make it impossible for real wages adjusted for inflation and for businessmen to make a decent profit. The Kaiser was to blame but since 1918 it is “The Reds.”
Mr. Tracy,
You are a very astute individual as you comments have proven!
Society is screwed,……..plain and simple…….
Ecclesiastes 1:9 King James Version (KJV)
9 The thing that hath been, it is that which shall be; and that which is done is that which shall be done: and there is no new thing under the sun.
OOTB Jerry, I am currently studying “Acts”. It is certainly an interesting description of just how the Church has grown.
I have learned a lot from my individual Bible Study.
I have to go back to a comment that I made years ago and that is “wouldn’t life be so much better if people simply based their lives on lessons from scripture”? I know that mine would!
Ephesians 2:8-10 King James Version (KJV)
8 For by grace are ye saved through faith; and that not of yourselves: it is the gift of God:
9 Not of works, lest any man should boast.
10 For we are his workmanship, created in Christ Jesus unto good works, which God hath before ordained that we should walk in them.
I realize that we are saved by Grace. An interesting thought that I had is that a nonsecular person will naturally engage in positive actions. Any comments on that?
Now that is a deep subject………
My first thoughts are…….what is the purpose and intent of the individual.
“Positive action”……..on the surface, might seem ok, but, is it……
Owl……let me know when you finish Acts……
Fair enough.
It can be a deep subject I suppose. I would maintain that if you accept Jesus and receive God’s grace that all of your actions would reflect what Jesus would do and He only do good things! Do you agree?
What is your reasonable service…….if , you are in Christ………
Doing good works……..is not it………..
Let’s discuss this after you read Act……
Matthew 22:
15 Then went the Pharisees,
17 Tell us therefore, What thinkest thou? Is it lawful to give tribute unto Caesar, or not?
18 But Jesus perceived their wickedness, and said, Why tempt ye me, ye hypocrites?
19 Shew me the tribute money. And they brought unto him a penny.
20 And he saith unto them, Whose is this image and superscription?
21 They say unto him, Caesar’s. Then saith he unto them, Render therefore unto Caesar the things which are Caesar’s; and unto God the things that are God’s.
Psalm 24 King James Version (KJV)
24 The earth is the Lord’s, and the fulness thereof; the world, and they that dwell therein.
2 For he hath founded it upon the seas, and established it upon the floods.
This is talking alot about the bible.
Has ideas of why we like gold so much.
Jim Marrs Lost Secrets of the Anunnaki and New World Order
Interesting site. Unfortunately I am so busy that I simply can’t look at it all.
Some of Marrs comments seem to be …….not all correct……..JMO
but, interesting…….
Jim Marrs appears totally unaware of the Denisovans, or modern mitochondrial DNA comparison results.
We have people alive today that go back farther than Denisovans, I dont see them affecting biblical enthusiast too much as they still fit the time frame they like.
Personally I think people have been around much longer
https://medium.com/…/the-15-types-of-human-species-discovered-till-date-4d1eb036..
Im sure your already aware of this, but I think some people view this info like dinosaurs bones etc, put there by god for…you have to ask jerry the reason I keep forgetting it.
Ya gotta think that some day somebody with enough influence will get people to realize where their bible records came from, but I think we are a long way away from that at this point tho.
I interpret that as “if you owe someone money, simply pay them.
Render therefore unto Caesar the things which are Caesar’s
The earth is the Lord’s, and the fulness thereof;
The Lord owns everything……….Caesar is just the bondage king…… 🙂
How anyone believe that the Sumerians knew not only the distance between planets and the sun, but even knew that Uranus was “marshy” without believing the possibility of earlier civilizations capable of interplanetary probe travel (at a minimum)?
Why do people believe in the bible of the Hebrews as accurate, when it is fairly easy to demonstrate it is based on “myths or beliefs” that existed in about 10,000 BCE.?
Why do people believe our current civilization is the apex of all civilizations, when ancient buildings exist that modern civilization could not construct today? (Note, the size of blocks used at Baalbek, Lebanon. How would you quarry and transport blocks of 20,000 tons and place them accurately so that a piece of paper could not fit between them.?)
The problem is always what you don’t know you don’t know.
You must be unaware of the Book of Enoch………..and the Land of Giants………is in the bible…….. 🙂
Which are more than capable of transporting the blocks………
7. And Semjâzâ, to whom Thou hast given authority to bear rule over his associates. 8. And they have gone to the daughters of men upon the earth, and have slept with the women, and have defiled themselves, and revealed to them all kinds of sins. 9. And the women have borne giants,
Genesis 6-
4 This was back in the days (and also later) when there were giants in the land. The giants came from the union of the sons of God and the daughters of men. These were the mighty men of ancient lore, the famous ones.
Enoch
CHAPTER XVI.
1. From the days of the slaughter and destruction and death ⌈of the giants⌉, from the souls of whose flesh the spirits, having gone forth, shall destroy without incurring judgement–thus shall they destroy until the day of the consummation, the great ⌈judgement⌉ in which the age shall be consummated,
Dont the Cuneiform tablets talk about the giants?
b….not sure……….about the c . stones……..
If there is no new thing under the sun there can be no evolution.
Now that is an interesting way to look at it. Of course, The Lord owns everything.
Taxes can certainly be defined as bondage.
But then again, taxes in our country are simply defined and accepted by most as the price for living in America as theoretically we are all supposed to benefits from the payment of taxes.
We really have no say at all in the amount of taxes that are levied and the purpose of these taxes. The taxes are created and levied by our elected officials.
Now OOTB Jerry, back to your comment about the Lord owns the earth. I happen to agree with your comment. The complication that arises is that God gave us free will and the taxes that we pay have evolved in a result of our actions hence a result of our “free will”
I would like to seem some comments on my comment.
Limit govt……..limit taxes……
Well of course, OOTB Jerry. Unfortunately most people don’t think about that.
Free will……..is only to believe or not believe …….has nothing to do with do what ever you want……
Revelation 3:20 King James Version (KJV)
20 Behold, I stand at the door, and knock: if any man hear my voice, and open the door, I will come in to him, and will sup with him, and he with me.
Hopefully OOTB Jery you and I have always opened the door.
Great point OOTB Jerry. Please give me a quote from Scripture that discusses you point as I always understood the concept differently.
Owl…….I just did……..REV>3:20…..
Start with the idea……..Ephesians 2:8-9 King James Version (KJV)
8 For by grace are ye saved through faith; and that not of yourselves: it is the gift of God:…..What did Jesus give everyone……GRACE, grace did not save anyone(but Forgave everyone), but, now you have to select…If, you want Jesus as your savior.
As, Rev. 3:20 says, Jesus stands at the door, the person ,Now needs to open the door, and let Jesus in their LIFE. Letting Jesus In……begins the journey,…As you now become an ambassador .
That is the FREE WILL>…..Select or not select Christ.
Sorry Bonzo, I don’t understand where you are going with this. Please explain
OOTB quoted Eccesiastes who said “there is nothing new under the sun.” Darwin said new things were forming because of evolution. Who is right?
Hey Jerry, you learn the Espanol, yet???
You might want to if you’re going to hang out in Florida.
The way that America has evolved of late makes you point a natural occurrence. At this point in time it is impossible to change what has happened.
I personally, Eddy have decided to not dwell on the negative aspects of things like this anymore and, I have to say that I am much happier.
Interestingly enough my friend who helping me with my Bible Study is a very devout Christian by the name of Jose Lopez.
Dwell on reality…………………Obama for 8 yrs…….contributed to this crap…….
Large corporations…….have contributed to this crap…in their labeling on food containers.
EBO………..That is CRAZY…………
I have not been in a TB……for 20 yrs……..
What a JOKE………………………………..
OFF TOPIC, BUT …..
FYI.
NEW YORK (AP) — Facebook and other companies routinely track your online surfing habits to better target ads at you. Two web browsers now want to help you fight back in what’s becoming an escalating privacy arms race.
New protections in Apple’s Safari and Mozilla’s Firefox browsers aim to prevent companies from turning “cookie” data files used to store sign-in details and preferences into broader trackers that take note of what you read, watch and research on other sites.
Lance Cottrell, creator of the privacy service Anonymizer, said Apple’s effort was particularly significant, as it takes aim at a technique developed by tracking companies to override users’ attempts to delete their cookies.
Safari makes these protections automatic in updates coming Tuesday to iPhones and iPads and a week later to Mac computers. Firefox has similar protections on Apple mobile devices and is rolling out them out to personal computers in the coming months.
To get the protections, you’ll have to break your habit of using Google’s Chrome browser, which by some estimates has more than half of the worldwide browser usage. Safari and Firefox have less than 20 percent combined.
Even then, Safari and Firefox can’t entirely stop tracking. For starters, they won’t block tracking when you’re using Facebook or Google itself. Nor can they help much when you use phone or tablet apps, unless the app happens to embed Safari, as Twitter’s iPhone app does.
CFS Comment: I don’t use Facebook or Google.
I am vehemently opposed to the philosophy of the leadership of these companies.
CFS, please help me out here.
I currently do not use Apple products. What browser do you recommend that i switch to as I currently use google chrome.
LPG told me to use Firefox browser.
I’ve used Firefox for a loooonnnnggg time.
Thanks Doc and Bonzo, I will now switch to Firefox and I mean RIGHT NOW.
I use duckduckgo.com as my search engine.
I believe bingalso does not stack thefront end of results with left-wing sites.
With regard to browsers, the problem is more difficult at the current time.
I use my Ipad for all purchases currently.
For general computer browser use, I too use a chrome browser, on a Chromebook computer.
On my laptop I use Mozilla Firefox.
Unfortunately Firfox does yet fully block tracking, and has incompatibility problems on some sites, but it is improving.
On my home main computer, to avoid hacking and tracking, I also use a vpn service.
https://www.bestvpn.com/free-vpn-services/
But is it paranoid if” they” really are trying to hack and track you?
oops…
Bing is the search engine not bingalso
I must slow down my typing.
Firefox is supposed to roll out an anti-tracking browser later this month, but who knows how long it will take google to regroup and find a way around that.
Their business model almost requires they spy and track.
I’m not going to make it easy for them though.
I think that you almost have to go to an Apple platform or just say “Who the hell cares”!
Over 50 years ago, Milton Friedman was warning of the idiocy of minimum wages and excessive government regulation….
Some people never learn.
Some people never do learn especially when they don’t consider the implications of an increased minimum and the natural effect on the economy. (ie. “minimum wage goes up and the natural effect is an increase in prices!)
NOthing new under the Sun…………….lol
Come on, OOTB, are you saying the frontiers of science have stalled?
It is true, IMHO, that a rigid belief in any political dogma can addle he brain.
Of course, knowing your religious views, I assume you were not being Aristotelian.
Here is one for you on Enoch……..
http://www.sherryshriner.com/church-coverup.htm
But Enoch is in part based on much earlier Sumerian texts.
While most of the Nag Hammadi scripts have been translated and are available, there are literally hundreds of relevant Sumerian tablets stored in various places that have not yet been published. (Over 40,000 have survived the millenia, only to be “buried”.)
Hoping you read the above concerning the question of……..”How would you quarry and transport blocks of 20,000 tons and place them accurately so that a piece of paper could not fit between them.?)”
I furnished the Book of Enoch……for that discussion……
Stefan’s thoughts were interesting…..
I skimmed it, interesting but where is the stone info?
It does sound like it came from the c. tablets.
Do you know how difficult it was to move a Saturn 5 rocket weighing less than 3,000 tons before fueling?
Giants, even with high tensile steel bones could not physically do it.
Elephants used for shifting lumber in Asia are limited to about 5 tons pulling (not lifting).
b. ………CFS…..is quoting the stone work, I merely gave him some info for his alien concept……
CfS, …….you might want to check out some of the reported sizes of the giants….
OOTB Jerry I am very ignorant of this entire subject. Please direct me to a source where I can learn more.
The book of Enoch……gets a little out there for Christians, but, ties some of the scripture together,……See above reference……http://www.sherryshriner.com/church-coverup.htm
the enok book also looks like it came from the sumarians, from what the vids on u tube are sayng of the translations.
The other thing, if christians and the other religions were told about it from the beginning maybe it wouldnt be so “out there”.
Just imagine if the world began the space program to find nibiru instead of just landing on the moon,
armstrong coulda said “one small step on the path to nibiru…… lets find these guys”.
https://www.youtube.com/watch?v=MaZXPCVQDvM
(They never learned in Chicago. either!)
Milton really makes a lot of sense, doesn’t he!
I wonder if he could be given a Nobel prize in this socialist era.
https://www.youtube.com/watch?v=xNc-xhH8kkk
I always wonder why people do not learn from the past.
I can only blame the horrible disaster that is public education.
I remember when the California university system was the envy of the world (50+ years ago)
Now, it is a costly disaster; both to students and residents of the state.
The whole situation in California is “interesting”!
James O’Keefe Announces Deep State Investigation at the Gateway Eagle Forum
The concept of the “Deep State” is not necessarily a simply one.
Deep State?
One can dream…..
https://twitter.com/i/status/1037149645548347397
(you may need to click sound on)
Life style change…………..they shipped us goods…..and the containers are now housing
Real Estate by Blackstone……….
https://www.zerohedge.com/news/2018-09-13/washington-dcs-first-shipping-container-apartment-building-millennials
Jerry, The Chinese are in serious trouble because of A.I. (Artificial Intelligence) jobs are disappearing fast and China has lost it’s cheap labor advantage. The Chinese government needs to keep it’s citizens employed or they are toast. The Chinese are all over A.I. because you can’t stop technology. If you ignore it you will become run over and embedded in the highway. One billion three hundred thousand people need to be looked after and India is in their rear view mirror. The real problem is too many humans and now they won’t be able to find them jobs to keep civil unrest from happening. Appeasement doesn’t work and it will never replace a structured society that gives people meaning and a sense of worth. Imagine Venezuela with so many inhabitants, The Chinese government will have to change or face the inevitable, tell your people that they will lose their jobs and we will look after you or face anarchy. DT
OOPS! China has 1.3 billion people or 4 for every US citizen. DT
Thanks Dick Tracy, the concept of the introduction of AI into the Chinese economy is something that I have never thought about. The potential results are certainly interesting.
Dick, thanks for the post………
Moonbeam……..going to outer space………
https://www.zerohedge.com/news/2018-09-15/california-will-launch-its-own-damn-climate-satellite-battle-trump-intensifies
That’s Governor Moonbeam.
Never could keep his feet on the ground.
He certainly has a different philosophy on life than most of us do!
I don’t know about you OOTB Jerry, but all this extreme negativity is really getting to me!
Ditto…….OWL
The politicalization of academia will lead to the demise of the US, just as Jerry Brown’s socialism is killing California.
It really depends on how you define the word “killing” It would be very interesting to see how the majority of Californians define it. I would bet that many of them consider the philosophy to be making the California environment to be one of the best in the nation. I don’t get it but they certainly do!
No Way are China and Canada going to give in to tough bargin tactics on trade or Tariffs . Some compromise will be forth coming . Tradestall outs will crash world economy. Pray for sanity . Scott
Mr. Hamilton,
They may not give in, but I am positive that a compromise will come about
I would bet that the “Wall” will never happen. I personally think that it is a dramatic and unnecessary move.
Jeff Sessions met with 24 individual state’s Attorney Generals about 10 days ago.
I am now hearing rumors that a decision has been made to break up Google.
(This is not substantiated in the MSM)
Error:
Sessions met with Trump avbout 10 days ago to talk about breaking up Google and Facebook.
A meeting was scheduled for Sessions to meet with 5 AGs, but this has been reset for Sept 25, with 24 state AGs confirming so far.
I would bet that this will never happen.
Big Al, please do not take this as an attack on the Catholic Church. (You may assume it is an attack on the Pope, but it is just information.)
CFS comment: People do not learn from history!
This explains why the malevolent college of Cardinals picked Francisco to be Pope.
I certainly do not take it as an attack on the Catholic Church as I have not spoken with a single Catholic who thinks this should happen. I, for one, certainly do not.
My only comment, at this point, is we will see shortly just how this will play out.
Again, for the record, my Christian beliefs center around Jesus Christ and certainly not on the Pope. By the way, I was given this advice from a Catholic Priest about 42 years ago and I have never deviated from it.
Good for you, Al. The pope is just another guy dressed in white that acts out a role in another sclerotic organization. It’s all about your personal relationship with Jesus Christ and nothing more.
I believe that he is simply the leader of the Catholic Clergy. That does not give him a special relationship with God any higher that your’s or mine.
Charley you took my thoughts right out of my brain. God bless you and your family!
Trumpeting more info…..
Executive Order 13526
Sec 1.7
“Classification Prohibitions and Limitations. (a) In no case shall information be classified, continue to be maintained as classified, or fail to be declassified in order to:
(1) conceal violations of law, inefficiency, or administrative error;
(2) prevent embarrassment to a person, organization, or agency;
(3) restrain competition; or
(4) prevent or delay the release of information that does not require protection in the interest of the national security.”
Coming next week to MSM, declassified FISA warrants?
Catherine Austin-Fitts with Greg Hunter:
https://www.youtube.com/watch?v=8-rwzItf9-o
I need to get Catherine back on our program. Thanks for bringing her up.
Lt. General Michael Flynn’s acceptance speech when Ed Martin presented him the Eagle Council’s Major General John K. (Jack) Singlaub Award for Service to America.
https://www.youtube.com/watch?v=heLpUvhGMRg&feature=youtu.be&t=212
What an inspiring speech. I am actually having a crummy day and listening to this great speech turned it around. God bless you, CFS, and thank you.
This is worth reading , & so are the comments below the article.
The powers in the US are so evil……Death to the lot of them.
https://www.zerohedge.com/news/2018-09-16/us-diplomats-involved-trafficking-human-blood-and-pathogens-secret-military-program
Irish, it’s too bad you weren’t living in Paris in 1798. You would have enjoyed the swift system of justice called the guillotine. The French Revolution was caused by their government over printing their fiat currency called “assignats”. Monetary inflation was the cause of The French Revolution and The Rise Of Napoleon. If The US currency collapses you may see The Weimar Republic in The US. It takes a strongman to implement the reforms that put societies back on their feet during a crisis; but then you have a re-occurring crisis, how do you depose the dictator and bring back a somewhat just society. DT
DT…If i live long enough to see the rolling out of LE, GUILLOTINE in the US, i may book a trip to revil in the spectacal……Maybe you may join me in a pint of Guinness & a bucket of popcorn……in the circus for the elite, for the amusment of the common man.
If The US currency collapses, Trump will seem like a “Candy Floss Salesman” compared to his replacement. Like they say, ” Be careful of what you wish for”, you just might get it! DT
Mr. Tracy,
Where do you think that President Trump falls in this discussion?
In times of relative normalcy The US President should let things alone, give industry and trade a chance to profit and not rock the boat. But The US has had a succession of Presidents who have steered the ship of state into unknown waters without realizing what was going on above the deck. But in order to change things you must be obtrusive. Unfortunately America doesn’t think it needs to change but change it must and get back to it’s past. When The Pendulum goes too far in one direction you need someone to say “Whoa”, before it is too late. That is where Trump is but once the course has been turned around a different kind of person is required. That is another discussion. DT
Has James O’ Keefe got a serious death wish ?……..Just asking.
https://www.zerohedge.com/news/2018-09-16/were-going-unmask-you-james-okeefe-set-expose-deep-state-new-investigation
Mr. Irish,
What did you think of the speech that CFS posted above given by General Flynn?
AL…All i can say is. He is needed back in the White House………..PRONTO.
I AM NOW GOING TO TAKE KATHY OUT FOR 2 – 3 HOURS THEN BACK WITH YOU ALL.
BIG AL
My prayers and thoughts are with you and Kathy (and your girls).
hank you CFS, we need them especially at this point. God bless you!
On the gold side of things. I was happy to get in and OUT.
Its was a bubble. Bob M. has been dead wrong and we have been at odds. He takes offense of me telling him he was going to be dead wrong and calling him out. Him and all the other fools as all I was doing was warning people years ago that a gold bull market was HIGHLY UNLIKELY and to save themselves from con men. I was correct and so was Mike. As always cover your arce. ZJG.TO Still on the floor and can’t even get a bid…
http://www.avaresearch.com/
Gold is a good conductor!
Bob would like to think that he is always correct, but history has proven him wrong in that thought.
Hi Al
I would have left him alone but he NEVER admits how much he gets wrong.
I know a lot of folk that use to follow him and they lost their shirts.
I am not one of them. Ive read everyone on the planet and maybe a couple good managers can make money consistently. Gold is no savior as he has promoted…not even close…
Cheers
It is not at all strange that Christine Blasey Ford who demanded to be anonymous back in July suddenly comes forward now, in an article, surprise, surprise, the WaPo, home of lefty’s fakery. That gave Prof (a disgrace to academia) Blasey Ford time to scrub her social media profiles and online footprint before going public with her accusations against Brett Kavanaugh. She, of course,is a rabid left-wing Californian. Is there any more virulent disease?
It’s no surprise that Ms. Feinstein’s attempt to “Borke” Kavanagh has made Feinstein look vindictive and downright corrupt. Nothing new there!
Christine Blasey Ford never went to the police with her allegations against Kavanaugh back in ’82.
I wonder why if Kavanaugh did what she claims, why didn’t she come forward when Kavanaugh was up for Appeals Court Judge?
This whole thing obviously stinks of pure politics and Christine Blasey Ford’s 36 or 37 years waiting to come forward with her accusations is beyond fishy.
But it is delaying the vote and muddying the already dirty waters in DC.
CFS, as I mentioned in another comment, I am really getting sick and tired of all of this business. To say that the progressives (note no capital letters) are play extremely dirty is the understatement of this day
Rick’s Pick for Monday
Why You Should View Gold as ‘Garbage’
Published Sunday, September 16, 6:30 p.m. EDT
Sept is the month Bill, still have 2 weeks to go.
Well b, it would appear that Rick does not share Mr. Moriarty’s thoughts. Oh well!
Its somewhat coincidental that as we approach the 10 year anniversary of the American housing crisis, Australia appears to be nearing their own house price correction. Sydney and Melbourne in particular are ridiculously over inflated. A correction in these city centres would be healthy. Just a matter of whether it would devlop into a crash of sorts???
You bring up an interesting point Ozibatla. I believe that part of the crisis of 2008 in America resulted from the fact that such a large portion of society used their equities as if they were normal income and not assets declining in value. They did not remember that when you delete an asset from your balance sheet it is gone forever.
Not to mention the banks negligence in approving loans to those who could not afford them through deceitful sales gimmicks such as teaser rate loans, no doc loans, interest only loans etc etc. Too many people here is Aus have taken on the interest only option towards their mortgages.
It was not bankers’ negligence that caused the problem. It was Bill Clinton and Janet Reno’s forcing the banks to make these unsafe loans to unworthy buyers. So the banks bundled these loans and sold them to get them off their books. Buyers of these bundled loans thought they were safe becuase “housing prices always go up.” Ha! Bush’s people tried to reign in Fannie Mae but were screamed at by Barney Frank and Chris Dodd. It was the Democrats’ fault.
Gotta say I disagree with the notion that Bill Clinton and Janet Reno forced the banks into making these unsafe loans. The banks willfully did this because they believed the ponzi scheme could just keep on rolling on.
Financial institutions at the time were tempted into making these deals with the promise of extra benefits and bonuses towards individual employees. With those on Wall St believing they are a law unto themselves along with the premise that the housing market will forever rise like you stated, there was no accountability towards such negligent practice.
It is well noted that the ratings agencies “were in bed” with the banks by pubicly giving these bundled loans (CDOs) the safest rating whilst all the while sh*t canning them behind closed doors. It actually became a long running joke between the banks and it made it easier to peddle these crappy loans to the unknowing.
The main dealing that showed this whole system to be one big sham was the whole credit default swap saga. The main player in offering these insurance policies for CDOs was AIG. But unlike regular insurance, outside speculators (Goldman Sachs) were allowed to bet against the CDOs they did not own. Essentially they were betting for loan failures and it was considered a safe bet as they had inside knowledge from the ratings agencies. To top it off, these outside speculators became aware of the increasing number of failed various types of loans and inturn collapsing CDOs. They then decided it would be smart to bet against the very insurance agency that promised to pay them out for the initial failed loan.
Because AIG was not regulated they required no capital to make all these insurance policies. The big players on Wall St got wind of this before anyone else and therefore summised that AIG would be on the proverbial hook for all these “promised” payouts they could not afford.
Insider trading at its worse and driven by such greed, they did not care if they brought the financial world to its knees with such illegal under takings. All in the name of extra dollars I suppose. Still to this day, no one has been held accountable for this monumental sham that cost innocent taxpayers trillions. Long may it continue as well. What has been learnt if nothing else is the Wall St power players are impervious to the law we common man has to abide by.
This might have been lost in the news……….but…….some audits are going on
https://americandigitalnews.com/2018/08/31/oig-semiannual-audit-results/#.W5_FAmhKi03
Trump is going to audit every office………
In the first audit, the work by the Office of Investigations resulted in 33 arrests, 35 indictments, and 21 convictions. What else was in the Report the IG handed to Congress?
It was not “lost”, it was buried by MSM (fake lefty news only)
The students of the Californian lefty Prof of Palo Alto University who made sexist charges against Kavanagh are describing her as “dark” and “crazy”…..and beyond Marxist.
Beyond Marxist? What is that? Is she a follower of Pol Pot or John McCain?
All this was going on AND NO ONE KNEW ABOUT IT.
The Swamp IS being drained! First you have to discover the crime, then you deal the punishment.
It’s ALL getting cleaned up, one Department at a time.
Just like Candidate Trump said…’EVERY DEPARTMENT WILL BE AUDITED’.👊
OBAMA’S TREASON BEING UNCOVERED:
“Christine Ford’s Parents Paula K Blasey and Ralph G Blasey were the Defendants in a foreclosure case in Maryland in 1996. Guess who the Judge was America? None other than Brett Kavanaugh’s mother, Martha G Kavanaugh. You literally cannot make this up.
Dems are going to look like IDIOTS>>>>>>>>>>>
Hi Al
I would have left him alone but he NEVER admits how much he gets wrong.
I know a lot of folk that use to follow him and they lost their shirts.
I am not one of them. Ive read everyone on the planet and maybe a couple good managers can make money consistently. Gold is no savior as he has promoted…not even close…
Cheers
I am not sure if remembering the financial crisis is of any use if people do not learn from their mistakes and are not deterred from doing the same thing over and over hoping for a different result like they do in many things including politics. May be the punishment is not severe enough to teach any lessons or even get peoples attention.