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the simple reason why we are facing another collapse

Discussion in 'Economics, Business, and Taxes' started by Days, Nov 8, 2015.

  1. Max R.

    Max R. On the road Supporting Member

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    Then put me on ignore like your antisemitic, conspiracy theory friends.
     
  2. Days

    Days Governor

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    I don't do the ignore thingie, but I do report posts like this. Why dont you take your racist hate speech and take a vacation until you feel like posting on topic again.
     
  3. Max R.

    Max R. On the road Supporting Member

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    Go for it. You're the Nazi-associating Jew-hater. Get me banned for speaking out against you. It would send a message to all this website is becoming another Stormfront/conspiracy theorist haven inhabited by people like you.
     
  4. georgephillip

    georgephillip Governor

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    The simple reason why we are facing another economic collapse...Wall Street has morphed into a crime syndicate.
    "As Presidential candidate and Senator from Vermont, Bernie Sanders, stumps around the country telling tens of thousands of plundered Americans that Wall Street’s business model is fraud, Hollywood is amplifying that message to millions of moviegoers this year with a series of films that roll back the curtain on how Wall Street has morphed into a crime syndicate."

    The author of my link, Pam Martens, has worked on Wall Street, and she's also acquired a background in journalism which makes it easy for her to spot a shakedown:
    "Indicative of the boys’ club attitude was the outrageous editorial that ran at the Wall Street Journal on October 20, 2013 titled 'The Morgan Shakedown.'

    "The unsigned editorial stated that 'The tentative $13 billion settlement that the Justice Department appears to be extracting from J.P. Morgan Chase needs to be understood as a watershed moment in American capitalism.

    "Federal law enforcers are confiscating roughly half of a company’s annual earnings for no other reason than because they can and because they want to appease their left-wing populist allies.'”

    "The watershed moment was actually this: JPMorgan’s insured bank had used its depositors’ money to make wild gambles in derivatives in London and lost at least $6.2 billion on those gambles.

    "Subsequent events proceeded to make this Wall Street Journal editorial even further dislodged from rational thought.

    "JPMorgan was subsequently given a deferred prosecution agreement for facilitating the Bernie Madoff ponzi scheme (it was his banker for his business account where billions of dollars were laundered as it looked the other way) and, as of May 20, 2015, it is now an admitted felon for engaging in foreign currency rigging.

    "Those charges came on the heels of three solid years of charges against the bank and settlements for everything from rigging electric markets to fleecing veterans."
    http://wallstreetonparade.com/2016/01/hollywood-and-bernie-sanders-take-over-reforming-wall-street/
     
  5. Days

    Days Governor

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    Way back in the 1930's they started calling them "banksters". The fundamental act of "loaning" money that doesn't exist is nothing more than a normalized form of counterfeiting. This is criminal behavior in its root form: fractional banking.
     
  6. Max R.

    Max R. On the road Supporting Member

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    Sounds to me like someone defaulted on a loan and now they are pissed at the consequences.
     
  7. georgephillip

    georgephillip Governor

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    Some trace the problem to the beginning of agriculture:

    Slave society[edit]

    The Second Stage: may be called slave society, considered to be the beginning of 'class society' where private property appears.
    https://en.wikipedia.org/wiki/Marx's_theory_of_history#Slave_society
    • Class: here the idea of class appears. There is always a slave-owning ruling class and the slaves themselves.
    • Statism: the state develops during this stage as a tool for the slave-owners to use and control the slaves.
    • Agriculture: people learn to cultivate plants and animals on a large enough scale to support large populations.
    • Democracy and authoritarianism: these opposites develop at the same stage. Democracy arises first with the development of the republican city-state, followed by the totalitarian empire.
    • Private property: citizens now own more than personal property. Land ownership is especially important during a time of agricultural development.
    It seems to me the Money Power has controlled every government since the dawn of "civilization." The gold hoarders who invented fractional reserve banking are just one more link in humanity's chain.
     
  8. georgephillip

    georgephillip Governor

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    "DEFINITION of 'Due Diligence - DD'
    "1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to a sale.

    "2. Generally, due diligence refers to the care a reasonable person should take before entering into an agreement or a transaction with another party."

    Read more: Due Diligence (DD) Definition | Investopedia http://www.investopedia.com/terms/d/duediligence.asp#ixzz3xJTo1W00
    Follow us: Investopedia on Facebook
     
  9. Max R.

    Max R. On the road Supporting Member

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    Agreed. People who make risky business decisions then expect others to bail them out are not exercising due diligence.
     
    • Agree Agree x 1
  10. georgephillip

    georgephillip Governor

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    As are those who loan money to borrowers without documentation of income or credit history in hopes of reaping high fees and bonuses via off-balance sheet securitization.
     
  11. Wahbooz

    Wahbooz Governor

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    I would have never thought my bank would wind up like that. Jamie Dimon should get his ass in a ringer.
     
  12. Days

    Days Governor

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    Fractional banking rode the rise of industrial revolution. It is corporate trading currency.
     
    • Informative Informative x 1
  13. georgephillip

    georgephillip Governor

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    [​IMG]
    It does have the appearance, at least, of a house of cards.
     
  14. Max R.

    Max R. On the road Supporting Member

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    So what are you doing to plan for this pending disaster? Stocking up on shotguns, canned goods and toilet paper? Buying a cabin in the woods?
     
  15. georgephillip

    georgephillip Governor

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    I think it's likely Dimon and his fellow Wall Street frauds could have been investigated, charged, and sent to prison in 2008.

    https://en.wikipedia.org/wiki/Jamie_Dimon#London_Whale

    "London Whale[edit]

    "In the case of the 2012 JPMorgan Chase trading loss, according to a US Senate report published in March 2013 after 9 months of investigation,[50] Dimon misled investors and regulators in April as losses rose dangerously to $6.2 billion on a 'monstrous' derivatives bet made by the so-called 'London Whale' Bruno Iksil.

    "According to Carl Levin, Chairman of this panel, JP Morgan had 'a trading operation that piled on risk, ignored limits on risk taking, hid losses, dodged oversight and misinformed the public'.

    "Dimon dismissed press accounts of possible losses in Iksil’s book as a 'tempest in a teapot' on April 13, 2012 when he knew that Iksil had already lost $1 billion, which led Levin to say 'None of those statements made on April 13 to the public, to investors, to analysts were true,' and 'The bank also neglected to disclose on that day that the portfolio had massive positions that were hard to exit, that they were violating in massive numbers key risk limits.'[51][52]

    "Dimon corrected that wrong information a month later, in May 2012, before the true damage was revealed, after US Securities and Exchange financial watchdog started reviewing the losses.[5"
     
  16. georgephillip

    georgephillip Governor

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    Nothing that dramatic, Max. My subsistence depends on SSA and SSI; if that goes, I'll have a lot more company living beneath the First Street bridge than I did the last time I was there. (2008-'09):(
     
  17. Max R.

    Max R. On the road Supporting Member

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    Dude, if the "house of cards" collapses, you won't be collecting your SSA nor SSI.

    OTOH, I do find it amusing how people run around like Chicken Little predicting the economic collapse of the US economy, but they claim to not worry and expect everything to be normal for themselves.
     
  18. georgephillip

    georgephillip Governor

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    Have you spent any time being homeless? I have on numerous occasions, and while it's a more demanding/demeaning existence without money, it isn't something I'm unfamiliar with or fearful of.

    BTWA, if SSA/SSI goes everything, else is already long gone.
    Got enough guns:p
     
  19. Max R.

    Max R. On the road Supporting Member

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    We're not talking about simple homelessness. You're running around like Chicken Little predicting a complete collapse of the US, yet you seem to think everything would be normal for you after such a collapse.

    Not singling you out, dude. I doubt any of the doomsday economics are stocking upon on guns, food and toilet paper. They're just happily masturbating at their keyboards over the idea and then going back to everyday living.
     
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  20. Wahbooz

    Wahbooz Governor

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    They should have been, right along with a laundry list of others, but just how many people were really investigated and prosecuted? There are a lot of people who made millions out of this countries economic destruction.
     
    • Agree Agree x 1

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