Re: so we all pay for the greed of a few
^
Who is going to step in it's place?
side note:
The Chinese stock market has lost a 3rd of it's values over the last 11 months.
^ *Who is going to step in it's place? *
side note: The Chinese stock market has lost a 3rd of it's values over the last 11 months.
If there is a country with stronger economy with big middle class and has highest "Euro" reserves", may be that 'll? I think US will bounce back if it "drops" at all though it might take sometime.
^ Who is going to step in it's place?
side note: The Chinese stock market has lost a 3rd of it's values over the last 11 months.
nature abhors a vaccuum UTD, the US will recover but i doubt it will ever be the same.
Re: so we all pay for the greed of a few
US economy is so huge and created on mostly hypes without much solid foundations, it more rely on investments and stock market and wars. So every 10 years or so it needs some scams, wars, bailouts to feed itself in a healthy way as it cant sustain itself at this pace and size.
if we look back, you will see a major incident(s) every 5-10 years, be it in banking, corporate sector, war/terror sector. these all connected one way or the other to create new opportunity for business , to aid ailing industries and economy.
in this process we have seen people money gone nowhere(ENRON, worldcom, etc) and corporates gets the money from either new created opportunities directly (post war construction/oil contracts in Iraq and Afghanistan to haliburton, KBR and others) or us govt fund them through different tactics(war bill paid of taxpayers to companies like lockhead martin, boeing, etc
they keep this circle by any means as either they have to come to size of the real economy or keep repeating these activities to sustain and feed the hungry corporates and management of these (who act very closely with the US governments in most cases)
Re: so we all pay for the greed of a few
AIG execs’ retreat after bailout angers lawmakers: Financial News - Yahoo! Finance
AIG execs’ retreat after bailout angers lawmakers
Tuesday October 7, 11:15 pm ET
By Andrew Taylor, Associated Press Writer
Lawmakers learn insurance giant AIG sent execs on pricey retreat soon after federal bailout
WASHINGTON (AP) – Days after it got a federal bailout, American International Group Inc. spent $440,000 on a posh California retreat for its executives, complete with spa treatments, banquets and golf outings, according to lawmakers investigating the company’s meltdown.
:chai:
Re: so we all pay for the greed of a few
the spa these crooks need to go to is a slammer and not one of em pretty boy white collar country club ones but a real gangland type where they will become prized possessions and traded on the prison exchange between bubba, leroy, tony and carlo and their gangs.
the spa these crooks need to go to is a slammer and not one of em pretty boy white collar country club ones but a real gangland type where they will become prized possessions and traded on the prison exchange between bubba, leroy, tony and carlo and their gangs.
What law do you think AIG did? Businesses make bad decisions perodically, they shouldn't be criminally punished for taking on too much risk in a bull market.
Part of the cycle of capitalism is the boom/bust model. What you are seeing across the world is governments desperate not to let the cycle happen on their own watch and implementing socialist policies to try to stave it off.
Re: so we all pay for the greed of a few
This is not the normal boom/bust but is more like the Armageddon and brought upon by sheer greed not the normal cycle and it is disgusting that these guys should now be purchasing such retreats with tax payers money. They should be held accountable for the mess they have created.
Mashallah, the lawmakers thought this $400k is too little luxury, they deserved more so they decided to give’em another $37 billion.
AIG could get up to $37.8 billion more from Fed - USATODAY.com
This time may be they’ll visit some “massage” parlours too 
Re: so we all pay for the greed of a few
^^ i guess 37.8 billion extra aid is already been approved.
and yeah this time another luxury trip. A** h****
What law do you think AIG did? Businesses make bad decisions perodically, they shouldn't be criminally punished for taking on too much risk in a bull market.
sorry maddie..companies have to accurately note their risk. remember enron..did ppl just say oh ppl make bad decisions
taking on risk is not the issue, noting how much risk and the level of risk is the issue. and if they chose not to accurately note their risk then they are liable.
at minium it was sheer negligence..
and more than likely it was more than just negligence. its not that this is new info, ppl have been talking about risks for years and the industry did not back off.
What pisses me off the most is that nobody on media or Govt sector utterd a word when all of this BS housing bubble was inflating. Banks were giving out 0 down payment loans and some comapnies were even helping people to record fake incomes in order to approve for a big loan. Every economic pundit on the media was saying market will go up,invest in it and ppl listened. I mean if I, an average person could see that this bubble will blast badly then why these gurus didn't say anything. Every one was happy to stuff their pockets and now we are in this mess.
sorry maddie..companies have to accurately note their risk. remember enron..did ppl just say oh ppl make bad decisions
taking on risk is not the issue, noting how much risk and the level of risk is the issue. and if they chose not to accurately note their risk then they are liable.
at minium it was sheer negligence..
and more than likely it was more than just negligence. its not that this is new info, ppl have been talking about risks for years and the industry did not back off.
once oil, gas and utilitiy prices etc started moving up, the Fed had to raise interest rates to slow down the economy. This resulted in mortgages adjusting up at higher rate at exactly the same time that price of gas at the pump and electricity at home started rising. The weak home owner couldnt pay both the higher mortgage rate and oil and utiltity prices and thus defaulted.
It seems to me that the weak link in the chain was the dishonest mortgage broker, willing to lie about incomes and employment histories, then turning around and selling the junk mortgages he created to investment banks as investment grade mortgages. Then, the investment banks used this junk paper in their leveraged trading activites as investment grade paper (which it was not).
What pisses me off the most is that nobody on media **or Govt sector utterd a word **when all of this BS housing bubble was inflating. Banks were giving out 0 down payment loans and some comapnies were even helping people to record fake incomes in order to approve for a big loan. Every economic pundit on the media was saying market will go up,invest in it and ppl listened. I mean if I, an average person could see that this bubble will blast badly then why these gurus didn't say anything. Every one was happy to stuff their pockets and now we are in this mess.
Were you busy watching bollywood/lollywood all these months? Analysts on media were talking for last 2-3 years about price exaggerations, real estate bubble and its possible implications but govt was sleeping/ignoring as they saw it as "economic activity".