Moonglow
Diamond Member
Im glad that at least no one disagrees with this brief analyses.
Wall Street is as a former stock broker like ANY other exchange.
Consider what would a shareholder wanting to sell shares do if there were no exchanges?
A) How would the price be determined other then adding assets up,subtracting debts creating
net value. Then add future revenue streams and future liabilities.. discount the value you
have the price the shareholder would like to GET.
B) Without the exchange NOW the shareholder has to find a buyer.
1) Advertising costs now come in.
2) Contracts of sale created
C) Now at some point maybe months later a buyer is found.
Negotiations,etc. contracts signed and the stock certificates exchanged.
ALL of that is done within seconds ALL due to Wall Street.
So Wall Street as an organized way to quickly,honestly,efficiently change ownership works!
I am convinced by the FACTS Wall Street is grossly maligned and the economic collapse was simply brought on by EXTREME efforts externally exemplified by
the Cloward-Piven Strategy of overloading the U.S. system in order to precipitate a crisis that would lead to a replacement with a national system of "a guaranteed annual income and thus an end to poverty".
Banks FORCED by lawsuit threats (Acorn) to make BAD LOANS were FORCED by FDIC to get rid of the "BAD LOANS"! What could be done was spread the risk and since the Federal government was the force behind forcing bad loans and FDIC forcing getting rid of bad loans we have these DAMNING STATEMENTs about the agency IN the MIDDLE:
Oct. 23,2008 (Bloomberg) --
Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the
"full faith and credit'' of the U.S. government, Federal Housing Finance Agency
Director James Lockhart said after the hearing.
That does give them effectively a guarantee of the U.S. government.''
Lockhart's Fannie, Freddie Guarantee Remarks Stir Up Confusion - Bloomberg
Then any attempts to "RAINE" in Fannie/Freddie were ridiculed by:
* House Financial Services Committee Chairman Barney Frank (D-MA) criticized
the President's warning saying:
"these two entities - Fannie Mae and Freddie Mac - are not facing any kind of
financial crisis .The more people exaggerate these problems, the more
pressure there is on these companies, the less we will see in terms of
affordable housing."..
(Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie
Mae," New York Times, 9/11/03)
* Senate Committee on Banking, Housing and Urban Affairs Chairman
Christopher Dodd also ignored the President's warnings and called on
him to "immediately reconsider his ill-advised" position. (Eric Dash,
"Fannie Mae's Offer To Help Ease Credit Squeeze Is Rejected,
As Critics Complain Of Opportunism," New York Times, 8/11/07)
Please refute with sourcing of comments!
Which basically shows you don't have any idea what happened. The CRA had nothing to do with the derivative meltdown. And it's dishonest to put the blame on Freddie Mac and Fannie Mae..who were only "forced" to take over the bad loans as a method to rescue wall street.
Incredible this bullshit is still being bantered about.
It never ends, on both sides. Not you but there are a few libs that make erronious qwuips that make no sense. Even after educating these people, they return to the same emotive state of knee jerk reactionaries.