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- Jul 16, 2009
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My net worth has soared compared to 3 years ago.
My net worth has soared compared to 3 years ago.
Well, then you obviously didn't invest in any of the green companies, like Solyndra, that Obama supported.
Most I know are worse off. Even those still working don't have as much money left over with the rising cost of everything.
There have been increases in welfare spending, so I am sure some people have more than a few years ago.
Median income fell nearly 8 percent, to $45,800, in 2010.
The median value of stock-market-based retirement accounts declined 7 percent, to $44,000.
The median value of Americans’ stake in their homes fell by 42 percent between 2007 and 2010, to $55,000, according to the Fed.
I'm not sure we even have a name for this swindle.
The bedrock strata of our national economy, the American working classes, have taken enormous hits in economic solvency.
Median income fell nearly 8 percent, to $45,800, in 2010.
The median value of stock-market-based retirement accounts declined 7 percent, to $44,000.
The median value of Americans stake in their homes fell by 42 percent between 2007 and 2010, to $55,000, according to the Fed.
My net worth has soared compared to 3 years ago.
The bedrock strata of our national economy, the American working classes, have taken enormous hits in economic solvency.
Median income fell nearly 8 percent, to $45,800, in 2010.
The median value of stock-market-based retirement accounts declined 7 percent, to $44,000.
The median value of Americans stake in their homes fell by 42 percent between 2007 and 2010, to $55,000, according to the Fed.
The derivatives bubble goes even deeper than this. Personal retirement accounts were not the only investors hit.
Insurance companies make most of their profits from investments, not premiums. So when they lost their asses when the derivatives bubble popped, guess what happened to insurance premiums?
College endowment funds make their money from investments. So when they lost their asses when the derivatives bubble popped, guess what happened to tuition and scholarships?
Public pensions depend on a decent return on investment to meet their future outlays. So when they lost their asses when the derivatives bubble popped, guess what happened to public pension funds and their ability to keep their promises?
Your pocket was picked six ways to Sunday by Wall Street and its derivatives bubble.
The derivatives bubble enabled trillions and trillions and trillions of dollars to be lent to high risk borrowers. Home buyers, corporations, and governments.
The risk of lending to these high risk borrowers was transferred from the lenders (the broker-dealers) and dropped into the laps of investors (pension funds, retirement funds, insurance investment funds, college endowment funds, city treasury investment accounts, etc., etc., etc.). The level of toxicity of this risk was kept from the investors. In some cases, the banks not only kept the toxicity a secret, they then bet against the very products they had created and sold to investors.
The bedrock strata of our national economy, the American working classes, have taken enormous hits in economic solvency.
The derivatives bubble goes even deeper than this. Personal retirement accounts were not the only investors hit.
Insurance companies make most of their profits from investments, not premiums. So when they lost their asses when the derivatives bubble popped, guess what happened to insurance premiums?
College endowment funds make their money from investments. So when they lost their asses when the derivatives bubble popped, guess what happened to tuition and scholarships?
Public pensions depend on a decent return on investment to meet their future outlays. So when they lost their asses when the derivatives bubble popped, guess what happened to public pension funds and their ability to keep their promises?
Your pocket was picked six ways to Sunday by Wall Street and its derivatives bubble.
How do we fix it?
1. Repeal FSMA of 1999 and the CFMA of 2000.
2. Regulate CDS the same way insurance is regulated, and ban naked CDS outright. A buyer of CDS must establish an insurable interest.
3. Require OTC derivatives to be traded on a public exchange.
Wall Street will fight this tooth and nail, of course. That last one particularly bites into their profits because the current structure prevents a price point from being established, which means they can rape the living shit out of their clients. It also means they have to put up collateral for every deal they make, thus making defaulting on a triggered event less likely. Which is as it should be.
The derivatives bubble goes even deeper than this. Personal retirement accounts were not the only investors hit.
Insurance companies make most of their profits from investments, not premiums. So when they lost their asses when the derivatives bubble popped, guess what happened to insurance premiums?
College endowment funds make their money from investments. So when they lost their asses when the derivatives bubble popped, guess what happened to tuition and scholarships?
Public pensions depend on a decent return on investment to meet their future outlays. So when they lost their asses when the derivatives bubble popped, guess what happened to public pension funds and their ability to keep their promises?
Your pocket was picked six ways to Sunday by Wall Street and its derivatives bubble.
How do we fix it?
1. Repeal FSMA of 1999 and the CFMA of 2000.
2. Regulate CDS the same way insurance is regulated, and ban naked CDS outright. A buyer of CDS must establish an insurable interest.
3. Require OTC derivatives to be traded on a public exchange.
Wall Street will fight this tooth and nail, of course. That last one particularly bites into their profits because the current structure prevents a price point from being established, which means they can rape the living shit out of their clients. It also means they have to put up collateral for every deal they make, thus making defaulting on a triggered credit event less likely. Which is as it should be.
And some people blame Obama for the economy not quickly recovering after this 3 year nosedive...
How can we have a quick recovery when people lost 40% of their net worth due to the bubble crash?
Frankly I'm amazed unemployment isn't much higher than it is. I'm surprised it's not at depression level percentages.
My net worth has soared compared to 3 years ago.
My net worth has soared compared to 3 years ago.
Mine has also even though I am retired on SS. Those that are negatively affected by the recession is partly the blame because they live far beyond the means. borrowing just because they can and spending money they don't have. I save $500 out of my SS each month and don't spend just because I have it. I have seen my family live beyond their means and now they are paying for it and blaming Obama.
And some people blame Obama for the economy not quickly recovering after this 3 year nosedive...
How can we have a quick recovery when people lost 40% of their net worth due to the bubble crash?
Frankly I'm amazed unemployment isn't much higher than it is. I'm surprised it's not at depression level percentages.
It's a 3yr nosedive because of his policies. We should have seen a sharp recovery after a sharp recession. That is the history.
By all means go ahead.And some people blame Obama for the economy not quickly recovering after this 3 year nosedive...
How can we have a quick recovery when people lost 40% of their net worth due to the bubble crash?
Frankly I'm amazed unemployment isn't much higher than it is. I'm surprised it's not at depression level percentages.
It's a 3yr nosedive because of his policies. We should have seen a sharp recovery after a sharp recession. That is the history.
"That is the history" ? What does that even mean? Do I need to actually point out the numerous instances where that did not happen?