- Nov 26, 2011
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So accordingly it's been a big Ponzi scheme from the beginning. Who can we thank, Barney Frank and company, or the Progressive Socialist Democratic Party?
Actually, you can blame the financial sector for inventing all those derivatives. In particular, JP Morgan for inventing the CDO. You can even blame Black-Scholes to a certain extent.
However, at the time they invented the CDO for corporate loans, they were very responsible with them.
But they took off in the hands of hordes of bozos in the financial sector and were greatly abused.
And that's not to mention the widescale fraud which occurred after the financiers realized they had fucked up.
You can blame the government for constantly bailing out failed financial firms until things reached the point of Too Big Too Fail. LTCM is an example.
And now, with this latest bailout, the next crash is going to be all about Too Big Too Save. And then we are all well and truly fucked.
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