Propublica wins a Pulitzer

[Truthmatters]

The Wall Street Money Machine - ProPublica

 

[Conservative]

The Wall Street Money Machine - ProPublica

Odd. I don;t see any mention of a Pulitzer on the linked page. Did you post the wrong link by mistake? Did I simply not look in the right paragraph?

Perhaps you could specify the section that indicates they won this honor?

 

[Conservative]

never mind, I found it for you.

A Note on ProPublica’s Second Pulitzer Prize - ProPublica

ProPublica reporters Jesse Eisinger and Jake Bernstein have been awarded a Pulitzer Prize for National Reporting for their stories on how some Wall Street bankers, seeking to enrich themselves at the expense of their clients and sometimes even their own firms, at first delayed but then worsened the financial crisis. We at ProPublica are delighted by this award, and deeply honored.

Note the use of the words SOME, not ALL.

 

[Truthmatters]

Yeap they did didnt they.

I posted what they won one for.

Now why dont you educate yourself and read the article

 

[Conservative]

Yeap they did didnt they.

I posted what they won one for.

Now why dont you educate yourself and read the article

I have read their work. The writing is deserving of the honor. It my no means should be seen as an indictment of Wall Street as a whole. The same way your stupidity on this board should not be seen as an indictment of the entire liberal world.

 

[Truthmatters]

You wont because all their reporting shows without a doubt the deplicidous dealings of the lenders and Brokers.

They raped this country and it was obvious to anyone who accepts cold hard facts.

 

[Truthmatters]

HASHAAHAHAHAH

You didnt read it and its obvious by your statement

 

[Truthmatters]

Yeap they did didnt they.

I posted what they won one for.

Now why dont you educate yourself and read the article

I have read their work. The writing is deserving of the honor. It my no means should be seen as an indictment of Wall Street as a whole. The same way your stupidity on this board should not be seen as an indictment of the entire liberal world.

You didnt read the article liar

 

[g5000]

I don't know that anyone believes every dealer on Wall Street is crooked. If they do, they are foolish.

But the ones that are crooked are putting the entire capitalist system at grave risk, and they should be rotting in prison, not golfing in the Bahamas on the money they stole from you.

That's right. They stole from you. I don't think most people realize this. If they did, they might get more worked up over it.

For example, your insurance company doesn't make money from the premiums you pay. The premiums you pay would barely cover the costs of the insurance company's outlays. Doctor bills and so on. Insurance companies make money by taking your premiums and investing them in securities sold to them by Wall Street.

Some of the dealers on Wall Street knowingly sold fraudulent securities. Some of the dealers on Wall Street were not guilty of fraud, but they were seriously deluded, and so they also sold toxic securities to your insurance company.

And then when everything blew up, your insurance company lost billions. And guess how they recovered that money?

That's right. They raised your insurance rates.

So that is one way your money was transferred up the income ladder to the already wealthy. Rich crooks.

Then there is your 401k manager. He's an idiot, too. Wall Street dealers provide him with box seats for his favorite team. They also provide hookers and blow to him. In return, he invests your money with them. And they rip him off blind. This is going on every day. It's called "blowing up a client" by the dealers. They also call it "ripping his face off". They laugh uproariously over this.

So that is more of your money being transferred up the income ladder to the rich crooks.

Pro Publica does a good job documenting very specific examples of how this is accomplished.

You get, what, two or three percent returns on your 401k (in a good year) and think you are part of the winning team. Well, the joke's on you, sucker.

 

[Truthmatters]

they do it so well they won a pulitzer

 

[g5000]

they do it so well they won a pulitzer

Good for them. They deserve it.

As a capitalist, I encourage everyone to read and/or listen to Pro Publica's stories about Wall Street.

 

[Conservative]

I don't know that anyone believes every dealer on Wall Street is crooked. If they do, they are foolish.

But the ones that are crooked are putting the entire capitalist system at grave risk, and they should be rotting in prison, not golfing in the Bahamas on the money they stole from you.

That's right. They stole from you. I don't think most people realize this. If they did, they might get more worked up over it.

For example, your insurance company doesn't make money from the premiums you pay. The premiums you pay would barely cover the costs of the insurance company's outlays. Doctor bills and so on. Insurance companies make money by taking your premiums and investing them in securities sold to them by Wall Street.

Some of the dealers on Wall Street knowingly sold fraudulent securities. Some of the dealers on Wall Street were not guilty of fraud, but they were seriously deluded, and so they also sold toxic securities to your insurance company.

And then when everything blew up, your insurance company lost billions. And guess how they recovered that money?

That's right. They raised your insurance rates.

So that is one way your money was transferred up the income ladder to the already wealthy. Rich crooks.

Then there is your 401k manager. He's an idiot, too. Wall Street dealers provide him with box seats for his favorite team. They also provide hookers and blow to him. In return, he invests your money with them. And they rip him off blind. This is going on every day. It's called "blowing up a client" by the dealers. They also call it "ripping his face off". They laugh uproariously over this.

So that is more of your money being transferred up the income ladder to the rich crooks.

Pro Publica does a good job documenting very specific examples of how this is accomplished.

You get, what, two or three percent returns on your 401k (in a good year) and think you are part of the winning team. Well, the joke's on you, sucker.

yup

 

[Claudette]

I read it and I agree with Con.

Very deserving of the Pulitzer. Second one I believe.

Not everyone on Wall St. is a thief or out to screw everyone. Bad apples inhabit many businesses and always will.

 

[Truthmatters]

Nope just the ones who crashed our economy

 

[Truthmatters]

Now how does this square with the right wing meme that poor people caused the crash?

 

[MeBelle]

Yeap they did didnt they.

I posted what they won one for.

Now why dont you educate yourself and read the article

I have read their work. The writing is deserving of the honor. It my no means should be seen as an indictment of Wall Street as a whole. The same way your stupidity on this board should not be seen as an indictment of the entire liberal world.

You didnt read the article liar

Liar?? Obviously Conservative DID read the article, even quoted from the article. "ProPublica reporters Jesse Eisinger and Jake Bernstein have been awarded a Pulitzer Prize for National Reporting for their stories on how some Wall Street bankers, seeking to enrich themselves at the expense of their clients and sometimes even their own firms, at first delayed but then worsened the financial crisis. We at ProPublica are delighted by this award, and deeply honored"

You should be ashamed of yourself for calling people liars!

never mind, I found it for you.

A Note on ProPublica’s Second Pulitzer Prize - ProPublica

ProPublica reporters Jesse Eisinger and Jake Bernstein have been awarded a Pulitzer Prize for National Reporting for their stories on how some Wall Street bankers, seeking to enrich themselves at the expense of their clients and sometimes even their own firms, at first delayed but then worsened the financial crisis. We at ProPublica are delighted by this award, and deeply honored.

Note the use of the words SOME, not ALL.

 

[MeBelle]

Now how does this square with the right wing meme that poor people caused the crash?

Where did that come from?

 

[Conservative]

Now how does this square with the right wing meme that poor people caused the crash?

Where did that come from?

Her ass?

The voices in her head?

TPM?

George Soros?

Democratic National headquarters?

Take your pick.

 

[Truthmatters]

It is who you people have been blaming for years for the economic mess

 

[g5000]

Now how does this square with the right wing meme that poor people caused the crash?

I believe you are referring to one of the whackier ideas out there which says the Community Reinvestment Act was the cause of the trouble.

There is no one single cause of the global credit crisis, but the CRA certainly does not belong on the list of causes.

This was a global credit crisis and was not confined to only those sub-prime mortgages provided to lower income people.

I think people conflate the term "sub-prime" with "lower income" or "poor". Or, secretly in their heart of hearts, "black people". That is certainly the undertone embedded in CRA scapegoat discussions emanating from the Fox "News" Channel.

However, sub-prime is any mortgage that is not prime. This sounds like it should be obvious, but it apparently isn't to some people.

To explain exactly what a sub-prime mortgage really is let's use a fairly representative example of the kind of thing that actually went on.

Let's say you are a white male with a perfect credit score. Over 800. And let's say you earn $75,000 a year and your debts are well within manageability. And let's say you live in Nevada. You could not possibly be confused with a lower income or poor person.

That means you are eligible for a prime mortgage loan.

But just because you have a perfect score does not mean you are capable of paying back a $600,000 loan. And yet that is exactly what a bank was willing to loan to you during the run-up to the crisis.

A $600,000 loan to a white male earning $75k is a sub-prime loan. And that is what the bulk of the sub-prime loans were. They were loans to ordinary people that were well above what they were normally capable of financing.

These people were not put into 30-year fixed mortgages. That is because they could never afford the monthly payment of a 30-year fixed mortgage for $600,000. No way in hell they could afford that.

They were put into variable interest rate loans. These loans came in a variety of flavors, the most heinous of which was the Pick-A-Payment loan.

When these loans reset three to five years later, the borrower's monthly payment reset to an amount they could not afford. Not only that, in 80 percent of the cases, the principle was now at a level 10 to 25 percent higher than the original amount. So that $600,000 loan you had? You now owe $660,000 to $900,000.

This went on on a massive scale.

But there are certain elements who don't want to discuss all those dumb fat white people who borrowed $600,000 and now owe $900,000. Not directly anyway. They are going to paint those sub-prime borrowers with a very big brush and try to color them all a nice shade of CRA. And try to ignore the ones in Ireland and Iceland and Spain and France and Italy who did the same thing.