The greatest challenge of all time..and you can participate.

Discussion in 'Economy' started by iamwhatiseem, Dec 1, 2010.

  1. iamwhatiseem
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    iamwhatiseem Gold Member

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  2. hortysir
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    hortysir In Memorial of 47

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    Transparent shit is shit nonetheless
     
  3. loosecannon
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    loosecannon Senior Member

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    Audit the fed, this is a teaser compromise.
     
  4. B. Kidd
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    B. Kidd Gold Member

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    The banking bailout also let the banks off the hook by not requiring banks to radically restructure as a condition of government(taxpayer) aid, did not require of the banks a revised and plausible business plan with close government oversight, and finally, did not require fair equitable burden sharing among all the stakeholders (executives, employees, and bondholders). They did require all of the above though for the car companies.
    So we literally gave the keys to the Federal Reserve and Treasury (taxpayer money) to the Wall St. financial sector. And, the very banks we bailed out turned around afterwards and lobbied to kill any regulatory or legislative constraints on their toxic business models while the Obama administration remained quiet.
    As a result, crony capitalism and plutocracy are more embedded then ever before; and like I said before, losses are socialized and profits are privatized and fuck us and Main St..
     
  5. william the wie
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    william the wie Gold Member

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    Why doesn't this report surprise me?
     
  6. iamwhatiseem
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    iamwhatiseem Gold Member

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    You guys did notice that foreign banks borrowed $billions and $billions of "our" stimulus money - right?
     
  7. loosecannon
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    loosecannon Senior Member

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    yeah, some of them were foreign subsidiaries of our banks, but yeah. Bernanke said as much from the first week TARP was introduced as a panic remedy.

    The EUpeans believe that our assets crashed their economy so they think we owe them something.

    And for some reason the Fed thinks it is a multinational lender of last resort....
     
  8. B. Kidd
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    B. Kidd Gold Member

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    The bailout of Citi cemented the Fed as a multinational lender of last resort. When Citi was bailed out, it was insolvent. But, Citi has a unit called GTS (Global Transaction Services) previously subsidized through expensive government contracts. GTS transfers more than $3 trillion daily internationally for several government agencies including the Federal Reserve, in addition to other corporations, governments, and the World Bank. In 2009, the GTS unit accounted for almost half of Citi's net profits.
    Due to GTS's responsibilities and global entanglements, letting Citi fail was never open for discussion.
     
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  9. loosecannon
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    loosecannon Senior Member

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    And then there was the bailouts of Chrysler and GM.

    GM is restructured to be partially owned by the government of Canada, while Chrysler was forced to sell 50% stake to an Italian firm.

    I swear the folks who manage our role in the macro don't recognize nation states whatsoever.
     
  10. B. Kidd
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    B. Kidd Gold Member

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    :lol::lol::lol:
     

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