1. Counterfeitng financial bubbles and loan pyramids to create "facsimiles of official money for private gain unrelated to anything of real value." (Phantom wealth)
2. A Ponzi scheme involving selling shares in asset bubbles "that are maintained solely by the constant inflow of new money." (Securities fraud)
3. Wall Street collects premiums to cover risks the insurer lacks adequate reserves to cover and then refuses to pay legitimate claims. (Reverse insurance fraud)
4. Using fraud, extortion, usury and deceptive promises to "lure the desperate into perpetual debt at exorbitant interest rates." (Predatory lending)
Because Republicans AND Democrats depend on the same 1% of voters to fund their campaigns, all these crimes may well be perfectly legal. And you probably shouldn't expect your corporate press (conservative or liberal) to provide any context:
"Ever hear a business reporter on the evening business news say, 'Today, investors drive up the price of commodities to create a hundred billion in new value,' or some such?
"Sounds great, almost implying we should offer thanks to these champions of the public good who are risking their fortunes to expand the pool of wealth to enrich us all.
"The reporter is manipulating the language to set us up as marks in the Wall Street con.
"A more honest report might have said, 'Today, hedge fund traders speculating with other peoples money walked away with multimillion dollar commissions for inflating the commodities bubble by a hundred billion dollars.
"In a more honest world, the report would clearly distinguish between real investors creating real wealth through real investments and speculators creating phantom wealth with financial games.
"People who bet on the price of pieces of paper would be called 'gamblers.'
"Those who hold the bets and distribute the winnings would be called 'bookies.'
Jail the Wall Street criminals and keep the casinos in Vegas.
7 Ways to Stop Wall Street's Con Game | Common Dreams
2. A Ponzi scheme involving selling shares in asset bubbles "that are maintained solely by the constant inflow of new money." (Securities fraud)
3. Wall Street collects premiums to cover risks the insurer lacks adequate reserves to cover and then refuses to pay legitimate claims. (Reverse insurance fraud)
4. Using fraud, extortion, usury and deceptive promises to "lure the desperate into perpetual debt at exorbitant interest rates." (Predatory lending)
Because Republicans AND Democrats depend on the same 1% of voters to fund their campaigns, all these crimes may well be perfectly legal. And you probably shouldn't expect your corporate press (conservative or liberal) to provide any context:
"Ever hear a business reporter on the evening business news say, 'Today, investors drive up the price of commodities to create a hundred billion in new value,' or some such?
"Sounds great, almost implying we should offer thanks to these champions of the public good who are risking their fortunes to expand the pool of wealth to enrich us all.
"The reporter is manipulating the language to set us up as marks in the Wall Street con.
"A more honest report might have said, 'Today, hedge fund traders speculating with other peoples money walked away with multimillion dollar commissions for inflating the commodities bubble by a hundred billion dollars.
"In a more honest world, the report would clearly distinguish between real investors creating real wealth through real investments and speculators creating phantom wealth with financial games.
"People who bet on the price of pieces of paper would be called 'gamblers.'
"Those who hold the bets and distribute the winnings would be called 'bookies.'
Jail the Wall Street criminals and keep the casinos in Vegas.
7 Ways to Stop Wall Street's Con Game | Common Dreams