Untold Wealth: The Rise of the Super Rich

[Chris]

Demonize the rich, nationalize the banks. You are on your way to communism.

Typical Republican silliness.

We are not headed toward communism.

But when the theves destroy the system, the government has to come in and repair it.

The same thing was done in the 30's with FDR, and in the 80's with the Savings and Loan scandal.

 

[jillian]

So did FDR. Its rather hard to tell people not to run ponzi sceams when people are irresponsible with their money and the government is doing the same exact thing.

Bullshit.

that's the kind of nuanced response we've come to expect from you chrissy.
couldn't find a picture?

yet is succinctly responded to the irrelevant, and absurd post in question in a succinct and accurate way.

 

[del]

Bullshit.

that's the kind of nuanced response we've come to expect from you chrissy.
couldn't find a picture?

yet is succinctly responded to the irrelevant, and absurd post in question in a succinct and accurate way.

i don't think it's necessarilly absurd to call social security a ponzi scheme. it has many of the same attributes as bernie madoff's investment scam.
uses new investors money to pay off old investors
requires a constant influx of new investors
ultimately will fail

yup, i don't see much difference at all, except criminal intent.

 

[editec]

Demonize the rich, nationalize the banks. You are on your way to communism.

Typical Republican silliness.

We are not headed toward communism.

But when the theves destroy the system, the government has to come in and repair it.

The same thing was done in the 30's with FDR, and in the 80's with the Savings and Loan scandal.

No it's not Republican.

Willow doesn't know jack shit about Republicanism or conservatism.

A lot of our trolls think if they insult people and take what they thinks is a hard-assed position against what what they believe liberalism or conservatism stand for, that passes for intelligence political discourse.

They don't really know socialism, capitalism, communism, liberalism or conservatism means because they are counting on the partisan talking heads to define their world views for them.

What they lack in critical thinking skills, they try to make up for with bombast.

 

[jillian]

that's the kind of nuanced response we've come to expect from you chrissy.
couldn't find a picture?

yet is succinctly responded to the irrelevant, and absurd post in question in a succinct and accurate way.

i don't think it's necessarilly absurd to call social security a ponzi scheme. it has many of the same attributes as bernie madoff's investment scam.
uses new investors money to pay off old investors
requires a constant influx of new investors
ultimately will fail

yup, i don't see much difference at all, except criminal intent.

mens rea is a pretty big deal, particularly given the topic of the post, which is alleged criminal action by Stanford and his company....

so where was Bush's SEC when these guys were doing their thing? And they were being warned about at least some of it.

 

[editec]

We're informed that the number of PONZI investment firms that we can expect to hear about in the near future is going to be rather large.

In Capitalism, if it is going to work well, investment firms needs to be transparent to the investor.

This economic meltdown we're having right now wouold NOT have occurred at all (no matter what the FED or fannie and freddie or the government did( IF the BONDS RATINGS AGENCIES had done their jobs of accurately accessing risk HONESTLY.

Had they done their jobs honestly, those bonds, which became the meat of the derivatives industry, could never have been sold at the prices they were sold.

Had they been accurately assessed, the banks would not be insolvent, and the government wouldn't be trying to figure out how to save the bond holders by giving TRILLIONS to the banks.

I know a lot of you truyly want to put the entire blame on the back of the government, but had CAPITALISM done its job properly, this would never have happened.

The lack of regulation allowed the theves on Wall Street to destroy the American economy.

The problem is the press has not really covered this story accurately. People don't really understand what derivatives are, and how they led to the crash. They think is just the mortgages.

Well the media as a whole doesn't cover this story well.

But everything I know about it comes from the media.

So perhaps the REAL PROBLEM is that people don't read enough?

Or perhaps the rpoblem is that people don't have enough background ifnormation to understand what the media is telling them?

People listen to commentary, and think that's the news.

That more than the media failing us, is, I think, the root cause of most of the rancor we see in America.

People want SIMPLE answers to complex problems.

 

[del]

yet is succinctly responded to the irrelevant, and absurd post in question in a succinct and accurate way.

i don't think it's necessarilly absurd to call social security a ponzi scheme. it has many of the same attributes as bernie madoff's investment scam.
uses new investors money to pay off old investors
requires a constant influx of new investors
ultimately will fail

yup, i don't see much difference at all, except criminal intent.

mens rea is a pretty big deal, particularly given the topic of the post, which is alleged criminal action by Stanford and his company....

so where was Bush's SEC when these guys were doing their thing? And they were being warned about at least some of it.

beats me.

people told the SEC about madoff in the early 90's and nothing happened. is that clinton's fault?

most of this stuff is investigated by career employees, not political appointees, so to lay either one at the feet of a president one doesn't care for strikes me as specious.

 

[Chris]

"What they lack in critical thinking skills, they try to make up for with bombast."

Isn't that our mission statement here at the USMB?

 

[WillowTree]

Demonize the rich, nationalize the banks. You are on your way to communism.

Typical Republican silliness.

We are not headed toward communism.

But when the theves destroy the system, the government has to come in and repair it.

The same thing was done in the 30's with FDR, and in the 80's with the Savings and Loan scandal.

No it's not Republican.

Willow doesn't know jack shit about Republicanism or conservatism.

A lot of our trolls think if they insult people and take what they thinks is a hard-assed position against what what they believe liberalism or conservatism stand for, that passes for intelligence political discourse.

They don't really know socialism, capitalism, communism, liberalism or conservatism means because they are counting on the partisan talking heads to define their world views for them.

What they lack in critical thinking skills, they try to make up for with bombast.

 

[editec]

"What they lack in critical thinking skills, they try to make up for with bombast."

Isn't that our mission statement here at the USMB?

Apparently.

 

[editec]

i don't think it's necessarilly absurd to call social security a ponzi scheme. it has many of the same attributes as bernie madoff's investment scam.
uses new investors money to pay off old investors
requires a constant influx of new investors
ultimately will fail

yup, i don't see much difference at all, except criminal intent.

mens rea is a pretty big deal, particularly given the topic of the post, which is alleged criminal action by Stanford and his company....

so where was Bush's SEC when these guys were doing their thing? And they were being warned about at least some of it.

beats me.

people told the SEC about madoff in the early 90's and nothing happened. is that clinton's fault?

most of this stuff is investigated by career employees, not political appointees, so to lay either one at the feet of a president one doesn't care for strikes me as specious.

THANK YOU!

I've been mentioning this about the Madoff event for sometime now, but you seem to be the first person who also recognizes what that actually means.

The fact is that we do not have EFFECTIVE GOVERNMENT when it comes to monitoring the criminal behavior of WALL STREET.

We never have, and until we start DEMANDING IT, we never will.

And part of effective government in this case?

Is actually punishing the criminals with the same vengence we impose on criminals of other CLASSES.

Madoff, if his punishment fit the nature of the damage his crimes caused, would be hung by any SANE society.

That man did more damage to more people than any single American I can think of.

He did more to damage capitalism that all the communists in America combined.

And where is he, now?

In his apartment under house arrest?

He's basically been given a TIME OUT for his crime.

 

[garyd]

And where was Clinton's SEC when Global Crossing and Enron were bilking their investors? This ain't just Bush Jillian. The SEC hasn't been doing its job as it ought to be done for quite a while now.

The Madoff investigation as well as the stanford investigfation began under Bush SEC. You as a lawyer ought to be well aware that it takes a hell of a long time if said scheme is done by some one with an ounce of brains. Oh and for what its worth neither Stanford or Madoff were even bothering with drivatives. Both seem to have been investing their clients money in high priced living accomodations for themselves, expensive jewelry and the like. Oh and probably secret accounts in the Cayman Islands for after they get out of jail.

 

[garyd]

Too bad neither you nor edit have a clue on this particular disaster Chris Again as much as Stanford and Madoff stole it would have made a dent in anything beyond the bank accounts of a few celebrities that should ahve known better. And neither of them were selling derivatives.

 

[Chris]

Too bad neither you nor edit have a clue on this particular disaster Chris Again as much as Stanford and Madoff stole it would have made a dent in anything beyond the bank accounts of a few celebrities that should ahve known better. And neither of them were selling derivatives.

Madoff and Stanford's total theft will be over $59 billion dollars.

Many of their investors were charities.

Who said Stanford or Madoff were involved with derivatives?

 

[elvis]

A poster like yourself who only posts insults is kind of pathetic, don't you think?

what insult was that, gerbil smuggler?

You didn't answer my question.

A poster like yourself who only posts insults is kind of pathetic, don't you think?

What? You insult veterans and you can't handle it when people start insulting you Monica?

 

[garyd]

Then why did you mention derivatives in the same breath?

 

[Diuretic]

Regardless of who the president was at any given time it's not a good look. What have youre regulatory agencies been dong, playing with themelves? Seems to me that given the damage that these alleged crooks have done to people that, if convicted, they should have their assets and any assets they transfer to familymembers stripped and they should go to prison for a very long time. And the regulatory agencies themselves need to be examined for signs of negligence, if not corruption.

 

[del]

Regardless of who the president was at any given time it's not a good look. What have youre regulatory agencies been dong, playing with themelves? Seems to me that given the damage that these alleged crooks have done to people that, if convicted, they should have their assets and any assets they transfer to familymembers stripped and they should go to prison for a very long time. And the regulatory agencies themselves need to be examined for signs of negligence, if not corruption.

the regulatory agencies need to be checked for signs of intelligence, Di.

 

[Diuretic]

That's one I totally forgot Del

 

[del]

That's one I totally forgot Del

unfortunately, so did they!