60 Minutes, credit default swaps, and the criminals who just rolled us for 700b

Island of misfit toys · 10-05-2008, 11:48 PM

Last Post · 10-06-2008, 12:03 AM

Instead of asking for $700 Billion we should be hunting down all the wealthy individuals that made money on this and confiscate their wealth and shoot them in the public sqiuare.

But that would prolly mean kill Paulson and Bernanke.

WavSpartan · 10-06-2008, 12:17 AM

Great piece. I think a lot of American's probably still won't understand the issue fully after watching it, but it should be required viewing for every American.

Island of misfit toys · 10-06-2008, 12:20 AM

Didn't they say that the real problem wasn't sub prime lending afterall!? The real problem was all of the 'side bets'- issuing insurance that you have no ability or intention of backing up!

But, no one would take a stand (not enough, anyway). The Congress caved. People heavy in the markets wanted them juiced just to prop up their portfolios. Well, guess what? The Dow may just crash anyway and the thieves are being bailed out by the public trough. That's another Iraq War worth of debt that isn't available for more worthy causes.

I wouldn't count on any justice. Not when a guy like Newt Gingrich could call for Paulson's firing one day and putting him in charge of distributing $700 billion to his friends another day.

Last Post · 10-06-2008, 12:32 AM

Quote:

Originally Posted by '86

I wouldn't count on any justice. Not when a guy like Newt Gingrich could call for Paulson's firing one day and putting him in charge of distributing $700 billion to his friends another day.

That's the problem, the American public is so ****nig stupid. They have no idea they are totally being raped. It's like the whole country is a flock of sheep.

First it was the Iraq war. Now this $700 Billion.

AIG, the auto companies, etc.

People are like "er, they are in charge, they know what they are doing, they care about the country"....uh, NO!! They don't! They care about making money and stealing from you!!

While you were worried about gay marriage, they were planning how to raid the tax payer's coffers!! They were planning on how to give Exxon billions in tax cuts. Give the very wealthiest millions in tax cuts.

It's just so aggravating. And you would think with things so drastic now that people would actually pay attention. But nope, it's "Palin is dumb", "Obama is hip". Total BS while we slowly drift into the abyss.

My biggest gripe is that all of this credit crunch nonsense is masking real problems with our economy. Mainly living above our means. It's like 1/2 the population knows how bad things are and the other doesn't. One 1/2 continues to think everyone can afford a $100,000 house and a $20,000 car while the other 1/2 realizes this is just a fantasy.

I just get \discouraged when i think about it. Thie bailout won't do **** and people are going to create civil unrest when things only get worse.

Venice Spartan · 10-06-2008, 12:35 AM

It's poor peoples fault

Larry Kudlow

Last Post · 10-06-2008, 12:40 AM

Quote:

Originally Posted by Venice Spartan

It's poor peoples fault

Larry Kudlow

when i was unemployed in 2002, i seriously had to stop watching CNBC when he was on because I started to debate whether to find out where he worked and go beat the **** out of him. god knows I could kill the boney freak with my bare hands.

the fancy boy boils my blood every time he opens his mouth about working people. As if that ivy league putz ever had to work in his life.