Go Back   I-Mockery Forum > I-Mockery Discussion Forums > Philosophy, Politics, and News
FAQ Members List Calendar Search Today's Posts Mark Forums Read

 
 
Thread Tools Display Modes
Prev Previous Post   Next Post Next
  #1  
TheCoolinator TheCoolinator is offline
Banned
 
Join Date: Mar 2010
Location: Mean Streets of New York
TheCoolinator is probably a spambot
Old Apr 27th, 2010, 09:19 AM        We are in a Depression. Read on.
Quote:
The Obama administration has been posturing this week about the life and death issue of Wall Street reform. Obama’s predicament is that of a Wall Street puppet who has been put into the White House thanks among other things to almost $1 million of contributions from the infamous Goldman Sachs – but who now needs to make a show of fighting his own Wall Street patrons for political reasons. Of course, Obama’s health-care reform was largely a bailout of insurance companies, which are themselves a key part of Wall Street. But Obama is now pretending to quarrel with Wall Street to shore up his waning credibility, partly because many House Democrats are desperately seeking anti-banker, economic populist street creds in order to avoid defeat in November. So far, the results have been largely feckless and inadequate.
The urgent problem raised by all this is the $1.5 quadrillion derivatives bubble. The financial crisis which struck the United States and the world in September and October 2008 was in fact a world a derivatives panic. This panic marked the first phase of a world economic depression caused by derivatives speculation. The second phase of this depression, which is now beginning, can also be attributed in large part to derivatives, since derivatives are the main tool being used in the speculative attacks on Greece, Spain, Portugal, Italy, Ireland, and other nations, building up towards a chaotic collapse of the euro.
Derivatives are the Cause of the World Depression of Our Time

Far from being some arcane or marginal activity, financial derivatives have come to represent the principal business of the financier oligarchy in Wall Street, the City of London, Frankfurt, and other money centers. A concerted effort has been made by politicians and the news media to hide and camouflage the central role played by derivative speculation in the economic disasters of recent years. Journalists and public relations types have done everything possible to avoid even mentioning derivatives, coining phrases like “toxic assets,” “exotic instruments,” and – most notably – “troubled assets,” as in Troubled Assets Relief Program or TARP, aka the monstrous $800 billion bailout of Wall Street speculators which was enacted in October 2008 with the support of Bush, Henry Paulson, John McCain, Sarah Palin, and the Obama Democrats. Continue reading Fight the Derivatives Cancer with a Wall Street Sales Tax, Plus Bans on Hedge Funds, Credit Default Swaps, and Synthetic CDOs
This article is very long, so I'm not going to post it in its entirety because that may be seen as "spam". Also, I hate it when people post obnoxiously long text. If you wish to read the whole thing please click on the last line of the quote.

That is all.
Reply With Quote
 


Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

   


All times are GMT -4. The time now is 08:43 AM.


© 2008 I-Mockery.com
Powered by: vBulletin
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.