Relevant links.

The era that defined Wall Street is finally, officially over. Michael Lewis, who chronicled its excess in Liar's Poker, returns to his old haunt to figure out what went wrong.
To this day, the willingness of a Wall Street investment bank to pay me hundreds of thousands of dollars to dispense investment advice to grownups remains a mystery to me. I was 24 years old, with no experience of, or particular interest in, guessing which stocks and bonds would rise and which would fall. The essential function of Wall Street is to allocate capital-to decide who should get it and who should not. Believe me when I tell you that I hadn't the first clue.
...continues..


Profiles in Panic
Now many bankers, along with discovering $15 bottles of wine, are finding other ways to cut back-if not out of necessity, then from collective guilt and fear: the fitness trainer from three times a week to once a week; the haircut and highlights every eight weeks instead of every five. One prominent "hedgie" recently flew to China for business-but not on a private plane, as before. "Why should I pay $250,000 for a private plane," he said to a friend, "when I can pay $20,000 to fly commercial first class?"

The new thriftiness takes a bit of getting used to. "I was at the Food Emporium in Bedford [in Westchester County] yesterday, using my Food Emporium discount card," recounts one Greenwich woman. "The well-dressed wife of a Wall Street guy was standing behind me. She asked me how to get one. Then she said, 'Have you ever used coupons?' I said, 'Sure, maybe not lately, but sure.' She said, 'It's all the rage now-where do you get them?'"
=================

recall 2005, when congress bailed-out credit card companies by making it harder for the regular guy to declare bankruptcy- most of whom were put there by crushing medical bills. Worse yet, those bankruptcy laws helped drive foreclosures as homeowners defaulted on mortgages.

The passage of this bill had unintended consequences that are particularly apropos for our current situation.

(2005) Washington Mutual Inc. got what it wanted in 2005: A revised bankruptcy code that no longer lets people walk away from credit card bills.

The largest U.S. savings and loan didn't count on a housing recession. The new bankruptcy laws are helping drive foreclosures to a record as homeowners default on mortgages and struggle to pay credit card debts that might have been wiped out under the old code, said Jay Westbrook, a professor of business law at the University of Texas Law School in Austin and a former adviser to the International Monetary Fund and the World Bank.

"Be careful what you wish for," Westbrook said. "They wanted to make sure that people kept paying their credit cards, and what they're getting is more foreclosures."

Washington Mutual, Bank of America Corp., JPMorgan Chase & Co. and Citigroup Inc. spent $25 million in 2004 and 2005 lobbying for a legislative agenda that included changes in bankruptcy laws to protect credit card profits, according to the Center for Responsive Politics, a non-partisan Washington group that tracks political donations.

The banks are still paying for that decision. The surge in foreclosures has cut the value of securities backed by mortgages and led to more than $40 billion of writedowns for U.S. financial institutions. It also reached to the top echelons of the financial services industry.

Credit Cards, Bankruptcy Laws and the Mortgage Meltdown
(written by the woman who, thankfully, is chairing the five-member Congressional Oversight Panel created to oversee the implementation of the Emergency Economic Stabilization Act.)

Whether this is real or not, I'm pretty sure this may be the best way to get yourself on a hit list these days.

Stinky McButt: Whether this is real or not, I'm pretty sure this may be the best way to get yourself on a hit list these days.

the only way it could get better would be to have Madoff singing the chorus.

There's no bread, let them eat cake
There's no end to what they'll take
Flaunt the fruits of noble birth
Wash the salt into the earth

But they're marching to Bastille Day
La guillotine will claim her bloody prize
Free the dungeons of the innocent
The king will kneel and let his kingdom rise

(12-20-2008) Hedge funds get a $200 billion bailout, just to ensure no ones ascot gets in a twist. UAW union workers? Grovel for your scraps, biatches. Grovel (47)

Stinky McButt: Whether this is real or not, I'm pretty sure this may be the best way to get yourself on a hit list these days.

satire, sometimes is whats needed to get the message across. The reality is considerably more insulting, IMO.

Yes, billions for the rich, but if the good, honest American worker needs help, well FARK YOU BUDDY.

It's a good thing we still have electricity. Otherwise, we'd be in the dark ages.

Sun God: It's a good thing we still have electricity. Otherwise, we'd be in the dark ages.

You still have electri++++/&CARRIER LOST++

Well, at least they are honest about being complete twats?

Has anyone yet pointed out that CreditCrunch would be a great candy bar or breakfast cereal name?

I've always thought that the correct collective noun for a group of bankers is "wunch." This confirms it.

I have talked with lots of folks I work with, etc. And one of the most often discussed topics is how come some poor deluded soul who has lost everything has not yet snapped and taken some of these crooks and greedy bastards out?

Because rich bankers often have enough money and influence to have decent security?

I hope nobody here thinks this is real.

The song wasn't nearly as offensive as I had thought it was going to be. What it is mostly, is stupid. It's offensive enough that you have to wonder if they are actually serious, not so offensive that it can be written off as an ironic parody. If it came from actual bankers it's the quickest way to get fired with cause, if it came from banker-haters it's a brilliant piece of satire/propaganda.

"One claimed to work for the collapsed investment house Lehman Brothers."

Ah, that would be it then.

why are people so pissy - this is satire

the comments at the bottom of TFA are pretty telling...

should i have missed the joke?

Oh, look, liberals inciting class warfare. Jealousy is a beautiful thing.

Banks: $700billion, zero oversight. I mean, it's not as though they NEED it, do they?

Auto industry: $17billion, a "car czar", auto makers must show progress or money is taken back, etc.

Next up: Credit card companies. With all the people out of jobs, with all the banks refusing to give loans to small businesses, people are going to start using their credit cards more, and be able to pay them back less. It's only a matter of time before the credit card companies come forward with hands out.

unchellmatt: Banks: $700billion, zero oversight. I mean, it's not as though they NEED it, do they?

Auto industry: $17billion, a "car czar", auto makers must show progress or money is taken back, etc.

Next up: Credit card companies. With all the people out of jobs, with all the banks refusing to give loans to small businesses, people are going to start using their credit cards more, and be able to pay them back less. It's only a matter of time before the credit card companies come forward with hands out.

Unlike the banking and auto industries, I'd be more than happy to see credit card companies go belly up.

rancher: I have talked with lots of folks I work with, etc. And one of the most often discussed topics is how come some poor deluded soul who has lost everything has not yet snapped and taken some of these crooks and greedy bastards out?

While I don't encourage this, I do hope that those crooks and bastards go broke buying personal security and bodyguards.

Pathman: why are people so pissy - this is satire

the comments at the bottom of TFA are pretty telling...

should i have missed the joke?

Satire is funny because it isn't real. This is far too accurate to be funny.

It is a hoax ppl.

Sun God: It's a good thing we still have electricity. Otherwise, we'd be in the dark ages.

Yeah, how did medieval Europe survive without tasers? Barbarians.

I've come to the conclusion I would have made more money investing in lottery tickets this year than my 401k.

That's some fine shiat stirring, there, Lou.

I liked the video, while assuming it was meant to mock the finance industry.

randomstranger: unchellmatt: Banks: $700billion, zero oversight. I mean, it's not as though they NEED it, do they?

Auto industry: $17billion, a "car czar", auto makers must show progress or money is taken back, etc.

Next up: Credit card companies. With all the people out of jobs, with all the banks refusing to give loans to small businesses, people are going to start using their credit cards more, and be able to pay them back less. It's only a matter of time before the credit card companies come forward with hands out.

Unlike the banking and auto industries, I'd be more than happy to see credit card companies go belly up.

Except they'd probably take everyone down with them, moreso than the others.

Hah, I thought that was kinda funny.

Oh, and "What Credit Crunch?"

/Not a banker
//Haven't noticed a single negative effect yet
///401k up 6% ytd as of friday
////suckas
//Single handedly propping up the slashie economy

What are you people waiting for??
Do I sense righteous indignation?


/Returning 90 percent of incumbents back to congress last month won't help us next year.
//Maybe we can get better turnover in 2010.

unchellmatt: Banks: $700billion, zero oversight. I mean, it's not as though they NEED it, do they?

Auto industry: $17billion, a "car czar", auto makers must show progress or money is taken back, etc.

If the banking industry goes belly up, we're farked. Automakers? Not nearly so much.

BTW, why all the hate on AIG? Most of their losses occured on CDS's, in other words things they couldn't really control, sold on high-rated bonds. The fact that the MBS market collapsed while the instruments themselves still carried double and triple-a ratings isn't really their fault. They got hosed. The automakers, on the other hand, screwed themselves in the ass with a fork.

unchellmatt:
Next up: Credit card companies. With all the people out of jobs, with all the banks refusing to give loans to small businesses, people are going to start using their credit cards more, and be able to pay them back less. It's only a matter of time before the credit card companies come forward with hands out.

You do know that most if not all credit cards are backed by banks right? It isn't as if there is just one national Visa company that owns all the debt for any Visa card ever released. And if you bothered to even read headlines from the last 24 hours:

Amex slashes credit limits based on absurd new formulas

You'd see credit card companies (banks) are already looking for new ways to reduce their risk.

The one area that I do agree with you though is that people have far too much credit right now and that needs to be reduced. I bet if I added up all my cards I'd have $30k or more. I don't use even 10% of that, but if I decided to act like a typical American I could go buy a new car with my credit cards at 25% interest then stand there slack jawed in 3 months when I couldn't make the payments. Sigh...

citizen905: Oh, look, liberals inciting class warfare. Jealousy is a beautiful thing.

It's only class warfare when the poor fight back. Otherwise, it's just business as usual.

Lusiphur: Hah, I thought that was kinda funny.

Oh, and "What Credit Crunch?"

/Not a banker
//Haven't noticed a single negative effect yet
///401k up 6% ytd as of friday


Are you investing in just money markets or what? There isn't a single column on my asset class with a ytd > -12%.

Don't make me cut you :(

/maybe Principal needs a good cutting too

sirgrim: Are you investing in just money markets or what? There isn't a single column on my asset class with a ytd > -12%.

Don't make me cut you :(

Company stock =) McDonalds. I switched over to buying nothing but when the market crashed because it was at like a 2 year low. Now it's back up to where it was pre-class. I've since re-diversified, and that's actually pulling my YTD down a little. Then again, I have 40-odd years left till I can cash it in, so who knows.

citizen905: Oh, look, liberals inciting class warfare. Jealousy is a beautiful thing.


Keep trollin'
trollin'
trollin'
trollin'
What?

Keep trollin'
trollin'
trollin'
trollin'
What?

yeah, rich people are bad, yeah. everybody strive for mediocrity, yeah.

citizen905: Oh, look, liberals inciting class warfare. Jealousy is a beautiful thing.

Go back under your bridge, little troll.

Link

(not a rick roll, although perhaps just as bad)

Party Boy
"I was at the Food Emporium in Bedford [in Westchester County] yesterday, using my Food Emporium discount card," recounts one Greenwich woman. "The well-dressed wife of a Wall Street guy was standing behind me. She asked me how to get one. Then she said, 'Have you ever used coupons?' I said, 'Sure, maybe not lately, but sure.' She said, 'It's all the rage now-where do you get them?'"

That woman can blow me.

Anyhow, I'm lower working middle class and have been cutting coupons, driving used cars and renting for many, many moons now. Call me silly, but this was bound to happen. The new(er) bankruptcy laws, exotic loans for out of control housing costs coupled with millions of jobs going overseas was a disaster waiting to happen. With no money to spend and no decent work anymore, there is no getting out of this for this nation. It's as though this country has literally been raped like the Amazon rain forest for the last 2 decades. Regulations (i.e. NAFTA and gramm leach bliley) have been passed to even encourage this rape. Its not rocket science.

Mailer Demon:
yeah, rich people are bad, yeah. everybody strive for mediocrity, yeah.

Well, It worked for Bush didn't it?
//Role model for wealth and mediocrity

Hard to understand a good chunk of the article...I really wish the British would speak English.

Greed is good.

A free market is self-regulating.

I won't come in your mouth.

The check is in the mail.

Our nation is the greatest.

Your soul will live forever.

WhatAreYouWearing
yeah, rich people are bad, yeah. everybody strive for mediocrity, yeah.


It's mediocre to be middle class or hard working poor? One HAS to be rich or they are "nobody?" Keeping up with the Joneses much are we?

Wow...and people wonder how this nation got into this mess.

GAT_00: Yes, billions for the rich, but if the good, honest American worker needs help, well FARK YOU BUDDY.

I'm not your buddy, pal.

SilentStrider: There's no bread, let them eat cake
There's no end to what they'll take
Flaunt the fruits of noble birth
Wash the salt into the earth

But they're marching to Bastille Day
La guillotine will claim her bloody prize
Free the dungeons of the innocent
The king will kneel and let his kingdom rise

RandomKeyStrike
Link

(not a rick roll, although perhaps just as bad)

That ad can be applied to those "tourists" as well. More than likely they aren't paying for their little trip in straight cash.

sodanow: SilentStrider: There's no bread, let them eat cake
There's no end to what they'll take
Flaunt the fruits of noble birth
Wash the salt into the earth

But they're marching to Bastille Day
La guillotine will claim her bloody prize
Free the dungeons of the innocent
The king will kneel and let his kingdom rise

i like being carresed by steel!!

Monkey MKIII
GAT_00: Yes, billions for the rich, but if the good, honest American worker needs help, well FARK YOU BUDDY.

I'm not your buddy, pal.


lol :) Couldn't agree more. Welcome to my "favorites" list GAT_00--your name is now a light orange hue :)