Do you have adblock enabled?
If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(Rolling Stone)   Upper class, lower class, middle class, it doesn't matter. Unless you're a big banker or financier you are now a member of the "sucker class"   (rollingstone.com) divider line 71
    More: Obvious, investment decisions, money market accounts, Wachovia, CPA, vinyl siding, safe harbors, commercial banks, Prime Minister Gordon Brown  
•       •       •

2377 clicks; posted to Business » on 10 Jan 2013 at 1:11 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



71 Comments   (+0 »)
   
View Voting Results: Smartest and Funniest

Archived thread

First | « | 1 | 2 | » | Last | Show all
 
2013-01-10 11:25:56 AM  
I read Taibbi to improve my story telling skills.
 
2013-01-10 11:26:07 AM  
I'm flat out amazed just how well hidden this story has been.  if you try talking about bankers screwing us all over...it sounds vaguely conspiracy theory-ish.  But that's what they did/are still doing.

I wonder how much longer we can last?  how much longer before people realize just how f*cked we really are...?
 
vpb [TotalFark]
2013-01-10 11:29:33 AM  
I noticed that some time ago Subby.
 
2013-01-10 11:38:34 AM  
"It's a big club... and you ain't in it." (NSFW language)

Old news is so exciting relevant.
 
2013-01-10 12:47:48 PM  

Weaver95: I'm flat out amazed just how well hidden this story has been.  if you try talking about bankers screwing us all over...it sounds vaguely conspiracy theory-ish.  But that's what they did/are still doing.

I wonder how much longer we can last?  how much longer before people realize just how f*cked we really are...?


Most people are too worried about their guns being taken away.
 
2013-01-10 12:53:17 PM  
As an aside, Limbaugh has spent the past...oh, I wanna say 30-ish minutes or so...ranting about the collapse of the sub-prime lending market.  wanna know who/what he blames for the mortgage collapse?  poor people.  Poor people and lack of federal regulation.  He admits the banks defrauded the market by lying to investors about their financial instruments that were bad investments...but he doesn't blame the bankers.  Oh no, he blames the people who took out the loans.  the banks, in Limbaugh's view, are completely blameless.  it's ENTIRELY the fault of the borrowers and federal regulators.

of course, Limbaugh is also dead set against any federal regulation of any sort or for any reason.  but gotdammit those regulators SHOULD HAVE KNOWN!  lets weaken regulators to the point of uselessness, then blame them for not doing anything more to stop banks from making bad loans.
 
2013-01-10 12:57:35 PM  

Weaver95: I wonder how much longer we can last? how much longer before people realize just how f*cked we really are...?


We're not f*cked. When the "powers that be" take their money and go home, we just keep doing what we're doing. Go to work. Farm the food. Drill the oil. Transport the merchandise. Etc ad nauseum.

All we need are a few working class leaders that can keep everybody going.
 
2013-01-10 01:07:30 PM  

jaylectricity: Weaver95: I wonder how much longer we can last? how much longer before people realize just how f*cked we really are...?

We're not f*cked. When the "powers that be" take their money and go home, we just keep doing what we're doing. Go to work. Farm the food. Drill the oil. Transport the merchandise. Etc ad nauseum.

All we need are a few working class leaders that can keep everybody going.


I disagree.  look, if the 1% would back off a bit and give even a tiny bit back to the middle class then yeah, we'd limp along for another two generations and be semi-ok.  But these guys consider ANY benefit to be a direct, personal loss to their already vast fortunes.  give min wage workers health care?  HELLS NO!  cut their hours!  keep US workers employed?  shiat, we can outsource their jobs and not pay 'em.  never mind that our products are crap and the chinese are stealing our designs left and right...I personally made another $50k on that deal!
 
2013-01-10 01:14:36 PM  

Weaver95: I'm flat out amazed just how well hidden this story has been.  if you try talking about bankers screwing us all over...it sounds vaguely conspiracy theory-ish.  But that's what they did/are still doing.

I wonder how much longer we can last?  how much longer before people realize just how f*cked we really are...?


The bankers own both political parties. Tim Geithner is one of those evil men and Obama appointed him. We have no chance.
 
2013-01-10 01:30:23 PM  

Weaver95: I disagree.  look, if the 1% would back off a bit and give even a tiny bit back to the middle class then yeah, we'd limp along for another two generations and be semi-ok.  But these guys consider ANY benefit to be a direct, personal loss to their already vast fortunes.  give min wage workers health care?  HELLS NO!  cut their hours!  keep US workers employed?  shiat, we can outsource their jobs and not pay 'em.  never mind that our products are crap and the chinese are stealing our designs left and right...I personally made another $50k on that deal!


So what happens when you get to the point where you have a nation where 99% are unemployed, with no social services or safety net?
 
2013-01-10 01:32:51 PM  
There is no middle class.

There's just richer poor people.
 
2013-01-10 01:32:52 PM  
Headline reads like the first draft of a Crass lyric.
 
2013-01-10 01:34:24 PM  
We'll keep getting farked over by the bankers until things get bad enough that there is no longer a middle class, at which time enough people will see the light to start doing something about it. Doing something about it will require breaking a lot of treaties with other nations, but by that time we really won't give a damn what other countries think as long as we stop getting screwed.
 
2013-01-10 01:35:13 PM  
Gasp.

// no, really
// gasp.
 
2013-01-10 01:47:17 PM  

Ishkur: There is no middle class.

There's just richer poor people.


What would your definition of 'middle class' be? I'm not disagreeing, I'm just curious.
 
2013-01-10 01:47:58 PM  
Anyone who knows more about this than me care to comment on the likelihood of financial institutions amassing so much wealth and power that they declare sovereignty?

"Hey, Greece, you owe us 50 quintillion euros. What? You don't have that much? Give us a few dozen islands and we'll call it square. You've got plenty. Make sure one of them is Lesbos. We've, uh, heard things about that place."
 
2013-01-10 01:54:48 PM  

Bondith: Anyone who knows more about this than me care to comment on the likelihood of financial institutions amassing so much wealth and power that they declare sovereignty?

"Hey, Greece, you owe us 50 quintillion euros. What? You don't have that much? Give us a few dozen islands and we'll call it square. You've got plenty. Make sure one of them is Lesbos. We've, uh, heard things about that place."


I worry if banks start buying up Blackwater-type companies.
 
2013-01-10 01:58:52 PM  

angrymacface: So what happens when you get to the point where you have a nation where 99% are unemployed, with no social services or safety net?


Light cigars with $500 bills?
 
2013-01-10 01:59:54 PM  
Best use of the Obvious tag in a while.
 
2013-01-10 02:03:05 PM  
Boo freakin' hoo. He was shorting and betting against companies. Anyone who has "perfect" knowledge has insider knowledge. He was all happy when he guessed right but when companies were being bailed out left and right and he guessed wrong, boo freakin' hoo. Being in the stock market at all is gambling. But trying to take these short term profits by betting against is real gambling.

We should have done what Iceland did and put the criminals knowingly selling a bad product in jail.
 
2013-01-10 02:04:42 PM  

angrymacface: So what happens when you get to the point where you have a nation where 99% are unemployed, with no social services or safety net?


Angry mobs and guillotines would be my guess.
 
2013-01-10 02:06:14 PM  
angrymacface:

So what happens when you get to the point where you have a nation where 99% are unemployed, with no social services or safety net?

That's when the 1% start shiatting bricks over the 300,000,000+ guns in the US. That's when some charismatic dictator rises and we become a totalitarian state. The 1% better throw more than a few breadcrumbs or they'll end up like the Russian Czars, the German Monarchy, etc.
 
2013-01-10 02:06:52 PM  

Bondith: angrymacface: So what happens when you get to the point where you have a nation where 99% are unemployed, with no social services or safety net?

Angry mobs and guillotines would be my guess.


it would be bad for property values.  on the other hand, if you're good with cleaning bodily fluids off the walls of mansions then I suspect you've got a future.
 
jgi
2013-01-10 02:11:24 PM  

Zelron: Boo freakin' hoo. He was shorting and betting against companies. Anyone who has "perfect" knowledge has insider knowledge. He was all happy when he guessed right but when companies were being bailed out left and right and he guessed wrong, boo freakin' hoo. Being in the stock market at all is gambling. But trying to take these short term profits by betting against is real gambling.

We should have done what Iceland did and put the criminals knowingly selling a bad product in jail.


Did you read the article? This isn't about "insider knowledge." This is about information that legally should have been disclosed to everybody, to you and to me and to the public, but was only disclosed to a select few. Had the subject of this article known the information, his investment strategy would have been different. This was designed to fleece money from people who were purposefully denied this information.
 
2013-01-10 02:11:40 PM  

Weaver95: I'm flat out amazed just how well hidden this story has been.  if you try talking about bankers screwing us all over...it sounds vaguely conspiracy theory-ish.  But that's what they did/are still doing.

I wonder how much longer we can last?  how much longer before people realize just how f*cked we really are...?


Why else do you think that the gov't wants to get into the gun grabbing business? To make sure you can't do shiat about it when they decide to do it again.
 
2013-01-10 02:22:42 PM  

Weaver95: jaylectricity: Weaver95: I wonder how much longer we can last? how much longer before people realize just how f*cked we really are...?

We're not f*cked. When the "powers that be" take their money and go home, we just keep doing what we're doing. Go to work. Farm the food. Drill the oil. Transport the merchandise. Etc ad nauseum.

All we need are a few working class leaders that can keep everybody going.

I disagree.  look, if the 1% would back off a bit and give even a tiny bit back to the middle class then yeah, we'd limp along for another two generations and be semi-ok.  But these guys consider ANY benefit to be a direct, personal loss to their already vast fortunes.  give min wage workers health care?  HELLS NO!  cut their hours!  keep US workers employed?  shiat, we can outsource their jobs and not pay 'em.  never mind that our products are crap and the chinese are stealing our designs left and right...I personally made another $50k on that deal!


Not that I disagree with you at all, but another cause to consider is the role of corporate fiduciary duties in corporate decisionmaking (and the rise in related litigation). Put way too simply, corporations (and in rare cases corporate board members) can be liable to their shareholders if they make decisions that are not designed to maximize profits. It's not as strict as that makes it sound, but there's definitely an argument that, if a corporation decided to hire 50 American workers at $10 an hour when 100 Chinese workers at $0.10 an hour could do the work, under current law the directors would be in breach of their duties of good faith and loyalty. Of course, directors can consider the quality of the work, etc etc, but litigation has a cost even if it's a clear-cut case.

/not anyone's lawyer, of course
 
2013-01-10 02:23:52 PM  

Weaver95: As an aside, Limbaugh has spent the past...oh, I wanna say 30-ish minutes or so...ranting about the collapse of the sub-prime lending market.  wanna know who/what he blames for the mortgage collapse?  poor people.  Poor people and lack of federal regulation.  He admits the banks defrauded the market by lying to investors about their financial instruments that were bad investments...but he doesn't blame the bankers.  Oh no, he blames the people who took out the loans.  the banks, in Limbaugh's view, are completely blameless.  it's ENTIRELY the fault of the borrowers and federal regulators.

of course, Limbaugh is also dead set against any federal regulation of any sort or for any reason.  but gotdammit those regulators SHOULD HAVE KNOWN!  lets weaken regulators to the point of uselessness, then blame them for not doing anything more to stop banks from making bad loans.


The regulators were far from powerless, and they did know. As I've pointed out time after time, with references (often to the web sites of the FED and the regulators), the banks were being pressured by the regulators to make bad loans. When the banks demonstrated that they would all go under by doing what the regulators wanted, the government came up with the great scheme of having Fannie Mae/Freddie Mac buy the worthless mortgages. And when that wasn't enough, along came the bank bailouts.
 
2013-01-10 02:28:13 PM  

Zelron: Boo freakin' hoo. He was shorting and betting against companies. Anyone who has "perfect" knowledge has insider knowledge. He was all happy when he guessed right but when companies were being bailed out left and right and he guessed wrong, boo freakin' hoo. Being in the stock market at all is gambling. But trying to take these short term profits by betting against is real gambling.

We should have done what Iceland did and put the criminals knowingly selling a bad product in jail.


In our case, the banks were operating at the request of the government. Low interest, no down payment home loans to people who couldn't afford to pay them back were a vote buying scheme. The politicians aren't going to instruct the Justice Dept. to launch investigations that will result in those same politicians going to jail.
 
2013-01-10 02:30:37 PM  
As long as there's a powerful right wing talk radio-TV news presence, not enough of the population in this country will ever wise up enough to do anything about these problems.
 
2013-01-10 02:35:47 PM  

DrPainMD: In our case, the banks were operating at the request of the government. Low interest, no down payment home loans to people who couldn't afford to pay them back were a vote buying scheme. The politicians aren't going to instruct the Justice Dept. to launch investigations that will result in those same politicians going to jail.


As much evidence as I've seen saying that banks weren't pressured to make unqualified loans by politicians, it makes sense to me that politicians are hesitant to pressure Justice to make investigations if they know its going to bite them in the arse.

What the hell do we do?
 
2013-01-10 02:36:07 PM  
The system is working as intended.

A minimum amount of resources must be allowed to the general population at large to ensure stability.
Everything else is kept by the powerful.

Stability is what matters. A stable nation is easy to control. Uncertainty is to be avoided.

"Oh things seem to be getting along well enough. Let's take a little more, we'll still be fine."

That urge pushes them to take more resources, while the unknown ceiling of when stability fails lurks above. In the past, revolutions and cultural upheavals resulted when they took too much. Instability is difficult to control. Those powerful which took too much in past societies ate it pretty hard. The system reset and subsequent generations of powerful learned the lessons.

So, expect to make do with very little today, and even less as the future approaches. You may have your point where things get so bad that you go make some instability, but we'll never get to that point by design, just as close as can be managed. And your education artificially raised that bar in your mind, so it becomes even less likely.
It's hilarious that the easiest way to control your expenses is to not start a family. Children are the luxury good of the current era. And that makes the demographics and resources of the future easier to control.
 
2013-01-10 02:43:57 PM  

Weaver95: As an aside, Limbaugh has spent the past...oh, I wanna say 30-ish minutes or so...ranting about the collapse of the sub-prime lending market.  wanna know who/what he blames for the mortgage collapse?  poor people.  Poor people and lack of federal regulation.  He admits the banks defrauded the market by lying to investors about their financial instruments that were bad investments...but he doesn't blame the bankers.  Oh no, he blames the people who took out the loans.  the banks, in Limbaugh's view, are completely blameless.  it's ENTIRELY the fault of the borrowers and federal regulators.

of course, Limbaugh is also dead set against any federal regulation of any sort or for any reason.  but gotdammit those regulators SHOULD HAVE KNOWN!  lets weaken regulators to the point of uselessness, then blame them for not doing anything more to stop banks from making bad loans.


I must be listening to a different Rush show...

He's blaming the government for forcing (via regulators) the banks to make loans to people who they knew couldn't afford them. There was even a caller who told about her husband's small bank in VA being investigated for turning down loans, and then being told that they had to stop turning down applicants.
 
2013-01-10 02:45:46 PM  
My theory?

Down the road so much obscene wealth will be circulating in the form of printed dollars that Government services will be offered in a different currency entirely. The Dollar will be cut loose as the "Hookers and Blow" denomination, and things like food, housing, and medical care will be paid for in something new, made up, and pegged to the prevailing hourly wage of a skilled tradesman. Let's call it "wiffle." Every unit of wiffle will have an expiration date. You can't save Wiffle, you have to spend it. And you can only spend it on basics.

Government contracts will be written up in such a way that a portion of the payment is in Dollars and a portion in Wiffle. Since Wiffle is only redeemable for basics, I will HAVE to go toward payroll. Instead of minimum wage and welfare, the government would issue X in wiffle for every hour worked with a special allotment for those taking care of small children in the home and/or for the retired, disabled, etc.
 
2013-01-10 02:50:48 PM  
i.imgur.com

/ Oblig
 
2013-01-10 02:51:11 PM  

jaybeezey: Weaver95: I'm flat out amazed just how well hidden this story has been.  if you try talking about bankers screwing us all over...it sounds vaguely conspiracy theory-ish.  But that's what they did/are still doing.

I wonder how much longer we can last?  how much longer before people realize just how f*cked we really are...?

Why else do you think that the gov't wants to get into the gun grabbing business? To make sure you can't do shiat about it when they decide to do it again.


Either put up or shut up. The system stop pretending to be fair in 2007, and I haven't seen a single financial tyrant get their "second amendment solution" in the passing years.
 
2013-01-10 03:01:55 PM  

Evil Twin Skippy: Every unit of wiffle will have an expiration date.


"Hey, lets take away the ability for poor people to save money. Then they'll never be able to accumulate any capital or climb out of poverty since they'll be forced to spend all their income on consumption."

"Brilliant!"

"We'll have to make sure we outlaw exchanging wiffle for dollars while we're at it, too."
 
2013-01-10 04:44:56 PM  

DrPainMD: the banks were being pressured by the regulators to make bad loans


*cough* BULLSHIAT *cough*

The banks weren't making bad loans because somebody twisted their arm. The banks were making bad loans because they were highly profitable, since bad loans earned higher interest rates.

When you have no intention of holding the mortgage yourself, but intend to pawn a bad loan off on some retirement fund as a AAA rated "investment" you don't care if the loan can possibly ever be paid off or not.

As a regional vice president for Chase Home Finance in southern Florida, Theckston shoveled money at home borrowers. In 2007, his team wrote $2 billion in mortgages, he says. Sometimes those were "no documentation" mortgages.

"On the application, you don't put down a job; you don't show income; you don't show assets," he said. "But you still got a nod."

"The bigwigs of the corporations knew this, but they figured we're going to make billions out of it, so who cares? The government is going to bail us out. And the problem loans will be out of here, maybe even overseas."

One memory particularly troubles Theckston. He says that some account executives earned a commission seven times higher from subprime loans, rather than prime mortgages. So they looked for less savvy borrowers - those with less education, without previous mortgage experience, or without fluent English - and nudged them toward subprime loans.


You don't pay your own people seven times more for subprime loans because you don't want to make them. You may be this stupid, but everyone else isn't.
 
2013-01-10 04:54:11 PM  
Here's another data point on those poor banks who never ever wanted to make those highly profitable bad loans, but had their arms twisted.

Eileen Foster, a former senior executive at Countrywide Financial, told CBS's "60 Minutes" Steve Kroft that mortgage fraud was a way of business.

"From what I saw, the types of things I saw, it was - it appeared systemic. It, it wasn't just one individual or two or three individuals, it was branches of individuals, it was regions of individuals," she told Kroft.

Foster, an ex-senior vice president at the mortgage lender tasked with monitoring and investigating possible fraud, said she found evidence of widespread mortgage fraud during an investigation in Boston.

"All of the - the recycle bins, whenever we looked through those they were full of, you know, signatures that had been cut off of one document and put onto another and then photocopied, you know, or faxed and then the - you know, the creation thrown - thrown in the recycle bin," she said.

What's more is she told "60 Minutes" that Countrywide employees had a financial incentive to make these risky loans.

"The loan officers received bonuses, commissions. They were compensated regardless of the quality of the loan. There's no incentive for quality. The incentive was to fund the loan. And that's - that's gonna drive that type of behavior."

In 2008, Bank of America agreed to acquire Countrywide for basically scrap change. Foster received a promotion at BofA.

Shortly after, the mortgage lender was being investigated for possible fraud and she was going to have to speak with government regulators. However, she was ousted by the company before she could answer regulators' questions.

The whistleblower recently received nearly $1 million in compensation for wrongful termination from BofA, "60 Minutes" reported.

You can tell they didn't really want to make risky loans by the way they paid their people bonuses when they made them.
 
2013-01-10 04:57:39 PM  
You are better off just going to Vegas.

Yeah. the stated odds are lower, but at least the games aren't rigged.
 
2013-01-10 05:15:46 PM  

LemSkroob: You are better off just going to Vegas.

Yeah. the stated odds are lower, but at least the games aren't rigged.


No, they still are; Vegas is just required to be more transparent about it.

Seriously, is there anyway short of violent uprising to make this stop? People are gaming the system so hard and using the very thing people seek as tools to acquire more, leaving the rest of us out for nothing (thinking Fallout here, the spoils of war are also its weapons). I swear to god the only things of any real value anymore are metals, textiles and food/water. When the economy collapses, I think I'd rather have iron bars, salt, seeds and a cistern of water along with a few bullets and some tools than money.
 
2013-01-10 08:31:09 PM  
This is what idiots who get their finance and economic education from Rolling Stone actually believe.
 
2013-01-10 10:07:26 PM  

ajgeek: LemSkroob: You are better off just going to Vegas.

Yeah. the stated odds are lower, but at least the games aren't rigged.

No, they still are; Vegas is just required to be more transparent about it.

Seriously, is there anyway short of violent uprising to make this stop? People are gaming the system so hard and using the very thing people seek as tools to acquire more, leaving the rest of us out for nothing (thinking Fallout here, the spoils of war are also its weapons). I swear to god the only things of any real value anymore are metals, textiles and food/water. When the economy collapses, I think I'd rather have iron bars, salt, seeds and a cistern of water along with a few bullets and some tools than money.


What you need is water....and good neighbors. With bad neighbors you'll find yourself cracking skulls and feasting on the delicious goo inside within a year.
Financiers are bad neighbors.
 
2013-01-10 11:10:26 PM  

Debeo Summa Credo: This is what idiots who get their finance and economic education from Rolling Stone actually believe.


We all know about you paid shills now, go away.
 
2013-01-11 01:27:10 AM  
Debeo Summa Credo

This is what idiots who get their finance and economic education from Rolling Stone actually believe.

O.K., fark RS. Take the medicine from the regulator that got 3000 scum (1000 of those felony convictions) locked up and bled out, cleaning up the S&L crisis:

William K. Black's testimony before the Financial Crisis Inquiry Commission: Link
 
2013-01-11 02:18:57 AM  

Crazy Lee: Debeo Summa Credo

This is what idiots who get their finance and economic education from Rolling Stone actually believe.

O.K., fark RS. Take the medicine from the regulator that got 3000 scum (1000 of those felony convictions) locked up and bled out, cleaning up the S&L crisis:

William K. Black's testimony before the Financial Crisis Inquiry Commission: Link


Check out his interview on Harry Shearer's Le Show. Truly disturbing. Eve Treaux (sp?) was also very educational/rage inducing.
 
2013-01-11 02:20:44 AM  

Weaver95: I'm flat out amazed just how well hidden this story has been.  if you try talking about bankers screwing us all over...it sounds vaguely conspiracy theory-ish.  But that's what they did/are still doing.

I wonder how much longer we can last?  how much longer before people realize just how f*cked we really are...?


Why the hell isn't this main page? Why don't we hear about any of this crap on the news? Not even on NPR, really. It's almost enough to make me start believing my father's crazy conspiracy ideas, just with fewer "ni**ers and queers" to blame.
 
2013-01-11 02:36:04 AM  
TopoGigo

Thanks for the tip. Want to see Dick Fuld of Lehman squirm, check out the FCIC Lehman panel (vid cspan) with Black sitting at the other end of the table.

Black's info on the purpose of Freddie/Fannie sucking subprime (not because they were forced to by merciless agents of the `takers') primarily in order to increase executive bonuses is something rarely reported on anywhere.link above lays it out clean (Black is much better with written testimony, than oral testimony - assumes some degree of understanding on the part of the listeners).

What is extremely disappointing is that, apparently, the 2008 Obama campaign asked Black to appear in a campaign ad. Following the election? Crickets, followed by Geithner and Summers... Had Obama brought Black into the picture, blood would have been flowing into the urinals up and down the Street.
 
2013-01-11 02:37:23 AM  
It's not nearly this bad today, but I can clearly see a us in the middle of a slow progression towards de facto slavery. An ingenious fusion of the mobile vulgus, coal miners, and tenant farmers. We produce 10 units of wealth. The Lord (corporation) collects it, and rather than letting us keep a meager tenth of what we produce, he rewards us with 1 unit of money. The beauty of this "money" is that we can use it to buy anything from anywhere; we aren't forced to use the company store. This is, of course, because the Lord or his fellow Lords and Barons own ALL the stores. They're all the company store, we just don't know it. We buy a modicum of food, shelter, and clothing, then spend the rest on "luxuries" like TVs, iPhones, computers, etc. to keep us entertained. We no longer have the Circus Maximus, but we damned sure have Snooki and American Idol and football. We even have a Keystone Cops version of political theater for those of us who want to better our lots in life. Sure, we just get distracted by gay marriage, gun bans, and war in Eastasia, but at least we can feel like we're participating. Meanwhile, all these entertainment devices perform multiple functions. They keep us entertained, keep us distracted, keep us pointing to those poorer than we are so we can point to theirentertainment devices as proof that they aren't poor, so we certainly aren't. After all, we make .01 units of money more per year than they do. If they're too poor to make it, maybe they shouldn't have bought those TVs. The Lords also reclaim our units of money through our purchase of the electronics, and advertise relentlessly so we can divest ourselves of even more units for other crap we don't need. We live in the laps of luxury! How fortunate we all are!

Crap. Am I really that out of practice? I used to be able to write a little better than this.
 
2013-01-11 02:57:40 AM  

Crazy Lee: TopoGigo

Thanks for the tip. Want to see Dick Fuld of Lehman squirm, check out the FCIC Lehman panel (vid cspan) with Black sitting at the other end of the table.

Black's info on the purpose of Freddie/Fannie sucking subprime (not because they were forced to by merciless agents of the `takers') primarily in order to increase executive bonuses is something rarely reported on anywhere.link above lays it out clean (Black is much better with written testimony, than oral testimony - assumes some degree of understanding on the part of the listeners).

What is extremely disappointing is that, apparently, the 2008 Obama campaign asked Black to appear in a campaign ad. Following the election? Crickets, followed by Geithner and Summers... Had Obama brought Black into the picture, blood would have been flowing into the urinals up and down the Street.


Damnit, I want blood. Jump you farkers, indeed. Obama was such a huge disappointment for me. I mean, I didn't even expect that much. I knew he was a Lyin' Cocksucker (in the words of Mojo Nixon) and I knew he was going to lie and steal his way through his term. I've pretty well given up hope of any politician rising to regional, much less national, office without being bought and paid for. (Maybe, just maybe, a special case like Warren isn't fully in anybody's pocket, but I'm not putting any chips down) I should have known when Joe "the credit card" Biden was picked as his running mate. I definitely should have known when he announced his cabinet nominees, especially Geithner. But still I hoped.
I had to vote for him, but I didn't have to hope. I honestly don't GAF who is in the White House, except for the thieves that come in the door with him. Both sides are bad, so vote the side who won't appoint frothing maniacs to the cabinet and courts. All I wanted, all I expected, is that a few token heads would roll. A few patsies would get 2 years in Club Fed. A slow on the growth of conglomeration. And maybe, just maybe, the serfs would get a pep talk and a measured amount of thruth about why we all got bilked out of our money.
Nope. Nothing. Bupkus.
I wanted a small step towards single-payer health care. I got an even bigger handjob to the inurance companies than Bush gave them.
I wanted a push for gay marriage from the White House. I got thrown a small bone (NTTAWWT) in the form of DADT.
I wanted real tax reform, even to the point where I might pay a little more at my low, low income level as long as the wealthy paid their fare share, and the super-rich paid slightly more than their fair share. I got...tax reform theater. Bad dinner theater at that, put on by actors from Mrs. Hatchetface's 3rd grade LD class.
I relearned a lesson that I thought I already knew. Put no hope in the administration. Continue voting for the party that will not set the country on fire over social issues. Continue voting for the party that only engages in class warfare with the power of government, not the party who adds in the Fox News AM radio assault to make my parents hate poor people for stealing from the job creators. (Nevermind that my father is a master electrician with his own contracting company, and my nearly-crippled mother works as a clerk at a hardware store for $1 above minimum wage after 8 years, and they barely scrape by. It's the goddamned poors' fault. Most of those poors are probably black illegal gay Mexicans, too.)
Damnit, it's enough to make me really want to move to Canada. If I could ever talk my wife into leaving her codependant relationship with her crazy hillbilly family, I think I would do it.
Damnit. Enough rant for now. If I type any more it will be with my forehead in quick pounding motions.
 
2013-01-11 02:59:02 AM  
Wall Street is basically just hackers, but with money instead of tech.

They have knowledge and understanding that most people don't, and use it to find and exploit "holes" in the system. They're way ahead of society and regulators, and they're not going away. They do what they do because they can, and often there isn't even a law for it yet. A lot of their activity is actually beneficial and necessary (providing liquidity), but a lot of it just amounts to plain theft (vulture capitalism).

I guess the big difference is that hackers don't lobby for government help.
 
Displayed 50 of 71 comments

First | « | 1 | 2 | » | Last | Show all

View Voting Results: Smartest and Funniest


This thread is archived, and closed to new comments.

Continue Farking
Submit a Link »
Advertisement
On Twitter





In Other Media


  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.

Report