Wall Street: Can I say I had a seizure?
As if money is a static resource. Like oil or gas. One only has to “grab” it before someone else “grabs” it? No wonder the “Tea Party” is so popular!.
The strip is a reference to the fact that a few days ago, the Commerce Secretary plowed into two different vehicles on the same stretch of road.
There’s reason to believe that he had a seizure during the second collision, but witness accounts had him as being relatively coherent during the first and so it’s being investigated as a felony hit-and-run.
The real problem was not the housing bill but the fact that the banks stopped having any interest in the mortgages they were writing because they knew they were just going to bundle them up in SDOs and sell them – and then in many cases bet against them.
I was talking to my Republican stock broker and I said that the credit default swaps magnified the problem 10x and he replied “more like 100”. So the actual mortgages were very little of the problem.
Then you have Magnitar, JP Morgan and Goldman actually rigging them to explode so that they could bet against them.
They gambled away the money and we have to bail them out. Where is this in any way right?? They take the profits but the want socialized debts. I wish WE could have the gains and have them pay for the losses.
The Secretary likely had a TIA, Transient Eschemic Attack. Thanks to regulation and law changes by Republicans, Wall street’s TIA, was Take It Away ( as in the people’s money!)
“Except Frank-Dodd hasn’t been implemented yet " What planet were you on during the run up to the 2008 Mortgage Melt Down? These boys and Bush gave the ‘green light’ to Banks to be fraudulent for a decade.
Yes, and having a seizure in most cases means an immediate suspension of one’s driver’s license for a substantial period of time. At this point, we have every right and good cause to revoke every freely=operating privilege those institutions ever dreamed of possessing.
April 12, 2017