Global Recession, whos to blame this time?

Global Recession, Global financial crisis, whos to blame this time?

Latest victim: HKG:2700

The Freemasons.

maknz said:

The Freemasons.

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:cheesy: :clap:

YouTube - Freemasons ft Katherine Ellis - When You Touch Me (Official)

???

Personally, I blame irresponsible borrowing.

fed

US banks demonstrating a disturbing marriage of insatiable greed coupled with a total lack of brains, competence, and risk awareness.

That alone would not have proven to be as disastrous as the fallout we are witnessing globally though.

What is missing is the environment.

Namley a complete, utter and total lack of regulation thanks to the US congress that had been coerced and bribed by bank lobby-groups to remove any regulatory oversight of banks activities in the severly moronic notion that risk and reward are no longer correlated thanks to whiz kids and their newest gizmos who have it all figured out, and the equally imbecilic notion that markets can take care of themselves.

You don't have to be Einstein to figure out that mass-ramming cheap credits down the throats of people who cannot afford them, and later repackaging, selling and trading with these toxic timebombs (the latter part being sthg banks all over the world participated in), is not a business model with a long half-life: it's simple common sense that such a snowball system carries the seeds of it's own eventual blow-up.

What is really amazing though is that this gigantic mess that has heralded the End of Wall Street and could yet lead to a total meltdown could actually occur a mere 20 years after the US had to rescue it's Savings and Loans banks in a pretty similar crisis driven by the exact same lack of regulation and ensuing short term greed coupled with mind boggling incompetence and total lack of risk awareness:

"The meltdown in the mortgage market and its impact on the credit markets may have some historical precedent: the collapse of the savings and loan industry and its subsequent government bailout in the late 1980s and early 1990s was also a major lending debacle.

The collapse of the S&L industry was the result of flawed deregulation, poor regulation and reckless lending practices, which in some cases, included balance sheet fraud. Political inaction once the severity of the problem was evident didn't help, either.

As part of the bailout, Congress passed legislation creating the Resolution Trust Corporation to liquidate real estate and other assets of failed S&Ls through equity partnerships. Its mission complete, the RTC was dissolved in 1995.

Though the RTC was extremely successful, the federal S&L bailout cost taxpayers an estimated $150 billion. Now some 20 years later, there’s talk of another, similar bailout."
Mortgage Mess Of Today Rivals S&L Crisis of '80s? CNBC.com

That article is from 2007, but still spot on in it's analysis of what led to the S&L crisis in the 80's, and the gargantic mess the same problems have led us to this time around.

BSD said:

US banks demonstrating a disturbing marriage of insatiable greed coupled with a total lack of brains.

That alone would not have proven to be as disastrous as the fallout we are witnessing globally though.

What is missing is the environment.

Namley a complete, utter and total lack of regulation thanks to the US congress that had been coerced and bribed by bank lobbygroups to remove any regulatory oversight of banks activities in the severly moronic notion that risk and reward are no longer correlated thanks to whiz kids and their newest gizmos who have it all figured out, and the equally imbecilic notion that markets can take care of themselves.

You don't have to be Einstein to figure out that mass-ramming cheap credits down the throats of people who cannot afford them, and later repackaging, selling and trading with these toxic timebombs (the latter part being sthg banks all over the world participated in), is not a business model with a long half-life: it's simple common sense that such a snowball system carries the seeds of it's own eventual blow-up.

What is really amazing though is that this gigantic mess that has heralded the end of Wall Street and could yet lead toa total meltdown could actually occur a mere 20 years after the US had to rescue it's Savings and Loans banks in a pretty similar crisis driven by the exact same lack of regulation and ensuing short term greed coupled with mind boggling incompetence and total lack of risk awareness:

"The meltdown in the mortgage market and its impact on the credit markets may have some historical precedent: the collapse of the savings and loan industry and its subsequent government bailout in the late 1980s and early 1990s was also a major lending debacle.

The collapse of the S&L industry was the result of flawed deregulation, poor regulation and reckless lending practices, which in some cases, included balance sheet fraud. Political inaction once the severity of the problem was evident didn't help, either.

As part of the bailout, Congress passed legislation creating the Resolution Trust Corporation to liquidate real estate and other assets of failed S&Ls through equity partnerships. Its mission complete, the RTC was dissolved in 1995.

Though the RTC was extremely successful, the federal S&L bailout cost taxpayers an estimated $150 billion. Now some 20 years later, there’s talk of another, similar bailout."
Mortgage Mess Of Today Rivals S&L Crisis of '80s? - Real Estate * US * News * Story - CNBC.com

That article is from 2007, but still spot on in it's analysis of what led to the S&L crisis in the 80's, and the gargantic mess the same problems have led us to this time around.

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It's from over-regulation by inexperienced goverment bodies. The failure happened from trying to manage/regulate a failing product.

Nobody was regulating anything, which is why...

A: US banks could get away with mass-ramming cheap credits down the throats of people who could not afford them...

B: not be brought to account over that...

and

C: repackage, sell, and trade around with these toxic derivative time bombs.

Let me tell you about America.

America is the last place free men roam.

Once this country falls to globalism and goverment control, you'll be left with nothing.

BSD said:

Nobody was regulating anything, which is why...

A: US banks could get away with mass-ramming cheap credits down the throats of people who could not afford them...

B: not be brought to account over that...

and

C: repackage, sell, and trade around with these toxic derivative time bombs.

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Ever heard of the forth reich? Where do you think most intelligent germans went?

The USA is a continuation of Germany.

BSD, get a clue.

Depth Trade said:

Let me tell you about America.

America is the last place free men roam.

Once this country falls to globalism and goverment control, you'll be left with nothing.

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Mate, I like America, but as far as markets go, I am all for balance, with just the right mixture of freedom and regulation.

Not black and white, in other words, but a nice blend of the best both have to offer.

Depth Trade said:

The USA is a continuation of Germany.

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That is indeed true.

BSD said:

Mate, I like America, but free ?

Compared to most places here it really is a police state.

Starts when you arrive at airports, continues when you drive a car just one mph too fast, walk over a red light when there is no car in sight anywhere, etc.

Or the way regular demonstrators get handled over there is not my understanding of a democracy either.

RE markets, I am all for balance, with just the right mixture of freedom and regulation.

Not black and white, in other words, but a nice blend of the best both have to offer.

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WTF are you talking about?

I can walk down the street with a gun strapped to my leg.

IF a police officer is harrasing me, I can ask "officer either write me a citation/ ticket, arrest me or get the fck out of here, because your starting to harrass me" then walk away a free man.

Can you do that in Germany?

Depth Trade said:

WTF are you talking about?

I can walk down the street with a gun strapped to my leg.

IF a police officer is harrasing me, I can ask "officer either write me a citation/ ticket, arrest me or get the fck out of here, because your starting to harrass me" then walk away a free man.

Can you do that in Germany?

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BSD, maybe you just don't know what freedom from another man truly is.

I actually changed that because there is too much good and bad on both sides of the Atlantic to go fingerpointing.

Depth Trade said:

WTF are you talking about?

I can walk down the street with a gun strapped to my leg.

IF a police officer is harrasing me, I can ask "officer either write me a citation/ ticket, arrest me or get the fck out of here, because your starting to harrass me" then walk away a free man.

Can you do that in Germany?

Click to expand...

But lemme tell ya, you should go tell that to the LAPD, doesn't seem they are even remotely aware of that.

YouTube - LAPD May Day brutality details emerge

And the brutality is even targeted at members of the press.

BSD said:

I actually changed that because there is too much good and bad on both sides of the Atlantic to go fingerpointing.



But lemme tell ya, you should go tell that to the LAPD, doesn't seem they are even remotely aware of that.

YouTube - LAPD May Day brutality details emerge

And the brutality is even targeted at members of the press.

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Not to beat a dead horse, but..

I guess if all protesters were Armed, we wouldn't have any problems protesting against the administration.
The invasion of the middle east would not have happened.

Depth Trade said:

Not to beat a dead horse, but..

I guess if all protesters were Armed, we wouldn't have any problems protesting against the administration.
The invasion of the middle east would not have happened.

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What we really need is 100k people in Washington DC screaming FCK no!

WE won't let this happen to inocent people !!
Over my dead body!

Depth Trade said:

Not to beat a dead horse, but..

I guess if all protesters were Armed, we wouldn't have any problems protesting against the administration.

The invasion of the middle east would not have happened.

Click to expand...

Depth Trade said:

What we really need is 100k people in Washington DC screaming FCK no!

WE won't let this happen to inocent people !!
Over my dead body!

Click to expand...

Well, now we're talking.