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2008-11-13
, 05:16
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Posts: 3,428 |
Thanked: 2,856 times |
Joined on Jul 2008
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#182
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2008-11-13
, 08:50
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Moderator |
Posts: 7,109 |
Thanked: 8,820 times |
Joined on Oct 2007
@ Vancouver, BC, Canada
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#183
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I'd love an example... But... lots of regulation and gov't interference are clearly working in today's market. I'm still with the Libertarians here.
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2008-11-13
, 17:09
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Posts: 322 |
Thanked: 28 times |
Joined on Feb 2007
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#184
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If you Americans had kept proper oversight on your financial system, you wouldn't have let the greedy scammers eat out your whole system from within, like termites that eat the frame of a building from the inside; everything still looked fine on the outside, until, one day, the whole thing fell down... taking the whole global city with it.
(snip)
Look for parts of our society that are largely self-regulated.
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2008-11-13
, 17:28
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Moderator |
Posts: 7,109 |
Thanked: 8,820 times |
Joined on Oct 2007
@ Vancouver, BC, Canada
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#185
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Later, when I sit down with Eisman, the very first thing he wants to explain is the importance of the mezzanine C.D.O... “You have to understand this,” he says. “This was the engine of doom.” Then he draws a picture of several towers of debt. The first tower is made of the original subprime loans that had been piled together. At the top of this tower is the AAA tranche, just below it the AA tranche, and so on down to the riskiest, the BBB tranche—the bonds Eisman had shorted. But Wall Street had used these BBB tranches—the worst of the worst—to build yet another tower of bonds: a “particularly egregious” C.D.O. The reason they did this was that the rating agencies, presented with the pile of bonds backed by dubious loans, would pronounce most of them AAA. These bonds could then be sold to investors—pension funds, insurance companies—who were allowed to invest only in highly rated securities. “I cannot f*cking believe this is allowed—I must have said that a thousand times in the past two years,” Eisman says.
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2008-11-13
, 18:27
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Posts: 3,428 |
Thanked: 2,856 times |
Joined on Jul 2008
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#186
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and be able to buy them without a background check at a gun show? And what do you do with them ?
And I suppose that's the way gun owners like it.
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2008-11-13
, 18:31
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Posts: 322 |
Thanked: 28 times |
Joined on Feb 2007
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#187
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(spip) I'm terrified of the sharks in suits who know how to roll subprime mortgages into mezzanine CDOs, get the ratings companies to rate them AAA and then sell them to investors all over the world.
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2008-11-13
, 18:35
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Guest |
Posts: n/a |
Thanked: 0 times |
Joined on
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#188
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I've been thinking about it; if given the opportunity to make a quick buck doing something crooked, there's a lot of people out there who can justify it to themselves... I mean, who could put melamine into baby formula, just to make some more money? Who could trick poor people into buying a house that's way out of their league, with a mortgage that has credit-card interest rates after a short period of low interest rates?
I think these lowlifes are out there all the time, always looking to cheat and scam the system, and good regulation keeps them in check.
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2008-11-13
, 18:37
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Posts: 322 |
Thanked: 28 times |
Joined on Feb 2007
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#189
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2008-11-13
, 18:41
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Posts: 5,795 |
Thanked: 3,151 times |
Joined on Feb 2007
@ Agoura Hills Calif
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#190
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Keep in mind you've already acknowledged a problem with convicted criminals owning firearms, and policing even that as a restriction requires official oversight...
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