| User Info
| "They Should Have Seen It Coming" in forum [Market-Ticker]
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Gillianx
Posts: 65
Incept: 2010-01-07
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Gen in answer to your question I'd answer its going to be the latter.
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Stanowen
Posts: 160
Incept: 2008-10-02
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"No one could have seen it coming" is no longer an excuse.
If you couldn't see it coming then you're obviously overpaid, grossly unqualified, and too incompetent to hold public office.
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Smacktle
Posts: 1361
Incept: 2009-01-20
Texas
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I'm afraid that harsher justice is on the horizon.
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The faults of the burglar are the qualities of the financier.
- George Bernard Shaw
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Anti
Posts: 4292
Incept: 2007-10-09
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That guy thinks a financial transaction tax would have covered the mess?
Maybe it would have covered the few hundred billion Greece is short now, but the ongoing deficits, the other countries in trouble? That would be quite a large tax, say 10% of Euro GDP. It would have to at least cover their deficits and then some. It would be so huge as to choke off commerce and the reason he wanted a tax like that is because the private sector wouldn't notice it was being haircut, IMO. To be effective it would be too large to be unnoticeable.
These programs, nowadays it just looks to me like they are there to tell people what to think.
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Andyc
Posts: 333
Incept: 2010-10-24
Banned
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The "whocouldaknowed" excuse has gotten very old, every blog I read, including this one, has been talking about the impending collapse of Euro debt for the last 3 years and the pieces have been falling into place like clockwork the whole way through.
How an outfit like MFG could go long Euro debt at leverage is beyond me, either they were trying to prop that debt up or it was all moral hazard trading.
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Bertdilbert
Posts: 2658
Incept: 2008-12-22
CA
Online
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Quote:The "OWS" folks understand they got ripped off. They don't understand the how, but they sure get the "what" and "who." All communities are made up of renters and "home owners". This can pretty much be restated as landlords and bankers to show the other side. What is the difference? Most landlords are local. Rent profits they earn are spent locally. Under normal conditions, only a certain percentage of the population will qualify to buy a house. X% of incomes of the community will go to banks and X% will go to landlords. When banks raised DTI levles to qualify for loans, it did two things. It increased the number of houses via new demand and of course the new "home owners" moved from rentals. This depressed demand for rentals and lowered rental income. Remember the rental income is spent locally. The house payments were bundled up and sold to investors world wide.... What you have left over is homeowners with high DTI payments shipped out of the community and landlords taking in lower rents due to the housing glut. It is not hard to figure out why there is less to circulate in local communities and provide the level of jobs that should be there. The bankers did their damage and left the scene of the crime.
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Dear Euroland: Relax, Germany has a plan for your money!
Political Capital Defined: We are out of money but will tax our citizens for whatever it takes to "SAVE" the Euro.
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Mannfm11
Posts: 3539
Incept: 2009-02-28
DFW, Tx
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we need to go 5 bosses up the chain and throw them all in jail. We might get to Lucifer.
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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith
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Bhami
Posts: 17
Incept: 2009-03-12
Salt Lake City, UT
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Minor but annoying technical issue with this embedded video which I've never seen before: the video starts playing immediately whenever I reload a page containing it, instead of requiring my explicit mouse click on a "play" button. My browser (Firefox 8.0, Windows 7 (x64)) has not changed in weeks.
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Genesis
Posts: 130717
Incept: 2007-06-26
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It's a Bloomberg thing and out of my control....
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Icanhasbailout
Posts: 9939
Incept: 2009-03-10
Imaginationland
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I saw it coming, as a person originally totally uninterested in finance they pretty much whacked me over the head with how unsustainable the housing bubble was. I spotted it in 2005, with zero financial education to guide me, using nothing more than basic math skills and the nagging intuition that the numbers didn't add up.
For someone actually a professional in the business, what's the excuse for not having picked up on the problems?
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Ct-hilltopper
Posts: 58
Incept: 2010-11-04
Connecticut
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***I saw it coming, as a person originally totally uninterested in finance they pretty much whacked me over the head with how unsustainable the housing bubble was. I spotted it in 2005, with zero financial education to guide me, using nothing more than basic math skills and the nagging intuition that the numbers didn't add up.
For someone actually a professional in the business, what's the excuse for not having picked up on the problems?***
Same here.
I am not in the financial world and it held no interest for me, until I started running the numbers and saw that nothing added up. I tried to tell others, and they told me I was delusional. I moved my money into cash, so when the market nose dived, I lost very little. Others lost tens of thousands of dollars.
You would think they would learn, but when I tell them about the ****storm i see coming, they still call me delusional.
Whatever.
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I have certain rules I live by. My first rule: I don't believe anything the government tells me.
I don't have pet peeves, I have major psychotic f-ing hatreds! And it makes the world a lot easier to sort out.
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Steelhead23
Posts: 2041
Incept: 2008-09-09
Portland OR
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Let's step back a second here. About 2 years ago it became public knowledge that Greece had engaged in some shady currency swaps in order to make its books look better so it could join the EU. Who knew? And let's not forget, money was cheap. There's the rub. Money was cheap. Borrowing money at 3-4% while the economy was growing faster (or appeared to be) seemed like a good deal. This is not unlike the family wanting a real vacation and taking out a home equity loan. Is it OK for me to think the lenders were the real idiots here. As Ican... stated above, many of us were uninterested in finance before it threatened to blow up. But banksters and institutional investors are PAID to understand finance. It is interesting to me that there is such a myriad answers to the question of why this financial collapse occurred. I think that both Yves Smith's view that the primary cause of the calamity was gaming company compensation formulae by employees and Karl's view that money, or risk, were underpriced are correct. I also happen to believe that there was a crazy level of groupthink going on - after all, if GS is buying Greek debt, it MUST be a good deal. But I will always and forever place a higher level of responsibility on the banksters themselves. They had the tools (they know how to operate and 11C, RPM calculator) and they reaped those huge salaries. Yeah, global governments were (are) stupid, but we should not blame victims for the crimes that were committed against them, even if they were dumb.
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"Give me control of a nation's money and I care not who makes it's laws" —Mayer Amschel Bauer Rothschild Benjamin Bernanke
For-profit commercial banks are a menace and should be eradicated
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Marcustullius
Posts: 200
Incept: 2010-06-12
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Icanhasbailout wrote..
For someone actually a professional in the business, what's the excuse for not having picked up on the problems?
You might be surprised by what people will overlook or ignore, when it furthers "the salary continuation plan". Tully
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"It does not require a majority to prevail, but rather an irate, tireless minority keen to set brush fires in people's minds." (Samuel Adams)
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Lenguado
Posts: 1272
Incept: 2010-01-12
Orlando, FL
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Gen, Quote:Are you going to sit for this or start demanding indictments, prosecutions and imprisonment lest the situation degenerate into one where the mathematics destroy sustainability of basic civil infrastructure and order? MATH SCHMATH.... Haven't you seen?!?!?! The NBA season is back on!!!! Rally on Garth! 
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I just realized... they aren't saying, "Keynesian Economics" they're saying "Kenyansian Economics". Grass Huts for everyone!  Welcome to history’s first Double Dip Depression |
Goldbrick
Posts: 2946
Incept: 2008-01-23
Indiana
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"Sniper Elite" comes to mind after reading this Ticker....
...it's a video game set in the closing days of WW2 Berlin. The entire city is a shambles -- sniper alleys, wild dogs, feral humans, bombs and bullets; survival of the fittest is the law of the land.
Welcome to OUR large cities in about a year, IMHO.
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"The higher I go, the crookeder it gets."
--Michael Corleone
"Instead of cursing the darkness, light a CONgressman."
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