10 things we learned from the '08 crash
Among the hard lessons: Bankers and regulators can make awful mistakes. Consumers must stay on their toes. Home prices can fall. What looks safe often isn't. And greed is a powerful drug.
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The authors of this article are a bunch of retards or just plain liars! They claim 'Bankers are gamblers-and bad ones at that'
How are the Bankers gambling? They don't lose. When the market crashed, the tax payers paid the banks for all the toxic debt. Did the people living in the houses get to keep the house? No. The bank got paid, kept the house, foreclosed on the family and through them out on the street, took the house and sold it...AGAIN!!! So the bank got paid twice! Explain to me how they are gambling? The way I see it, the banks came out way ahead.
Do you know who lost? The American people, and that poor family that lost their house.
No. 2: The global financial system is too complex.
With regards to this, it is intentional. The rich make sure everything is complex, this way only they have access to understanding it. They are the only ones who can hire the lawyers and pay the fees required to navigate the system.
The complexity is how the rich shut the rest of us out.
IT IS NOT AN ACCIDENT!!!!!
IT HAS NOT CHANGED!!!!!
IT IS NOT GOING TO CHANGE!!!!!!!!!!!!!!!!!!!!!!!
No. 4: Regulators work for the regulated -- and so do rating agencies.
FINALLY! The media said something that is true.
You can't trust anything the rating agencies say...ever.
Hmmm, gamed by who?
Who owns the media?
Who owns and controls the federal reserve?
Who owns the banks?
Gee, I wonder who is gaming the system?
The rich keep getting richer, while the rest of us eek out a living as wage slaves.
Some people are poor credit risks ? Some banks will take advantage of people ? Some people will lie on their applications ? Some banks won't verify information ? Some people are not responsible enough to own a house ? Some banks are not responsible enough to be in business ? Greed. Pure and simple from both sides of the equation.
They forgot to mention one important thing we learned, but by not listing it, it shows we learned nothing at all:
Your $150,000 house is only worth $150,000, not the $400,000 it was "valued" at. That was the leading cause of the "Housing Market Bubble" bursting: Houses were being bought at 2-5 times their actual worth. The drastically inflated "value" is why so many current home owners are still in trouble.
The greed of the sellers made the financial crash worse. It fueled the greed of the bankers and investors.
What we need to learn is greed is the real crime here. Greed ruins everything at some point. The noblest idea can be destroyed by the simplest act of greed. But for the greed on all levels, we would not have had a Financial Crisis at all.
When Clinton was President, he indeed did sign the Bill that repealed Glass Steagall. What isn't being stated by some, it was passed by House and Senate via a VETO Proof majority vote. What isn't being stated, both houses at the time, had a Republican Majority. The Repeal of Glass Steagall allowed the Financial Crisis to occur. No appeal, no housing based financial Crisis.
Big Banks aren't controlled by Government. They weren't controlled then and they certainly aren't controlled by Government now. What we see now is shush money changing hands. Government and Big Banks know the Public is out for Blood so they have to do something to quite the Natives. This won't works so well when the Fiat Based Funny Money System really falls apart. There will literally be Riots in the streets. We have a failed two party system with no Third Party solution. Our Government is Bought and Paid for by Big Corporations. Now that's the Real Deal.
The government always screws up everything they touch.
Number two lesson.
People are stupid.
6 out of the 7 top Global Companies by revenue are Big Energy Companies. 8 out 11 of the top Global Companies by revenue are Big Energy Companies. 12 out 20 top Global Companies by revenue are Big Energy Companies. In the top 10, 3 companies are from China. The top three in order, Royal Dutch Shell, Wal-mart, and Exxon Mobil.
Meanwhile, Big Corporations have learned that can spit all day on workers, and the workers will just sit there and take it. No stones at all. That's another lesson, current workers kids will pay the dear price for, a very long time to come. They didn't fight for you and your future. They have left you a broken/broke Global Economy and a Polluted Planet. Thanks for nothing.
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[BRIEFING.COM] S&P futures vs fair value: -1.30. Nasdaq futures vs fair value: -2.50. U.S. equity futures hover near their pre-market lows amid cautious action overseas. The S&P 500 futures trade one point below fair value.
Reviewing overnight developments:
- Asian markets ended on a mixed note. Japan's Nikkei +1.1%, China's Shanghai Composite -0.3%, and Hong Kong's Hang Seng -1.0%.
- In economic data:
- China's HSBC Manufacturing PMI ticked up ... More
- In economic data:
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