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Greed is no longer good on Wall Street

Discussion in 'Political Discussion' started by PatriotsReign, Oct 31, 2008.

  1. PatriotsReign

    PatriotsReign Rookie

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    Thank God for that!

    Amatuer and professional day traders will be retiring or changing professions by the thousands. The stock markets will eventually see much less dramatic day to day shifts 1-2 years from now and that's a good thing.

    So this period of stock market hedonism lasted 20+ years. And now the famous line from the film "Wall Street" will be looked upon with nostalgia years from now as we tell our grandchildren about the "bad 'ol days" and how we screwed the country up.

    "NEW YORK (CNNMoney.com) -- These are certainly strange times for Wall Street. Government regulation threatens to give the industry a massive overhaul and job losses continue to mount.

    Lehman Brothers seemed invulnerable just a year ago before vanishing virtually overnight last month. Merrill Lynch (MER, Fortune 500) leapt into bed with Bank of America (BAC, Fortune 500) in order to live another day.

    And two survivors of the turmoil -- Goldman Sachs (GS, Fortune 500) and Morgan Stanley (MS, Fortune 500) -- converted into bank holding companies last month in order to allay funding fears.

    That's right. These blue-blood investment banks are now relying on the pedestrian business of attracting deposits to raise cash."


    Betting on Goldman and Morgan's next move - Oct. 31, 2008
  2. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Yet the big time bonuses will continue, ostensibly for doing a good job and so the big houses will not loose "talent"... right after we give them $$$700,000,000,000.00
  3. PressCoverage

    PressCoverage Banned

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    Exactly right. But with all the pork they added, it was more like $840 billion. Amazing, isn't it? The Senate argued originally that $700 billion was far too much, but once they capitulate, they add another $140 billion in pork.

    Greed remains good, because the pump and dump of insider trading is now all but complete... Just wait 'til Citigroup -- the most corrupt bank of them all -- goes under and cries for a bailout. That's coming very soon.

    Yes, the illegal wealth transfer from unwitting stock-holders to executives is all perfectly fine in the eyes unbridled capitalists. But the mere INFERRED legal wealth transfer via slightly higher taxes from the very wealthy for the means of recovery? Well, that's outrageous!!!
  4. PatriotsReign

    PatriotsReign Rookie

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    If we bail out Citigroup, I'm loading my gun and heading for the woods to join the liberal revolution army to attack Washington.

    Now, if only I had a gun!

    Seriously, even RW and BF don't support bailing out Citigroup!
  5. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    I don't support bailing out anyone unless it's legitimately needed to save the overall economy like we were TOLD the $700B was.
  6. PatriotsReign

    PatriotsReign Rookie

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    I think at this point, it's like sticking your finger in a hole to plug the dam. There's too many holes and not enough fingers. Let's spend tax dollars more wisely. But you and I both know there'll be more bailouts with each one being touted as absolutely necessary with comments like "too big to let fail" bullsh1t.

    I still don't think we needed the $700 billion bailout. but who REALLY knows?
  7. PressCoverage

    PressCoverage Banned

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    I don't include myself in bailing out anyone, nor I suspect, do you. So we can delete the word 'we.'

    But Citigroup is about to fail... And it will cry for corporate socialism.
  8. PatriotsReign

    PatriotsReign Rookie

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    And sadly, they'll probably get it.:mad:

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