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The Big Takeover

Discussion in 'Political Discussion' started by Holy Diver, Mar 25, 2009.

  1. Holy Diver

    Holy Diver Pro Bowl Player

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    #80 Jersey

    The Big Takeover : Rolling Stone

    The global economic crisis isn't about money - it's about power. How Wall Street insiders are using the bailout to stage a revolution
    MATT TAIBBI

    It's over β€” we're officially, royally ****ed. no empire can survive being rendered a permanent laughingstock, which is what happened as of a few weeks ago, when the buffoons who have been running things in this country finally went one step too far. It happened when Treasury Secretary Timothy Geithner was forced to admit that he was once again going to have to stuff billions of taxpayer dollars into a dying insurance giant called AIG, itself a profound symbol of our national decline β€” a corporation that got rich insuring the concrete and steel of American industry in the country's heyday, only to destroy itself chasing phantom fortunes at the Wall Street card tables, like a dissolute nobleman gambling away the family estate in the waning days of the British Empire.
     
  2. tanked_as_usual

    tanked_as_usual Banned

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    you should be happy.........

    the US government is now subsidizing private business just like zee liberal euros........

    you should be dancing in the streets
     
  3. Holy Diver

    Holy Diver Pro Bowl Player

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    #80 Jersey

    TARP plan signed by George W. Bush

    I think he lives in texas, you can write him a letter and thank him....thank McCain, Thank Obama....they all did this...

    liberals?


    yeah....TONS of Liberal bank owners, TONS of Libs on Wall Street....TONS of Liberals who own the big 5 media outlets.....
     
  4. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Liberals and RINO's you do realize that Wall St gave far more to obama than the pubbies?

    Do you thinkthis is an accident. Ex Goldman Sachs bigwig is Corzine dem gov of NJ....
     
  5. Real World

    Real World Moderator Staff Member

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    Bingo. This is an epic fail by both parties. Leadership my arse! Bush held hands with Pelosi and Reid on the first bailout, which hardly points a finger at any one party. Johnny McLame, the republican nominee, flew to DC in a campaign stunt, and then voted yes. I've been trying to figure out what all this debt is going to mean long term. There will be serious ramification for carrying a trillion dollar debt each year. At any rate, this bailout BS will come down to individual votes. If you've been voting YES for bailouts, then you better work on your resume. If you voted NO, happy reelection.
     
  6. Holy Diver

    Holy Diver Pro Bowl Player

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    best paragraph....

    The best way to understand the financial crisis is to understand the meltdown at AIG. AIG is what happens when short, bald managers of otherwise boring financial bureaucracies start seeing Brad Pitt in the mirror. This is a company that built a giant fortune across more than a century by betting on safety-conscious policyholders β€” people who wear seat belts and build houses on high ground β€” and then blew it all in a year or two by turning their entire balance sheet over to a guy who acted like making huge bets with other people's money would make his dick bigger.

    That guy β€” the Patient Zero of the global economic meltdown β€” was one Joseph Cassano, the head of a tiny, 400-person unit within the company called AIG Financial Products, or AIGFP

    http://i.dailymail.co.uk/i/pix/2008/09/21/article-0-02B4D38E00000578-105_233x695.jpg
     
    Last edited: Mar 25, 2009
  7. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Well said. This is a disgrace, and the excuse the dems have been looking for to put their socialist agenda in place. What it means for America? It will wreck the country and impoverish it if not reversed. I don't have much hope of that.
     
  8. Holy Diver

    Holy Diver Pro Bowl Player

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    II. THE REGULATORS

    Cassano's outrageous gamble wouldn't have been possible had he not had the good fortune to take over AIGFP just as Sen. Phil Gramm β€” a grinning, laissez-faire ideologue from Texas β€” had finished engineering the most dramatic deregulation of the financial industry since Emperor Hien Tsung invented paper money in 806 A.D. For years, Washington had kept a watchful eye on the nation's banks. Ever since the Great Depression, commercial banks β€” those that kept money on deposit for individuals and businesses β€” had not been allowed to double as investment banks, which raise money by issuing and selling securities. The Glass-Steagall Act, passed during the Depression, also prevented banks of any kind from getting into the insurance business.

    But in the late Nineties, a few years before Cassano took over AIGFP, all that changed. The Democrats, tired of getting slaughtered in the fundraising arena by Republicans, decided to throw off their old reliance on unions and interest groups and become more "business-friendly." Wall Street responded by flooding Washington with money, buying allies in both parties. In the 10-year period beginning in 1998, financial companies spent $1.7 billion on federal campaign contributions and another $3.4 billion on lobbyists. They quickly got what they paid for. In 1999, Gramm co-sponsored a bill that repealed key aspects of the Glass-Steagall Act, smoothing the way for the creation of financial megafirms like Citigroup. The move did away with the built-in protections afforded by smaller banks. In the old days, a local banker knew the people whose loans were on his balance sheet: He wasn't going to give a million-dollar mortgage to a homeless meth addict, since he would have to keep that loan on his books. But a giant merged bank might write that loan and then sell it off to some fool in China, and who cared?

    The very next year, Gramm compounded the problem by writing a sweeping new law called the Commodity Futures Modernization Act that made it impossible to regulate credit swaps as either gambling or securities. Commercial banks β€” which, thanks to Gramm, were now competing directly with investment banks for customers β€” were driven to buy credit swaps to loosen capital in search of higher yields. "By ruling that credit-default swaps were not gaming and not a security, the way was cleared for the growth of the market," said Eric Dinallo, head of the New York State Insurance Department.
     
  9. Leave No Doubt

    Leave No Doubt PatsFans.com Supporter PatsFans.com Supporter

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    I posted this article in the AIG sues thread and another one along similar lines: Michael Hudson: The Real AIG Conspiracy

    And I couldn't agree more.
     

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