Derivatives CBS NEWS Steve Krofts pieces [a note up with links]
CBS NEWS 60 Minutes Steve Kroft's excellent homework for TV journalism, provides a birds eye summary in two accounts of recent Wall Street events: especially the causes of the mortgage crisis produced by a latter days variation of the Bering Brothers derivatives investments -- this time in re-packaged mortgages sweetened by algorithmic seduction to repackage risk quotients 'objectively'? Again, the dog by the tail --- and blame it on the 'juniors' or the swilles of something else'?
The observing co-liable seniors ARE supposed to know!!!
Derivatives story
"The Bet That Blew Up Wall Street"
CBS News 60 Minutes
The observing co-liable seniors ARE supposed to know!!!
Derivatives story
"The Bet That Blew Up Wall Street"
CBS News 60 Minutes
posted by scotty of course at 4:30 PM
2 Comments:
Hey Scotty,
So, why should all of humanity be forced to suffer and struggle any longer, now that the entire global financial system has been exposed as a mind-boggling deception, within many other deceptions? No one in their right mind would continue to be enslaved by a proven deception, which is also proven to be undeniable slavery-by-proxy !!!
The derivatives scams alone have grown to more than 20 times the entire global GDP (at last counting) and are now failing because the scam/pyramid scheme broke and exposed the deception for all to see. A significant portion of global wealth and power was created and propped-up using these and other now-proven smoke and mirrors and house of cards illusions and delusions.
These deceptions have grown many times larger than the rest of the entire world economy. Consequently, there is no way that all of the world's governments combined, who themselves borrow so-called "money" from other central-bank smoke and mirror deceptions, can solve this debacle, by using more smoke and mirrors money scams. The only solutions they are offering will take centuries to repay, if ever.
Here is Wisdom...
Not all would agree with the analysis you present -- it is basically anti-capitalist, and anti-modern. All pragmatic capitalist systems have 'socialist' elements, and generally flow more to a conscientious focus on a whole societal economic well-being. They have no moral justification, otherwise, and would revert to a jugular laissez-faire oligarchy status.
The 'waste' from a boom implicit in your comment is the inherent 'speculative' expansion of any economy which provides for all ... and is likened in our societies to 'leavening'.
It has its pitfalls and its cures.
Our post WWII goal is relieving the trench/trough alternative ... its prevention will be debated -- the relaxations in our securities laws/codes regarding forms of abused derivatives is the chief culprit here.
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