Global Economy Bursting?

[Randolph Kinney]

Mohamed A. El-Erian: Listen to the Occupy Wall Street Movement

http://www.huffingtonpost.com/mohamed-a-elerian/occupy-wall-street-_b_1004222.html

The conclusion about OWS is likely to be proven wrong as it ignores a powerful reality: A peaceful drive for greater social justice can unify people from diverse cultural backgrounds, political affiliations, religions, and social classes.

In the US, it is about a system that privatized massive gains and then socialized huge losses; allowed bailed-out banks to resume past behavior with seemingly little regulatory and legal consequences; and is paralyzed when it comes to alleviating the suffering of victims, including millions of unemployed (too many of whom are becoming long-term unemployed, slipping into poverty, and losing access to safety nets). The result is a visible and growing gap between the haves and the have-nots in today's America.

The desire for greater social justice is a natural consequence of a system shown to be blatantly unfair in its operation and, to make things worse, incapable of subsequently holding accountable people and institutions.

 

[Riick]

Obama is on record saying the bankers did not break any laws.:new_all_coholic:

No, of course not,
That they merely sold out their shareholders by making loans to people who not afford them,
or, later, had their agents (at their direction - I believe) "robo-sign" documents attesting to
ownership of mortgages, etc., etc., and other very very minor matters of conduct.

Certainly no worse than forgetting your homework, or maybe cutting a class.
Not criminal in any sense.

And, certainly Obama would know if they did something very wrong, after all he's an attorney - though "voluntarily retired".

Please correct me if I err.

/

 

[Riick]

If Only Things Were That Good

NY Times:
The Depression: If Only Things Were That Good
The worst thing about the current slump is that it combines clear short-term problems
— from the financial crisis — with less clear, but, long-term problems.

LINK


.

 

[Workbox]

We Had Short Covering in 2008 Too... It Didn't Stop the Collapse Then...

"The powers that be have lost control"....

http://www.zerohedge.com/contribute...the+survival+rate+for+everyone+drops+to+zero)

 

[Workbox]

Most Supertankers Idled Since ‘80s Won’t Buoy Charter Rates: Freight

You want to know how demand really is globally? Just ask yourself how busy is transportation?

They are barely breaking even.
They have too cut costs.
Low demand for commodities.
Some fleets are loosing money.

http://www.bloomberg.com/news/2011-...s-still-won-t-buoy-charter-rates-freight.html

 

[Caterina Platt]

No, of course not,
That they merely sold out their shareholders by making loans to people who not afford them,
or, later, had their agents (at their direction - I believe) "robo-sign" documents attesting to
ownership of mortgages, etc., etc., and other very very minor matters of conduct.

Certainly no worse than forgetting your homework, or maybe cutting a class.
Not criminal in any sense.

And, certainly Obama would know if they did something very wrong, after all he's an attorney - though "voluntarily retired".

Please correct me if I err.

/

Why, Riick, I would agree. If you doubt them, simply check with his Department of Justice. You'll surely see then that everything is above board.




(tongue firmly in cheek)

 

[Caterina Platt]

Mohamed A. El-Erian: Listen to the Occupy Wall Street Movement

http://www.huffingtonpost.com/mohamed-a-elerian/occupy-wall-street-_b_1004222.html

The conclusion about OWS is likely to be proven wrong as it ignores a powerful reality: A peaceful drive for greater social justice can unify people from diverse cultural backgrounds, political affiliations, religions, and social classes.

In the US, it is about a system that privatized massive gains and then socialized huge losses; allowed bailed-out banks to resume past behavior with seemingly little regulatory and legal consequences; and is paralyzed when it comes to alleviating the suffering of victims, including millions of unemployed (too many of whom are becoming long-term unemployed, slipping into poverty, and losing access to safety nets). The result is a visible and growing gap between the haves and the have-nots in today's America.

The desire for greater social justice is a natural consequence of a system shown to be blatantly unfair in its operation and, to make things worse, incapable of subsequently holding accountable people and institutions.

Randolph, I would agree with this wholeheartedly except for one term.

Personally, I don't want to see 'social justice' in the sense that the liberals have cried for over the past 5 or 10 decades. It always seems to involve some level of socialist/marxist doctrine in order to get there.

Justice, however. Justice is something that is terribly lacking in this current crisis. You have to wonder, though. Would the American political and financial system be able to handle the illumination of all the corruption?

 

[Terrel L. Shields]

about a system that privatized massive gains and then socialized huge losses

very aptly put... "Free Enterprise" died sometime in the late 19th century...From "big" bankers like J. Pierpoint Morgan to Jamie Dimon, the tail has wagged the dog for well over a century. Government has made a bargain with the devil in desperation to quell the unrest of unhappy recipients of those socialized losses. They are hunting to find a bone to throw us. Time is short.

Yes, this is Depression 2.0, nothing short of it. We need leaders that will stop pretending it isn't. Pull all our troops home, arm the Israelis and let the Arabs fight it out among themselves. In the end, they are going to no more be democrats than was Stalin.

 

[Couch Potato]

No, of course not,
That they merely sold out their shareholders by making loans to people who not afford them,
or, later, had their agents (at their direction - I believe) "robo-sign" documents attesting to
ownership of mortgages, etc., etc., and other very very minor matters of conduct.

Certainly no worse than forgetting your homework, or maybe cutting a class.
Not criminal in any sense.

And, certainly Obama would know if they did something very wrong, after all he's an attorney - though "voluntarily retired".

Please correct me if I err.

/

Exactly, they didn't break the law rather they merely ignored laws and regulations that said they could not do what they did. :new_all_coholic:

 

[Randolph Kinney]

Mortgage bankers grapple with consumer outrage

http://www.reuters.com/article/2011/10/11/us-chicago-protests-mortgage-idUSTRE79A73L20111011

U.S. mortgage bankers attending an industry conference in Chicago this week received something they did not originally bargain for -- a heavy dose of the consumer anger against the financial system that has boiled into protest rallies across the country.

To some mortgage executives, the message is clear: the industry is under siege. "I think anyone who thinks we aren't under siege is kidding themselves," said one bank executive as he watched anti-banker protests outside the conference on Monday along with other participants who snapped pictures.