Bird and Fortune – Subprime Crisis
May7
John Bird and John Fortune (the Long Johns) brilliantly, and accurately, describing the mindset of the investment banking community in this satirical interview.
John Bird and John Fortune (the Long Johns) brilliantly, and accurately, describing the mindset of the investment banking community in this satirical interview.
@dslcobra yes and now the hyper power that was America is going to be playing seound phildel to P.R.C and India i am not anti America but this is the shape of things to come i have visted china and india and seen it with my own eyes and it all happend while bush was in power to my knowlege bush jr
Search for
“MARC FABER MADNESS”
ahahahaha
Solami pirates say they are subsidiaries of Goldman Sach
@jaguarclaw
It wasn’t just mortgages. It was trillions of dollars of IMAGINARY MONEY based on CREDIT/MORTGAGE debts. George W Bush ran 2 wars while giving tax cuts (to keep us pacified) and used CREDIT LOANS to imitate ECONOMIC GROWTH.
There was no GROWTH. It was really SHRINKAGE of the job market and our assets.
When is someone gonna stand up and say this out loud? All America has been doing is transferring its wealth and jobs to CHINA AND INDIA.
@jaguarclaw
Well Peter Schiff never answers the toughest question:
“what happens when you ened the welfare state and everyone who was on it becomes homeless”.
Those idiots Schiff and Ron Paul are campaigning for a ideology and a capitalist utopia that are fantasy. Truth of the matter is, FREE MARKET CAPITALISM will KILL AMERICA. America can’t compete with the 1 Billion plus slave labor from Asia.
@dslcobra Ron Paul and Schiff just blame all problems on too much government or low interest rates. They never place blame on criminal activity, a hijacking of government or the tool that allows casino phoney capitalism possible. The Derivatives! Ron Paul is illumimati, his role is to appear on your side and lead you astray. I have never encountered one Ron Paul supporter who can explain to me what problem a gold standard will solve.
I’m sorry but a bunch of crappy mortgages didnt bring the world financial system down. The real reason for the massive losses was derivatives, or bets that house prices would rise forever. Its basically a form of do it yourself insurance withought proper regulation.
@farforathreem
These guys were better than Peter Schiff and Ron Paul combined.
looooooooooooooool hahahaha comedians expecting the financial global crisis!
@JP2times2007 I don’t agree, we broke the records for all time home ownership in the 2000’s so we had more than ever before. Pre 1970, home loans were based on ability to repay and creditworthiness, not misguided sympathy for people who didn’t qualify.
I don’t know if there’s any good way to set up a charity to help people buy homes, too lengthy time to repay, and too big of a loan
@RuflessRecords
I think you are missing the point about what made wall st as dynamic as it is today. The history of US finance is about banks integrating working and poor people into financial markets. Its true of early farmers as it is of the rust belt laid off workers who maintain their living standards by using credits and borrowing against mortgages. Sure people took on debts they couldnt afford – wall st took on debt they couldnt afford either. The US Tres is old bankers not poor people.
funny
this is different
These guys are brilliant! Have they done new stuff more recently?
It’s just amusing (and alarming) that at a time when the republic just got royally sodomized by the financial sector on wall street- millions of middle class and poor americans (who watch fox entertainment channel and mistake it for news) are worried about the communist threat.
This is how corporate media distorts and destroys society.
Have a nice day.
shouldn’t have used the word Commies, you’re very sensitive about it
yah Goldman Sachs promised me free overdraft charges for 3 months if I posted this…
when I add that to the oil barrels I get in the mail from Exxon, I basically have it made
bankers aren’t commies- they are greedy capitalists- and THEY are the largest threat to our republic today.
On some level- I know you can see that.
But hey, if you want to travel back to the 50’s and yell at the red menace, go right ahead.
Goldman Sachs should send you a fucking thank you card though
well tristram, I’ve watched some Rambo movies recently and it does appear violence is the answer, ‘least when small-town sheriffs or Commies are involved
I think it works the other way around- wall street always gets away with murder, and govt is a convenient target
How much did Goldman Sachs and bank of America make this year?
How wonderful.
How about we burn wall street to the ground and grow our own fucking food- of course, shooting anyone who says otherwise.
LOL.
This is fun!
I’m sorry- I just read your post above and you are NOT a blind right wing ideologue who is spewing the right wing talking points: that the crisis was 100% the fault of govt and poor people.
On a completely unrelated note:
Have you read the complete essays of Michelle de Montaigne?
It’s probably the dingle greatest collection of wisdom ever assembled by one human.
I would say Wall Street deserves blame but that the US would be in a 7-8% unemployment situation without the idiotic govt policy of giving huge home loans to people who couldn’t afford them and were in some cases on welfare. Instead it’s 10%.
Govt always gets away with murder, Wall Street’s always a convenient target. They deserve blame, so does govt. How about no more loans ever for anyone who doesn’t qualify according to market standards and shoot anyone who says otherwise?
would you say the bankers and hedge fund managers selling those credit default swaps as triple AAA rated securities perhaps indicates a systemic problem on wall street that goes FAR deeper than poor people and govt mandates to loan?
Also, could you discuss the incentive structure on wall street and how that helps to increase risk?
Thanks
I know the right is desperately trying to blame EVERYTHING on govt and poor people- but they have to- otherwise, they have to blame banks- and that’s a no no
tristram, that they’re financial vehicles for spreading the risk from mortgages that they’re based on…and when stupid govt policy is to pressure banks to give out mortgages to people that don’t qualify, you’re going to have more mortgages than usual go bankrupt and consequently more damage done to banks who’ve staked a lot of their wealth on these securities
What do you know about credit default swaps and derivatives?