The Big Short is a good movie to watch if you don't understand what happened in 2008. The fact that no one got prosecuted might just piss you off beyond repair.
Yea but they bought off the political class so they never need to go to jail...They are heads of "too big to fail" banks and this are not applicable to the laws of the U.S...Obama should have been impeached for this nonsense
Ask your mortgage company for a copy of your loan contract or refinance contract and a statement of your payment history if you are current on your payments, they have to give you this information by company policy and law.
excellent synopsis especially the idea that swaps are basically fake insurance sold to support the swaps. the thing is, many people knew about this stuff for many years and noone did anything. Accountants stop being professionals more than 20 years ago, for example. When I was taking accounting in the late 70's everyone thought of auditing as a way to get a job with the client... nothing having to do with audits....
if there was never any money that was loan to you, then no money should be own to the bank (which would be interests) but the company that you received any products or service - money would still be own to them..from you, for the products/services you bought. anyways, who knows what the contract you sign says when you received your credit card, that would have the final say.
You didn't read what cybervisionstar said: He said what we have is socialism MASQUERADING as Capitalism and he's right. What we really have is socialism for the rich where gains are privatized and risk is socialized (ask anyone with a 401k!). Wall street banks get bailed out - CEO's get their bonuses - and the shareholders get the shaft (Ask Bear Stearn's/Enron employees)
we are only free to be a bum in this country that is all. yet corporations aren't called bums when THEY get tax payers money. Stop it. Don't pay your taxes next year. hold it ransom until the liars are held accontable.
Meryll Lynch and Goldman, they also lost billions but they are not criticized because they did not go under even though they also contributed to the fall. They censored that for fear of been sued
This is a great great report. It should be required viewing to graduate from any school, but the housing crisis didn't happen by accident. "Credit Default Swaps" incentivize destruction, the same way 16 fire policies on your house creates the incentive for the holders of those policies to burn it down. When you look at how mortgage defaults were preceded by 17 Fed rate hikes and changes to lending and appraisal standards, as well as all the bank consolidations that resulted between the counter-parties of the swaps, it's obvious the housing crisis was orchestrated at the highest level of business and government. 21 million people lost their homes, and the world has been falling apart ever since. Meanwhile, $100 million dollar vacation homes in Palm Beach are selling like hot cakes. Wake up America.
True. You cant model human behavior with math! But you can value human life with math or numbers or dollars. And the intent is clear. Higher ups did not deem my life "worth it". Less they would not have connived and lied.
There is a disconnect between Main Street and Wall Street. Cost of money to Main Street and the institutionalization of big business ( WalMart , Luxotica, CVS, Walgreens, Amazon , QSR chains ) is driving Main Street out of the realm of the American urban landscape. Further along , that easy money that trickled down to a few too many to fund flaky pie in the sky business models might just eventually disappear, since cost of money is about to double in 3-4 years, some are betting it will triple. If this scenario materializes , then say goodbye to job creation, entitlement programs, government discretionary spending programs. Whatever is left will be earmarked to feed the 800 lb gorilla in the room, the Federal Government entitlement programs , the military industrial complex , and debt service. Your interest rates will soar since you will compete on the supply side for loans against Federal and State Governments. Meaning unless there is overseas money coming from gullible investors, the only other source of capital will be through shysters, in other words , organized crime. Or whoever has liquidity will set terms on what salaries are to be paid , where money is to be invested, what tax concessions one will get to open the purse. This is already happening ( Amazon bidding for a second HQ city is as good as an example of things to come as it gets ). And btw, those overseas investors, well they have choices too....India, Brazil, China, now the Sub Sahara Africa. I would cut loose and move overseas. China, Mexico, Costa Rica, Brazil, Russia , some of the better well off to Eastern Europe, Southeast Asia. Lock, stock , and barrel.
You would move to Mexico? Haha are you crazy do you have any idea how unsafe it is down there? Some of your wild theories might be true but to suggest this doomsday scenario whereby Mexico, Russia and China are better options where the government (or cartel) rules with an iron fist is better discredits all you're saying, good luck moving down to Mexico let us know how that goes bro, if you're alive and your family Isn't kidnapped ransacked and raped in 6 months
Credit Default Swaps arent the problem. The problem are the bad CDO and MBS. The CDS simply shows the people have bet how bad the original asset is. If a CDS is like an insurance policy, blaming the CDS is like blaming State Farm for Ford building a Pinto that explodes
This article does Not get to the heart of the matter since despite mentioning the issue it fails to see the most relevant fact. That fact is mentioned only briefly:- The sub prime loans and those toxic debt did not exist without them. The cause of what seems a sudden appearance of toxic debt was legislative decisions in the courts that restricted banks from risk assessing applicants as they had previously done.. That was the actions of lawyers who challenged the banks who had refused loans on the basis of previous history, low income, history of bad credit, and other criteria..
So a bank robber calls bank robbery a unilateral self determined bank transaction the bank robber is not prosecuted for bank robbery?A wise man once commented The people will have nothing to loose but their chains.
i am not familiar with any of this, but if i am not understanding this correctly please let me know, Wall Street bought up all these mortgages on these run down houses from low income areas, and then turned around and sold them or swapped them as if being something different then what they actually were poor peoples homes who probably just could not pay their taxes and were thrown out on the streets, i am understanding this correctly? If that is what Wall Street did, they have come and taken away the only opportunity for another poor person to buy an affordable home for themselves and their family and have put the poor Americans into the streets, and now the poor working peoples taxes have bailed them out and they get to keep the money and nobody goes to jail, am i understanding this correctly?
Yes, in part. The banks were also selling packages/ bundles of mortgages. The banks paid the rating agencies to rate the contents of the packages as A paper when in fact the contents (the loans) were C and D paper. Pension funds bought bonds believing that the rating agencies were telling the truth. That is, that the bonds they were buying were on A paper. A paper would be a mortgage to individuals with verifiable income, great credit, etc. C and D paper would be mortgages given to individuals with poor credit scores, non-verifiable income, bankruptcies, etc. Basically investors were investing in very poor investments while being told they were very good investments. Not only that. Those packages were being bet on as to whether or not they would be profitable!! So a package of $10M in loans might have $1B in side bets. Yes. B as in Billion. Outrageous commissions were being made. It was all built on lies. Teachers, and government employees, and individuals who had pensions and 401Ks lost much of their retirement. If you get a chance watch the movie "The Big Short" with Steve Carell, Ryan Gosling
Don't be so obtuse. You are choosing to believe that Stalinist USSR was a communist system, and it wasn't. It was plagued by the same levels of greed, corruption, and lust for power. What we have in the USA is not capitalism, and what the have in the Soviet Union was not communism. Our form of systematic oppression in the US is simply much less brutal, but no less real.
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So easily explained. That it was right in front of us and no one saw it.
The Big Short is a good movie to watch if you don't understand what happened in 2008. The fact that no one got prosecuted might just piss you off beyond repair.
Yea but they bought off the political class so they never need to go to jail...They are heads of "too big to fail" banks and this are not applicable to the laws of the U.S...Obama should have been impeached for this nonsense
Greed, incompetence, and...criminality! It's
2010, where are the indictments?
Jeanne90275 wow you’re comment isn’t old
@@janiscrecio9056 we had no idea
Ask your mortgage company for a copy of your loan contract or refinance contract and a statement of your payment history if you are current on your payments, they have to give you this information by company policy and law.
"something like this comes around 50-100 YEARS"
corona virus: "hold my virus"
*hold my proteins
Dot Com Boom 90s and Crash
Mar 14 2008 Wall street Bear Stearns Too big to Fail
"hold my RNA"
Anyone knows if a selling document like Frank Partnoy shows at 2:09 is publicily availabile anywhere?
excellent synopsis especially the idea that swaps are basically fake insurance sold to support the swaps. the thing is, many people knew about this stuff for many years and noone did anything. Accountants stop being professionals more than 20 years ago, for example. When I was taking accounting in the late 70's everyone thought of auditing as a way to get a job with the client... nothing having to do with audits....
So we credit card holders do not have to pay back the money the banks never had the money to loan in the first place right?
...We can play by their rules.
if there was never any money that was loan to you, then no money should be own to the bank (which would be interests) but the company that you received any products or service - money would still be own to them..from you, for the products/services you bought. anyways, who knows what the contract you sign says when you received your credit card, that would have the final say.
It's all coming to a head
i guess it's kinda off topic but does anybody know of a good site to watch new series online?
@Angelo Augustus Meh I'd suggest flixportal. You can find it by googling :) -rex
You didn't read what cybervisionstar said: He said what we have is socialism MASQUERADING as Capitalism and he's right. What we really have is socialism for the rich where gains are privatized and risk is socialized (ask anyone with a 401k!). Wall street banks get bailed out - CEO's get their bonuses - and the shareholders get the shaft (Ask Bear Stearn's/Enron employees)
Totally agree!, even 15 years later.
"Nobody Really Saw" -- yeah, it wasn't everybody's JOB.
these people are the real gangsters
we are only free to be a bum in this country that is all. yet corporations aren't called bums when THEY get tax payers money. Stop it. Don't pay your taxes next year. hold it ransom until the liars are held accontable.
"because you can't model human behavior with math" -- wsb has entered the chat
They won’t learn. This is why I don’t invest in 401k. Buy shit you can see, touch, feel. Don’t allow others to do it for you.
Between 10:44 and 10:46 it blanks out just as the speaker is listing companies' responsible. Is a company being censored out?
I put it on Closed Captioned too and something was edited out.
Goldman Sachs
Meryll Lynch and Goldman, they also lost billions but they are not criticized because they did not go under even though they also contributed to the fall. They censored that for fear of been sued
This is a great great report. It should be required viewing to graduate from any school, but the housing crisis didn't happen by accident. "Credit Default Swaps" incentivize destruction, the same way 16 fire policies on your house creates the incentive for the holders of those policies to burn it down. When you look at how mortgage defaults were preceded by 17 Fed rate hikes and changes to lending and appraisal standards, as well as all the bank consolidations that resulted between the counter-parties of the swaps, it's obvious the housing crisis was orchestrated at the highest level of business and government. 21 million people lost their homes, and the world has been falling apart ever since. Meanwhile, $100 million dollar vacation homes in Palm Beach are selling like hot cakes. Wake up America.
Frank Partnoi 2:42: "Obviously they were wrong... because you can't model human behaviour with math."
True. You cant model human behavior with math! But you can value human life with math or numbers or dollars. And the intent is clear. Higher ups did not deem my life "worth it". Less they would not have connived and lied.
Blame both parties!
Corporate Psychopathy!!! As long as THEYRE making millions. What do they care?
What makes us think human behavior has not changed and all their mistakes have been cleaned up?
People from 2008 are so unaware of what's going on in 2020😂😂😂
It's beyond crazy that the American Citizens had to dig Wall Street out of the mess they created
Don't forget the upper class who still make big bux
If these “complex algorithms” simply tracked peoples spending habits and modeled risk accordingly the products wouldn’t have become so widespread.
We can't talk about corporate greed and not talk about consumer greed
Robert Pickle. Why cant he stop smirking?
Robert Pickle. "Robber Pickle"
"Why is an idiot CEO being paid 100 million dollars??"
That's what we call HUSH MONEY
There is a disconnect between Main Street and Wall Street. Cost of money to Main Street and the institutionalization of big business ( WalMart , Luxotica, CVS, Walgreens, Amazon , QSR chains ) is driving Main Street out of the realm of the American urban landscape.
Further along , that easy money that trickled down to a few too many to fund flaky pie in the sky business models might just eventually disappear, since cost of money is about to double in 3-4 years, some are betting it will triple. If this scenario materializes , then say goodbye to job creation, entitlement programs, government discretionary spending programs.
Whatever is left will be earmarked to feed the 800 lb gorilla in the room, the Federal Government entitlement programs , the military industrial complex , and debt service. Your interest rates will soar since you will compete on the supply side for loans against Federal and State Governments.
Meaning unless there is overseas money coming from gullible investors, the only other source of capital will be through shysters, in other words , organized crime.
Or whoever has liquidity will set terms on what salaries are to be paid , where money is to be invested, what tax concessions one will get to open the purse. This is already happening ( Amazon bidding for a second HQ city is as good as an example of things to come as it gets ). And btw, those overseas investors, well they have choices too....India, Brazil, China, now the Sub Sahara Africa.
I would cut loose and move overseas. China, Mexico, Costa Rica, Brazil, Russia , some of the better well off to Eastern Europe, Southeast Asia. Lock, stock , and barrel.
You would move to Mexico? Haha are you crazy do you have any idea how unsafe it is down there? Some of your wild theories might be true but to suggest this doomsday scenario whereby Mexico, Russia and China are better options where the government (or cartel) rules with an iron fist is better discredits all you're saying, good luck moving down to Mexico let us know how that goes bro, if you're alive and your family Isn't kidnapped ransacked and raped in 6 months
In life, there are followers and then there are leaders. It is simple! It sucks to be them.
A den of thieves
lmao the head of ISDA should have just declined an interview
Credit Default Swaps arent the problem. The problem are the bad CDO and MBS. The CDS simply shows the people have bet how bad the original asset is. If a CDS is like an insurance policy, blaming the CDS is like blaming State Farm for Ford building a Pinto that explodes
This article does Not get to the heart of the matter since despite mentioning the issue it fails to see the most relevant fact.
That fact is mentioned only briefly:- The sub prime loans and those toxic debt did not exist without them. The cause of what seems a sudden appearance of toxic debt was legislative decisions in the courts that restricted banks from risk assessing applicants as they had previously done.. That was the actions of lawyers who challenged the banks who had refused loans on the basis of previous history, low income, history of bad credit, and other criteria..
So a bank robber calls bank robbery a unilateral self determined bank transaction the bank robber is not prosecuted for bank robbery?A wise man once commented The people will have nothing to loose but their chains.
irrational exuberance...thats nature and great fun while its good
Challenge: name one responsible or complicit individual that was prosecuted.
Bunch of crooks.
i wont forget this - btw the guy who bailed out the banks years later became an international war criminal - (BUSH) -
Robert Pickel. Joker smile! Wow. No vaseline on that pickle. Dry. We are screwed.
how can we have a market grow to 50 trillion and not have any regulation?
The thumbnail... the thumbnail
This is what happens when you take away THE GOLD STANDARD. Money's been unpreserved since 1971. Now it stinks.
i am not familiar with any of this, but if i am not understanding this correctly please let me know, Wall Street bought up all these mortgages on these run down houses from low income areas, and then turned around and sold them or swapped them as if being something different then what they actually were poor peoples homes who probably just could not pay their taxes and were thrown out on the streets, i am understanding this correctly? If that is what Wall Street did, they have come and taken away the only opportunity for another poor person to buy an affordable home for themselves and their family and have put the poor Americans into the streets, and now the poor working peoples taxes have bailed them out and they get to keep the money and nobody goes to jail, am i understanding this correctly?
Yes, in part. The banks were also selling packages/ bundles of mortgages. The banks paid the rating agencies to rate the contents of the packages as A paper when in fact the contents (the loans) were C and D paper. Pension funds bought bonds believing that the rating agencies were telling the truth. That is, that the bonds they were buying were on A paper. A paper would be a mortgage to individuals with verifiable income, great credit, etc. C and D paper would be mortgages given to individuals with poor credit scores, non-verifiable income, bankruptcies, etc. Basically investors were investing in very poor investments while being told they were very good investments. Not only that. Those packages were being bet on as to whether or not they would be profitable!! So a package of $10M in loans might have $1B in side bets. Yes. B as in Billion. Outrageous commissions were being made. It was all built on lies. Teachers, and government employees, and individuals who had pensions and 401Ks lost much of their retirement. If you get a chance watch the movie "The Big Short" with Steve Carell, Ryan Gosling
Don't be so obtuse. You are choosing to believe that Stalinist USSR was a communist system, and it wasn't. It was plagued by the same levels of greed, corruption, and lust for power. What we have in the USA is not capitalism, and what the have in the Soviet Union was not communism. Our form of systematic oppression in the US is simply much less brutal, but no less real.
crime?
Time to start buying PHYSICAL SILVER METAL and throw all the fiat currency thieves to the gutter.
I didn't see this video when it aired originally, but seeing it now I realize 60 minutes was doing some very good journalism!
yoursalso.com/family/
d's information can’t say that nowadays
We only hear what advertisers want us to hear. That's why we never heard more about the Vegas massacre.
They made 2 financial products that sucked ass and fucked everything up
Bush and Rothschild.
Eat the rich
Google UNIFIEDMARKETS.
I got algorythym! it's pay me my money!!!!
haha greed and competence.
One argument that can be made is that some of these hedge funds may have saved the financial system by buying credit default swaps
Buy $AMC
They bet the farm! Lol
no such thing as topx or not or supposed to be smartest about those, those not smart or not
gamblers don't care about the others, as long as they can make more money and doing more coke. lol
You can’t get kind of pregnant
I’m glad I own Bitcoin
Timmey what a joke!