"[T]he Group of 20 industrial and developing countries vowed major efforts to clean up banks' tattered balance sheets and get credit flowing again, to shut down global tax havens and to tighten regulation over hedge funds and other financial high-flyers in the U.S. and elsewhere." (Italics added) http://finance.yahoo.com/news/Summiteers-OK-big-loans-no-apf-14837547.html My question is just what do hedgies and tax evaders got to do with the current financial mess that we're in? Did they bring this mess? Why can't these government idiots stay on topic for once and punish the real culprits? By that I mean freeze the personal assets of CEOs that were responsible and pack them up and send them off to Sing Sing.
I think it's because the world's central banks are backed in the end by the government's ability to levy taxes on the citizens. The want to reign in some of the hot money in the world
for the past few years, hedges and the financing industry in general were taking their gov't as suckers. up until now, the BIGGEST sucker was in fact our gov't (which ever developed country you live in). they are basically saying "we won't be suckers no more".
CEOs that were responsible and pack them up and send them off to Sing Sing. ------------------- Perhaps you can list any of the crimes these people have commited.
Think about why the G20 want to crack down on Hedgefunds....and Tax Havens? It's not to hard to figuer out. Listen to Browns speach at the G20. Look at what the press is printing.....about the G20 The writting say's it all
Gov suckers? Are you out your fucking minds? They know what they did and are doing. Basic Finance principle of Free Market....the Market Sets prices, the Risk Takers who put in the Capital to create XYZ, have the full burden of Risk. The Gov. caused this. The Financial System has been bailed out time and time again, they do not live by free market principles. They were allowed to get levered near 50:1......that is not the basic principles of Capitalism. The "Socialist" idea is to create a "state of dependency" on GOV, which the Financial Sector has. Do not let them fail and give them prop ups. No matter what the cost. Gov are not the suckers, the American Sheeople are the suckers. We have allowed Capitalism to be hijacked by a bunch of Idiots in Gov. "Who is John Gault?" We are no where near Capitalism and now, the seed for socailism has been planted.....OBAMA was voted in by the majority. SO FUCK THE WORLD GOVERMENTS, who assulted Capitalism behind the disguise of "For the People" bullshit.
during this last bs "boom" many hedge funds,totally unregulated, create bunch of bs CDS..think about fake insurance company, issuing insurance, when they know, that they don't have money to cover and they now, that in first call they going to go belly up. the government,who suppose to regulate this industry being bought by lobbyists from finance industry and did nothing to regulate this bs. now they blame every one,except themselves...sorry for my poor english,not my native language, but i think you got an idea.. but i also have question : they keep talking about cleaning up banks balance sheets...new laws,blah blah blah..one think i don't understand-where is the bad s*t from bank going to go? are they magicians or something? i don't understand,why banks and their management,who create this mess in first place,are allowed to walk away nice and clean? and start same s*t from scratch again? and how spending will bust economy? we are in this mess because of too much spending. just like Carlin said-buying things they don't need on money they don't have. right now the government is going exactly same thing. now instead of cutting the budget they bringing new "enemy"-offshore.. offshore are new terrorists..a national threat..people, who rich and smart enough and don't trust in this government and don't want to keep their money in this country-now they are the enemy..shit...looks like soon we not going to have right to do what we want with our money after we earn and pay all the taxes..no no..let the government worry about your savings.. here we go- http://news.yahoo.com/s/ap/20090403/ap_on_go_co/congress_budget
My question is just what do hedgies and tax evaders got to do with the current financial mess that we're in? Did they bring this mess? Google "Long Term Capital Management." I know you said "current" and LTCM was in the 90s - but part of the G20's stated objective is to keep the current escapades as well as the past ones from happening again. LTCM did have one thing in common with the current problem firms - very, very serious leverage.
There are trillions on the sidelines, waiting for the situation to clear up so it can come back into the markets and economies of the world. Obama and all the G20 folks have to make a situation that invites that money back in to the game. There are only a few things they need to do, one is to restore confidence in the banks. The banks don't even trust each other now because of lack of transparency regarding toxic debt... that shit has to be brought into a regulated market the same as stocks and futures where there is enough transparency to get a read on it... and then some of it has to be bought up or contained somehow at least. That alone would fix things up. So far the frigging American government has done EVERYTHING BUT THAT.. they gave Acorn 3.5 BILLION DOLLARS and bitched about 200 million in bonuses at AIG, they generated the porculus bill of all time, they took over banks, told GM to get a new leader and go into BK... the G20 is just more of the same shit multiplied by 20...