I agree with this. In Australia the financial system is a totally farce. The regulator (ASIC) is a joke. E.g The forging and transfer of Private client information is rampant. Broking houses creating 'fake' accounts and trading them is widespread. For a company to disclose a material information to the ASX is a rarity. Oh, it's bad down here! It's like the USA was back in the 1800's
the USA will happily export all of our problems to the rest of the world until the rest of the world wont take it anymore... some say there's a top in gold and oil, I think otherwise.
God!! What a great idea to replace the long lost manufacturing base!!! Let's export fraud. We're good at it. Can you see some Nigerian going,...."Luuk at dis!!!! Dis guy in America says he has 44million dollars for me. All I have to do is give heem my bank account numbers." "Donnnnnn be stupid!!!! Who wants dollars???"" Never mind.
"but as a taxpayer I play by the rules, pay my bills, and work hard to earn my money ... so it pisses me off when I have to help pay taxes (and blow a big hole in the national deficit) for other peoples greed." hey brother..I'm right there with you. I think the entire deal is bullshit and the wizards of Wall should all go down for putting this nation in this situation while covering their own ass with 100+mm paydays..It's a disgrace. But hey - it is what it is so deal. And I'm not saying I like the idea of tax payers flipping the bill, I hate it - but something BIG is necessary to stop this situation from snowballing. My concern is it has already snowballed and people really just don't know it. The game's up. The chirade we've been able to play for 30+yrs is coming to an end. The people who sit around and talk about the bs of the bear bailout simply don't understand the magnitude of this situation boomeranging into their own problem. The CDS market blowing up scares the absolute hell out of me - and in my mind THAT was the motive behind the orderly Bear disolvement. I sit on a fixed income desk. I see everyday what the hell is going on. The equity guys are absolute fools. They have no clue how serious everything is. They didn't know shit 9 months ago and they still don't get it today. Bond guys have been warning for over a year we're in trouble. It scares me to think what will happen when the equity guys fully wake up. (good timing to get rid of the uptick rule SEC - good one, real smart). Why in the hell do u think tbills have been trading at the lowest levels since 1951 for so long?? Again, it goes right back to Mauldin's point - you're in the boat whether you realize it or not. And if you don't believe me?? I just hope you don't have a money market fund over at UBS. http://online.wsj.com/article/SB120672890827072299.html?mod=yahoo_hs&ru=yahoo
"Can you see some Nigerian going,...."Luuk at dis!!!! Dis guy in America says he has 44million dollars for me. All I have to do is give heem my bank account numbers."" All you have to do in this link is darken the guy up a little and change the country from Nigeria to America, makes perfect sense. Maybe in the near future, boiler rooms will be calling Nigeria, "I didn't fly all the way from Ireland to not buy Sandisk now, did I?'