Really? You see this here credit crisis we are in and you cant see it as a negative way to make money? I personally think there should be a cap on how much someone or some entity can be worth. Put that number at say 500 million dollars. That way companies cant get so much control. Imagine if a company like wal-mart was capped at being worth 500 million dollars. That would mean that instead of the 5 or 6 waltons that own it now, there would be about 200 business owners sharing that 100 billion dollars that the 5 waltons are sharing now. I mean really...once you have 500 million...there is nothing more to buy. You've got a million dollar house in every country in the world, all the cars you can drive and enough income on the interest to live the rest of you life without worry. Isnt it better if 40 people have 500 million dollar net worths than 1 person have 20 billion in net worth? You just have too much power when you are a billionaire...power to really mess up peoples lives like what is happening right now. At least if there was a wealth cap, your power would be limited.
Wow.... just.... wow. You, sir, are the embodiment of mediocrity. Good thing history and progress do not depend on people like you, but on mavericks with unbound ambitions.
Wallstreet is the Pimp. And Politicians are its Whore. The Tax Payer is the John who gets fucked. In this colorful analogy, the Pimp and Whore need to convince the John (us) why we should let them fuck us for Money. I know laughing is not appropriate in this case but.....
Because it probably isn't. Think in terms of likelihood not rule-based logic. Ask yourself, will Wallstreet/Corporate America actually write themselves into insolvency by honoring trillions in CDS insurance they can't afford to pay? Would that *actually* happen? Or would they reneg? Come up with some bullshit excuse? Lobby Congress to nullify their exposure? Have the FED compensate with a partial payout and excuse the rest? The Current Oligarchy will not shoot themselves in the head, regardless if their contractually obligated to do so. They'll find some way to default. As far as the 700 billion. Its probably enough for the big guys. If its not enough, they'll find another way to circumvent their payout.
I hear ya. Thats why its literally financial terrorism. Wallstreet made a bet so large, that if it failed, the entire Global Economy - as we know it today - would literally implode. They've got a gun to America's head, but its not loaded. No way in hell these big firms would honor a Trillion dollar obligation in CDS insurance. Detractors say they'd get sued. Yea, eventually. But when your CEO of Bank of America and 5 TRILLION in derivative exposure comes due, do you hand over the banks entire balance sheet, and put every branch up for auction? Or do you reneg, lobby for FED/Treasury/Lawmaker intervention, and take the battle to court - where your company and assets are still operational and in YOUR possession? Sure, its contract fraud. But with a whole Floor of Contract Lawyers working feverishly to tie up the Complainant in court for years, maybe even a jury trial?! Frig......... they could make it last if they had too.
Can you walk through an example for us? So a cash debt auction determines payout price? Who is permitted to bid on the debt (Government)? Why would any Corp bid on debt of a bankrupt company? And what determines bid price on defaulted debt? LOL , can't believe i just said that.... what determines bid price on defaulted debt...lol Thanks for sharing, btw.