I think the community reinvestemt act was a good idea, but the results too were too slow. Imo, it was the creation of shadow banks, how in the heck that idea ever got off the ground is beyond me. Taking a line of credit from a bank and lending it out and selling the instruments back to the said bank, going outside banking regulations and accounting practices.
You guys are stuck in the past. No one gives a shit anymore whose fault it was because TALKING GETS YOU NOWHERE. What they care about NOW is how to make the CURRENT situation better, and since government is incapable of doing that for them, and corporations are not on their side either, they are taking matters into their own hands. PATIENCE HAS RUN OUT. HENCE MY RECOMMENDATION ABOVE. BUT THE OCCUPATION HAS TO BE IN COLLOSAL NUMBERS. USE YOUR BODY AS A WEAPON.
The protests are spreading. BoA branches being targeted tomorrow in parts of MA. Odumbo may eventually ban social media to control this thing like Egypt and Syria. Arab Awakening (spring rising) now the American Awakening (fall rising.
I think these people are blaming wall street for something that is not wall streets fault. People like Mr Moore fanning the flames with his bullhorn show how stupid and arrogrant the left really is. The truth is that bad government policies instituted under the Clinton Adminstration and allowed to get completely out of hand under the Bush Adminstration led to this current situation of economic stagnation. These kids I see on TV are so misguided by the liberial left. Wall Street with all it's problems is still the reason this country is as great as it is. You bring down wall street you will bring down this country. They would be better served to march on Washington to put pressure on both parties to come up with a solution to this problem. Liberial left needs to take a good look in the mirror and face the truth, fix the problem and lets move on as a nation. A couple of good articles written on the subject: http://spectator.org/archives/2009/02/06/the-true-origins-of-this-finan/ http://spectator.org/archives/2011/05/13/the-true-story-of-the-financia
As soon as you show me legislation that required Wall Street to securitize subprime mortgages and required them to use leverage in excess of 30:1 and required them to write naked CDS's with a notional value 100x the underlying... ...show me that and then I'll agree it wasn't Wall Street's fault.
Wall Street does what wall street does and that is to make money. No one holds a gun to your head to buy subprime mortgages or any other shit wall street produces. If the government policies did not give unpresented rise to the subprime mortgages the market would not have evolved. As far as leverage goes, hell we all are traders here i use 50X on my account. we are all big boys and if i blow up i lose my capital. LEH has been in business for 134 years i think and used leverage all the way. Leverage is an inherent part of wall street and what we do to make money. The massive scope of the subprime bubble was not very well understood by very many people. It was the bursting of this bubble that caused wall street to loose 100K+ high paying jobs, the loss of two great wall street brokerage firms. So to say wall street did not suffer is entirely wrong. They suffered a great deal as well as people on main street. I am not happy about all the bailouts and handouts but this is what it took to keep this country together. Place the blame where it belongs. As far as CDS are concerned, this is a market that is in dire need of standardization and transparancy. I think this is one product that needs to be placed on a futures exchange and marked to market each day where each side puts up margin. CDS may be the next "weapon of mass destruction" but then again wall street does what wall street does. I think i can recall Robert Rubin and Alan Greenspan telling congress there is nothing to worry about. http://www.pbs.org/wgbh/pages/frontline/warning/view/
Saying that Wall Street produces "shit" one post after you stated that Wall Street is the reason this country is great is no way to win an argument. Unless, of course, you count it as a "win" when someone ignores you for being a complete fool...
I think a distinction has to be made between problem and solution. The protesters got the diagnosis right but the solution wrong (at least on the surface). The squatters *appear* to advocate Socialism/Communism as the remedy, because that's who the media spotlights. On the other side of that coin, Alex Jones reported a huge contingent of Anti-Federal Reserve, Pro-Constitution, Pro-Capitalist patriots at the rally, but the media will not give them airtime... AJ concluded the rally is being used to by the Corporate Media to push the collectivist agenda by misrepresenting the protesters as decidedly Socialist...