Page 1 of 423 12611 ... LastLast
Results 1 to 10 of 4223
Like Tree57Likes

Thread: It's The Economy, Nubtard!

  1. #1
    WHERE IS GOD DennyCrane's Avatar
    Join Date
    Apr 2006
    Location
    Kekistan
    Posts
    77,070

    It's The Economy, Nubtard!

    We might as well have a thread dedicated to the economy...
    0118 999 881 999 119 7253

  2. #2
    WHERE IS GOD DennyCrane's Avatar
    Join Date
    Apr 2006
    Location
    Kekistan
    Posts
    77,070
    So, I'm listening to a financial dude on the radio and he had some excellent points about what's going on with the economy. We all know it started with the banks lending money to people totally incapable of repaying their debt. Banks and other lending institutions were forced by the government to make these bad loans in the name of helping more poor and minorities to become home owners. There are other facts behind this, though. One is the repeal of the uptick rule in short selling. Formerly, to sell short, a stock would have to be going up in price. With that rule gone, we have what's called "Bear Raiders" who start rumors about a banks credit problems and liquidity, sell short as much stock as they can, have their friends sell short, their neighbors sell short, their best friends from high school sell short... suddenly, a formerly strong business is plummeting in value and assets. All kinds of money have been taken out and they can't cover their investors. The short sellers buy back and make a killing, return the now worthless stock and move on to another bank. The SEC placed a short term ban on short selling financial institutions, but the uptick rule is still gone. As soon as the ban is lifted, it'll happen again.
    Second, we have to go back to the Bill Clinton presidency and the repeal of the Glass-Steagall Act. This was a 1933 law that was created to avoid a repeat of the Great Depression. Basically, it limited a savings bank from being involved in the speculative securities & exchanges market. Phil Gramm spearheaded the laws repeal in 1999. Citigroup was a major driving force behind lobbying for the laws repeal. Citigroups among other banking organizations donated over 1 million dollars to Gramms campaign funds from 1995-2000. Bill Clinton signed the bill into law and away went Glass-Steagall. This paved the way for mortgage-backed securities and collateralized debt obligations. And if they went bad? Ooopsy! The Federal government swoops in and covers investors (now called depositors), and bails out the bank.
    So it's suspected people were purposely writing bad loans at great rates knowing they'd fail. The government bails them out, they sold themselves short and made millions.
    Everybody wins!
    (except the tax payers now looking at a ONE TRILLION DOLLAR ADDITION TO OUR NATIONAL DEBT)
    Last edited by DennyCrane; 09-20-2008 at 06:38 PM.
    0118 999 881 999 119 7253

  3. #3
    Coffee Goferr MundaneRaptor's Avatar
    Join Date
    Aug 2006
    Location
    Fort Lauderdale, Florida
    Posts
    692
    Blog Entries
    1
    Damn You Bill Clinton!!!



    Writer: Ugh, this post is heavy! Someone get me a wooden beam!
    Moderator: That post better be up to code or Heads WILL Roll :furious:
    Writer: It's set! See? :thumbup:
    [Crash]
    Moderator: ... [Ban]

  4. #4
    Registered User budafied's Avatar
    Join Date
    Jun 2006
    Posts
    171
    but i was told slick willy saved the economy :huh:

    :rofl:
    Gaming PC (i5, 8GB, GTX 1060) | PS4 | Switch

  5. #5
    Sic vis pacem para bellum Essen's Avatar
    Join Date
    Sep 2005
    Location
    America
    Posts
    4,414
    Good read Denny, but jeeze can you hit the space bar in between a few of those clustered paragraphs

  6. #6
    I work in Finnnance Skado's Avatar
    Join Date
    Apr 2006
    Location
    northeast
    Posts
    1,368
    it was actaully bush sr. who originally wanted the glass-seigal act to be repealed, during his presidency. clinton just got it done

    also, sub prime primer for the lulz
    subprime works - Google Docs
    aka MOJO (commence lag-out)
    aka Hal 9000

  7. #7
    WHERE IS GOD DennyCrane's Avatar
    Join Date
    Apr 2006
    Location
    Kekistan
    Posts
    77,070
    No, it was the banks that wanted it repealed. Phil Gramm was their tool to get it done. He got it through congress and Clinton just signed the paper.
    0118 999 881 999 119 7253

  8. #8
    Coffee Goferr MundaneRaptor's Avatar
    Join Date
    Aug 2006
    Location
    Fort Lauderdale, Florida
    Posts
    692
    Blog Entries
    1
    I mean, honestly! Who is dumb enough to want the law repealed that was created to prevent another 'Great Depression'?



    Writer: Ugh, this post is heavy! Someone get me a wooden beam!
    Moderator: That post better be up to code or Heads WILL Roll :furious:
    Writer: It's set! See? :thumbup:
    [Crash]
    Moderator: ... [Ban]

  9. #9
    WHERE IS GOD DennyCrane's Avatar
    Join Date
    Apr 2006
    Location
    Kekistan
    Posts
    77,070
    Someone being paid millions by the banks, and a president whose policies were dictated by the latest polls. This is why Clinton vetoed welfare reform twice, but as soon as his polling numbers dropped, SUDDENLY was all for it and finally signed.
    0118 999 881 999 119 7253

  10. #10
    may the Bruce be with you CoffeeShark's Avatar
    Join Date
    Apr 2004
    Location
    some western town
    Posts
    47,877
    I've enjoyed seeing the Euro markets celebrate the "downfall of capitalism". They believe that this will end the evil scourge that is the free market.

Page 1 of 423 12611 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Advertise:
Ads@StrafeRight.com

Terms of Service || Privacy & DMCA Policies || About Us
Powered by vBulletin® Version 4.2.2
Copyright © 2019 vBulletin Solutions, Inc. All rights reserved.
Search Engine Friendly URLs by vBSEO 3.6.0

All times are GMT -4. The time now is 10:35 AM.
Design by DanFortH