why it didn't pass: what wall street doesn't get!

i know i have said this before put please permit me. what wall street doesn't get and why the financial media are so surprised is that people have BEEN SCREWED SO MUCH FOR SO LONG BY BANKS they they don't want to help them. also, many are already broke themselves, so what more can happen? some even think that by sinking the banks they will get off the hook. the banks, in their arrogance, have thought they could beat the poor surfs to death and do so forever. the bastille has been stormed!

Edited by humble1, 29 September 2008 - 01:12 PM.

i know i have said this before put please permit me. what wall street doesn't get and why the financial media are so surprised is that people have BEEN SCREWED SO MUCH FOR SO LONG BY BANKS they they don't want to help them. also, many are already broke themselves, so what more can happen? some even think that by sinking the banks they will get off the hook. the banks, in their arrogance, have thought they could beat the poor surfs to death and do so forever.

the bastille has been stormed!

HAHAHA ... some even remember the bankruptcy bill and how that was supposed to lower rates to creditworthy. guess what, rates stayed the same or went up and when one of the serfs were late ON ONE SINGLE PAYMENT their rates went to 30%. they want blood! (i iwsh i knew how to do those hopping little people, lolrtof)

Written by Strauss and Howe in 1996, long before any CDO was written –

Sometime, around the year 2005, perhaps a few years before or after, America will enter the Fourth Turning

The new mood and its jarring new problems will provide a natural end point for the Unraveling-era decline in civic confidence. In the pre-Crisis years, fears about the flimsiness of the social contract will have been subliminal but rising. As the Crisis catalyzes, these fears will rush to the surface, jagged and exposed. Distrustful of some things, individual will feel that their survival requires them to distrust more things. This behavior could cascade into a sudden downward spiral, an implosion of societal trust.

If so, this implosion will strike financial markets—and, with that , the economy. Aggressive individualism, institutional decay, and long-term pessimism can proceed only so far before society loses the level of dependability needed to sustain the division of labor and long-term promises on which a market economy must rest. Through the Unraveling, people will have preferred (or, at least, tolerated) the exciting if bewildering trend toward social complexity. But as the Crisis mood congeals, people will come to the jarring realization that they have grown helplessly dependent on a teetering edifice of anonymous transactions and paper guarantees. Many Americans won’t know where their savings are, who their employer is, what their pension is or how their government works. The era will have left the financial world arbitraged and tentacled: Debtor won’t know who holds their notes, homeowners who owns their mortgages, and shareholders who runs their equities – and vice versa.

Edited by salsabob, 29 September 2008 - 02:04 PM.

good one! and so much for the argument that the mob will not awaken. now that they start feeling they have power, what's next?

good one!

and so much for the argument that the mob will not awaken. now that they start feeling they have power, what's next?

With the possible exception of a mulit-month bounce in the near future, I think this Bronson fellow has the finacial side of it pretty close -



Further finacial pain to come but not on the order of the 1930s.

On the other hand, the really interesting part to your question has to do with the social consequences - we're not as tough or as tolerant as our grandparents; that will likely prove more a troublesome combination than we can imagine.

I am pretty certain now that chase own wamu, that my salad days of free bill pay and possibly free checking will be over soon. we now have yet more consolidation in the industry. power to the people!