Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Closing Wall Streetís casino

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
Home » Discuss » Editorials & Other Articles Donate to DU
 
roseBudd Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-11 07:55 PM
Original message
Closing Wall Streetís casino
http://blogs.reuters.com/david-cay-johnston/2011/11/18/... /



Most of the bets on Wall Street were pure speculation. Against $15 trillion of mortgage bonds, Stout said, Wall Street marketed credit default swaps in 2008 with a notional value of $67 trillion. Worldwide, traded swaps at their peak equaled $670 trillion or $100,000 for each person on the planet, vastly more than all the wealth in the world. Those numbers make it a mathematical certainty that the swaps were mostly speculation, not hedging.

Stout likened some derivatives to a market in fire insurance in which you buy coverage not for your own home, but for those of strangers. Such insurance would create an incentive to commit arson for profit. Yet we allow speculative derivatives that melted the housing market.
Refresh | +5 Recommendations Printer Friendly | Permalink | Reply | Top
msongs Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-22-11 08:04 PM
Response to Original message
1. how bout a 25 cent tax on each derivative or item traded to cover the damages caused to society? nt
Printer Friendly | Permalink | Reply | Top
 
Moostache Donating Member (905 posts) Send PM | Profile | Ignore Wed Nov-23-11 05:47 PM
Response to Original message
2. screw that...how about reparations?
Edited on Wed Nov-23-11 05:47 PM by Moostache
I think a total loss of personal assets for anyone who drew a salary, bonus or grant of stock options based on the performance of these frauds. They should be forced to make restitution - and instead of the jobless and proverty striken doing the time for the crimes of the banksters, the banksters themselves should be in the public square, in the stocks, in the prisons, but out front and as a visible example of public humiliation.

This country is a steaming pile of shit and the reason for that is the stench of corruption that allows these criminal assholes to walk free while the bought and paid for political class grovel and suck the corporate dick for more money...

We do not have a Capitalist society any longer and have not for a very long time...this is a Plutocratic cesspool and the sooner we pull the plug on it, the sooner we can start cleaning out the smell...
Printer Friendly | Permalink | Reply | Top
 
Lucky Luciano Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-23-11 06:43 PM
Response to Reply #2
3. Stop sugarcoating how you feel. nt
Printer Friendly | Permalink | Reply | Top
 
roseBudd Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-23-11 06:51 PM
Response to Reply #2
4. i think they shoukd be forced to actually invest in American jobs.
Printer Friendly | Permalink | Reply | Top
 
freshwest Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-23-11 10:47 PM
Response to Reply #2
6. Sign at Milwaukee Occupy: 'Don't Make Us Bring Out The Guillotine!' Tell it, dude!
Printer Friendly | Permalink | Reply | Top
 
Hotler Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 10:22 AM
Response to Reply #2
8. +1 n/t
Printer Friendly | Permalink | Reply | Top
 
meow2u3 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-23-11 07:16 PM
Response to Original message
5. A smart lawyer can use this unenforceability of gambling debts
...and apply it to Wall Street's practices. A good attorney, especially a Wall Street defector, can use the gambling debt loophole not only to keep homeowners from being foreclosed on, but he or she can also argue to cancel the mortgage debt altogether. I wouldn't put it past an Occupy lawyer to take those foreclosure cases.

That would make the banksters shit a collective brick. Meanwhile, I'd be laughing my butt off while banksters whine. :evilgrin:
Printer Friendly | Permalink | Reply | Top
 
roseBudd Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-10-11 10:06 AM
Response to Reply #5
7. From my research prior to CFMA, bucket shops were illegal
Derivatives are nothing short of gambling
Printer Friendly | Permalink | Reply | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Mon Jul 28th 2014, 03:44 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Editorials & Other Articles Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC