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We have seen only one media outlet carry this story. Obviously the Connecticut legal action is as usual being blocked out of the news and covered up. The AG called the rating process deceptive and misleading – what an understatement. The AG wants to get the investors money back. We can understand that, but the public should demand criminal charges. This is not a civil matter.
A massive crime has been committed and no one seems to care. Why haven’t the banks and brokerage firms been named in the suit, along with the Fed and the SEC? Where were the state regulators while this was going on? Was this some sort of a conspiracy of silence, or are the regulators all simply incompetent?
S&P’s spokesperson says we believe the claim has no legal or factual merit and we intend to vigorously defend ourselves against it. What a slap in the face for investors. Moody’s, S&P and Fitch have already been sued by pension funds for their role, but again why haven’t the other players been sued? The lenders and syndicators of these tranches worked hand in hand with the raters rating these securities. At issue as well is that there was a duel standard for rating government and corporate debt. These raters are accused of giving cities and towns artificially low credit ratings that cost taxpayers millions of dollars in unnecessary insurance and higher interest payments.
White-collar crime in America knows no end. What is extremely disturbing is that litigants always want financial compensation when the charges should be criminal. Our entire financial system is corrupt. There are two sets of rules – one for them and one for us, and it has to stop. If you live in Connecticut ask Mr. Blumenthal why he hasn’t filed criminal charges. Fraud is fraud no matter which way you cut it.
More Here..
US Must Confront Chinese Currency Manipulation: US Senator.
More Here..
I'm not exactly sure how we got here; or who is to blame. All I know is that we are here and it's not just the finacial system that is corrupt; were that so - it would be easliy rectified.
ReplyDeleteOur entire system is now a greedy, corrupt cesspool; laced and intertwined with so much
neglect; absence of morals and mediocraty
that the best thing that could happen at this juncture is just let it fall & try to build it better next time
4:16,
ReplyDeleteI understand your sentiments. Unfortunately, the fall will result in a lot of destruction, starvation and death. The Government knows it and so do the other 2% of the population who know better as well.
Truly, the America we knew/know is at the end of her rope. Things will never be the same after the fall. In fact, in all likelihood, America will break up in separate pieces as a result. To make matters worse, it really is too late to do anything about it.
Anon 5:28,
ReplyDeleteI couldn't agree more with your post. As many have said all of this site and the internet, "This is not your father's America!"
As an almost 43 year old, I know that barring some fortune, I have reached the halfway marker.
The ones I feel for, are my 2 children, 7 and 14 years old. The will have to deal with all the crap for a lot longer than I will.
Additionally, if my number is called by whatever lottery is in place, just give me the black pill and I will leave this mortal coil.
Again, I really feel for the generation coming up behind mine. They are gonna be real pissed off when they wake up and realize that their standadrd of living is going to be 3rd world at best!
Cash is 'king', printer of it too!
ReplyDelete5:28 and 8:17 Young people will read in history books about how things used to be. They won't be pissed because they have no point of reference. They will hear you talk about the good ole days just like our parents did, but they didn't know that things were going to be much better than what they had. Everything cycles and we are going through one. The world will not go mad max unless we nuke the crap out of each other and that is highly unlikely. We will have Hyperinflation and some chaos and then things will level out. We will probably have major shifts in government. We are already moving toward socialism and when the collapse happens the people on this continent will want more socialism. I expect a complete change in government within 6-12 years as we progress into a minor civil war that will be waged by classes. The poor will do battle with the middleclasses as the middleclass fights to hang on to their toys. The poor will be fighting for food and your toys and for a complete change in government. Their will be major pockets of druglords that will pop up with small armies of gangs to distribute and protect their turf.
ReplyDelete"Young People will read in history books?" Young people can hardly read now.
ReplyDeleteThe most likely event is the children of the future will hear tales of the past but they still
will hardly understand the story because it will be spoken in some obscure and antiquated language called english.
According to Schumer Wen’s comment was the last straw and therefore the US must force China accept new terms or face the consequences.
ReplyDeleteThe height of arrogrance and ignorance - we are going to "FORCE" China to stop "maniplulating" their currency as if the US has and does not manipulate the dollar every single day?? This kind of stupidity is what causes trade wars much like the trade wars in the 30's, and we know how that ended. What an embarrassment Chuckie is to America. But who in this Socialist administration isn't?
And this dual income greed obsessed generation will be judged for turning the education system into nothing more than cheap daycare warehousing.
ReplyDeleteDrug the little bastards, dumb them down, do whatever it takes...
I gotta get to work!
look at me I'm upwardly mobile!
Oh yeah we're going places.
To hell in a hand basket.
11:07 Unfortunately it is true. We need more money for toys. So we sacrifice the kids. We say we are dual income society so that we can provide a good education for our kids, but how many actually get it. Now compare that thought to how many are in every sport know to man and go to exotic vacations yearly, wear the latest fashions and spend their evenings on the game toys instead of studying and being given a balanced diet of quality food.
ReplyDeleteWhite Collar Crime; Blue Collar Time. No book deals, no soft country club prison, just good old federal prison.
ReplyDelete