Skip to main content

View Diary: Libor --- OUTRAGE .... Please!!!! (210 comments)

Comment Preferences

  •  I very seriously thought the big banks (15+ / 0-)

    ...would be nationalized on January 21st, 2009.

    Because... you know... if they weren't, they would continue on and collapse the US economy by 2012.


    The US is the only industrialized nation where gun ownership is a right, health care is a privilege, infant mortality is on the rise, and the constitution is written to appease slave holders rather than to benefit citizens.

    by Pluto on Wed Jul 04, 2012 at 03:47:14 PM PDT

    [ Parent ]

    •  There's Still Around (3+ / 0-)
      Recommended by:
      Pluto, caul, shaharazade

      six months left! give the banksters a chance.. they're working on completely wrecking us.

      congress stands around and does nothing.

      "A civilization which does not provide young people with a way to earn a living is pretty poor". Eleanor Roosevelt

      by Superpole on Wed Jul 04, 2012 at 06:43:06 PM PDT

      [ Parent ]

      •  I was just looking around for a reason (15+ / 0-)

        ...why we let this happen, why we surrendered our future to the big banks. No one seems to know. This from Wiki:

        Under US law and the laws of most other developed countries, derivatives have special legal exemptions that make them a particularly attractive legal form to extend credit.[3]  

        However, the strong creditor protections afforded to derivatives counterparties, in combination with their complexity and lack of transparency, can cause capital markets to underprice credit risk. This can contribute to credit booms, and increase systemic risks.[3]  Indeed, the use of derivatives to mask credit risk from third parties while protecting derivative counterparties contributed to the financial crisis of 2008 in the United States.[3][4]

        Financial reforms within the US since the financial crisis have served only to reinforce special protections for derivatives, including greater access to government guarantees, while minimizing disclosure to broader financial markets.[5]

        So, why would we do such a terrible thing to ourselves?


        The US is the only industrialized nation where gun ownership is a right, health care is a privilege, where poverty and infant mortality are rising, and where the constitution appeases slave-holders instead of benefiting citizens.

        by Pluto on Wed Jul 04, 2012 at 07:14:27 PM PDT

        [ Parent ]

    •  Got it backwards (2+ / 0-)
      Recommended by:
      cotterperson, Pluto

      The Banks captured the nations instead.

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site