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Thread: The 1% will own more than the 99% by 2016, report says

  1. #741
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    Re: The 1% will own more than the 99% by 2016, report says

    Quote Originally Posted by whysoserious View Post
    Right, but the credit default swaps were where the money was at. One mortgage-backed security = unlimited income because you could bet on it as many times as you wanted. This guy, knowing he could place bets that were easily hedged with a huge payout, made 3.7 billion dollars when the market tanked. And his loss was capped - the cost of the security. If the mortgage-backed securities don't fail, the credit-default swaps are worthless, and you've just lost the premium. You can hedge that with anything, or nothing, since it's got low-loss potential. And there was a lot of money involved:

    According to the Journal of Economic Perspectives, the total notional amount of the credit default swap market was $6 trillion in 2004, $57 trillion by June 2008, and credit default swap market was $6 trillion in 2004, $57 trillion by June 2008, and $41 trillion by the end of 2008. Credit-default swap contracts that insure default $41 trillion by the end of 2008.

    $57 trillion. From your source, there was about $640 billion to be lost via sub-prime mortgages.



    I personally think Investopedia is underselling this aspect. The leveraging was everything. It's what made a crisis become a catastrophe. It turned a rogue wave into a full tsunami. Then, when you consider these things were sold OTC, weren't regulated, and basically impossible to track... Jesus. And it essentially still works this way!

    As I showed earlier, there was about 700 billion to be lost via sub-prime mortgages. AIG was short $441 billion worth of swaps on corporate bonds, and worse, mortgage-backed securities.

    That says it all, in my opinion.
    I say the great big oil slick on the road right at the sharp corner caused the accident. You say it was the steep cliff off the side of the road that caused the accident. At this point, I've done all I can do by leading you to water.
    You can't reason anyone out of a position they didn't reason themselves into in the first place.

  2. #742
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    Re: The 1% will own more than the 99% by 2016, report says

    Quote Originally Posted by Papa bull View Post
    I say the great big oil slick on the road right at the sharp corner caused the accident. You say it was the steep cliff off the side of the road that caused the accident. At this point, I've done all I can do by leading you to water.
    A guy is working on a skyscraper, trips, and falls to his death. You say it is because he tripped that he died (because it caused the fall), I say it's because he wasn't wearing a harness (because the fall could have been prevented or at least shouldn't have been so bad).
    Ted Cruz is the dumbest person alive.

  3. #743
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    Re: The 1% will own more than the 99% by 2016, report says

    Quote Originally Posted by whysoserious View Post
    A guy is working on a skyscraper, trips, and falls to his death. You say it is because he tripped that he died (because it caused the fall), I say it's because he wasn't wearing a harness (because the fall could have been prevented or at least shouldn't have been so bad).
    Actually your example would be better if the cause of the fall was a whole lot of deadbeat homeowners pushing him off the beam.
    You can't reason anyone out of a position they didn't reason themselves into in the first place.

  4. #744
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    Re: The 1% will own more than the 99% by 2016, report says

    Quote Originally Posted by j-mac View Post
    Wow...Wasn't her husband just revealed in something else she had oversight over concerning defense, or something like that? I tell ya, she is really making a name lately as a corrupt, vengeful part of everything that is wrong with Washington....
    I don't remember that, but it sounds about right.

    John Kerry is another one. Who thinks he'd have the power he has without his wife's fortune?
    "Donald Trump is a phony, a fraud... [he's] playing the American public for suckers." Mitt Romney

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    Re: The 1% will own more than the 99% by 2016, report says

    Quote Originally Posted by Lord of Planar View Post
    Exactly true.

    I really don't comprehend those who have to cry about disproportion, as if it affects them. I just cannot stoop so low as to understand such mentalities. The rich aren't keeping the people at the bottom from achieving, and as long as they blame others rather than themselves, they are doomed to stay at the bottom.
    It affects the rest of us when they use their wealth and power to gain more wealth and power via government.
    "Donald Trump is a phony, a fraud... [he's] playing the American public for suckers." Mitt Romney

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    Re: The 1% will own more than the 99% by 2016, report says

    Quote Originally Posted by Lord of Planar View Post
    Stop electing the politicians that have enabled free trade. We have lost manufacturing jobs to foreigners, so don't blame such disproportion on the rich. Wages are a result of supply and demand, and an excess of cheap illegal immigrants. People buy made in China over made in USA because it's cheaper.

    Blame the cheapskates, and politicians. Not the rich.
    Like I said, "policies supported by the political establishment funded by "the rich" and our most powerful corporate interests." I'm not going to pretend that money flowing into campaigns doesn't matter, because the people spending that money KNOW it gets results.

    I buy USA when I can, even when it's more expensive.
    I do too, and avoid big box stores and shop local when I can, and I understand this makes no difference in the big picture.

    I own a Cheverolet and a Pontiac.

    I'll bet you own a Toyota, Subaru, etc.
    I've owned 5 cars and 4 of them were "made in America." But it's a side issue because GM has assembly plants in Mexico and Canada and elsewhere overseas, many/most of the parts for the cars assembled in America are manufactured overseas. Toyota has plants across the SE - Texas, KY, Miss., AL. And Subaru has had a plant in America for 25 years. My car carries a foreign name but was "made in Ohio."

  7. #747
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    Re: The 1% will own more than the 99% by 2016, report says

    Quote Originally Posted by Dittohead not! View Post
    It affects the rest of us when they use their wealth and power to gain more wealth and power via government.
    Only because people vote for the politicians they support.

    Still, the bottom line is personal responsibility. The people at the bottom, in general, are there because of their own works in life.

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    Re: The 1% will own more than the 99% by 2016, report says

    Quote Originally Posted by Papa bull View Post
    Actually your example would be better if the cause of the fall was a whole lot of deadbeat homeowners pushing him off the beam.
    Hilarious. I'd love to work for a bank run by you. After I made a bunch of loans to known deadbeats, collected my production bonus, spent it, you promoted me, and then the loans all started defaulting, I'd blame the deadbeats for not paying back the loans I BEGGED them take, and you'd believe ME!

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    Re: The 1% will own more than the 99% by 2016, report says

    Quote Originally Posted by Papa bull View Post
    Actually your example would be better if the cause of the fall was a whole lot of deadbeat homeowners pushing him off the beam.
    And you don't accredit any of it to predatory lending either?
    Ted Cruz is the dumbest person alive.

  10. #750
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    Re: The 1% will own more than the 99% by 2016, report says

    Quote Originally Posted by Lord of Planar View Post
    Only because people vote for the politicians they support.

    Still, the bottom line is personal responsibility. The people at the bottom, in general, are there because of their own works in life.
    Yes, that's generally true.

    and the people at the top are there because wealth begets power, and power wealth.

    Those of us in the middle generally are here due to personal responsibility, but then, the middle is getting smaller and smaller all the time.
    "Donald Trump is a phony, a fraud... [he's] playing the American public for suckers." Mitt Romney

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