Why the Worlds Major Banks are on the Verge of Collapse

As much as I agree with your conviction, you are writing letters to politicians that were bullied into a 4 day bailout package. They did not represent the people but folded to pressure from the lobbyists and elite.

We need people with ethics that no matter what the cost, even their seats will vote for the people.

Can't agree with you more!
But we can't just do nothing we have to keep putting pressure on these stooges. I know this system is set up to protect the rich as we are seeing first hand right now. I had a mother who's child is having braces put on in our office her husband works..."worked" for A.I.G. He was let go last week everyone in the accounting dept. was let go in his office and she suspects to cover any probes that might come around which should come around....

The article that OP posted is biased: it implicates AIG as an inventor of a hedge called "the credit default swap." That's not true. It was JP Morgan execs who became unhappy back in 1990s with so much inactive reserve money. So they began to dig a loophole . . .



There are not too many 25-year-old guys who would be allowed to go through $300 billion in loans to asses the risks. It's a cool story.

reply to post by Alexander_Supertramp

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Right on.. now let's start the executions. These greedy people have caused more harm and distress than any murderer ever to enter the electric chair or noose.

I guess that's not really an eye for an eye (this is a Christian nation, after all..?). I think Guantanamo bay with specialized torture techniques for 10-20 years straight should do the job.

reply to post by rufusdrak

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Totally agree with you dude, I highly recommend Zeitgeist Addendum for those whov'e not yet seen
Link -video.google.com...

This is is mostly pointless, since no on can do anything about it and the worst is still to come but, I was a Retail, Commercial and Investment Banker over a 32 year period having starting with then Talman Home Federal Savings of Chicago in the late 70s where I became a SRVP and "Short Sword" to the then President (names don't matter) but I was active in the decisions that resulted in the creation of some refer to as the Wholesale Mortgage Lending Market/Conduit.

This is a very long story that I am not in the mood to tell but, basically our decision at Keystone in 1979 resulted in the guy who mows your lawn or sold you your used car becoming what you know as your "Mortgage Broker"....I would like to refer to them as the unwashed, uneducated, unscrupulous used car salesmen scum of the world but, many of them are you brother, mother, aunt, uncle or as I said, the guy who used to mow your lawn; so I am not going to name call, only convey the contempt I and others always had for them. However, these "Brokers" were only one part of the demise of the Mortgage Lending Industry, as we could not have destroyed ourselves without the help of many others, including but not limited to the Homebuilders who built Zero Lot Line 3,000 Sq Ft cracker boxes all over the country and made it possible for Juan Valdez and pretty much anyone to buy them.

No, the demise of the America has taken a lot of work from many people, from all walks of life. After all, America wanted "Equality" and "Equal Opportunity" for all but, the reality is, none of you were raised up, everyone has been brought down...much like the education system; the standards have been brought down to include everyone or most everyone, even when and where their best use and potential was digging a ditch. I am an MBA with an Engineering Degree, having always been at the top of my class; this is not really much to brag about in light of what I was competing with (am I getting my point across?)

If you haven't watch the Video Documentary "The Money Managers", you need to in order to get what I am going to say in total here you can find it here: video.google.com...#

So let's see, how do I tell you the truth and maybe ATS won't censor it?

I am a descendant of a family that came here with Capt John Smith in 1607; I not only know who my father was but, we are very much aware of our family going back 2,400 years and yes, there are 4 kings in my bloodline and many famous and infamous men in my tree that included Slave Owners and Indian Killers, Industrialists and Military Heros . Trust me when I tell you that the America the Founding Fathers had in mind is not the America we have today; many of you would still be slaves; there would be no Gay Marriage and a long list of other things so many are proud of but which would have you hanging from a tree were George Washington the President. Hold on, I am not putting George Washington on a pedestal; it is a known fact in my family that Washington was a "Kept Man" who dressed up and looked right for the job more than ever having any great strengths or character but, someone needed to be the figure head and he wouldn't shut up until he was given something important to do, so they let him. Do your own history search. Also, do a search of Abe Lincoln and you will find that Abolishing slavery was NOT in his game plan until the north was losing.

Fact is, what most of you believe is America is mostly Lies and Myths. The truly heroic, noble, honest and forthright men died for what they believed in. Something you might remember when being so impressed with McCain. But, a maybe more important point to make here is that if and when we had a President that was honest, forthright and truly acted in the best interest of America and the American people, he was killed/assassinated. Yes, I am telling you that all our Presidents with few exceptions were bought and paid for liars, cheats, thieves...

The one thing I would point out is that the Basel II regulations are merely the symptom (and there is an endless stream of symptoms)of a greater cause: monetary policy. The fiat currency is the root cause of this whole mess and if that is not addressed, I see nothing that will stop this from turning into an absolutely catastrophic event. Believe me, we are closer to the beginning than the end of this mess and I fear the end will leave us in a far different world than what we know today.

The current US Treasury Secretary, Henry Paulson, was the CEO of Goldman Sachs during a part of this mess.

He is now the guy in charge of trying to clean this mess up.

Inspires confidence in the system, doesn't it?

Finally, I can somewhat wrap my brain around the how's and why's. I shall spread this like wildfire.

Thank you OP. A star and a flag for you!!

Great thread. Thank you OP
what I see is most of you see the problem at hand, (bailout the elite)
but no one is pissed off that the American people did not want this bail out. and now the government has more control over all that we have left
Where are the People.
God help us all

yes JP Morgan are the head de-generates but they are PROTECTED they are the favorite sons on Wall street.

This article is not blaming the Basel II regulations , it is blaming the poor loans made by banks and the CDS insurance AIG gave out to create a loop hole to get around basel II, in order for them to satisfy there greed and desperation to keep expanding the credit bubble.

reply to post by Power_Semi

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Watch the Zeitgeist Addendum posted here on ATS for more. I've posted endlessly on the topic. The truth is out there. Congratulations for seeking it. Thats the first step.

[edit on 9-10-2008 by Perseus Apex]

That AIG junk is for real. Who has ever seen AIG IPP in their bank statement?

The last week's crash in the dow is attributed by many hedge fund managers and investment bank "anonymous" sources to be due to

the failure of lehman and there defaulting on credit default swaps

this could cost counter party's hundreds of billions and they are hoarding c cash

this is getting sort out (loser's and price) tommorrow between 9:45 and 2:00 pm . get ready for a wild ride friday

here are some details

bigpicture.typepad.com...

reply to post by Perseus Apex

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Thanks a billion for editing that before I got to it....


One world monetary is not such a bad thing, in light of encountering other economic systems...

I didn't say it does. It would take a great deal of stupidity to do so.

The article singled out AIG as the master-mind and the sole instrument of the financial crises. But that's far from the truth. There are traffic regulations and cops cruise the streets to enforce them. There are financial
regulations, but no one seemed to care that some of them had not been followed. There are thousands of laws and regulations designed and strictly enforced to keep ordinary folks in line, but when it comes to the big boys -- let's not be a tight ass, right?

It's true that AIG was a major player in the scheme; it became a "role model" for other insurance companies, such as MetLife. It takes much more than one company to mastermind and commit economic suicide.

[edit on 10/9/2008 by stander]

FYI, Nikkei is down over 10% and Hang Seng over 7%. Even if nothing happens as in bad news at NYSE, we are in for a raping tomorrow.

what happens when the trucker can't use his commerical credit for loading up the 18 wheeler with food for delivery to the grocery store?

we may find out by Monday! Things are getting very bad, martial law bad

japan stock market down 10% allready tonite!

not sure market will open or stay open for long friday