Forum Post: In the "original" great depression" bankers threw themselves out of windows
Posted 12 years ago on Dec. 12, 2011, 1:29 p.m. EST by clearmountain44
(48)
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what did they do this time? they got their collective "behinds" saved and had record profits the next year. and what about the working classes? well they were already kicked out of their houses so their were no windows to jump out of!
Awesome music vid by Gene Barnett called Jump You Fuckers
"your good at stealing and you're good at lying, now see lets how good you are at flying. Jump you fuckers" 2FF
http://www.youtube.com/user/GeneBurnett#p/a/f/0/yge311sFhC8
Good post.
Funny you should bring that up, I was just reading Galbraith's book about the depression.The depression suicide rates were a bit higher but the mass defenestration of bankers is pretty much a myth. The causes were remarkably similar ---------over leveraged derivatives sold en mass to the general public and excessive risk taking at the institutional level. In other words wall street got high on their own supply in 1929 and 2008.
I live for days when someone gives me a good reason to use the word defenestration in a sentence.
lol. i'd like to see me some bankers jump out of some windows. it could even be the first floor. just the though of a guy with his high price suit and plastic hair going thrue a window amuses the shit out of me.
Now for something we can all enjoy
The banksters are not going to jump because our government bailed them and Wall Street out with our tax dollars.
hey! don't need you mucking up my nice daydream buddy. a man can dream can't he?
that was a different time when bankers had honor.
blame kenneth feinberg, he could've clawed back every penny of bonus paid to the execs. for their incompetence--who gets a bonus for screwing up? he was obama's pay czar to study the problem and authorized--so also blame obama--inside job done with a wink and a nod.
No they didn't -------------but they had better hats,suits and glasses that made them look that way. Seriously a wonderful book about the1920's crash is "Once in Galconda" it deals a bit with the math of it all, but mostly focuses on the characters. It's a fun book and perhaps the inspiration for that famous Warren Buffet quote " When the tide goes out you can see who is swimming naked" Outrageously bad behavior going on that no one noticed till after the crash.
oh, i meant, more specifically, they had honor (and would regain honor now) if they threw themselves out the window. some people, including myself, knew well that everyone was leveraging up too much. the home borrowers were taking on debt at a median 52.5% debt to income ratio between 2005-2007 to squeeze into those 350k to 450k houses... and amazingly very few thought anything of it. john paulson made billions shorting alot of stuff (then lost half his money this year buying financial stocks), i tried to short but the options expired before the big explosion and so i lost some money.
The thing is, they are probly still to leveraged, the MF Global bankruptcy pretty much illustrates that. The fact the America's banks have a near fatal spasm every time someone in Europe sneezes tells me they used those cheap fed loans to over leverage again and buy European bonds or there's some scary derivative trade we won't know about till they send the taxpayer the bill. We have no idea what crap is lurking in our banks. Nothing has changed since 2008
agree completely. the big money center banks JPM, Citi, Goldman and Bank of America are definitely exposed, but I am pretty sure they dumped some onto MF Global, and sold more open market and that, in part, caused its collapse--Corzine's an idiot taking a long shot in this economy. Last week the Fed gave the ECB 50 billion on a swap line, so again the taxpayers are exposed... that 50 billion print is inflationary... to us.
Can you explain the swap line to me? I understand CDS's CDO's options futures ETF's leveraged ETF's , but I don't understand the rest of the swaps. Are they all as scary as CDS under extreme conditions?
it's somewhat complicated, but ultimately the impetus is that banks are not lending to one another in the EU zone in Euros (typically, they lend every night in securities lending and similar borrowing transactions). they now clearly prefer USD to the euro, and it sets up a nice, profitable currency pair trade EUR/USD, again ultimately (meaning the Euro could get crushed--and the consensus is predicting that). i haven't read all the legal terms, but it is an extension of credit/printing dollars made available to EU banks and an attempt by the EU to bring down EU interest rates. the US agreed to, therefore, provide liquidity to EU banks and give them money, so it feels like the same Lehman type liquidity issue (save for the Fed propping up markets)--they are not currently disclosing the banks receiving the funding, which would be a nice shortable event... that's the question for the trader--who's going to get crushed, and they frustrate us because they are not disclosing, I am making calls... my guess is Santander (spain), Credit Agricole (france) and unicredit (italy). however, the more USD in circulation, the less valuable each one becomes=inflation--same sides of the same coin.
Kind of like the fed's 7 trillion liquidity loan dump right after the bank crash? but with a currency exchange? Doesn't that money end up back at the fed fairly quickly after a bit of deleveraging ?
http://www.youtube.com/watch?v=e-3hZsXrxaI
http://www.youtube.com/watch?v=4mkRFCtl2MI
http://www.youtube.com/watch?v=1SQqjTxI3vc
http://www.youtube.com/watch?v=EewGMBOB4Gg
http://www.youtube.com/watch?v=4Z9WVZddH9w
http://thezeitgeistmovement.com/
http://blog.thezeitgeistmovement.com/
http://www.thevenusproject.com/
No, they ( bankers) jumped because they lost everything( money) and couldn't stand that. in the late 20's people. , a lot of people, even the so called little people, bought on margin, when those margins were called they had no money to pay it.
There were these wall street concoctions called investment trusts. They were remarkably like CDO's in their structure but they were equity based. They would buy a basket of stocks and split the basket into tiers. The first tier would go to the bondholders of the trust. The top tier would contain all the gain or loss. Lets say a stock was a $43 stock $30 of that would be owed to the bondholders of the trust For $13 you could buy the gain/loss on that equity as a share of common stock of the trust. You could buy shares of stocks on margin so that many regular folks suddenly could afford to be in the market (sound familiar?) Just in case that was not enough risk, they made investment trusts out of baskets of investment trusts(sound familiar?). Folks were amazed at the genius of wall street for years till the whole over leveraged over margined bloated mess suddenly show an unsuspecting public how leverage works in reverse.