RE: An Inside Job

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EternalHoH -> RE: An Inside Job (3/16/2011 5:20:28 AM)
quote: ORIGINAL: hlen5 Watch the movie, it will get you up to speed with the conversation[:)]. Yea, but who will criticize from the 'out of the loop' position then? That's what makes him fun and predictable.

MrRodgers -> RE: An Inside Job (3/16/2011 6:48:55 AM)
quote: ORIGINAL: EternalHoH I wish it had a better title, tho, something less incriminating sounding that would result in more neutral people taking an interest in it. The present title gives an external impression that it encroaches on 9/11 truther-type stuff, and that's not going to 'win hearts and minds' of the independent viewers. I'll refrain for arguments sake from asking just what you mean by '9/11 truther type stuff' but it is my guess there is a whole lot more disagreement about 9/11 among the independents than in the party aristocracy. Yes, far too many people are that blind. ...and frankly, at the very least if we agree with this statement, it is a very irresponsible an unbelievable shirking of the people's responsibility to prejudge anything just because the conspirators are described as being 'on the inside.' Most conspirators are.

jack8007 -> RE: An Inside Job (3/16/2011 8:29:44 AM)
quote: degenerate to right/left squabbling,please?? This is a fundamental left/right issue. You are asking the Teabaggers to change their model, and good luck with that. I am not inclined to conspiracies, but there can be no doubt that the industry leaders (executives of Goldman, AIG, etc) were in the best position to know what was going on. The industry did not regulate itself, because that's the nature of capitalist competition - it's always a final grudge match, winner take all. The ONLY way it works is if there is 3rd party regulation, as in the artificial maintenance of competition in anti-fraud, anti-trust regulation, as has been done for a century. Obama's failure to control the financial industry, and establish rules (no kicking, gouging, biting, robbing the spectators) will be his major failure and our downfall. Make no mistake, Wall Street won.

willbeurdaddy -> RE: An Inside Job (3/16/2011 9:16:12 AM)
quote: ORIGINAL: Edwynn Finally, Standard & Poor’s, Moody’s Investors Services and Fitch Ratings, the three major bond and securities rating agencies (collectively, the “privileged raters”), indicated that they will not rate securities backed by pools of residential mortgages if any of those mortgages violate their rating guidelines relating to acceptable liability risk stemming from state predatory lending laws. Read the whole item carefully, and understand that the last part informs that if a state attempts to pass any law that protects their own citizens against the fraudsters, the rating agencies will not rate the bonds. That's called racketeering in any other book. WTF? How do you get from A to B?

Edwynn -> RE: An Inside Job (3/16/2011 12:46:56 PM)
Reading comprehension, mostly. It's a long report, granted, but here are the pertinent pages given in the index http://www.law.fsu.edu/journals/lawreview/downloads/334/reiss.pdf V. PRIVILEGED RATERS GUT STRONG STATE PREDATORY LENDING LEGISLATION... 1023 D. The Georgia Experience: Pushing Forward, Pulled Back.......................... 1032 1. The Georgia Fair Lending Act Provides for Assignee Liability and Unquantifiable Damages..................................................................... 1032 2. The Privileged Raters Exclude Georgia Loans from Their Rated Transactions Because of Concerns That Investors Will Be Liable for Uncapped Damages ............................................................................. 1033 3. As Its Mortgage Market Dries Up, Georgia Acquiesces to the Demands of the Privileged Raters ....................................................... 1037 4. The Privileged Raters Allow Georgia Loans to Be Securitized Under an Amended Georgia Law ................................................................... 1037 E. The Privileged Raters Take a Stance Against Strong Predatory Lending Legislation.................................................................................................. 1040 F. The New Jersey Experience: Testing the Privileged Raters’ Resolve.......... 1043 1. The Original New Jersey Law............................................................. 1043 2. The Privileged Raters Quickly Respond .............................................. 1045 3. Standard & Poor’s Backs Down .......................................................... 1048 4. Standard & Poor’s Reverses Course and Imposes New Restrictions, Forcing New Jersey to Amend Its Law................................................ 1051 After that, all states that had predatory lending laws revised them accordingly and those proposing new laws either fell in line with the raters' requirements or gave up the task entirely.

willbeurdaddy -> RE: An Inside Job (3/16/2011 2:42:31 PM)
quote: ORIGINAL: Edwynn Reading comprehension, mostly. It's a long report, granted, but here are the pertinent pages given in the index http://www.law.fsu.edu/journals/lawreview/downloads/334/reiss.pdf V. PRIVILEGED RATERS GUT STRONG STATE PREDATORY LENDING LEGISLATION... 1023 D. The Georgia Experience: Pushing Forward, Pulled Back.......................... 1032 1. The Georgia Fair Lending Act Provides for Assignee Liability and Unquantifiable Damages..................................................................... 1032 2. The Privileged Raters Exclude Georgia Loans from Their Rated Transactions Because of Concerns That Investors Will Be Liable for Uncapped Damages ............................................................................. 1033 3. As Its Mortgage Market Dries Up, Georgia Acquiesces to the Demands of the Privileged Raters ....................................................... 1037 4. The Privileged Raters Allow Georgia Loans to Be Securitized Under an Amended Georgia Law ................................................................... 1037 E. The Privileged Raters Take a Stance Against Strong Predatory Lending Legislation.................................................................................................. 1040 F. The New Jersey Experience: Testing the Privileged Raters’ Resolve.......... 1043 1. The Original New Jersey Law............................................................. 1043 2. The Privileged Raters Quickly Respond .............................................. 1045 3. Standard & Poor’s Backs Down .......................................................... 1048 4. Standard & Poor’s Reverses Course and Imposes New Restrictions, Forcing New Jersey to Amend Its Law................................................ 1051 After that, all states that had predatory lending laws revised them accordingly and those proposing new laws either fell in line with the raters' requirements or gave up the task entirely. That still doesnt explain how refusing to rate a bond is racketeering.

Real0ne -> RE: An Inside Job (3/16/2011 5:07:45 PM)
it goes deeper than that. how about controlling inflation? people bought homes calcualted their budget and presto shazammo next thing they know the price of gas and everything else doubles. immediately after the predatory lending. sorta obvious set of events.

Edwynn -> RE: An Inside Job (3/16/2011 7:23:09 PM)
quote: ORIGINAL: willbeurdaddy That still doesnt explain how refusing to rate a bond is racketeering. Refusing to rate the bonds meant no bonds, in case you missed that. Strong-arming a person or group or enterprise into do something against their will, in an organized manner, is a significant part of the definition of racketeering. If that term troubles you, it's easily dropped. Whatever one wishes to call the process, some find it not exactly in society's best interests to have a corporation forcing elected representatives to rescind legislation in the course of discharging their duty to constituents. What good does it do to elect them to do a certain job only to have a corporation tell them "no you don't." If a democracy only works to the extent of corporate approval, then it is in fact no democracy. Look that last term up if you need to. The fact that you are so easily misdirected so as to not even see the significance of the activities described for sake of fascination with a single term goes towards explaining why you need things explained to you more than almost anyone at this forum.

Brain -> RE: An Inside Job (3/16/2011 8:06:21 PM)
I think she means this movie, anyway, this is a preview. Inside Job - The Shocking Truth Behind The Economic Crisis of 2008 http://www.youtube.com/watch?v=LbjdVYmJRHI quote: ORIGINAL: DomYngBlk You hadda link?

hlen5 -> RE: An Inside Job (3/17/2011 12:12:02 PM)
That's the movie we're talking about.

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