Too Big to Fail

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samboct -> Too Big to Fail (5/24/2011 9:11:45 PM)
I just saw most of this movie on HBO earlier tonight (got a phone call in the middle) and thought it was pretty good. A lot of the events line up with what I remember from Charlie Gasparino's book- The Sellout. For my taste, too much of this stuff is the "Cult of Personality"- but hey, maybe that's the way things are on Wall St. I have a friend of mine who's worked in most of the investment banks mentioned- and after listening to her describe how dysfunctional they were, I'd never invest in them or do business with them. I thought Curtis Hanson's movie captured the high points of the story well. The Republican congressional leadership does not come out particularly well, the President is largely absent but Paulsen is the hero of the piece. It shows how close to the precipice we came. Hopefully this movie will ignite a debate which still needs to take place about the utility of Wall St. The movie closed with the observation that in 2010, bonuses on Wall St. totaled $135B. That's about $450 from every person in this country. Somehow, I don't think they're worth a hundredth of that- and they do very little positive for our economy. Sam

Real0ne -> RE: Too Big to Fail (5/24/2011 10:25:27 PM)
quote: ff is the "Cult of Personality"- but hey, maybe that's the way things are on Wall St. I have a friend of mine who's worked in most of the inve on the contrary they suck it bone dry. ever notice how the federal reserve and treasury and sec employees just sort of trade places? one big happy family laughing their asses off at all the suckers as they milk them dry! I will leave it at that because this is one seriously deep topic otherwise.

Termyn8or -> RE: Too Big to Fail (5/25/2011 2:35:15 AM)
One big happy family. That sounds racist, or clanish or something. I'm starting to like you. T^T

Real0ne -> RE: Too Big to Fail (5/25/2011 7:18:28 AM)
well wealth, or the e-state that certain people (without evidence) claim I do not understand, is basically nickel and dimed into bankruptcy while wall street bets on the results. (speculates ...ahem) Not only in the terms of the OP but that expands to every license, property taxes paying for services most that are never used under the guise of necessity and any other excuse to extort money! Like the queen the government is broke because all the money is squirreled away in "investment" and "trust" funds run by the government in the name of the "People"! Well just who in the fuck are the "People" they are talking about because I know it aint me! We pay for the fucking 8 course meals and get the table scraps.

Fellow -> RE: Too Big to Fail (5/25/2011 10:25:15 AM)
Financial commentator Max Kaiser often refers to one WSJ study suggesting Wall Street selects specifically people with slight brain damage; psychopaths and such. They do the best as they lack empathy.

rulemylife -> RE: Too Big to Fail (5/25/2011 10:29:55 AM)
quote: ORIGINAL: samboct I just saw most of this movie on HBO earlier tonight (got a phone call in the middle) and thought it was pretty good. A lot of the events line up with what I remember from Charlie Gasparino's book- The Sellout. For my taste, too much of this stuff is the "Cult of Personality"- but hey, maybe that's the way things are on Wall St. I have a friend of mine who's worked in most of the investment banks mentioned- and after listening to her describe how dysfunctional they were, I'd never invest in them or do business with them. I thought Curtis Hanson's movie captured the high points of the story well. The Republican congressional leadership does not come out particularly well, the President is largely absent but Paulsen is the hero of the piece. It shows how close to the precipice we came. Hopefully this movie will ignite a debate which still needs to take place about the utility of Wall St. The movie closed with the observation that in 2010, bonuses on Wall St. totaled $135B. That's about $450 from every person in this country. Somehow, I don't think they're worth a hundredth of that- and they do very little positive for our economy. Sam I saw it too, but I'm still of the opinion that it was necessary. The problem was in how it was implemented and the lack of oversight.

Real0ne -> RE: Too Big to Fail (5/25/2011 12:17:07 PM)
quote: ORIGINAL: Fellow Financial commentator Max Kaiser often refers to one WSJ study suggesting Wall Street selects specifically people with slight brain damage; psychopaths and such. They do the best as they lack empathy. They make good attorneys too

samboct -> RE: Too Big to Fail (5/25/2011 12:32:26 PM)
Hi RML Umm, I think you missed the point of my post since I think we're in agreement in terms of the bailout- I concur- it was necessary- and this movie makes clear why the bailout had so few restrictions- it was the only way to get the bankers to do it. My comment is that our economy does not need large investment banks and does not need so much money going to Wall St. which accomplishes very little. Our economy was much stronger when we relied on mechanical engineering rather than financial engineering which is something of an oxymoron in my book. Sam

Musicmystery -> RE: Too Big to Fail (5/25/2011 12:56:01 PM)
Are you under the impression that large banks financing America is a new phenomenon? You're a century and a half behind, at least.

samboct -> RE: Too Big to Fail (5/25/2011 4:54:03 PM)
I'm aware of J.P. Morgan's role in the banking crises of 1893 and 1907 where he stepped in and kept the treasury afloat preventing further economic debacles- but some have suggested that he engineered the crises as well. The bank runs in the '30s were less likely to have been engineered and accurately reflect a general financial panic. The FDIC and the Glass-Steagall Act came out of this experience. However, there were numerous bank runs on many banks IIRC, while the 2008 crisis involved only a handful of banks and insurance firms which threatened a global financial meltdown. There is no reason to have so much concentrated in the hands of so few- it's a disaster waiting to happen. If it wouldn't have been mortgages, it would have been something else. Sam

Real0ne -> RE: Too Big to Fail (5/25/2011 5:22:57 PM)
sam... barney admitted that the 30 crash was the fault of the federal reserve. employees in the federal reserve and the treasury are echanged all the time fed res is private therefore comes under private law therefore gets around the constitution as does the guv there was a florida case where a guy proved that most of the money paid in property taxed is funneld overseas. if you look into banking and commercial law would you be shocked at the fraud the courts with their CRIS account only want to pad their retirement account. Its a very small world at the top

popeye1250 -> RE: Too Big to Fail (5/25/2011 6:23:08 PM)
quote: ORIGINAL: samboct I just saw most of this movie on HBO earlier tonight (got a phone call in the middle) and thought it was pretty good. A lot of the events line up with what I remember from Charlie Gasparino's book- The Sellout. For my taste, too much of this stuff is the "Cult of Personality"- but hey, maybe that's the way things are on Wall St. I have a friend of mine who's worked in most of the investment banks mentioned- and after listening to her describe how dysfunctional they were, I'd never invest in them or do business with them. I thought Curtis Hanson's movie captured the high points of the story well. The Republican congressional leadership does not come out particularly well, the President is largely absent but Paulsen is the hero of the piece. It shows how close to the precipice we came. Hopefully this movie will ignite a debate which still needs to take place about the utility of Wall St. The movie closed with the observation that in 2010, bonuses on Wall St. totaled $135B. That's about $450 from every person in this country. Somehow, I don't think they're worth a hundredth of that- and they do very little positive for our economy. Sam Sam, why do we even have bankruptcy laws if they're not going to use them? Some get a "pass" while most don't? Bailing out large companies with the Taxpayer's money so that those clowns can continue their shenanigans is simply not capitalism! This or any government needs to learn to say "No!" If twenty of those big banks failed there'd be a hundred more jockying to take their place. Too big to fail? More like they were trying to scare people! If Bank of America went out of business and I hope they do as they're so badly run, I doubt that I could stop paying my mortgage. Another bank would buy it out. Badly run and inefficient cos. (should) go out of business, that's "capitalism." Bailing out those cos. is like "foreign aid", you're just underwriting failure! How long before they come back to the well?

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