MrRodgers
Posts: 10542
Joined: 7/30/2005
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ORIGINAL: Edwird
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ORIGINAL: Awareness
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ORIGINAL: Edwird
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Merkel has clearly been disastrous for Germany.
Germany doesn't look like a disaster to me, and they've certainly had worse male Chancellors than Merkel. It looks pretty bad right now.
Depends on point of view and what gauge one uses as qualification for "disaster." If measured by conditions in everyday life, the working world, etc., i.e., reality, then Germany hardly qualifies for that designation. If however one's sole focus is on if there are any Muslims in a country or not, then yes, Germany along with every other Western country is an unmitigated disaster by your estimation of things.
The US is the second largest exporter in the world (total EX, not net), Germany is the third largest, exporting 92% of what the US does, with Only 27% of the population. Hint; -not a disaster-.
And, accomplishing the above with the 'typical' German working 36-38 hrs. a week and 5-6 weeks vacation a year, some of spent going to Spanish beaches in the bargain. -Not a disaster-.
Oh look;
(net inc.=after tax AW=average wage P10=lowest tenth percentile)
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Net income at 50% AW, as % of median income Percentage Australia- 72.3 Germany- 75.2 USA- 61.2 OECD avg. 69.7
Net income at P10 Wage, as % of median income Percentage Australia- 71.3 Germany- 73.9 USA- 45.3 OECD avg. 70
Yeah ... I'm just not seeing the "German disaster" in all that. Can anyone else besides Awareness see it? Am I missing something here?
Sure sucks to be in the lowest tenth income percentile in the US, though, no question. A lot closer to what -I'd- call "disaster," for that unlucky lot.
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And the financial crisis imported from Wall St. Yes, Deutche Bank and other Euro banks got in on the action too, but Wall St. banks invented the financial instruments of destruction which induced lenders in the US to severely lower lending standards and cause an artificial housing boom designed to go bust. This is not even close to a reasonable argument.
It's not an argument, it's a statement of facts.
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The mortgage backed security was invented by Lewis Ranieri in the 70's,
Actually no. There was a commercial MBS market in the 1920s and FNMA started the government version in 1938. Ranieri revived the commercial practice at Soloman Bros. in the '70s, i.e., Wall St.
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but the decision to engage in speculation on MBS derivatives such as CDO's and CDO squared was enabled by a lack of good regulation. Regulation is the province of the government.
Good boy! I've only said that a hundred times in this forum already. Like I said, all this crap started on Wall St., which you said was 'not an argument,' then say it started on Wall St. Not having the best reading comprehension day there, eh?
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Indeed, when Michael Berry wanted to bet against the housing market, who was it who created the Credit Default Swap which allowed him to do it? Yes, you guessed it - Deutsche Bank.
Wrong again. Credit default swaps came from JP Morgan in the latter '90s, paying premiums to a third party for them to insure the risk of their (Morgan's) assets (loans) for purpose of reducing their capital requirements. Only when the CDOs came along later did they get turned to that purpose. And Berry wasn't the first to utilize them that way in any case, he just made the biggest noise about it.
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It's also Deutsche Bank with an asset management portfolio worth US 2 trillion who's currently on the hook for a USD 14 billion fine for doing what again? Selling the exact kind of Mortgage Backed Securities which precipitated the financial crisis. Specifically packaging low quality mortgages into shitty CDO's and getting them rated as AAA.
Can you effing read? What I said, again;
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And the financial crisis imported from Wall St. Yes, Deutche Bank and other Euro banks got in on the action too, but Wall St. banks invented the financial instruments of destruction which induced lenders in the US to severely lower lending standards and cause an artificial housing boom designed to go bust.
One big German bank screwing up vs. at least ten major Wall St. banks and hundreds of loan broker/originator banks in the US, not Germany. Deutche Bank didn't invent the CDO or the credit default swaps nor were they a US rating agency.
Here again you are basically repeating what I said as argument against what I said. Some goood shit you got there, bruv.
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And the increase in terrorism and surge in refugees in Germany and across Europe arising ultimately from the ME invasions. Poppycock. Germany has opened its borders to Islamic migrants ...
Refugees. Who would not be there if not for the ME invasions. Get an effing clue. Or just pay attention. Or something.
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All of that from men, mostly in the US. So Germany's mismanagement of its financial and domestic policy has nothing to do with the German Chancellor. Are you for real?
Did I say that? No I didn't. Are you for real?
I said that the worst of Germany's problems have been imposed upon them by doings outside their own country and not of their own making. As for what part of troubles Germany did bring upon themselves, you have yet to convince anyone but the mirror that Merkel is even arguably worse in handling troubles in her country than her male counterparts in their respective countries, especially those considered the 'main players.'
Among the early examples of MBS or mortgage-backed securities in the United States were the farm railroad mortgage bonds of the mid-19th century which contributed to the panic of 1857. HERE
The first CDO or collatrailzed debt obligation was issued in 1987 by bankers at now-defunct Drexel Burnham Lambert Inc. for the also now-defunct Imperial Savings Association. During the 1990s the collateral of CDOs was generally corporate and emerging market bonds and bank loans. HERE
The buyer of the CDS or credit default swap, makes a series of payments (the CDS "fee" or "spread") to the seller and, in exchange, receives a payoff if the loan defaults. It was invented by Blythe Masters from JP Morgan in 1994. HERE
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You can be a murderous tyrant and the world will remember you fondly but fuck one horse and you will be a horse fucker for all eternity. Catherine the Great
Under capitalism, man exploits man. Under communism, it's just the opposite.
J K Galbraith
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