Wall street protests

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Propaganda now...fucking incredible.

Did any of you see what happened to some of the regional banks in Cali. when they shut down atm's and their doors? Do you really think if money was frozen everyone would be like nah dude were cool, fdic got my back in a month even though I cant use my credit cards or debit cards.....

Research this subject don't just spew propaganda bs and conspiracies


Show me where you are actually on the hook? Show me non conspiracy bull shit that these banks did not pay back with interest the money they were bailed out with?

Show me facts and or proof which I don't see happening.
 
klyph said:
That's like saying you deserved to have your car stolen out of a public lot because you didn't perform due diligence to find one with fewer cars stolen from it. Bernie Madoff is a piece of shit thief. He has no admirable qualities and the fact that some of you are still putting him on a pedestal speaks volumes.
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Go easy on the kid in the Accounting master's program. When I was doing my MBA the professors practically verbally sucked the cocks of these indifferent thieves. It's easy to sit there night after night and become indoctrinated into thinking the public is too whiny and that Bernie Madoff is a hero. Like everyone already said, if I spend a lifetime as a fucking saint, then turn into a serial killer at 75, my prior good deeds do nothing to absolve me of the horrendous wrongs I have committed. Bernie Madoff is a twat.

vtecsir1 said:
Propaganda now...fucking incredible.

Did any of you see what happened to some of the regional banks in Cali. when they shut down atm's and their doors? Do you really think if money was frozen everyone would be like nah dude were cool, fdic got my back in a month even though I cant use my credit cards or debit cards.....

Research this subject don't just spew propaganda bs and conspiracies


Show me where you are actually on the hook? Show me non conspiracy bull shit that these banks did not pay back with interest the money they were bailed out with?

Show me facts and or proof which I don't see happening.
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You are correct in asserting that it would have been chaos, especially to the world's most impatient society. Plus crowd/mob mentalities spread so quickly. There would have been murders for sure. That doesn't mean I don't want to see B of A fail miserably, because I do. I would prefer they die slowly instead of rapidly, and in conjunction with other financial institutions. Capital markets heal but they do so much like our own bodies...there is a process.
 
vtecsir1 said:
Show me facts and or proof which I don't see happening.
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You seem to believe banks seized by the FDIC would board up their windows and that account holders would be unable to withdraw money. Would this really be the case?

Where is your proof that the millions of bank tellers, branch managers and janitors would walk off the job because the government is paying them to work instead of BoA, Capital 1, Chase, Etc?

When GM went bankrupt, did they cease to function? Was every plant worker terminated and sent home? Were dealerships told there would be no more new auto shipments? No new replacement parts?

No.. the government stepped in took over the company. I am not a fan of government stepping into private industry, but the only reason people trust speculating, over-leveraged banks as safe havens for deposits is BECAUSE the FDIC exists.

Also, with the high level of trust the general public already has in banks, do you think people would bother opening deposit accounts if they were NOT guaranteed by the FDIC?
 
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Yeah, as mentioned with regional banks in California. They shut off ATM's and closed their doors until they got some help. That must have been staged and was just propaganda though.

These banks didn't have the money to give everyone if they all made a run to withdraw money. When you deposit money its used to invest, so if you have that money tied up or it was in vehicles that were frozen like a lot were ex. Nuveen bonds they would not of been able to cough it up. Most Americans run so tight on money they pretty much live pay check to pay check with no savings. If you couldn't pull money for even a few days you would freak out. I don't know why you are not understanding this? Undr8d understood this?

GM continued to run operations like normal? Really? lol No plants were shut down? Are you sure about that?

The Government bailed out GM just like they bailed out banks so why are you not saying down with GM? They paid back their bailout money too.
 
vtecsir1 said:
These banks didn't have the money to give everyone if they all made a run to withdraw money. When you deposit money its used to invest, so if you have that money tied up or it was in vehicles that were frozen like a lot were ex. Nuveen bonds they would not of been able to cough it up. Most Americans run so tight on money they pretty much live pay check to pay check with no savings. If you couldn't pull money for even a few days you would freak out. I don't know why you are not understanding this? Undr8d understood this?
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Can you name one bank that DOES have the money to cough up each deposit account holder's entire balance, on demand, in paper currency?
 
LOL at some people jumping on board with this Marxist revolution. How's the koolaide?
 
Banks don't need your money to invest. It's my understanding that banks generate new money when they loan it out. Banks don't have your money because your money isn't real.

I don't think anyone in this thread is a Marxist. I think there is a Marxist element within the protest but it is not entirely a Marxist movement. Though I'm sure that won't stop the conservatives from calling them Marxist terrorists at every opportunity.
 
klyph said:
Banks don't need your money to invest. It's my understanding that banks generate new money when they loan it out. Banks don't have your money because your money isn't real.

I don't think anyone in this thread is a Marxist. I think there is a Marxist element within the protest but it is not entirely a Marxist movement. Though I'm sure that won't stop the conservatives from calling them Marxist terrorists at every opportunity.
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Both sides (you including) are using strong, exaggerated language to try and make your point. That was the point I was making by calling you a Marxist. ;)
 
reckedracing said:
lmfao, i can't believe bernie madoff is being defended (sounds a bit like the "he may have killed a few million people but he was a hell of a leader type of discussion)
i don't give 2 shits about the things he did in his past life, his reputation and record are forever tarnished for stealing billions of dollars, and completely ruining people's lives.
drug out in the street and shot is too good for that thief
drawn and quartered sounds more fitting
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I'm not defending his Ponzi scheme. Totally illegal, immoral, and the SEC should have caught him 10 years before he turned himself in.

I was saying that he was a crucial part of building the financial community. He has given quite a bit to anyone who invests in anything.

As for his "victims", I'm with him. Fuck 'em. What's the first rule of investing? Know what you're investing in. It's not "hand over money blindly and expect to have more handed back".

My professors don't make him out to be a martyr. They think he's dumb too. I think he's a genius. Who's money did he take? The "1%" that everyone was hating on earlier in this thread.
 
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Cashizslick said:
Can you name one bank that DOES have the money to cough up each deposit account holder's entire balance, on demand, in paper currency?
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Go through some Financial statements which are readily available to you from each bank, Im not doing it for you. The reports have to be accurate or else they are committing fraud under the securities act of 1933 (transparency!). You could say they could have false reports but come on now, with all the watchdogs out there it would be caught quickly.....or everyone is in on this big conspiracy lol.

One bank that can pay their deposits? JP Morgan/Chase.

You are saying exactly the point I was making lol. A run on the banks and they wouldnt have had your money, the difference now is there isnt fear about Washington Mutuals, Bear Stearns, etc not having your deposits.

If you deplete your account now, its not going to matter unless everyone made a run on the banks at the same time. This is why the government had to LEND the banks an infusion of cash so that fear would subside.

Banks do use your money for investing be it real estate, loans, etc.

Good Madoff points, I would have brought up him preying on his own greedy kind but figured I would fight one battle at a time lol.

Its funny how people invest and then try to sue when they lose money when the fine print says you can lose everything. There is always some reason people win these suits so that continues on and is a whole other issue in itself.
 
Good Madoff points, I would have brought up him preying on his own greedy kind but figured I would fight one battle at a time lol.

Its funny how people invest and then try to sue when they lose money when the fine print says you can lose everything. There is always some reason people win these suits so that continues on and is a whole other issue in itself.
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do you actually understand what bernie madoff did, and to whom he did it to?
 
In March 2009, Madoff pleaded guilty to 11 federal felonies and admitted to turning his wealth management business into a massive Ponzi scheme that defrauded thousands of investors of billions of dollars. Madoff said he began the Ponzi scheme in the early 1990s. However, federal investigators believe the fraud began as early as the 1970s,[4] and those charged with recovering the missing money believe the investment operation may never have been legitimate.[5] The amount missing from client accounts, including fabricated gains, was almost $65 billion.[6] The court-appointed trustee estimated actual losses to investors of $18 billion.[5] On June 29, 2009, he was sentenced to 150 years in prison, the maximum allowed.[7][8]
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hmmm
 
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Concerns about Madoff's business surfaced as early as 1999, when financial analyst Harry Markopolos informed the U.S. Securities and Exchange Commission (SEC) that he believed it was legally and mathematically impossible to achieve the gains Madoff claimed to deliver. According to Markopolos, he knew within five minutes that Madoff's numbers didn't add up, and it took four hours of failed attempts to replicate them to conclude Madoff was a fraud.[57] He was ignored by the Boston SEC in 2000 and 2001, as well as by Meaghan Cheung at the New York SEC in 2005 and 2007 when he presented further evidence. He has since published a book, No One Would Listen, about the frustrating efforts he and his team made over a ten-year period to alert the government, the industry, and the press about the Madoff fraud.
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interesting
 
Federal investigators "believe". Meaning they have no evidence. The dude is doing 150 years. Why would he lie at this point? In the 1980s a division of MIS was responsible for 5% of the trade volume on the NYSE. It was a legitimate and profitable firm.

MIS was investigated 8 times in 16 years. Madoff wasn't a genius because he ran a Ponzi scheme for so long. He was a genius for what he did before that. The Ponzi scheme ran for so long because the federal investigators were inept. Like my favorite line from Casino,

"Listen, if you didn't know you're bein' scammed, you're too fuckin' dumb to keep this job. If you did know, you were in on it. Either way, you're out. Get out! Go on. Let's go."

The same federal investigators that "believed" it started in the 70s. Why would they even make that comment? It's like saying, "No we didn't have our heads up our asses for 2 decades, it was 4 decades."
 
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