An Amazing Story of the Worst Financial Crisis in the World since the Great Depression of the 1930's. Thousands of people losing their jobs, houses, life savings on a daily basis. Horrible, horrible stuff that should NEVER happen to anyone. The honest people lost, the thieves won - "Steal a Little and they throw you in Jail/Steal a lot and they make you King"- Bob Dylan - SWEETHEART LIKE YOU

How this all happened is extremely complicated but DATELINE NBC - an American Television program from last night (Sunday, March 22, 2009) comes as close as possible to simplifying the way it all started to fall apart, piece by piece (and I think by now it's common knowledge that this Financial Crisis all started in the USA). For all the Non-Americans already feed up with the behavior of the USA in the last 10 or so years this story isn't going to bring anymore love into the room - some extra distasteful feelings probably, but forget the love. For all the Americans (like me, well, at least American on paper) fed up with irresponsible American Government behavior in the last 10 years plus this story isn't going to help strengthen one's patriotism ..... but it might make you think twice before paying your taxes on APRIL 15th.

This is the simplest, most complete version I have seen so far on a detailed yet understandable program on the "World Wide Financial Crisis" (and I am very deeply involved with the study of this disaster and how it was ever allowed to happen).

HOW COULD THE SO CALLED "SUPER POWER" OF THE WORLD ALLOW THIS TO HAPPEN - where was the oversight, where were the regulations !?!?!? Like millions of Americans (and non Americans) I have lost thousands of dollars on Wall Street for my pension/retirement but I even feel bad bringing it up when I think of the 65 - 70 year old senior citizens who lost half their pensions and/or their homes to this out of control GREED. I'm much younger than 65, I still have time. These people have worked for decades and decades just too see so much of their hard work DISAPPEAR. It's ALL GONE, shifted to the pockets of some GREEDY BASTARDS WITH NO MORAL COMPASS - IT'S ALL JUST SICKENING !!! We'll be lucky if any kind of trust ever returns full time to the Stock Exchange, to the Banking System. These people ALL belong in jail !!!

PART ONE - (Go to school, Get a Good Job, Get a home, lose your home, lose your job, lose your money, lose your dreams..... how did this happen??)




PART TWO - (Thieves and crooks EVERYWHERE and where's the Government over site? Nowhere - THIS IS INSANE - THIS IS BUSINESS SUICIDE !!!)




PART THREE - (Cars, Vacations, Boob Jobs, Cash, Jewelry, Threats, Intimidation)




PART FOUR - (Who's buying these houses with their values just shooting straight up?? Wall Street was the end of the line, It was ALL ABOUT making money, this was where the rubber met the road)




PART FIVE - (All across America buyers couldn't keep up with their payments....busy person, trusting person, American person,.... The economy was driven to the brink, ready to collapse. So what are you planning to do now? You're rich, what are the rest of us going to do???)




PART SIX - (lay offs and foreclosures spiraling out of control. Meeting the people who invented this whole insane scheme. Insiders speak up for the first time, shocked at what was going on - The Fraud Factory - IT'S NOT FUNNY ANYMORE)




One last word on a STONES TOUR in 2009. The deal now is Less People have more (a much smaller middle/upper middle class) OR there's a lot more money in the hands of a few. Since it seems like what ever plans there might have been to tour could have been stopped (unlike U2, I bet they wanna stop that giant, EXPENSIVE stage). My opinion is if the Stones somehow decide to tour late in 2009 (It would depend on a lot of things that "Mr. London School of Economics" will be closely watching) I see smaller venues, a lot less shows, and MUCH HIGHER ticket prices - something a bit like the excellent NO SECURITY mini tour.

This recession will probably last a long time and come down slow. Life will never be the same, we are all a bit poorer and that's the new normal. Plenty of people's lives have been ruined, good people, hard working people. there will be more crime, more suicides, more violence, more insanity and some sick, ultra rich bastards think it's all fun and games as they laugh all the way to the Cayman Islands. Their time is gonna come because, in the end, justice will prevail (but the damage cannot be reversed) THIS SHOULD HAVE NEVER HAPPENED !!!!

This is NOT POLITICAL, It's ECONOMICAL so please don't make it political. Politics is over, this is about survival. We are now having "Tent Cities " forming in most major cities from coast to coast, Tons of people are sleeping in there cars because they no longer have a home. People are needlessly dying because they have no health care. Gun sales are going sky high because people are scared and need to protect home and family from.... whatever happens. All this because someone had to have 50 million, 25 million wasn't enough... GREED is a nasty monster....BTW, a BBC/MSNBC reporter, Katty Kay, said that after spending a few weeks in Europe it is obvious that Americans are being hit much harder and have a lot more to worry about because Europe's vast Social Network for it's people protrcts it's citizen's from losing their Homes, Health Care, Upper Level School for their children, and even some of their jobs. Americans visits to Doctor's and Drug Prescriptions for all things dealing with nerves and anxiety are up at least 10% in the USA.


LAST THOUGHT - There's a shop I heard about on Park Ave in NYC/Manhattan that sells hand made men's suits for $47,000.00 per suit (gold thread is used)

The shop has sold almost 50 suits so far
This is a true story (not everyone is low on cash - just keeping a low profile)


So how are you personally doing ? Any danger of losing your job or your house ? Did you lose a lot on the Stock Market ? 401K ? How about Friends and Family ?



Edited 1 time(s). Last edit at 2009-03-24 22:08 by HelterSkelter.

Market up big today HS. Maybe Barry ain't so bad after all.

"It's just some friends of mine and they're busting down the door"

You really should increase your vitamin B intake Helter ........



ROCKMAN

These criminals should be turned upside down, legally, and forced to give up the green..it IS a HANGING matter....mofos..these CS'rs should be force to pay EVERY PENNY BACK...AMERICA IS A COUNTRY OF CRIMINALS!

I wish I didnt have to say it, but its true..

JR

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sweetcharmedlife
Market up big today HS. Maybe Barry ain't so bad after all.

This pessimist thinks that by the end of 2009 we should be coming out of this whole mess (then we wheel out the guillotine with a new sharp blade to take care of ACT III) .....and that's listening to dozens and dozens of left and right wing Economists forever. Someone's gonna get it right...

Really you guys, anyone that wants to understand this whole complicated thing 100%, watch the clips in order, it's a crazy scheme but you will understand how they put this whole thing together - make it more complicated that 98% of the population understand and you get away with it - check out how these people live on the clips.... ah, kinda nice GIGANTIC houses.

Gotta agree with you JR, I hope the Gov goes all out to get these criminals when the time comes.......

I love it, the mortgage brokers don't take responsibility, the underwriters don't, the wall street guys don't, and the firms that rate each don't, what a joke . . . and acutally the worst is listening to those idiot home buyers who also don't take responsibility . . . one showed negative income and she thought she could afford mortgage payments, "oh they told me i could afford it", shutup!!! and take responsibility for your life, actually read and understand the documents, actually, just understand what your monthly mortgage payment will be, and then ask the whether the inteerest rate goes up, kinda like a credit card, duh. They all have blood on their hands, from idiot home buyers to greedy insiders.

I have to agree with NorthShoreBlues2. Yes, there are some big thieves out there, but greed is in our culture in America. The responsibility is shared by many. There is a tendency to do anything to achieve comfort, and the definition of comfort has somehow changed to include extreme excesses. I think it dates back to the origin of the "American Dream," or the mass desire to get rich quick with minimal effort. It has gotten well out of hand, and just like every other gold rush fad, it's not worth it in the end.

Eat, drink and be merry, but for f sake, leave some for others.

The radio program This American Life has run several excellent programs on the financial crisis.

Try this one: [www.thisamericanlife.com]

It explains a lot of complicated stuff in a way that anyone can understand.

Thanks for posting all of that!

Crazy times, interesting that the greed was/is on all levels of the 'food chain' so to speak, from dolores right up to the fat cats at the top.

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HelterSkelter
BTW, a BBC/MSNBC reporter, Katty Kay, said that after spending a few weeks in Europe it is obvious that Americans are being hit much harder and have a lot more to worry about because Europe's vast Social Network for it's people protrcts it's citizen's from losing their Homes, Health Care, Upper Level School for their children, and even some of their jobs.

Generally speaking this may be the case, but many, many people are losing their job's and homes etc etc.

Good stuff Helter!

Check this one out. Very well done and very easy to follow.





This is along the lines of a new movement of using images to communicate across cultures. Great stuff!

Unfortunately, the fox has been put in charge of the henhouse.

The person who forced all these so-called NINJA loans (No Income, No Job or Assets) due to "political correctness", which triggered the meltdown, is now in charge of cleaning up the mess. Barney Frank.

And there were signs of this collapse 5 years ago and he poo-pooed them:

[www.nytimes.com]

An excerpt: ''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''



Edited 1 time(s). Last edit at 2009-03-24 14:53 by kovach.

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NorthShoreBlues2
I love it, the mortgage brokers don't take responsibility, the underwriters don't, the wall street guys don't, and the firms that rate each don't, what a joke . . . and acutally the worst is listening to those idiot home buyers who also don't take responsibility . . . one showed negative income and she thought she could afford mortgage payments, "oh they told me i could afford it", shutup!!! and take responsibility for your life, actually read and understand the documents, actually, just understand what your monthly mortgage payment will be, and then ask the whether the inteerest rate goes up, kinda like a credit card, duh. They all have blood on their hands, from idiot home buyers to greedy insiders.

EXACTLY!!!

Helter,
I know we don't often agree, but here I couldn't agree with you more!! What we need in this country is another revolution. A complete toppling of this so-called government. I don't remember the last time the government was actually for the people. The problem is too many of the people are just too friggin inept to go along with it - they've bought whatever the government's selling hook, line, and sinker, and are walking around as drones of the whole.

I myself have lost over 50% of my 401K, and not that I was planning on retiring anytime soon (being only 33), but that accounts for over $26K, and my company keeps telling me it'll come back, you're young, blahblahblah. You know what? I don't expect to EVER recoup that $26K, EVER. It's gone.

I was, and continue to be, mortified and outraged by all of these f-in bailouts in our country - I say let all the companies go under and we'll start anew. How much have we given AIG and they turn around have lavish parites, pay-out outrageous bonuses?! The car companies have no one to blame but themselves for the unions and the healthcare they provide - why do they have full coverage while most of America has none? Make the workers take part in it too like the rest of us have to, and while we're on the topic of healthcare, why the F does everyone in government have the best healthcare while so many millions go without?!

It's time for change - REAL change that people can believe in!! Change that Americans bring about on their own!! No one else is going to stand up for us. I don't see this situation getting better anytime soon - I don't believe any of the BS anyone says about it ending later this year or even next year. This is our lives going forward, and for those of us who are lucky enough to keep our jobs and our homes, we should count ourselves lucky.

I swore I'd never own a gun in my house, but I've been scoping out the prices for shotguns and ammunition because of the very reasons you list. Times are tough, and going to get tougher, and my family means everything to me.

And the bankers are definitely to blame for saying that people can afford much more home than they really can, BUT the buyer is NOT without fault here either. I remember when my wife and I went to get pre-approved for a mortgage when we were looking for our new house, and the banker told us we could afford a house worth over $450K. I was shocked, and I started - just for the hell of it - to see what that would buy us. The houses were GIGANTIC!!! But as a person that has a relatively good head on his shoulders, I sat down and backed into the payment with ballparked taxes and all, and then I had a great, long laugh. I turned to my wife and said, sure we could live in a house like that, but we'd never be able to afford groceries, cable, oil, electricity, gas, insurance, the car payments.....Come on people. WAKE UP!! A little common sense goes a LONG way!!!!



Edited 1 time(s). Last edit at 2009-03-24 15:34 by VoodooLounge13.

As a Proud Republican I have to admit while Barney Frank is a HUGE culprit, others include:

> Clinton - he instituted policies that essentially MADEbanks give loans to everyone
> Bush - he did not properly "watchdog" Wall Street and was way too lax

"Bush - he did not properly "watchdog" Wall Street and was way too lax"

A bit of an understatement?

VL13 wrote:

And the bankers are definitely to blame for saying that people can afford much more home than they really can, BUT the buyer is NOT without fault here either.



So true. Trying to live above one's means, keep up with the Jones', etc. caused many people's problems.



Lots of innocent victims and rip-off artists, but lots of self-inflicted financial mess too.

ablett just can't resist. UNREAL!!!

Yes, let's not turn this political, as it will get ugly. There's plenty enough blame to go around to both parties, but does it really matter? The fact is that the mess is here, and we all need to find a way to carry on and get thru it.

Agreed. I owened up to "my party's" liablity but a typical troublemaker tried to fuel the fire.

That was excellent, Helter, and I appreciate the time that you took to put that presentation together; I listened to all of it and I take a personal interest in all of this, seeing as how I am unemployed for the second time in 18 months. I am frustrated, anxious and pissed off because I am a hard-working single person who SHOULD NOT be struggling in my 50's. I have paid my dues ( or at least I thought I had! I am not looking forward to more tough times!). I feel terrible for my countrymen, living in tents, or cars, jobless and with no way out. My perspective is that many Americans have a feeling of entitlement that many living in other countries do not have. I know MANY young people, in their 20's living the great life, pampered by parents,born expecting EVERYTHING and more will be laid at their feet! These are the ones easily conned into buying these mortgages that they can't afford! They do know know the meaning of WAITING TO BUY SOMETHING, they want it NOW! The BMW's, the huge homes, 2 kids, fancy clothes and expensive vacations! They live like a person in their 60's who have worked 45 years to have that life!! Lots of blame to go around, yes! Certainly the Wall St clowns who KNEW it was wrong but never cared enough to put on the brakes, and the lenders, and the under-writers, etc....all to blame and all because THEY NEEDED EXCESSIVE WEALTH!! This is exactly the way civilizations collapse. Read your history books...and VooDoo Lounge, I agree with you about fearing for your own safety and I know why you'd want a gun. I had that very conversation with my boyfriend and we made sure we had a gun handy. Drug dealers and desperate people will kill for less than you'd imagine. I don't see this country staging a revolution. Our citizens are too complacent and the ones angry enough are not organizers!
Being unemployed and worried about health care does take it's toll and I am trying to stay somewhat optimistic about finding a job but the temptation to just drop out is there. Who knew in the 90's that things would get so bad so fast. I do hope that we never need to go through this again and that the BASTARDS at the top are made to pay for this; getting back on track will be tough but I do think Obama will do the right things to put us back on track. He has an agenda with the good of the common man at the core; he has the charisma, intelligence, and persistence needed to get this accomplished.

One man's thoughts:

[www.parentalguide.com]

mixchix, you may want to stay off the Obama kool-aid.

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socialdistortion
mixchix, you may want to stay off the Obama kool-aid.

Yeah, because the people who were in office before him did such an incredible job ... of @#$%& everything up.

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ablett
"Bush - he did not properly "watchdog" Wall Street and was way too lax"

A bit of an understatement?

...understatement..yea--just like mission accomplished.....oh brother!!

Gulp gulp. Tastes good

I think that you maybe should stop taking the same little pink pills Rush has been popping like mints,Social....too much negativity out there coming from that lunatic camp and none of it does anybody any good!!!!!!!!!!!

I'm thinking instead of far left or far right, some good old middle-of-the road common sense might help. Ideas like self-responsibilty, paying your bills, not blaming everyone else for your problems, etc.

Can't even watch the so-called "news" programs because they turn into shouting matches (kinda like on here).

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Elmo Lewis
VL13 wrote:

And the bankers are definitely to blame for saying that people can afford much more home than they really can, BUT the buyer is NOT without fault here either.



So true. Trying to live above one's means, keep up with the Jones', etc. caused many people's problems.


Lots of innocent victims and rip-off artists, but lots of self-inflicted financial mess too.

Very very true. Way too many people bit off way more than they could chew, and many at the banks urging (or at minimum, approval).

Yes, Elmo that would be nice but ususlly the most vocal people are the lunatics at the far ends!! Us middle of the road guys just keep plugging away, and yes we are pissed and we do express that anger but we are also functional...for the most part.