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View Diary: Libor --- OUTRAGE .... Please!!!! (210 comments)

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  •  There's Still Around (3+ / 0-)
    Recommended by:
    Pluto, caul, shaharazade

    six months left! give the banksters a chance.. they're working on completely wrecking us.

    congress stands around and does nothing.

    "A civilization which does not provide young people with a way to earn a living is pretty poor". Eleanor Roosevelt

    by Superpole on Wed Jul 04, 2012 at 06:43:06 PM PDT

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    •  I was just looking around for a reason (15+ / 0-)

      ...why we let this happen, why we surrendered our future to the big banks. No one seems to know. This from Wiki:

      Under US law and the laws of most other developed countries, derivatives have special legal exemptions that make them a particularly attractive legal form to extend credit.[3]  

      However, the strong creditor protections afforded to derivatives counterparties, in combination with their complexity and lack of transparency, can cause capital markets to underprice credit risk. This can contribute to credit booms, and increase systemic risks.[3]  Indeed, the use of derivatives to mask credit risk from third parties while protecting derivative counterparties contributed to the financial crisis of 2008 in the United States.[3][4]

      Financial reforms within the US since the financial crisis have served only to reinforce special protections for derivatives, including greater access to government guarantees, while minimizing disclosure to broader financial markets.[5]

      So, why would we do such a terrible thing to ourselves?


      The US is the only industrialized nation where gun ownership is a right, health care is a privilege, where poverty and infant mortality are rising, and where the constitution appeases slave-holders instead of benefiting citizens.

      by Pluto on Wed Jul 04, 2012 at 07:14:27 PM PDT

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      •  Zombies (7+ / 0-)


        I'm a "No Rate" pariah. So when I give a comment "+110% n/t", please consider that a recommend. (That's my workaround fix to participating in this community!)

        by The Angry Architect on Wed Jul 04, 2012 at 08:07:34 PM PDT

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      •  Bankers own the Senate, (12+ / 0-)

        I think that's how. I'm about to nod off, so take my memory with a grain of salt. First, then-Senator Phil Gramm (later of Credit Suisse) took bankers to an urgent meeting with the SEC execs (year?) and got approval for risky practices.

        I'm pretty sure Dodd-Frank requires new rules and regs for derivatives. Trouble is, the banksters have been using the legal system to delay implementation going on two years now (?), so problems continue. (Delay = Profit).

        Nonetheless, the CFTC and DOJ are part of the "global cartel" investigation. Any bank doing business in London is subject to the LIBOR investigation, so it must come to our shores.

        Surely it must.

        "Let each unique song be sung and the spell of differentiation be broken" - Winter Rabbit

        by cotterperson on Wed Jul 04, 2012 at 08:38:34 PM PDT

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        •  Thanks for your take. (7+ / 0-)

          I personally believe that Dodd was part of the deal in Obama gaining Wall Street support. He is, after all, the man who delivered the corrupt bankruptcy bill, which brought down residential real estate.

          I figure they knew before 2006 that the US economy was going to ultimately collapse. 2008 was just a blip on the path.

          Ironically, at this point, nationalizing the banks doesn't matter. We can't cover the non-hedging swaps in any event. Without printing.


          The US is the only industrialized nation where gun ownership is a right, health care is a privilege, where poverty and infant mortality are rising, and where the constitution appeases slave-holders instead of benefiting citizens.

          by Pluto on Wed Jul 04, 2012 at 09:15:20 PM PDT

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