Skip to main content

View Diary: Closely-Watched Court Decision Breaks Bad for Wall St. Has A Day of Reckoning Arrived? (154 comments)

Comment Preferences

  •  Such an excellent point. (6+ / 0-)

    The corruption in the financial sector, aided and abetted by the political and judicial and regulatory branches leads to a deep seated cynicism and mistrust by ALL citizens at every level of the economic ladder.

    You also touched on something I have wondered about - Bonds that were complete crap were sold not just in this country, decimating pension funds, etc. but around the world.

    Now that is it revealed that in the US, people are allowed to peddle crap with little or no supervision or meaningful consequences that rise above the Cost of Doing Business, and since many people in charge of selling crap were actually rewarded with continuations of their salaries and bonuses, demonstrating there is no incentive to stop selling crap, why is there the supposition that people will continue to buy crap?

     Both the bond market and the stock market appear to be Ponzi schemes financed with Dumb money that the Smart Money runs off with. What happens when all the Dumb money just leaves the market and sits out until a belief in the integrity of the system is restored?

    “Human kindness has never weakened the stamina or softened the fiber of a free people. A nation does not have to be cruel to be tough.” FDR

    by Phoebe Loosinhouse on Wed Feb 06, 2013 at 10:47:48 AM PST

    [ Parent ]

    •  Individual mandate fining folks for not investing? (0+ / 0-)
      What happens when all the Dumb money just leaves the market and sits out until a belief in the integrity of the system is restored?

      The Dutch kids' chorus Kinderen voor Kinderen wishes all the world's children freedom from hunger, ignorance, and war.

      by lotlizard on Wed Feb 06, 2013 at 08:11:47 PM PST

      [ Parent ]

    •  ponzi schemes (1+ / 0-)
      Recommended by:
      Calamity Jean

      i have read all the way down this far, and been impressed with the mental acuity present. but i still have 1 question, due my my own stupidity.

      when the economy crashed and we lost money (40% of most IRA's, home values, etc.) where did the money go?

      as voiced by molly ivins: politics is all about who's getting screwed and who's doing the screwing. obviously, the money went to the screwers.

      but where exactly did the money go?

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site