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Thursday, July 09, 2009
"It is boring banking, (essentially mortgage banking), done badly that has caused all our problems."
What ?! They piled over $1300Trillion of derivatives on a base of mortgages they sold to people who barely had a pulse and zero income. They did it outside of a transparent market, over-the-counter. They lied and lied and lied. They even shorted the companies they sold the rubbish on to because they knew the junk would take them down. They lobbied for Glass-Steagall to be binned because they knew that what they were up to was a conflict of interest and all they had to do was to remove the legislation in their way. They decorated their balance sheets with assets that they themselves valued and called it "mark-to-model". Bookkeeping based on a lie. They took their worse crap off-balance sheet and offshore and sold and resold crap between themselves and the SIVs to create ever more "deposits" which they used as "collateral" for yet more borrowing and lending. Every time the penny came around they took "fees" and "commissions". This boondoggle inflated the money supply, robbed honest workers of their savings and because it was covered with layers of bookkeeping boolshite, distorted price and investment signals leading to malinvestment and misinvestment. Now they have collapsed the world.
And you think that is BORING banking ? Then what the hell is rampant, out of control , criminal, embezzeling, their noses in the coke bucket and their hands on your wallet. banking ?
This was no Black Swan , this was an organised crime who have as a last insult stolen what is left of the taxpayers' money and bailed THEMSELVES out and carried on paying themselves obscene "bonuses" as though nothing happend.
These BORING bankers need to be put on public trial for treason.
sketched by dweller at 1:15 am3 comments
So after a period of Spock mind melding with planet Earth, I left the peace tent and went up to the main fire by the stone circle.
Here gaggles of people were waiting for the sunrise. There was drumming going on but no dancing. A lass who had just wheelbarrowed a tonne of wood up and then hand lifted the great heavy lumps onto the fire decided to relax her weary body with a bit of a dance. I naturally joined in. After she left I moved into her spot next to the drummers and to the command of their silent gestures I stomped my feet in time to a particular rhythm. I let the ground really have it. Over and over and over again. In fact each time I stomped I could feel a whole mass of the earth vibrate - kind of like how the earth moves if you jump up and down on peaty ground.
So eventually in my addled mind I thought (in a Neil from the Young Ones moment) WOW they're drumming the drums with their hands and I'm drumming the whole planet Earth with my feet. This added to my enthusiasm and I transmitted a lot of energy. More and more people had started to dance so I felt Job done. I wandered off for more early hours adventures...
sketched by dweller at 2:18 am0 comments
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