Also, just because a company's stock price tanks does not mean it goes bankrupt. The price of a company's stock is an indicator of its value, not a determiner. A company goes bankrupt when its costs outweigh revenues and its reserves and credit are exhausted, and can't pay it's bills. Unless that happens, it stays in business regardless of its stock price. Bear-Stearns went belly up because assets tanked & illiquidity ensued, not because of shorting.
He doesn't understand "naked" shorting. The price is ultimately determined by the actual physical market - where the actual stock or commodity changes hands. Any form of IOU is a poor proxy because ultimately the IOU must be made good on. When someone shorts a stock ultimately one will have to deliver or sell the short contract for an offsetting long. If there isn't fundamental weakness in the stock, one could get caught in a short squeeze where one is forced to pay a higher price to make good.
I WORKED AT BEAR STEARNS as a broker!!! The day they changed the uptick rule, Im tellin ya, trading changed, and crocks took over. I went from a wealth and retirable man, to broke as a joke! Really crazy that this was allowed to go on!!!! Im not sure what to think anymore
Ahhh! I'm trying my hardest to understand this stuff, but it's so confusing, and I keep getting lost! I don't have any background in economics or business, and I am very interested in the reasons behind the economic collapse in the US, so I will watch this video, its pre- and post- parts, and any other videos as many times as I have to to absorb it. Thanks for making this.
The govt does not own all the property and all the money. Property tax is a claim by the govt to own all the property -- you can just rent it from the govt. The govt has no right to just decide what part of your money you can keep for yourself. The poor do not have a right to the money of the rich.
And it came to pass after these things, that Naboth the Jezreelite had a vineyard, which was in Jezreel, hard by the palace of Ahab king of Samaria. 2 And Ahab spake unto Naboth, saying, Give me thy vineyard, that I may have it for a garden of herbs, because it is near unto my house; and I will give thee for it a better vineyard than it: or, if it seem good to thee, I will give thee the worth of it in money.
3 And Naboth said to Ahab, Jehovah forbid it me, that I should give the inheritance of my fathers unto thee. 4 And Ahab came into his house heavy and displeased because of the word which Naboth the Jezreelite had spoken to him; for he had said, I will not give thee the inheritance of my fathers. And he laid him down upon his bed, and turned away his face, and would eat no bread. 5 But Jezebel his wife came to him, and said unto him, Why is thy spirit so sad, that thou eatest no bread?
6 And he said unto her, Because I spake unto Naboth the Jezreelite, and said unto him, Give me thy vineyard for money; or else, if it please thee, I will give thee another vineyard for it: and he answered, I will not give thee my vineyard. 7 And Jezebel his wife said unto him, Dost thou now govern the kingdom of Israel? arise, and eat bread, and let thy heart be merry: I will give thee the vineyard of Naboth the Jezreelite.
8 So she wrote letters in Ahab’s name, and sealed them with his seal, and sent the letters unto the elders and to the nobles that were in his city, and that dwelt with Naboth. 9 And she wrote in the letters, saying, Proclaim a fast, and set Naboth on high among the people: 10 and set two men, base fellows, before him, and let them bear witness against him, saying, Thou didst curse God and the king. And then carry him out, and stone him to death.
11 And the men of his city, even the elders and the nobles who dwelt in his city, did as Jezebel had sent unto them, according as it was written in the letters which she had sent unto them. 12 They proclaimed a fast, and set Naboth on high among the people.
13 And the two men, the base fellows, came in and sat before him: and the base fellows bare witness against him, even against Naboth, in the presence of the people, saying, Naboth did curse God and the king. Then they carried him forth out of the city, and stoned him to death with stones. 14 Then they sent to Jezebel, saying, Naboth is stoned, and is dead.
15 And it came to pass, when Jezebel heard that Naboth was stoned, and was dead, that Jezebel said to Ahab, Arise, take possession of the vineyard of Naboth the Jezreelite, which he refused to give thee for money; for Naboth is not alive, but dead. 16 And it came to pass, when Ahab heard that Naboth was dead, that Ahab rose up to go down to the vineyard of Naboth the Jezreelite, to take possession of it. 17 And the word of Jehovah came to Elijah the Tishbite, saying,
18 Arise, go down to meet Ahab king of Israel, who dwelleth in Samaria: behold, he is in the vineyard of Naboth, whither he is gone down to take possession of it. 19 And thou shalt speak unto him, saying, Thus saith Jehovah, Hast thou killed and also taken possession? And thou shalt speak unto him, saying, Thus saith Jehovah, In the place where dogs licked the blood of Naboth shall dogs lick thy blood, even thine.
20 And Ahab said to Elijah, Hast thou found me, O mine enemy? And he answered, I have found thee, because thou hast sold thyself to do that which is evil in the sight of Jehovah. 21 Behold, I will bring evil upon thee, and will utterly sweep thee away and will cut off from Ahab every man-child, and him that is shut up and him that is left at large in Israel:
It's obvious.....even these "1 per-centers (meaning 1% have everything and the rest of us 99%-schmoes have nothing)" fight amongst themselves somebody at goldman-sachs didin't suck the right (or left, doesn't matter) weiner......ah..a little bit of pure, apathy......peace now.
as all of us know the government as been bailing out wall street banks car company’s right!~ Guess how we are going to pay for this? They are going to take away the tax interested on our homes at tax time? They are taking away the money from fixing things in our city’s schools cops firemen! so it looks as if the rich get richer and the poor get poorer!
Isn't the tax deduction on mortgate interest essentially welfare for the wealthy? A poor person has much less interest on his poor house than a rich man has on his mansion. And why do I who have my house paid off & am nearly 70 years old have to subsidize a person who luxuriates in a rich house & pays a lot of interest?
@Thunkful2 Yes. And now they are floating the idea of VAT(tax on those who spend money) which will effect those who spendl a higher % of their income, those in middle/poor class.
Also they want to now also extend tax cuts for the very richest during a recession caused by rich people? Thats just wrong. People need to get off their asses and go out and make informed votes, I'M LOOKING AT YOU YOUTH!
1) How do u know that increasing the tax RATE on the rich will bring the government more revenue?
2) How do you know what is right & wrong?
3) Why do you think that the inexperience youth will have more wisdom than their elders?
Check out the tax situation given by the Lord thru Moses to Israel in the LAW. Their was a 10 percent tax on all (not graduated) based on increase. No property tax (which is a claim by the govt to own all the land). No sales tax; stifles trade.
Unfortunately, this is over most American's heads. It is easier to just blame homeowners for not saving enought money and "buying homes they couldn't afford" The country was looted and they completely got away with it. In fact they are still looting and we will soon see another "crisis" that will require another bailout. "We hang the petty thieves and appoint the great ones to public office" --Aesop
@WhereNoFanHasGoneB4 It would be like i started selling diamonds, I sell so many that the price drops then i buy them back at half price. I made a bunch of money, because all the diamonds were glass, and since I bought them back you can't cry about losing half your money, because you never knew they weren't real anyway. If they had been real I couldn't have had so many to sell, and the price would never have dropped. you wouldn't have lost your money.
I haven't finished watching the entire series, but I feel compelled to comment on this. This isn't even close to being a conspiracy. Bear Stearns screwed up, and they got killed. Investment Banking is all about relationships and trust: Your clients do business with you because you know what you're doing. As soon as that trust evaporates, you're finished. Not only did Bear Stearns invest in a lot of bad securities, but they were geared to the hilt. Their balance sheet had way too much short term
debt. While financing with short term debt is usually cheaper than long term debt, the problem is that when you have to constantly go to the markets to finance yourself, the one time you can't, you die. For example, on (I believe) Thursday or Friday before the demise of BS, Fidelity wouldn't lend BS a $5 Billion overnight repurchase agreement. That's really huge. While it's the popular thing to blame mysterious "hedge funds" for all our problems, the senior management of BS should be the first
to be blamed. Even when hedge funds short stocks, they risk their own capital, and such gains are by no means guaranteed. Zillions of hedge funds exploded from late 2007-09, so simply saying that there were a few that made off like bandits completely misses the point. If a company cannot finance itself/maintain relationships with clients in the face of "rumors" (some of which turned out to be true), then firm, whatever it does, should not be in business in the first place.
@jphlfcjphlfc a byproduct of naked short selling is stock trade delivery failures. When trades fail, "share equivalents" are credited the buyer's account. These share equivalents are IOUs, which trade like regular shares and have the effect of artificially boosting the supply of shares trading. When supply goes up, price falls.
There are other reasons why trades might fail, but when it happens on an ongoing basis, it's usually a result of naked shorting,
@writerjudd simple supply and demand. they sell sell sell sell sell sell sell sell more sell more than they have sell sell any buy order is countered, a stock is a "fixed" number of shares and ANY sale of stock that is not true is BAD BAD BAD for the system!
Ahh I see, someone kept selling these "IOUS' and since they never really got the share he sold them to many different people which then caused the price to go down, or am I way off?
@RejectKillers the market treats these IOUs like normal sell orders. When sell orders exceed buy orders (in the stock market, there are "market makers", which make is so that a seller doesn't necessarily mean there's a buyer on the other end, and vice versa) price always drops. If you flood the market with IOUs, price drops quickly, and that causes those who wouldn't normally want to sell to sell in a panic, and a vicious cycle develops.
@OntologicalQuandary The SEC publishes delivery failures data here (replace exclamation points with periods): sec!gov/foia/docs/failsdata!htm. If you need help interpreting the data, please let me know.
@writerjudd Do they know who were naked short selling or just short selling Bears Sterns or Lehman before they collasped? And Why? Is this a case of vultures eating each other?
@MysticPotato68 It had to be naked shorting, because the extreme volume exceeded the supply of shortable shares many times, additionally, legitimate shorting generates very few delivery failures, and in these cases there were millions. It's sort of hard to feel sorry for Bear Stearns in this case, since Bear was one of the worst perpetrators of naked shorting while it was alive. Lehman much less so.
Whatever schemes the short guys used, the JP Morgen was actually weak as it had too much mortgage security package. The same thing with Fannie Mae, Freddy Mac and then the famous AIG!! The short can not do the same for Microsoft, IBM, or financial stable companies. It's the same thing with internet/communication booming!! The short guys got burned too until 2000.
@digitalbots If you mean "high speed trading" or "flash trading," no it's not the same, though I'd say naked short selling and flash trading are symptoms of the same corrosive greed on Wall Street. At some point, one must ask oneself whether it's ok to profit from some tactic merely because one can.
@writerjudd Beautiful....."At some point, one must ask oneself whether it's ok to profit from some tactic[s] merely because one can." ......eloquent, well-spoken, and to the point.....blessings to you, mate.
In the grand scheme, grown men and women buy and sell shares of companies. No one forces them to heed the rumors of a "short and distort" or a "pump and dump" artist. Government regulations can't protect people from their own gullibility. In fact, attempts to do so perversely give them a false sense of security. Besides, you act as though the naked short is what killed Bear. Bear, in truth, was already having huge problems long before this naked short and was trying to cover them up.
For example, if a trader believes someone else is engaging in a "short and distort" operation, he can buy the stocks on the cheap, preventing them from falling significantly in price. In the interests of promoting stability, stock exchanges and other clearinghouses enact private "regulations" overseeing their participants. Even without government regulations, particular practices that were clearly deceptive would be prohibited, in order to ensure that the exchanges' customers were happy.
Going the other way, why don't manipulative speculators spread positive rumors about companies, and then massively buy their stock? This too ought to yield a sure profit, if manipulation is so easy. The government would have a difficult time cracking down on this ploy. What would the SEC do, forbid optimists from buying stocks they expected to rise? Traders aren't stupid. They understand the possibility of manipulative schemes, and can take defensive actions accordingly.
Price manipulation fears about NSS are unfounded. Why couldn't large stakeholders do the same thing with regular sales? Gates could spread rumors about Microsoft and begin unloading his huge position. Afterward, he could buy back his original position and net hundreds of millions in the process, and own the same number of shares as before. His actions wouldn't have changed the underlying profitability of Microsoft, and so its artificially depressed share price would recover over time.
In a NS what is really happening is that the broker is extending a form of credit to the trader, and the buyers of the naked shares are trusting the brokerage. Because the shares weren't located and borrowed before the short sale, that transaction can't be completed until the trader closes his position and buys back the shares. Any of the counterparties to the original short sale who maintained their purchase can gain title to the shares out of those the trader bought back when closing.
The problem is not that some powerful people found a way to naked short shares even though it's illegal to do so. The problem is precisely that it is illegal to naked short. Regulations are made by people who only really have training as lawyers or as armchair academics, meaning they have no real experience in financial markets or understanding of how they work. So is it really any surprise that all attempts to stabilize things by regulation crash and burn and just lead to bigger problems?
Some of the commentary on naked short selling is downright silly. The naked short seller is not violating the laws of logic; some act as if we should fear a rip in the space-time continuum centered on Wall Street. If a particular stock is illiquid, and a trader wishes to speculate on an anticipated hourly move in the share price, nothing is harmed by allowing him to sell 1,000 shares and then buy them back 45 minutes later; the broker can simply debit or credit his account accordingly.
Some of the commentary on naked short selling is downright silly. The naked short seller is not violating the laws of logic; some act as if we should fear a rip in the space-time continuum centered on Wall Street. If a particular stock is illiquid, and a trader wishes to speculate on an anticipated hourly move in the share price, nothing is harmed by allowing him to sell 1,000 shares and then buy them back 45 minutes later; the broker can simply debit or credit his account accordingly.
Too politically powerful to be charged with the crime? I thought all men are created equal. How could 1 insider trading deal cause the recession? A housing bubble burst. The federal reserve caused the recession.
It has benefits... sometimes short sellers expose the rotten innards of a fraudulent company, but when compared against the costs and the shady nature... I would do away with it.
Any time you have the ability to make money off of the tanking of a stock, you provide a perverse incentive to blow holes in oil pipes, crash planes into things, and generally cause havoc.
Great video! However, we need math-and-logic (i.e. if-then) models to put all these ideas together to show what happens not just between 2 traders but among a system of traders & players (players in the game theory sense).
No one will do a day of time over sticking it to the American public especially when the congress and senate have members paid off to get this very quiet very quickly. If you are naive enough to believe your congress and senate are not being enriched by Americas economic destruction you were not only born yesterday you are a world class moron. Congress and senate are criminal thieves and to look at them and not see this makes you more ignorant than the American Indians as they were being raped.
Couldn't it also be true that the institutions knew they were fucked so they were involved in these naked short sellings as a last ditch effort to make some money on the side before they officially died?
if the unconstitutional (i. e. illegal) private bank (the Federal Reserve) with the power to create money out of thin air illegally (without consequence) didn't exist, then these many illegal actions taken by bankers lately to take the world hostage couldn't have happened.
@copeman89 because white men still run this country but this is not about race, black people in government are just as and are corruptable as any white with the added attitude of reperations.
@copeman89 Did you know that North African and Arabian slavers were the ones selling slaves for the TransAtlantic Slave Trade? Did you know that even more slaves were enslaved and died while being exported to the Far East, North Africa, and India than in the Americas?
Greed knows nothing of color. It's all about taking advantage of whoever you can take advantage of.
I think we need economists to explain to the common voter how this crisis started.
People have long ago forgotten why we're in the mess. Every single bit of their justified anger has been driven against the unloved government that is trying to help them, thanks to conservative corporate-defending propaganda.
Most, I believe, blame the GOVERNMENT for somehow causing this crisis, now! Or at least they expect it to do nothing as a solution!
Unless you are referring to the irresponsibility of the government in not preventing the abuses of Wall Street. Then I mostly agree with you.
#2: The thing about economics is, when there is a serious economic crisis not explicitly and exclusively being kept in existence due to government intervention, government still has to fix it. This is true even if government caused it.
Exceptions are those due to unreasonable taxation and regulation.
@nafaidni Yes I did watch the video. These problems that are in the video are the symptom, not the underlying problem. The underlying problems are FIAT currency, artificially low interest rates and government backing of banking and insurance (both insurance and the bailouts). Without these things in place the crisis would not have happened.
The problems we have now ARE due to unreasonable taxation and regulation.
This kind of simply proves my point that you have no understanding of reality. "The problems we have now ARE due to unreasonable taxation and regulation." Anyone who is deluded enough to believe that taxation is any higher than it was in 2008 is truly off-base with government policy.
If you knew taxes are lower than every since World War 2, you'd understand that this debt is caused, in part, because of the lack of taxation, and you'd understand why the debt is still growing.
@nafaidni Obviously you have no understanding of reality. You know nothing of fiat currency, artificially low interest rates or how government intervention in markets (which this term alone you will most likely misunderstand) has caused this problem. The debt is created (at the federal level) due to runaway spending and a political expediency to spend to get re-elected. Do yourself a favor and do some research.
@nafaidni Taxation is theft. Most government regulation of industries creates mal-investment. To think otherwise is to scoff at the last 100 years of history.
@Aryaba YES! YES! These fucking commie liberal zombies are disgusting! Saying we need more taxation, oh what the flying FUCK!!??? Fuck these marxist pieces of shit!!!
@Scrap5000 ahem, raising the federal income tax by 3% for the top 2% of the country while easing the economic stress for the middle class, whom on average is paying a laughably low 4.6% income tax, and then calling that marxism is beyond idiotic. Reagan eased taxes for the wealthy and cut regulations, and then under Bush sr. there was the economic disaster of the late 80s early 90s. Clinton fixed the mess in the 90s. Bush imposed Reagan-like cuts+regulations, obamas restoringthe clinton taxes
@abf617 You...fucking...retard. Who the FUCK pays "on average a laughably low 4.6% income tax" except the poorest of the poor, BEFORE they get Earned Income Credit (Welfare!)?? Motherfucker, puh-lease! Rich people pay around 40%!! Unless they have all long term cap gains, which ANYONE can have as well, which is 15%. Clinton caused the housing bubble by forcing fannie & freddie to lend to poor peeps with bad credit, so just shut the fuck up!
Obama wasn't president in 2008- but I guess for some of you that just doesn't matter. Obama is to blame for everything. It is so hard for some of you to look around and realize that your enemies look just like you and are willing to throw you under the bus at any time if it will put an extra penny in their pocket.
Senator Chuck Shumer was a player in this. He annonced Bear Sterns was in trouble at a speech he made in California, and caused a run on the bank to begin with.
What the hell is this "small government" bullshit these right-wing idiots keep spewing all about? It looks like all this crap with the naked short selling and such occured because the government wasn't being aggressive or "big" enough to ensure that Wall Street and big businesses don't fuck around.
Obama should've sent in the special forces to wipe out the big-business market manipulating executives.
The reason these people have not been prosecuted is because they run the country one way or another. I suspect that in the end they will suffer - hell lasts a long time.
why are people worried about bear sterns and madoffs when the government engages in trillion dollar ponzi schemes known as social security, medicare, healthcare, taxes and debt?
1: social security, which gives people the ability to retire in peace; Medicare, which provides cheap health care insurance to seniors; and taxes and debt, which are prescribed and justified in the Constitution; are all beneficial or necessary to society and are legal.
2: Madoff and naked short selling, not the government or its programs, caused this recession and will not, in any way, end it.
Again, all that it is you and those like you are doing is trying to defend the criminals and those who caused this crisis by trying to shift the outrage against the government; the ones who have the burden of solving it.
Your Republicant Senators are even now trying to serve their corporate masters by trying to attack Wall Street Reform as a way to give more taxpayer bailouts to companies when it REPEALS the law that makes taxpayer bailouts legal.
"Short selling hedge funds lit the spark that led to the global economic meltdown. Now they want to help craft the laws Congress will pass to fix our broken regulatory system. That's insane. " In other words, the crooks who were behind the crime now want to write laws so that they can do it again. Answer: back to the Constitution!
actually it isn't that at all. It has to do with units per hour of input. One person can generate thousands through the use a machines. So for 25 an hour that one person a can produce thousands of products, which are sold very cheaply, as relative to how many products that person made is the price.
This is what has always been doing on, as technology advances, people are replaced and those that remain earn more as they produce more.
"we are able to buy our stuff as such a low price because someone made it for 25 cents/hour."
When jobs are lost by Americans to be taken by others overseas, what it means is that people will produce the "same" good for less luxury in return. In other words, this forces many Americans into the circumstantial situation of choosing between a higher standard of living than those living overseas, or a debt-free life. Prices do get lower, but many more will be sunk into using credit.
The middle class exists to do the work the poor to scare hell of middle class the rich to suck the life out of a nation and it's people and that is what the Congress ,Senate, and Wall Street do. If you think for a miniute that is going to change your hiding your head up your ass. Wall Street Congress and Senate laugh and snicker at the American people. They resent and even hate us.
@stameyjd hahahha very funny you go on believing that ok. any one can be bought and sold the people in the IRS are not impervious to corruption by no means.
Chris Dodd, now there's a guy looking out for us. Mr "I took an enormous load of cash from AIG for bailing them out". Chris Dodd chose not to run for re-election for a good reason, and its not just to spend more time with his family
dont listen to their shit, at least you uploaded this important info. Though I question it, at least I have another possible explanation of the turmoil everyone is in.
As an American citizen- here's what you can do- Go to coin dealers and buy silver and gold boullion- stow it away somewhere safe- not in a bank...and come November 2010- Vote present members of Congress out of office. Keep voting members out of all positions and bring new ones in- help to flush out an already corrupt system...it's your right and privledge- use it.
Rob a bank with a gun and you might get 2 or 3 thousand dollars, risking 8-15 years in prison. Rob a bank with a laptop and a 3-piece suit and you can get BILLIONS of dollars and risk ZERO prison time. Ethics are a thing of the past and we are paying for our lack of morals big time!!
Also, just because a company's stock price tanks does not mean it goes bankrupt. The price of a company's stock is an indicator of its value, not a determiner. A company goes bankrupt when its costs outweigh revenues and its reserves and credit are exhausted, and can't pay it's bills. Unless that happens, it stays in business regardless of its stock price. Bear-Stearns went belly up because assets tanked & illiquidity ensued, not because of shorting.
BruceD1776 3 months ago
He doesn't understand "naked" shorting. The price is ultimately determined by the actual physical market - where the actual stock or commodity changes hands. Any form of IOU is a poor proxy because ultimately the IOU must be made good on. When someone shorts a stock ultimately one will have to deliver or sell the short contract for an offsetting long. If there isn't fundamental weakness in the stock, one could get caught in a short squeeze where one is forced to pay a higher price to make good.
BruceD1776 3 months ago
Does the SEC work for the falsely named Federal Reserve? It sounds like they are just as corrupt.
smartification1 5 months ago
I WORKED AT BEAR STEARNS as a broker!!! The day they changed the uptick rule, Im tellin ya, trading changed, and crocks took over. I went from a wealth and retirable man, to broke as a joke! Really crazy that this was allowed to go on!!!! Im not sure what to think anymore
hubeef 9 months ago
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Ahhh! I'm trying my hardest to understand this stuff, but it's so confusing, and I keep getting lost! I don't have any background in economics or business, and I am very interested in the reasons behind the economic collapse in the US, so I will watch this video, its pre- and post- parts, and any other videos as many times as I have to to absorb it. Thanks for making this.
Siren2277 10 months ago
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Siren2277 10 months ago
This is such a great vid!
alternativeangle 1 year ago
This is probably one of my favorite documentaries on the workings of the insider trading on Bear Sterns and Lehman during the collapse
MarketsandPolitics 1 year ago
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No more Tax cuts for the Rich.
MaudsPas 1 year ago
The govt does not own all the property and all the money. Property tax is a claim by the govt to own all the property -- you can just rent it from the govt. The govt has no right to just decide what part of your money you can keep for yourself. The poor do not have a right to the money of the rich.
Ahab has no right to Naboth's vineyard.
Thunkful2 1 year ago
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And it came to pass after these things, that Naboth the Jezreelite had a vineyard, which was in Jezreel, hard by the palace of Ahab king of Samaria. 2 And Ahab spake unto Naboth, saying, Give me thy vineyard, that I may have it for a garden of herbs, because it is near unto my house; and I will give thee for it a better vineyard than it: or, if it seem good to thee, I will give thee the worth of it in money.
Thunkful2 1 year ago
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3 And Naboth said to Ahab, Jehovah forbid it me, that I should give the inheritance of my fathers unto thee. 4 And Ahab came into his house heavy and displeased because of the word which Naboth the Jezreelite had spoken to him; for he had said, I will not give thee the inheritance of my fathers. And he laid him down upon his bed, and turned away his face, and would eat no bread. 5 But Jezebel his wife came to him, and said unto him, Why is thy spirit so sad, that thou eatest no bread?
Thunkful2 1 year ago
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6 And he said unto her, Because I spake unto Naboth the Jezreelite, and said unto him, Give me thy vineyard for money; or else, if it please thee, I will give thee another vineyard for it: and he answered, I will not give thee my vineyard. 7 And Jezebel his wife said unto him, Dost thou now govern the kingdom of Israel? arise, and eat bread, and let thy heart be merry: I will give thee the vineyard of Naboth the Jezreelite.
Thunkful2 1 year ago
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8 So she wrote letters in Ahab’s name, and sealed them with his seal, and sent the letters unto the elders and to the nobles that were in his city, and that dwelt with Naboth. 9 And she wrote in the letters, saying, Proclaim a fast, and set Naboth on high among the people: 10 and set two men, base fellows, before him, and let them bear witness against him, saying, Thou didst curse God and the king. And then carry him out, and stone him to death.
Thunkful2 1 year ago
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11 And the men of his city, even the elders and the nobles who dwelt in his city, did as Jezebel had sent unto them, according as it was written in the letters which she had sent unto them. 12 They proclaimed a fast, and set Naboth on high among the people.
Thunkful2 1 year ago
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13 And the two men, the base fellows, came in and sat before him: and the base fellows bare witness against him, even against Naboth, in the presence of the people, saying, Naboth did curse God and the king. Then they carried him forth out of the city, and stoned him to death with stones. 14 Then they sent to Jezebel, saying, Naboth is stoned, and is dead.
Thunkful2 1 year ago
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15 And it came to pass, when Jezebel heard that Naboth was stoned, and was dead, that Jezebel said to Ahab, Arise, take possession of the vineyard of Naboth the Jezreelite, which he refused to give thee for money; for Naboth is not alive, but dead. 16 And it came to pass, when Ahab heard that Naboth was dead, that Ahab rose up to go down to the vineyard of Naboth the Jezreelite, to take possession of it. 17 And the word of Jehovah came to Elijah the Tishbite, saying,
Thunkful2 1 year ago
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18 Arise, go down to meet Ahab king of Israel, who dwelleth in Samaria: behold, he is in the vineyard of Naboth, whither he is gone down to take possession of it. 19 And thou shalt speak unto him, saying, Thus saith Jehovah, Hast thou killed and also taken possession? And thou shalt speak unto him, saying, Thus saith Jehovah, In the place where dogs licked the blood of Naboth shall dogs lick thy blood, even thine.
Thunkful2 1 year ago
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20 And Ahab said to Elijah, Hast thou found me, O mine enemy? And he answered, I have found thee, because thou hast sold thyself to do that which is evil in the sight of Jehovah. 21 Behold, I will bring evil upon thee, and will utterly sweep thee away and will cut off from Ahab every man-child, and him that is shut up and him that is left at large in Israel:
Thunkful2 1 year ago
It's obvious.....even these "1 per-centers (meaning 1% have everything and the rest of us 99%-schmoes have nothing)" fight amongst themselves somebody at goldman-sachs didin't suck the right (or left, doesn't matter) weiner......ah..a little bit of pure, apathy......peace now.
repeat108 1 year ago
this is a moderate lesson in economics, heh.
QwukeStudioz 1 year ago
Some greedy shits should be wearing orange jumpsuits...
darthspeaks 1 year ago
@darthspeaks you mean colorful tron themes jumpsuits, flying through space at velocities just now known to mankind?
QwukeStudioz 1 year ago
@QwukeStudioz No, the ones wore in prison....
darthspeaks 1 year ago
@darthspeaks Amen
repeat108 1 year ago
Don't vote for anyone who has ANY connection to the financial sector. Or those who have been in Washington for more then 2 terms.
FACT:44% of those in congress are millionaires. hmm very telling.
MaudsPas 1 year ago
as all of us know the government as been bailing out wall street banks car company’s right!~ Guess how we are going to pay for this? They are going to take away the tax interested on our homes at tax time? They are taking away the money from fixing things in our city’s schools cops firemen! so it looks as if the rich get richer and the poor get poorer!
faceswithin 1 year ago
@faceswithin
Isn't the tax deduction on mortgate interest essentially welfare for the wealthy? A poor person has much less interest on his poor house than a rich man has on his mansion. And why do I who have my house paid off & am nearly 70 years old have to subsidize a person who luxuriates in a rich house & pays a lot of interest?
Thunkful2 1 year ago
@Thunkful2 Yes. And now they are floating the idea of VAT(tax on those who spend money) which will effect those who spendl a higher % of their income, those in middle/poor class.
Also they want to now also extend tax cuts for the very richest during a recession caused by rich people? Thats just wrong. People need to get off their asses and go out and make informed votes, I'M LOOKING AT YOU YOUTH!
MaudsPas 1 year ago
@MaudsPas
1) How do u know that increasing the tax RATE on the rich will bring the government more revenue?
2) How do you know what is right & wrong?
3) Why do you think that the inexperience youth will have more wisdom than their elders?
Check out the tax situation given by the Lord thru Moses to Israel in the LAW. Their was a 10 percent tax on all (not graduated) based on increase. No property tax (which is a claim by the govt to own all the land). No sales tax; stifles trade.
Thunkful2 1 year ago
who was selling these ious?
FlankerVT 1 year ago
are u trying to sound like Michael Dougless in wall street?
MOOSENUT42 1 year ago
So they were flooding the market with IOU's that didnt exist? And that's how the stock fell right?
smoothness1000 1 year ago
Unfortunately, this is over most American's heads. It is easier to just blame homeowners for not saving enought money and "buying homes they couldn't afford" The country was looted and they completely got away with it. In fact they are still looting and we will soon see another "crisis" that will require another bailout. "We hang the petty thieves and appoint the great ones to public office" --Aesop
jiveturkeyusa 1 year ago
@jiveturkeyusa
Except public officials didn't do this...they didn't even understand this...
This was done by criminals on wall street wearing suits claiming to be
capitalists...
Garret00074 1 year ago
@Garret00074 And the ones that did understand it?
jiveturkeyusa 1 year ago
Comment removed
TheLiberalAvenger 1 year ago
I would really like to understand this
I wish there was a video on youtube explaining what wallstreet is!
WhereNoFanHasGoneB4 1 year ago
@WhereNoFanHasGoneB4 It would be like i started selling diamonds, I sell so many that the price drops then i buy them back at half price. I made a bunch of money, because all the diamonds were glass, and since I bought them back you can't cry about losing half your money, because you never knew they weren't real anyway. If they had been real I couldn't have had so many to sell, and the price would never have dropped. you wouldn't have lost your money.
jonBakhtiari 1 year ago
I'm thinking that Bear and Lehman insiders may have made these bets; and that the SEC may well have voided the AIG payouts (fire insurance). NSS
Intellectual cons... Ravening the prey...
saintveil 1 year ago
I haven't finished watching the entire series, but I feel compelled to comment on this. This isn't even close to being a conspiracy. Bear Stearns screwed up, and they got killed. Investment Banking is all about relationships and trust: Your clients do business with you because you know what you're doing. As soon as that trust evaporates, you're finished. Not only did Bear Stearns invest in a lot of bad securities, but they were geared to the hilt. Their balance sheet had way too much short term
Strakha1 1 year ago
debt. While financing with short term debt is usually cheaper than long term debt, the problem is that when you have to constantly go to the markets to finance yourself, the one time you can't, you die. For example, on (I believe) Thursday or Friday before the demise of BS, Fidelity wouldn't lend BS a $5 Billion overnight repurchase agreement. That's really huge. While it's the popular thing to blame mysterious "hedge funds" for all our problems, the senior management of BS should be the first
Strakha1 1 year ago
to be blamed. Even when hedge funds short stocks, they risk their own capital, and such gains are by no means guaranteed. Zillions of hedge funds exploded from late 2007-09, so simply saying that there were a few that made off like bandits completely misses the point. If a company cannot finance itself/maintain relationships with clients in the face of "rumors" (some of which turned out to be true), then firm, whatever it does, should not be in business in the first place.
Strakha1 1 year ago
I'm gonna need to take an economics class now
Stirfry0 1 year ago
why is naked short selling linked to these IOUs ~ I really don't see the link
jphlfcjphlfc 1 year ago
@jphlfcjphlfc a byproduct of naked short selling is stock trade delivery failures. When trades fail, "share equivalents" are credited the buyer's account. These share equivalents are IOUs, which trade like regular shares and have the effect of artificially boosting the supply of shares trading. When supply goes up, price falls.
There are other reasons why trades might fail, but when it happens on an ongoing basis, it's usually a result of naked shorting,
writerjudd 1 year ago
@writerjudd simple supply and demand. they sell sell sell sell sell sell sell sell more sell more than they have sell sell any buy order is countered, a stock is a "fixed" number of shares and ANY sale of stock that is not true is BAD BAD BAD for the system!
hubeef 9 months ago
@jphlfcjphlfc If you invest in the stock market, you are either hurting yourself, or hurting someone else.....is that Clear??
repeat108 1 year ago
@repeat108 I am guessing u know nothing about this subject either then
jphlfcjphlfc 9 months ago
Great video. Thanks for your insight and education!
RuninDC 1 year ago
So is it my understanding that no one played nice now everyone looses? Is it fixable?
rondelespirit 1 year ago
Btw my birthday is June 27th, thats pretty weird.
RejectKillers 1 year ago
Ahh I see, someone kept selling these "IOUS' and since they never really got the share he sold them to many different people which then caused the price to go down, or am I way off?
RejectKillers 1 year ago
@RejectKillers the market treats these IOUs like normal sell orders. When sell orders exceed buy orders (in the stock market, there are "market makers", which make is so that a seller doesn't necessarily mean there's a buyer on the other end, and vice versa) price always drops. If you flood the market with IOUs, price drops quickly, and that causes those who wouldn't normally want to sell to sell in a panic, and a vicious cycle develops.
writerjudd 1 year ago
29 billions lost... haha You are correct.
Again take a look at Fannie and Freddie - again collusion in the trillions of dollars lost.
jabberwolf 1 year ago
How can I look up the volume of those iou stocks in current stocks?
OntologicalQuandary 1 year ago
@OntologicalQuandary The SEC publishes delivery failures data here (replace exclamation points with periods): sec!gov/foia/docs/failsdata!htm. If you need help interpreting the data, please let me know.
writerjudd 1 year ago
@writerjudd Do they know who were naked short selling or just short selling Bears Sterns or Lehman before they collasped? And Why? Is this a case of vultures eating each other?
MysticPotato68 1 week ago
@MysticPotato68 It had to be naked shorting, because the extreme volume exceeded the supply of shortable shares many times, additionally, legitimate shorting generates very few delivery failures, and in these cases there were millions. It's sort of hard to feel sorry for Bear Stearns in this case, since Bear was one of the worst perpetrators of naked shorting while it was alive. Lehman much less so.
writerjudd 1 week ago
I had to turn the volume way up to hear his voice and then he played loud music.
sdmitch16 1 year ago
Whatever schemes the short guys used, the JP Morgen was actually weak as it had too much mortgage security package. The same thing with Fannie Mae, Freddy Mac and then the famous AIG!! The short can not do the same for Microsoft, IBM, or financial stable companies. It's the same thing with internet/communication booming!! The short guys got burned too until 2000.
rumormater 1 year ago
trying to make a buck in this country has become an insider game.. and did anyone notice the guy riding the butt of that second senator?
williamkendrick 1 year ago
Money Talks!!! But, what goes around comes around.
vgcq02 1 year ago
is this like hyper trading or is it different?
digitalbots 1 year ago
@digitalbots If you mean "high speed trading" or "flash trading," no it's not the same, though I'd say naked short selling and flash trading are symptoms of the same corrosive greed on Wall Street. At some point, one must ask oneself whether it's ok to profit from some tactic merely because one can.
writerjudd 1 year ago 4
@writerjudd
cool i will look this up but good video series!
digitalbots 1 year ago
@writerjudd
WHO IS RESPONSIBLE? WILL WE EVER KNOW??
lexusgirl001 1 year ago
This has been flagged as spam show
@writerjudd Beautiful....."At some point, one must ask oneself whether it's ok to profit from some tactic[s] merely because one can." ......eloquent, well-spoken, and to the point.....blessings to you, mate.
repeat108 1 year ago
This country will be fixed with competent financial regulation.
gothicsolace 1 year ago
dude you're way to smart for youtube you should work for the news or something
rrtt1 1 year ago
"Chairman Cox, has anyone brought to your attention or do you know of the possibility of short-selling that helped bring down Bear Sterns?"
"Uhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh..."
dragonsder 1 year ago
@dragonsder All this attention just because
I refused your friend invite?
You sure are one mad bitch parkplace!!
p.s" why all the fake screen names"??
veotumuerte 1 year ago
@veotumuerte
What? I never gave you a friend invite. I only have one screen name
I told you that. A lot. You weren't listening.
dragonsder 1 year ago
@dragonsder you started writing to me two days
ago, despite me telling you to fuck off and die!
you understand this to mean "keep writing to me)
If you continue to stalk me, I will be getting your dragonsder,
along with your other sock accounts closed. This is your
LAST warning asshole!
veotumuerte 1 year ago
are you jewish may I ask?
MrCountrycuz 1 year ago
@MrCountrycuz does it matter?
Zachdudeio2 1 year ago
Pt. 7
In the grand scheme, grown men and women buy and sell shares of companies. No one forces them to heed the rumors of a "short and distort" or a "pump and dump" artist. Government regulations can't protect people from their own gullibility. In fact, attempts to do so perversely give them a false sense of security. Besides, you act as though the naked short is what killed Bear. Bear, in truth, was already having huge problems long before this naked short and was trying to cover them up.
IvanTheHeathen 1 year ago
Pt 6
For example, if a trader believes someone else is engaging in a "short and distort" operation, he can buy the stocks on the cheap, preventing them from falling significantly in price. In the interests of promoting stability, stock exchanges and other clearinghouses enact private "regulations" overseeing their participants. Even without government regulations, particular practices that were clearly deceptive would be prohibited, in order to ensure that the exchanges' customers were happy.
IvanTheHeathen 1 year ago
@IvanTheHeathen
sounds like your talking about the plunger team.
MrCountrycuz 1 year ago
Pt 5
Going the other way, why don't manipulative speculators spread positive rumors about companies, and then massively buy their stock? This too ought to yield a sure profit, if manipulation is so easy. The government would have a difficult time cracking down on this ploy. What would the SEC do, forbid optimists from buying stocks they expected to rise? Traders aren't stupid. They understand the possibility of manipulative schemes, and can take defensive actions accordingly.
IvanTheHeathen 1 year ago
Pt 4
Price manipulation fears about NSS are unfounded. Why couldn't large stakeholders do the same thing with regular sales? Gates could spread rumors about Microsoft and begin unloading his huge position. Afterward, he could buy back his original position and net hundreds of millions in the process, and own the same number of shares as before. His actions wouldn't have changed the underlying profitability of Microsoft, and so its artificially depressed share price would recover over time.
IvanTheHeathen 1 year ago
Pt. 3
In a NS what is really happening is that the broker is extending a form of credit to the trader, and the buyers of the naked shares are trusting the brokerage. Because the shares weren't located and borrowed before the short sale, that transaction can't be completed until the trader closes his position and buys back the shares. Any of the counterparties to the original short sale who maintained their purchase can gain title to the shares out of those the trader bought back when closing.
IvanTheHeathen 1 year ago
Pt. 2
The problem is not that some powerful people found a way to naked short shares even though it's illegal to do so. The problem is precisely that it is illegal to naked short. Regulations are made by people who only really have training as lawyers or as armchair academics, meaning they have no real experience in financial markets or understanding of how they work. So is it really any surprise that all attempts to stabilize things by regulation crash and burn and just lead to bigger problems?
IvanTheHeathen 1 year ago
This has been flagged as spam show
Pt.1
Some of the commentary on naked short selling is downright silly. The naked short seller is not violating the laws of logic; some act as if we should fear a rip in the space-time continuum centered on Wall Street. If a particular stock is illiquid, and a trader wishes to speculate on an anticipated hourly move in the share price, nothing is harmed by allowing him to sell 1,000 shares and then buy them back 45 minutes later; the broker can simply debit or credit his account accordingly.
IvanTheHeathen 1 year ago
Pt. 1
Some of the commentary on naked short selling is downright silly. The naked short seller is not violating the laws of logic; some act as if we should fear a rip in the space-time continuum centered on Wall Street. If a particular stock is illiquid, and a trader wishes to speculate on an anticipated hourly move in the share price, nothing is harmed by allowing him to sell 1,000 shares and then buy them back 45 minutes later; the broker can simply debit or credit his account accordingly.
IvanTheHeathen 1 year ago
I know who did it.
Obama. . . .
zoomerlawns 1 year ago
@zoomerlawns what an idiot you sound like
hempartist420 1 year ago
@hempartist420 You talk like Yoda.
zoomerlawns 1 year ago
@zoomerlawns you talk like a normie
hempartist420 1 year ago
@hempartist420 I talk like a fart.
zoomerlawns 1 year ago
@zoomerlawns congrats
hempartist420 1 year ago
Bear Stearns was in trouble in 2007 already and probably before that.
Michalbasavraham 1 year ago
Too politically powerful to be charged with the crime? I thought all men are created equal. How could 1 insider trading deal cause the recession? A housing bubble burst. The federal reserve caused the recession.
DracoMalfoy87 1 year ago
Has anyone researched the name? Or is that magik classified by now?
guy12incognito 1 year ago
Makes you want to break out your hammer and sickle doesn't it?
rjbonacolta 1 year ago
North American Free Trade Agreement made some rich fast .....but we the people will pay for it in the long run
jeremymit76 1 year ago
its clinton and citigroup. they're the ones ultimately responsible.
oldhacks 1 year ago
Short selling, even though legal, is immoral.
It has benefits... sometimes short sellers expose the rotten innards of a fraudulent company, but when compared against the costs and the shady nature... I would do away with it.
Any time you have the ability to make money off of the tanking of a stock, you provide a perverse incentive to blow holes in oil pipes, crash planes into things, and generally cause havoc.
ParrhesiaJoe 1 year ago
prison will not suffice. public hangings are a very effective deterrent.
imedbone 1 year ago 17
Great video! However, we need math-and-logic (i.e. if-then) models to put all these ideas together to show what happens not just between 2 traders but among a system of traders & players (players in the game theory sense).
nahaymath 1 year ago
that hearing was a public jerkoff !!!!! That old saying: those who cant do,... teach,...
should be those who cant do ....get jobs in govment regulating those who can.
dangermous1968 1 year ago
Keep up the good work!
DeathOfTheDollar dot com
DeathOfTheDollar2010 1 year ago
No one will do a day of time over sticking it to the American public especially when the congress and senate have members paid off to get this very quiet very quickly. If you are naive enough to believe your congress and senate are not being enriched by Americas economic destruction you were not only born yesterday you are a world class moron. Congress and senate are criminal thieves and to look at them and not see this makes you more ignorant than the American Indians as they were being raped.
jobedied 1 year ago
Couldn't it also be true that the institutions knew they were fucked so they were involved in these naked short sellings as a last ditch effort to make some money on the side before they officially died?
BTbass 1 year ago
I love the ominous music!
michaelbme 1 year ago
thieves
ladysweetsky 1 year ago
The SEC needs to be fixed before we get any new regulations in place.
dukee155 1 year ago
if the unconstitutional (i. e. illegal) private bank (the Federal Reserve) with the power to create money out of thin air illegally (without consequence) didn't exist, then these many illegal actions taken by bankers lately to take the world hostage couldn't have happened.
jedirhythm 1 year ago 2
i still say its the white man's fault of global economic meltdown. which is probably true.
copeman89 1 year ago
@copeman89 the white man's fault? racist
xxxownage2 1 year ago
@xxxownage2 who runs the goverment?? and the banks?? white people. and jews. thats not racism...thats an observation
copeman89 1 year ago
@copeman89 because white men still run this country but this is not about race, black people in government are just as and are corruptable as any white with the added attitude of reperations.
k1a1t1h1y1 1 year ago
@copeman89 Did you know that North African and Arabian slavers were the ones selling slaves for the TransAtlantic Slave Trade? Did you know that even more slaves were enslaved and died while being exported to the Far East, North Africa, and India than in the Americas?
Greed knows nothing of color. It's all about taking advantage of whoever you can take advantage of.
ToTheConquered 1 year ago
@ToTheConquered In my opinion it is in human nature to be greedy, you can be greedy for power and control like Stalin.
dukee155 1 year ago
I think we need economists to explain to the common voter how this crisis started.
People have long ago forgotten why we're in the mess. Every single bit of their justified anger has been driven against the unloved government that is trying to help them, thanks to conservative corporate-defending propaganda.
Most, I believe, blame the GOVERNMENT for somehow causing this crisis, now! Or at least they expect it to do nothing as a solution!
Show them how well doing nothing has done so far.
nafaidni 1 year ago
@nafaidni The government (and the Federal Reserve) are the root cause of this problem.
Aryaba 1 year ago 2
@Aryaba
#1: False. Did you even watch the video?
Unless you are referring to the irresponsibility of the government in not preventing the abuses of Wall Street. Then I mostly agree with you.
#2: The thing about economics is, when there is a serious economic crisis not explicitly and exclusively being kept in existence due to government intervention, government still has to fix it. This is true even if government caused it.
Exceptions are those due to unreasonable taxation and regulation.
nafaidni 1 year ago
@nafaidni Yes I did watch the video. These problems that are in the video are the symptom, not the underlying problem. The underlying problems are FIAT currency, artificially low interest rates and government backing of banking and insurance (both insurance and the bailouts). Without these things in place the crisis would not have happened.
The problems we have now ARE due to unreasonable taxation and regulation.
Aryaba 1 year ago 2
@Aryaba
This kind of simply proves my point that you have no understanding of reality. "The problems we have now ARE due to unreasonable taxation and regulation." Anyone who is deluded enough to believe that taxation is any higher than it was in 2008 is truly off-base with government policy.
If you knew taxes are lower than every since World War 2, you'd understand that this debt is caused, in part, because of the lack of taxation, and you'd understand why the debt is still growing.
nafaidni 1 year ago
@nafaidni Obviously you have no understanding of reality. You know nothing of fiat currency, artificially low interest rates or how government intervention in markets (which this term alone you will most likely misunderstand) has caused this problem. The debt is created (at the federal level) due to runaway spending and a political expediency to spend to get re-elected. Do yourself a favor and do some research.
Aryaba 1 year ago
@nafaidni Taxation is theft. Most government regulation of industries creates mal-investment. To think otherwise is to scoff at the last 100 years of history.
Aryaba 1 year ago
@Aryaba YES! YES! These fucking commie liberal zombies are disgusting! Saying we need more taxation, oh what the flying FUCK!!??? Fuck these marxist pieces of shit!!!
Scrap5000 1 year ago
@Scrap5000 ahem, raising the federal income tax by 3% for the top 2% of the country while easing the economic stress for the middle class, whom on average is paying a laughably low 4.6% income tax, and then calling that marxism is beyond idiotic. Reagan eased taxes for the wealthy and cut regulations, and then under Bush sr. there was the economic disaster of the late 80s early 90s. Clinton fixed the mess in the 90s. Bush imposed Reagan-like cuts+regulations, obamas restoringthe clinton taxes
abf617 1 year ago
@abf617 You...fucking...retard. Who the FUCK pays "on average a laughably low 4.6% income tax" except the poorest of the poor, BEFORE they get Earned Income Credit (Welfare!)?? Motherfucker, puh-lease! Rich people pay around 40%!! Unless they have all long term cap gains, which ANYONE can have as well, which is 15%. Clinton caused the housing bubble by forcing fannie & freddie to lend to poor peeps with bad credit, so just shut the fuck up!
Scrap5000 1 year ago 2
@Scrap5000 I know right? It's sad to see such liberal nuts speak of such bull shit. They have no idea what they're talking about.
Togeita 1 year ago
This has been flagged as spam show
@Aryaba
"The government (and the Federal Reserve) are the root cause of this problem."
Wall Street controls both.
kmarinas86 1 year ago
I'm sorry, how do you exactly make a profit on a rapidly dropping share value?
Forgive me, I'm only beginning to learn economics past the fundamentals.
nafaidni 1 year ago
Obama wasn't president in 2008- but I guess for some of you that just doesn't matter. Obama is to blame for everything. It is so hard for some of you to look around and realize that your enemies look just like you and are willing to throw you under the bus at any time if it will put an extra penny in their pocket.
CocoaLounge 1 year ago
Senator Chuck Shumer was a player in this. He annonced Bear Sterns was in trouble at a speech he made in California, and caused a run on the bank to begin with.
am60mo 1 year ago
What the hell is this "small government" bullshit these right-wing idiots keep spewing all about? It looks like all this crap with the naked short selling and such occured because the government wasn't being aggressive or "big" enough to ensure that Wall Street and big businesses don't fuck around.
Obama should've sent in the special forces to wipe out the big-business market manipulating executives.
grgspunk 1 year ago
The reason these people have not been prosecuted is because they run the country one way or another. I suspect that in the end they will suffer - hell lasts a long time.
vcoonrod 1 year ago
why are people worried about bear sterns and madoffs when the government engages in trillion dollar ponzi schemes known as social security, medicare, healthcare, taxes and debt?
secretbonus 1 year ago
@secretbonus
Hmmm, because:
1: social security, which gives people the ability to retire in peace; Medicare, which provides cheap health care insurance to seniors; and taxes and debt, which are prescribed and justified in the Constitution; are all beneficial or necessary to society and are legal.
2: Madoff and naked short selling, not the government or its programs, caused this recession and will not, in any way, end it.
Keynesian economics, guy. Look it up.
nafaidni 1 year ago
@secretbonus
Again, all that it is you and those like you are doing is trying to defend the criminals and those who caused this crisis by trying to shift the outrage against the government; the ones who have the burden of solving it.
Your Republicant Senators are even now trying to serve their corporate masters by trying to attack Wall Street Reform as a way to give more taxpayer bailouts to companies when it REPEALS the law that makes taxpayer bailouts legal.
nafaidni 1 year ago
It may be off subject, but relevant to the many problems that exist in our country, is insurance.
I feel that insurance, at least the way it's done in the US, should be outlawed.
The way it's being done now is the very definition of a ponzi scam.
At least outlaw any mandatory insurance on auto, home or business.
If we outlaw insurance, we will stop the strangle hold that Doctors and Lawyers have on this society.
I am old enough to remember the passing of medicare, and what that did to costs
MajorBuckSnort 1 year ago
The stock market is not necessary for capitalism to exist.
kmarinas86 1 year ago 17
@kmarinas86
But... Capitalism is necessary n perfect breeding ground for the stock market to exist...
imdpower108 1 year ago
The government is detroying America!
girard1973 1 year ago
This is very interesting, I like to learn something new everyday. Maybe you've even inspired me to read a book on stocks.
Bluwhodesign 1 year ago
These crimes are an integral part of the system not a deviation from it. It's not a matter of getting rid of a few individuals.
Capitalism must die!
canaan1967 1 year ago
fuck this sheite
didikakanell 1 year ago
"Short selling hedge funds lit the spark that led to the global economic meltdown. Now they want to help craft the laws Congress will pass to fix our broken regulatory system. That's insane. " In other words, the crooks who were behind the crime now want to write laws so that they can do it again. Answer: back to the Constitution!
mbabist01 2 years ago 3
Comment removed
SeanyPancakes 2 years ago
well if you would wake up and stand up it's harder for them to stick it in. and if you fight back its even harder.
Your excuse that they have been doing it to you for along time why stop them now. Is no longer any good.
CRJarvis 2 years ago
Comment removed
SeanyPancakes 2 years ago
"Too powerful to prosecute.."
Still have any questions as to "who's YOUR daddy"? This decade as been like a country wide version of the movie "The Deliverance".
Instead of crooked teeth the "bad buys" that COWER the US GOVERNMENT have $3,000 suites.
UnoRaza 2 years ago
made in china
made in india
made in japan
made in thailand
made in mexico
that why ...our GNP thier are no high paying jobs and everthing is outsorced
both partys democrate and republican were bought out by people from other countries
gasdorf 2 years ago 3
you have no idea do you.
high paying Job? we are able to buy our stuff as such a low price because someone made it for 25 cents an hour.
now much would it cost if someone was paid $25 an hour.
CRJarvis 2 years ago
actually it isn't that at all. It has to do with units per hour of input. One person can generate thousands through the use a machines. So for 25 an hour that one person a can produce thousands of products, which are sold very cheaply, as relative to how many products that person made is the price.
This is what has always been doing on, as technology advances, people are replaced and those that remain earn more as they produce more.
bluefootedpig 1 year ago
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@CRJarvis
"we are able to buy our stuff as such a low price because someone made it for 25 cents/hour."
When jobs are lost by Americans to be taken by others overseas, what it means is that people will produce the "same" good for less luxury in return. In other words, this forces many Americans into the circumstantial situation of choosing between a higher standard of living than those living overseas, or a debt-free life. Prices do get lower, but many more will be sunk into using credit.
kmarinas86 1 year ago
This comment has received too many negative votes show
made in yo fat black vagina. srry, but what do u expect me to say? im 9
SuperAppleChannel 1 year ago
The middle class exists to do the work the poor to scare hell of middle class the rich to suck the life out of a nation and it's people and that is what the Congress ,Senate, and Wall Street do. If you think for a miniute that is going to change your hiding your head up your ass. Wall Street Congress and Senate laugh and snicker at the American people. They resent and even hate us.
jobedied 2 years ago
now you are right about congress and the senate.
but the market we control. stop buying it and see how long it take for them to fall. (lol unless Obama bails them out again.) it will not take long.
CRJarvis 2 years ago
every financial ansaction of $10,000 or more is automatically recorded and sent to irs.
every stock bought is recorded
every person who sells stock has a license
every person who buys stock has to have an "account"
point: WHOEVER DID IT HAS A NAME
THAT NAME IS ON RECORD
THAT RECORD IS A PUBLIC DOCUMENT
NOW, GO GET IT!
stameyjd 2 years ago 28
Amen, Stameyjd.
writerjudd 2 years ago 4
@stameyjd Where do we get it?
Downfurlife 1 year ago
This has been flagged as spam show
@stameyjd hahahha very funny you go on believing that ok. any one can be bought and sold the people in the IRS are not impervious to corruption by no means.
doctorw2 1 year ago
Chris Dodd, now there's a guy looking out for us. Mr "I took an enormous load of cash from AIG for bailing them out". Chris Dodd chose not to run for re-election for a good reason, and its not just to spend more time with his family
BikiniBabe1985 2 years ago 3
the most powerful political figure is roger Eugen alies, president of FOX . so as any guess someone with as much power as him must have had a hand.
rukus100821 2 years ago
Fox is about the only one out there trying to wake people up. the rest are just trying to put you back to sleep.
CRJarvis 2 years ago
Even the FCC is afraid of this gang of criminals. Must be someone so powerful that the mousy agency don't even wanna touch it......
zeistermeist 2 years ago 4
You talk a little too fast
canaan1967 2 years ago 3
If I had a dime for every time I've heard that!
writerjudd 2 years ago
dont listen to their shit, at least you uploaded this important info. Though I question it, at least I have another possible explanation of the turmoil everyone is in.
xrayeyesb4u 2 years ago 3
@writerjudd I think you talk a perfectly reasonable pace, I have no problem understanding you. :D
nn123654 1 year ago
@canaan1967 I think he just needs to explain it a little more clearly too.
prophetofpeace2010 1 year ago
@canaan1967 Maybe you listen too slowly.
colomblanco 1 year ago
hearings are nothing but show its B S..
norvaun 2 years ago 2
As an American citizen- here's what you can do- Go to coin dealers and buy silver and gold boullion- stow it away somewhere safe- not in a bank...and come November 2010- Vote present members of Congress out of office. Keep voting members out of all positions and bring new ones in- help to flush out an already corrupt system...it's your right and privledge- use it.
Glsfutrs 2 years ago 2
Rob a bank with a gun and you might get 2 or 3 thousand dollars, risking 8-15 years in prison. Rob a bank with a laptop and a 3-piece suit and you can get BILLIONS of dollars and risk ZERO prison time. Ethics are a thing of the past and we are paying for our lack of morals big time!!
randy109 2 years ago 26
It's not the lack of morals
It's the lack of suit & tie police-ing!
To me, a worker with a suit & tie is a con-fidence man
& is parasitic to a productive society
TABOOVSKNOWLEDGE 2 years ago 5
is this similar to Cap and trade?
ohohmrbill1 2 years ago