What happened on Wall Street today?

[BSmack]

The salient point is at the 5:30 mark.

[mvscal]

It's a little obvious, but do you guys know what happens during a good old fashioned bank run?

We don't have bank runs here, you stupid tard. Deposits are insured up to $250K. Ever heard of the FDIC?

Of course you haven't. You're just a pizza-faced dick slap sniffing your own farts in your crusty Che Guevarra jammies.

[Dr_Phibes]

I like to think of them as heavily-starched worker's coveralls. The encrustation comes from breaking wind in the palaces of the mighty.

[poptart]

Scott, question:

The S&P hit it's alltime high of about 1560 toward the end of '07.
It hit a low - at about 680 - in the spring of '09.
As of today it is at 1087.

In your estimation, which will come first, S&P 1560 or S&P 680?

[Mikey]

Does this mean that I can go pick up the little Z4 I've had my eye on?

[LTS TRN 2]

No!



"The undemocratic and unjust governance structures of the decision-making bodies in international economic and political fields are the reasons behind most of the plights today humanity is confronting,"
"The world is in need of an encompassing and, of course, just and humane order in the light of which the rights of all are preserved and peace and security are safeguarded."


Doesn't it suck when someone like Dinnerjacket is about fifty times more accurate and sane than the so-called experts?

[mvscal]

"The world is in need of an encompassing and, of course, just and humane order in the light of which the rights of all are preserved and peace and security are safeguarded."


Doesn't it suck when someone like Dinnerjacket is about fifty times more accurate and sane than the so-called experts?

And how is his "just and humane order in the light of which the rights of all are preserved" working out for the folks in Iran?

Yep....you're a dumbfuck.

[LTS TRN 2]

The Iranian stock market is growing at about 20%, and the "news" about its population is being pumped into your head by lying slimeballs.

But, back to OUR situation...here's a good honest capitalist coming clean..

Paul Volcker pulled no punches Thursday in a speech at the Federal Reserve Bank of Chicago, criticizing nearly all aspects of the nation's financial system, which he said is "broken."

The former chairman of the Fed and current chairman of the president's Economic Recovery Advisory Board had harsh words for banks, regulators, business schools and the larger economy. According to the Wall Street Journal, Volcker improvised the remarks, having decided not to read his prepared speech. He called for "structural changes in markets and market regulation."

Investment banks, he said, according to the WSJ, have become "trading machines instead of investment banks [leading to] encroachment on the territory of commercial banks, and commercial banks encroached on the territory of others in a way that couldn't easily be managed by the old supervisory system."

The "Volcker Rule," which was billed as a key component of the recent Dodd-Frank financial reform act, was designed to limit banks' ability to use taxpayer-backed funds to make investments on their own behalf. But the final version of the rule, after being subjected to lobbying and compromise, was weaker than Volcker had intended.

His critique Thursday didn't stop with investment banks, according to the WSJ. Central banks, he said, became "maybe a little too infatuated with their own skills and authority."

A problem with regulation, he said, is that it relies on human judgment. He also bemoaned regulators' lack of perceived authority, saying that a financier might tell a regulator, "We know more about banking and finance than you do, get out of my hair."

As Bloomberg reported, Volcker said the mortgage system is "absolutely broken," and is the most pressing problem in the current economic situation. "It's going to take a long time to repair the basic disequilibrium in the economy," he added.


If you actually believe the Milton Friedman/Alan Greenspan model of economics and banking is in any way tenable or sustainable for the long-term future, you probably believe (or passively accept) the 9/11 Commission Report :doh: