The big news is still the economy and the big financial crisis. You know, that mess gifted upon us by all the greedy so-and-so’s on Wall St? The one that we can probably thank most of our politicians for because they bowed to various special interests and didn’t require thorough enough financial reporting?
Hey, I am not a hamster, this mess wouldn’t have been allowed to grow nearly as big as it has if the rules for keeping track of the trillions of dollars flowing through Wall St’s various markets were tighter.
If those rules had been tighter, maybe those shadow market deals wouldn’t have been going on. You know the ones, those ultra complicated financial deals that pretended to make bad investments look good?
How about the insurance that isn’t called insurance which tried to give the illusion of safety in the event those impossibly complicated deals fell apart? Oh, it was insurance alright, they just couldn’t CALL it that because if they did, they would have had to show that they had the money to pay off their (non)policies.
Honestly, this stuff shoulda been a DUH moment if ever there was one. Any time you have a financial deal that’s so complicated and involved that NOBODY in the entire company really understands it, then it’s time to chuck the thing in the fireplace and start over. These “people” (and I use the term loosely) even brought in experts in theoretical physics to work out ultra complicated models that were supposedly going to eliminate the risk.
Anybody ought to be able to tell that wasn’t going to work. Money doesn’t follow the laws of physics, it follows the laws of greed. Two completely different animals.
[Tags]wall st, money, greed, financial crisis, complicated deals, insurance, not insurance[/tags]