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Food for thought - Market collapse

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Food for thought - Market collapse

Postby Eeyore » Nov 08, 2012 12:18 pm

I'm presently reading New York by Edward Rutherfurd. Interesting book indeed.

One thing I did not know was that the economy has collapsed several times ( I counted 4 including 2008) and every single time it was backed by nothing but worthless paper bundled and sold together. How many times will this happen before the money grubbers on Wall Street figure this out?
Lyn
AB, Zone 3A
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“Those who say it can't be done are usually interrupted by others doing it.” ` James Arthur Baldwin"
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Re: Food for thought - Market collapse

Postby LeeInEdmonton » Nov 09, 2012 12:52 am

Well Lyn, Republicans' will never figure it out because their credo is no Gov't oversight, aka less Gov't, low corporation taxes. I remember when the bottom dropped out in the US the head of the US Treasury Alan Greenspan saying that he thot that the financial industry was self governing hence with no oversight the result was worthless paper. Guess who got caught in the mess. Why our own 5 major banks whose US banks that they owned had to write off hundreds of millions. The paper was worthless because nobody checked to see if the mortgage insurer would be solvent if a crash came. This makes me wonder how solvent our own CMHA would be as well as the CDIC insuring depositors' funds if things go tippycanoe here. Pretty hard to be confident in your own home & confident in how you are handling your money.

Lee
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