Matt Taibbi's Latest: " Why Isn't Wall Street In Jail?" - U2 Feedback

Go Back   U2 Feedback > Lypton Village > Free Your Mind
Click Here to Login
Reply
 
Thread Tools Search this Thread Display Modes
 
Old 02-16-2011, 06:34 PM   #1
ONE
love, blood, life
 
financeguy's Avatar
 
Join Date: Dec 2004
Location: Ireland
Posts: 10,122
Local Time: 12:53 PM
Matt Taibbi's Latest: " Why Isn't Wall Street In Jail?"

Quote:
Over drinks at a bar on a dreary, snowy night in Washington this past month, a former Senate investigator laughed as he polished off his beer. "Everything's fucked up, and nobody goes to jail," he said. "That's your whole story right there. Hell, you don't even have to write the rest of it. Just write that." I put down my notebook. "Just that?" "That's right," he said, signaling to the waitress for the check. "Everything's fucked up, and nobody goes to jail. You can end the piece right there." One has to consider the powerful deterrent to further wrongdoing that the state is missing by not introducing this particular class of people to the experience of incarceration.
Matt Taibbi's Latest: " Why Isn't Wall Street In Jail?" | zero hedge
__________________

__________________
financeguy is offline   Reply With Quote
Old 02-16-2011, 06:50 PM   #2
Forum Moderator
 
yolland's Avatar
 
Join Date: Aug 2004
Posts: 7,471
Local Time: 12:53 PM
Is there a way to spin this as being all the fault of one political party? Or perhaps the fault of biased coverage by FOX or the MSM? Because otherwise the public won't care, won't pay attention and won't make demands.

(ETA: let me put that more calmly--if there's nothing more than a vague perception that "the system" is screwed, people will just feel hopeless and shut down.)
__________________

__________________
yolland [at] interference.com


μελετώ αποτυγχάνειν. -- Διογένης της Σινώπης
yolland is offline   Reply With Quote
Old 02-16-2011, 08:00 PM   #3
ONE
love, blood, life
 
Canadiens1131's Avatar
 
Join Date: Aug 2004
Posts: 10,363
Local Time: 07:53 AM
It's funny.

I'm trudging through an Economics undergrad, and no matter what I end up doing, the last thing I'd ever want to do is go work in Washington for the government.

Nobody really gives a shit. If it's the American public speaking, they don't want to be talked down to from people with PhDs. If it's the American political class, they won't take recommendations seriously because they can't compromise their lobbying interests.

Everyone wants complicated problems and data reduced to a singular party, policy, or group of companies to blame, when in reality life is rarely black and white like that.

Think I'm gonna go into finance and find some way to use high-level math to make algrythms to game the markets.
__________________
Canadiens1131 is offline   Reply With Quote
Old 02-16-2011, 08:09 PM   #4
Rock n' Roll Doggie
VIP PASS
 
mama cass's Avatar
 
Join Date: Aug 2004
Posts: 5,906
Local Time: 12:53 PM
Jerome Kerviel was prosecuted in France - the bank claimed he was working alone, but he says his employers knew what he was doing, knew the risks he was taking, but were happy to let him get on with it as long as he was making the bank lots of money... he was given a prison sentence and also has to pay back the $6.7 billion he lost LOL

(i think they made a scapegoat out of him though)
__________________
mama cass is online now   Reply With Quote
Old 02-23-2011, 04:51 PM   #5
ONE
love, blood, life
 
financeguy's Avatar
 
Join Date: Dec 2004
Location: Ireland
Posts: 10,122
Local Time: 12:53 PM
Three responses???

How many people here actually even bothered to read the freaking article?

Fuck's sakes, it's five minutes out of your day.

Choice extract:

Quote:
As for President Obama, what is there to be said? Goldman Sachs was his number-one private campaign contributor. He put a Citigroup executive in charge of his economic transition team, and he just named an executive of JP Morgan Chase, the proud owner of $7.7 million in Chase stock, his new chief of staff. "The betrayal that this represents by Obama to everybody is just — we're not ready to believe it," says Budde, a classmate of the president from their Columbia days. "He's really fucking us over like that? Really? That's really a JP Morgan guy, really?"

Which is not to say that the Obama era has meant an end to law enforcement. On the contrary: In the past few years, the administration has allocated massive amounts of federal resources to catching wrongdoers — of a certain type. Last year, the government deported 393,000 people, at a cost of $5 billion. Since 2007, felony immigration prosecutions along the Mexican border have surged 77 percent; nonfelony prosecutions by 259 percent. In Ohio last month, a single mother was caught lying about where she lived to put her kids into a better school district; the judge in the case tried to sentence her to 10 days in jail for fraud, declaring that letting her go free would "demean the seriousness" of the offenses.

So there you have it. Illegal immigrants: 393,000. Lying moms: one. Bankers: zero. The math makes sense only because the politics are so obvious. You want to win elections, you bang on the jailable class.
__________________
financeguy is offline   Reply With Quote
Old 02-23-2011, 05:01 PM   #6
Blue Crack Addict
 
anitram's Avatar
 
Join Date: Mar 2001
Location: NY
Posts: 16,284
Local Time: 06:53 AM
I read it before you posted it here.

To be honest there is not much to be said, it's all rather outrageous.

And what makes it especially outrageous is that when Obama got elected, he had unprecedented popular support and goodwill of the people to pretty much deal as harshly as he wanted to with the banking industry in general, and these bankers in particular. He blew it. There are some good things in the Dodd-Frank Act (of which I've read probably more than your average member of Congress), but it did not go far enough. And certainly nobody was prosecuted when they could and should have been.

Goes to show you that most votes really don't matter in the end.

And to me, that is why in principle I support people taking it to the streets in Wisconsin, Indiana and elsewhere. It isn't because I am a firm supporter of unions, but because there is no other alternative left. Paul Krugman put it best this week:

Quote:
There’s a bitter irony here. The fiscal crisis in Wisconsin, as in other states, was largely caused by the increasing power of America’s oligarchy. After all, it was superwealthy players, not the general public, who pushed for financial deregulation and thereby set the stage for the economic crisis of 2008-9, a crisis whose aftermath is the main reason for the current budget crunch. And now the political right is trying to exploit that very crisis, using it to remove one of the few remaining checks on oligarchic influence.
__________________
anitram is offline   Reply With Quote
Old 02-23-2011, 05:19 PM   #7
Blue Crack Distributor
 
corianderstem's Avatar
 
Join Date: Dec 2002
Location: Seattle
Posts: 63,718
Local Time: 03:53 AM
Yeah, I don't even know what to say. I don't even pretend to have a decent understanding of the crisis and Wall Street's involvement other than to know it's appalling to know that they can get away with causing such havoc.

I don't even know where to begin to constructively voice one's outrage over this ... and, to be honest, half the shit going on in the country/world these days. It's like I've reached maximum capacity of outrage and frustration and am headed dangerously toward "fuck it, we're all going to die anyway, so pass the whiskey."
__________________
corianderstem is offline   Reply With Quote
Old 02-23-2011, 05:33 PM   #8
Blue Crack Addict
 
anitram's Avatar
 
Join Date: Mar 2001
Location: NY
Posts: 16,284
Local Time: 06:53 AM
If you want to find out more about the financial crisis, I would really highly recommend the documentary "Inside Job." It is fantastic and does a very good job at explaining the crisis to people who don't necessarily have business backgrounds or an understanding of the financial system. And I consider myself to be such a person.
__________________
anitram is offline   Reply With Quote
Old 02-23-2011, 05:35 PM   #9
Blue Crack Distributor
 
corianderstem's Avatar
 
Join Date: Dec 2002
Location: Seattle
Posts: 63,718
Local Time: 03:53 AM
Oh, I think I've heard of that. Netflix has it coming out on March 8 - into my queue it goes.

thanks!
__________________
corianderstem is offline   Reply With Quote
Old 02-23-2011, 06:10 PM   #10
Resident Photo Buff
Forum Moderator
 
Diemen's Avatar
 
Join Date: Sep 2000
Location: Somewhere in middle America
Posts: 13,236
Local Time: 05:53 AM
Quote:
Originally Posted by financeguy View Post
Three responses???

How many people here actually even bothered to read the freaking article?
Read it last week. Didn't feel I had much coherent thought to respond with other than "yeah, it's fucked up."

Not everyone's as much of a financeguy as you.
__________________
Diemen is offline   Reply With Quote
Old 02-23-2011, 06:55 PM   #11
Blue Crack Supplier
 
Irvine511's Avatar
 
Join Date: Dec 2003
Location: Washington, DC
Posts: 30,483
Local Time: 06:53 AM
It's the Inequality, Stupid | Mother Jones
__________________
Irvine511 is offline   Reply With Quote
Old 02-23-2011, 06:59 PM   #12
ONE
love, blood, life
 
financeguy's Avatar
 
Join Date: Dec 2004
Location: Ireland
Posts: 10,122
Local Time: 12:53 PM
^ Good article.

We are not even near the beginning of the end of the financial crisis. We all know how the last one (1930's) ended.
__________________
financeguy is offline   Reply With Quote
Old 02-23-2011, 08:15 PM   #13
Forum Moderator
 
yolland's Avatar
 
Join Date: Aug 2004
Posts: 7,471
Local Time: 12:53 PM


I'm sure the tendency existed before then, but when I moved to the Midwest for grad school was the first time I noticed how routinely Americans whose families lived in mansions, owned multiple expensive cars, and jetted all over the world for vacations described themselves as "middle class." I also noticed that many people who were clearly working class by income (but seemed to consider themselves "middle class") owned a heck of a lot more stuff than any working class people where I grew up had, really crap-quality stuff destined not to last--flimsy plastics instead of metal, coated particleboard instead of wood etc.--bought from all these low-end chain mega-retailers that were sprouting up everywhere, which I guess among other things enabled them to distinguish their lifestyles from those of the really really poor, who couldn't even afford that. Yet at the same time they wouldn't have insurance, couldn't afford to send their kids to public college, had never been on a plane etc. I still find both phenomena strange, and a kind of denial about the way things really are.
__________________
yolland [at] interference.com


μελετώ αποτυγχάνειν. -- Διογένης της Σινώπης
yolland is offline   Reply With Quote
Old 02-23-2011, 10:47 PM   #14
Blue Crack Addict
 
Moonlit_Angel's Avatar
 
Join Date: Jul 2002
Location: In a dimension known as the Twilight Zone...do de doo doo, do de doo doo...
Posts: 19,266
Local Time: 05:53 AM
Quote:
Originally Posted by yolland View Post
I'm sure the tendency existed before then, but when I moved to the Midwest for grad school was the first time I noticed how routinely Americans whose families lived in mansions, owned multiple expensive cars, and jetted all over the world for vacations described themselves as "middle class."
YES. Growing up, to me, hearing about classmates and relatives and such being able to do stuff like that and own stuff like that meant you were rich. That is something that has always confused and sorta bugged me.

Quote:
Originally Posted by yolland View Post
I also noticed that many people who were clearly working class by income (but seemed to consider themselves "middle class") owned a heck of a lot more stuff than any working class people where I grew up had, really crap-quality stuff destined not to last--flimsy plastics instead of metal, coated particleboard instead of wood etc.--bought from all these low-end chain mega-retailers that were sprouting up everywhere, which I guess among other things enabled them to distinguish their lifestyles from those of the really really poor, who couldn't even afford that. Yet at the same time they wouldn't have insurance, couldn't afford to send their kids to public college, had never been on a plane etc. I still find both phenomena strange, and a kind of denial about the way things really are.
This would be where my family's resided. In our best moments we fit the working class model mentioned above, and yet we've also been in the position of barely scraping by, too. I have been on a plane, though...which my better-off aunt paid for.

Cori's post hit the nail on the head-this is me as well. I don't know the first thing about Wall Street, I am not a financial whiz of any sort. My family's never invested in Wall Street, words like "stocks" and "bonds" were not mentioned in our home because we weren't involved with such things. As I said before, we were always renters, we never brought a home, so the foreclosure/mortgage stuff is foreign to me because I've got no personal experience with it. This isn't to say I don't care about those who are experiencing problems with such things, 'cause I do, but I don't really understand the details.

All I know is that a lot of people screwed around with money they weren't supposed to screw around with. People took junk money claims and made them out to be greater than they were. There weren't regulations in place to stop these people, and any laws that were there they found loopholes around. I get all that. And it certainly angers the hell out of me and I am fully agreeing that there's an awful lot of people that deserve to be in jail that aren't.

I just don't know what exactly is the first step to make such a thing happen. I can write letters all I want to members of our government and protest, and would be more than happy to. But given their close ties to such groups, the chances of most of them actually taking a stand are slim to none. But I don't want to just give up, either, 'cause that won't solve anything and it'll just encourage the behavior. I'll do anything necessary to help change this situation, I just don't know, outside of caring about the situation and paying attention to the discussion about it, what that "anything necessary" is that I should DO. And I think that's why there isn't more outrage like their should be. Most people aren't well-versed in this stuff, and they either don't care, or if they care, they feel hopeless and helpless, it seems too big and overwhelming a problem for them to solve, especially when they've got their own personal messes to deal with.

I'll keep an eye out for that documentary anitram mentioned. And I salute Tabbi for the articles he continues to write on this issue, I'm glad someone isn't taking this crap lying down and is willing to keep talking about it.

Angela
__________________
Moonlit_Angel is offline   Reply With Quote
Old 02-24-2011, 12:58 PM   #15
Paper Gods
Forum Administrator
 
KhanadaRhodes's Avatar
 
Join Date: Jun 2001
Location: a vampire in the limousine
Posts: 60,607
Local Time: 05:53 AM
separate but unequal: charts show growing rich-poor gap

cliffs notes version: Separate but unequal: Charts show growing rich-poor gap - Yahoo! News
full story with lots of pretty graphs: It's the Inequality, Stupid | Mother Jones

Quote:
The Great Recession and the slump that followed have triggered a jobs crisis that's been making headlines since before President Obama was in office, and that will likely be with us for years. But the American economy is also plagued by a less-noted, but just as serious, problem: Simply put, over the last 30 years, the gap between rich and poor has widened into a chasm.
Gradual developments like this don't typically lend themselves to news coverage. But Mother Jones magazine has crunched the data on inequality, and put together a group of stunning new charts. Taken together, they offer a dramatic visual illustration of who's doing well and who's doing badly in modern America.

- The poorest 90 percent of Americans make an average of $31,244 a year, while the top 1 percent make over $1.1 million
- Most income groups have barely grown richer since 1979. But the top 1 percent has seen its income nearly quadruple
- Most Americans have little idea of just how unequal income distribution is. And that they'd like things to be divvied up a lot more equitably
i knew economic inequality was a worsening problem in the united states, but it's really sad to look at the statistics like this, to see just how poor us common folk are compared to a small fraction of the country.
__________________

__________________
KhanadaRhodes is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -5. The time now is 06:53 AM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Design, images and all things inclusive copyright © Interference.com