Inside Job

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  • #61
    Re: Inside Job

    My observation has been that retired people tend to move closer to where their kids and grand kids live. As health deteriorates they move into retirement homes.

    When I first came to Toronto you could buy a nice 3 bedroom bungalow for around $17,000. to $20,000. Since there have been many bubbles and drops in value. Still, after all these years you couldn't buy those same houses now for under $300,000. and probably much more than that.

    I kind of get a smile out of chess players who are hard right. The royal game of chess which is hierarchical. The high titled players getting free CFC, free entry into many events, etc. The peasants (weak players) picking up the costs. Talking libertarian and living socialism is what I call it.
    Gary Ruben
    CC - IA and SIM

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    • #62
      40 Years ago today...

      Originally posted by Bob Gillanders View Post
      Has everyone seen the documentary Inside Job, about the wall street meltdown. I just saw it this weekend, and immediately watched it a second time. This is a great film if you want to understand what happened. Pure greed, corruption, and fraud. Why are these guys not in jail by now.

      Here is the movie trailer, I highly recommend every see it.

      http://www.youtube.com/watch?v=FzrBurlJUNk

      If the US justice system can touch these guys, there is no hope for the USA.:(
      ***************
      Nixon ends the gold standard "temporarily"
      http://www.youtube.com/watch?v=iRzr1...eature=related
      ***************

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      • #63
        Re: Inside Job

        Credit default swaps.

        http://www.youtube.com/watch?v=pV3vJ...eature=related

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        • #64
          Many Posters Here Will Enjoy This Article...

          http://www.rollingstone.com/politics...rimes-20110817

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          • #65
            Re: Inside Job

            Thanks Ken. Matt Taibbi of Rolling Stone has done some great articles.
            This next clip is congressman Gary Ackerman doing a great job of embarrassing the SEC over their failure to catch Bernie Madoff and others.

            http://www.youtube.com/watch?v=oGaVI...eature=related

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            • #66
              Re: Inside Job

              Congressman Ackerman goes after the credit rating agencies.

              http://www.youtube.com/watch?v=0jJzi...feature=relmfu

              This Ackerman guy is great to listen too. Hey everyone, I realize these clips are a bit old now, but good stuff. And nobody has been held accountable yet. Very frustrating, indeed.

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              • #67
                Re: Inside Job

                An example of the revolving door between Goldman Sachs and regulators in the USA.
                http://www.youtube.com/watch?v=KMpJl...eature=related

                Now, Peter has given another reason for the name change:

                Haller told TPM Muckracker on Thursday that he changed his name not to hide his identity, but to honor his mother's family.

                Peter Haller, formerly known as Peter Simonyi, said in a statement to TPM says he and his sister switched their names a few years back to respect the last wish of his grandfather to carry on his mother's family name.
                His mother's father, Alfred haller-koi gr Haller, was killed in Budapest in 1944 by Fascists as he tried to stop children from being conscripted into the military, Haller said.
                "As my sister and I became adults, at some point discussions began that we should carry on the name of my mother's family, which had lived in Transylvania, up until it was granted to Romania under the Treaty of Trianon after World War I," Haller said.

                So what is the truth? You decide. :)

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                • #68
                  Re: Inside Job

                  Another interview with Matt Taibbi

                  The SEC protecting the bankers.

                  http://www.youtube.com/watch?v=vhENE...eature=related

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                  • #69
                    Re: Inside Job

                    Where is the outrage?

                    http://www.youtube.com/watch?v=J9etl...eature=related

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                    • #70
                      Re: Inside Job

                      Originally posted by Bob Gillanders View Post
                      Does that oppress you in any way? I'm a Canadian and I don't see what that has to do with me.

                      I long ago figured out I never had billions and trillions to start with.
                      Gary Ruben
                      CC - IA and SIM

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                      • #71
                        Re: Inside Job

                        Originally posted by Gary Ruben View Post
                        Does that oppress you in any way? I'm a Canadian and I don't see what that has to do with me.
                        I'm a Canadian too, and it is some comfort that it is not my tax dollars being wasted. However, the global financial system does not recognize national borders, corruption south of the border impacts the whole world. :(

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                        • #72
                          Re: Inside Job

                          Originally posted by Bob Gillanders View Post
                          I'm a Canadian too, and it is some comfort that it is not my tax dollars being wasted. However, the global financial system does not recognize national borders, corruption south of the border impacts the whole world. :(
                          I'm reading about the Confederation Life collapse in Canada in 1994. It's basically a foreshadowing of the 2008 crisis. Overinvestment in real estate, a collapsing real estate market in early 90's, way too aggressive a growth position and an involvement in new risk areas not understood by the insurance company or without an actuarial history. Hubris and greed on the part of an othewise stable insurance company. Not to mention the raiding of the insurance regulated trust accounts in Michigan which were supposed to be an assurance for American policy holders. The book is called Who Killed Confederation Life? Highly recommend it.
                          Last edited by Zeljko Kitich; Saturday, 3rd September, 2011, 10:33 AM.

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                          • #73
                            Re: Inside Job

                            Originally posted by Bob Gillanders View Post
                            Where is the outrage?
                            Where's the accountability? I suppose some sufficient amount of public outrage could eventually encourage the legislation that would enforce a (no doubt severely watered down) form of accountability for the future, but, an apathetic public lacks the willpower to sustain that righteous anger. The burden falls on individuals.

                            Consider one of our (i.e. Ontario chess community) own little financial scandals: the OCA's Trillium fiasco - no meaningful reporting of any kind to the OCA's members with respect to an amount of money that represented close to twenty years' worth of revenues for the OCA. Aside from me and Kevin Spraggett and maybe half a dozen others, where was the outrage? The post-Thorvardson/Bond executive team(s) stonewalled every reasonable request for information, culminating in the destruction of financial records by someone who had no authorization to take that action.
                            "We hang the petty thieves and appoint the great ones to public office." - Aesop
                            "Only the dead have seen the end of war." - Plato
                            "If once a man indulges himself in murder, very soon he comes to think little of robbing; and from robbing he comes next to drinking and Sabbath-breaking, and from that to incivility and procrastination." - Thomas De Quincey

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                            • #74
                              Re: Inside Job

                              Originally posted by Bob Gillanders View Post
                              I'm a Canadian too, and it is some comfort that it is not my tax dollars being wasted. However, the global financial system does not recognize national borders, corruption south of the border impacts the whole world. :(
                              Are you worried they won't have enough money to send us for all the oil we send them?

                              If you don't like how their banks are being run don't deal with those banks. The U.S. system and philosophy are different than ours as is their political system.
                              Gary Ruben
                              CC - IA and SIM

                              Comment


                              • #75
                                Re: Inside Job

                                Peter - I am in no way defending the whole Trillium OCA fiasco, but at least there has been a "changing of the guard" at the OCA, whereas in the US banking system all the same idiots who caused the problems are still in charge.

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