cj8 Posted May 11, 2022 Report Share Posted May 11, 2022 There is very little regulation in this market. Insanity. ? "Wilmott estimates the derivatives market at $1.2 quadrillion, to put that in perspective it is about 20 times the size of the world economy." If it collapse so will everything else in a very short time. https://seekingalpha.com/article/4046338-derivatives-explode-like-bomb Quote Link to comment Share on other sites More sharing options...
cj8 Posted May 11, 2022 Author Report Share Posted May 11, 2022 There are no stupid trades for them. If they lose to much taxpayers have to pay.To big to fail.Socialism for the super rich. Great. ? Quote Link to comment Share on other sites More sharing options...
sharkman Posted July 5, 2022 Report Share Posted July 5, 2022 (edited) On 5/11/2022 at 1:08 AM, cj8 said: There are no stupid trades for them. If they lose to much taxpayers have to pay.To big to fail.Socialism for the super rich. Great. ? This reminds me of the movie, The Big Short. It’s a true story based on the collapse of the US and most of the world economy in 2008. I don’t know if derivatives are similar to the CDOs that caused the collapse, but it sounds similar. The greed and lack of oversight is the same. CDOs were collateralized debt obligations, in this case, mostly subprime mortgages packaged together and given AAA ratings by rating agencies that were pressured to do so. Sold as blue chip investments when they were very risky. The ethics involved in this was deplorable. If you don’t know, as the real estate market in the US slowed, people would be unable to sell their homes before the mortgage interest rate doubled or more, as per the contract they signed. They couldn’t make the new monthly payments, and would default. The CDOs would then become worthless. This started to happen in 2007, but it became clear that the rating agencies weren’t downgrading the AAA ratings when they should have. It’s discovered how morally bankrupt the industry is, the lack of government oversight and how exposed the world economy really is. The Big Short, worth watching to understand how slimy the US banking system has become. In a completely different way, it’s fully expected that the US (and world) economy is going to collapse again. Edited July 5, 2022 by sharkman Grammar Quote Link to comment Share on other sites More sharing options...
eyeball Posted July 11, 2022 Report Share Posted July 11, 2022 On 7/5/2022 at 6:35 AM, sharkman said: The Big Short, worth watching to understand how slimy the US banking system has become. In a completely different way, it’s fully expected that the US (and world) economy is going to collapse again. What's the plan for pinning the blame for all this on the left? Quote Link to comment Share on other sites More sharing options...
Michael Hardner Posted July 11, 2022 Report Share Posted July 11, 2022 19 minutes ago, eyeball said: What's the plan for pinning the blame for all this on the left? Usually around deficits - but @eyeball this is key: you MUST IGNORE Trump's boom time deficits and the subsequent shoe-licking by the Tea Party losers who wouldn't shut up when Obama implemented QE in 2008. Quote Link to comment Share on other sites More sharing options...
sharkman Posted July 11, 2022 Report Share Posted July 11, 2022 (edited) It was an eye opening movie, you really should watch it if you haven’t. The financial system, to allow that kind of greed and risky investing labeled “AAA”, is morally bankrupt. And if the movie tale is correct, nothing has changed. And it’s on both sides of the isle. Bush was a disaster as was Obama. Edited July 11, 2022 by sharkman Quote Link to comment Share on other sites More sharing options...
Michael Hardner Posted July 11, 2022 Report Share Posted July 11, 2022 1 hour ago, sharkman said: The financial system, to allow that kind of greed and risky investing labeled “AAA”, is morally bankrupt. And if the movie tale is correct, nothing has changed. "Workers in the system necessarily become estranged, or alienated, from the product of their labor, the act of labor, their true natures, and their fellow men." Quote Link to comment Share on other sites More sharing options...
sharkman Posted July 11, 2022 Report Share Posted July 11, 2022 I believe you are attempting to explain how it happened. To you and me, the little people faced with spiking inflation and the medical, tech, media and government sectors all full of the same kind of ethical collapse, it doesn’t matter how it happened. We are ducking to avoid the blow right now. Just like in the movie, The Big Short, the how comes after, it’s just the way of things. Also, it’s funny that you call yourself a conservative with links like that at your fingertips. You are either trolling or you’re a socialist/conservative who doesn’t like Trudeau. I wish I was making this up. Quote Link to comment Share on other sites More sharing options...
Michael Hardner Posted July 11, 2022 Report Share Posted July 11, 2022 7 minutes ago, sharkman said: 1. To you and me, the little people faced with spiking inflation and the medical, tech, media and government sectors all full of the same kind of ethical collapse, it doesn’t matter how it happened. We are ducking to avoid the blow right now. 2. Also, it’s funny that you call yourself a conservative with links like that at your fingertips. 3. You are either trolling or you’re a socialist/conservative who doesn’t like Trudeau. I wish I was making this up. 1. You blame the little folks ? Ok. 2. Oh man, you should check out this thing I have called 'Google'. Also it helps to have studied and read things on your own before YouTube was born. 3. Is there an option C ? Quote Link to comment Share on other sites More sharing options...
sharkman Posted July 11, 2022 Report Share Posted July 11, 2022 Blaming the little folks? Definitely trolling. I take it you are not ducking. Watch the movie. Good afternoon. Quote Link to comment Share on other sites More sharing options...
Michael Hardner Posted July 11, 2022 Report Share Posted July 11, 2022 11 minutes ago, sharkman said: 1. Blaming the little folks? Definitely trolling. 2. I take it you are not ducking. 3. Watch the movie. 1. I'm trolling ? Here's your quote: "the little people faced with spiking inflation and the medical, tech, media and government sectors all full of the same kind of ethical collapse" 2. Ducking ? Meaning lowering my head ? Or eating a duck ? Or wearing a duck suit ? 3. I did - it was a good film too. Notice I didn't say you would be WRONG in blaming the little people. Surely there were people in the movie who were not wealthy who were guilty of greed... such as the stripper who had 3 houses... Quote Link to comment Share on other sites More sharing options...
sharkman Posted July 11, 2022 Report Share Posted July 11, 2022 On 5/10/2022 at 9:27 PM, cj8 said: There is very little regulation in this market. Insanity. ? "Wilmott estimates the derivatives market at $1.2 quadrillion, to put that in perspective it is about 20 times the size of the world economy." If it collapse so will everything else in a very short time. https://seekingalpha.com/article/4046338-derivatives-explode-like-bomb At this point all we can do is duck, me thinks. Quote Link to comment Share on other sites More sharing options...
Michael Hardner Posted July 11, 2022 Report Share Posted July 11, 2022 1 hour ago, sharkman said: At this point all we can do is duck, me thinks. Me drinks. Quote Link to comment Share on other sites More sharing options...
sharkman Posted July 13, 2022 Report Share Posted July 13, 2022 I’d rather have a bottle in front of me, than a frontal lobotomy. Quote Link to comment Share on other sites More sharing options...
sharkman Posted August 14, 2022 Report Share Posted August 14, 2022 Poverty is not a mortgage on the labor of others—misfortune is not a mortgage on achievement—failure is not a mortgage on success—suffering is not a claim check, and its relief is not the goal of existence—man is not a sacrificial animal on anyone's altar nor for anyone's cause—life is not one huge hospital. --Ayn Rand Quote Link to comment Share on other sites More sharing options...
sharkman Posted October 2, 2022 Report Share Posted October 2, 2022 On 7/11/2022 at 8:38 AM, eyeball said: What's the plan for pinning the blame for all this on the left? What’s your plan should the financial system suffer a crash? Go to the ATM? Quote Link to comment Share on other sites More sharing options...
eyeball Posted October 2, 2022 Report Share Posted October 2, 2022 9 hours ago, sharkman said: What’s your plan should the financial system suffer a crash? Go to the ATM? No, I'll probably go check my crab pot and jig up a cod. 2 Quote Link to comment Share on other sites More sharing options...
sharkman Posted October 4, 2022 Report Share Posted October 4, 2022 See, a financial crash could mean no money. To cook your, uh, fish. Drive to the grocery store or buy food. Quote Link to comment Share on other sites More sharing options...
eyeball Posted October 4, 2022 Report Share Posted October 4, 2022 8 hours ago, sharkman said: See, a financial crash could mean no money. To cook your, uh, fish. Drive to the grocery store or buy food. I take it you don't have a crab pot or a jig so what will you do? 1 Quote Link to comment Share on other sites More sharing options...
sharkman Posted October 4, 2022 Report Share Posted October 4, 2022 I will steal your crab pot. Quote Link to comment Share on other sites More sharing options...
Michael Hardner Posted October 4, 2022 Report Share Posted October 4, 2022 1 hour ago, eyeball said: I take it you don't have a crab pot or a jig so what will you do? I found myself doing jigs, so I went the doctor and he said I had a crab pot. 1 Quote Link to comment Share on other sites More sharing options...
eyeball Posted October 5, 2022 Report Share Posted October 5, 2022 10 hours ago, sharkman said: I will steal your crab pot. No you won't. Quote Link to comment Share on other sites More sharing options...
sharkman Posted October 17, 2022 Report Share Posted October 17, 2022 On 7/5/2022 at 6:35 AM, sharkman said: …This reminds me of the movie, The Big Short. It’s a true story based on the collapse of the US and most of the world economy in 2008. The ethics involved in this was deplorable. … This started to happen in 2007, but it became clear that the rating agencies weren’t downgrading the AAA ratings when they should have. It’s discovered how morally bankrupt the industry is, the lack of government oversight and how exposed the world economy really is. The Big Short, worth watching to understand how slimy the US banking system has become. In a completely different way, it’s fully expected that the US (and world) economy is going to collapse again. And we are now into the extra minutes that the ref tacks on at the end of a soccer game. Japan recently had to shore up their currency, and then England had to intervene. Now China. The US Fed bailed out Credit Swiss bank with something like 6 billion. Get ready for the collapse. Quote Link to comment Share on other sites More sharing options...
eyeball Posted November 15, 2022 Report Share Posted November 15, 2022 On 10/17/2022 at 4:47 PM, sharkman said: Get ready for the collapse. It'll sure be nice not having to worry about gettin' a crabbin' an jiggin' licence. One less thing right? Quote Link to comment Share on other sites More sharing options...
cougar Posted November 18, 2022 Report Share Posted November 18, 2022 (edited) On 10/1/2022 at 11:46 PM, sharkman said: What’s your plan should the financial system suffer a crash? Go to the ATM? It will be definitely quite interesting. No more money, as it will be useless. No more jobs, as there is no need to work if you do not get paid or you have nothing to buy with the money you made. Just mad people running up and down the streets like chickens with their heads cut off. Edited November 18, 2022 by cougar Quote Link to comment Share on other sites More sharing options...
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