BoatBanter.com - View Single Post - economist blames wall street for collapse

Canuck57[_9_]

On 09/05/2010 11:33 AM, wrote:

do you know what the value of CDO's was in 2006? care to look it up?

The value was zero, the price may have been high but we now know they
were worthless ... until the government threw tax dollars at them to
give them value.

Much of who got bailed out and why had to do with the owners/depositors
list. Didn't hurt GM and GMAC had Warren Buffet on the owners list.
Look at who is reputed to behind Carlyle Group and Cetberus for auto
bailouts. For banks, look at the depositors.

Say you were some ubber rich, a Gates or Ellison, has a cool billion on
Deposit at Citibank. You can bet your life they would call their
senator, congressman and even president and get the call anwsered. And
the conversation would ahve been like, let them go down and I will pull
out of USA completly. And you like the politicial contributions we
funnel to your party via 200++ businesses right?

Sure, government was on the hook for small depositors of $250k or so,
but it was the ubber rich that drove TARP and the corruption. I guess
Lehmans didn't have the right clientel or they moved before it died
leaving the debt for the taxpayers.

--
There is a sucker born every minute, liberals and our politicians are
counting on it.