“Two things are infinite: the universe and human stupidity; and I'm not sure about the universe."
Albert Einstein
What caused the financial industry meltdown - Greed or Stupidity! Just take a look at the definition of Stupidity! .
Stupidity is willful ignorance or unintelligence. This quality can be related to a person's actions, words or beliefs, or those of a group.
This meltdown should drive every American to riot? The massive loss of money, homes, livelihood and America’s economic credibility are just the beginning. Who would have thought that America is teetering on another Great Depression and Mr. Russia and China may be our Mr. Potter in this version of “It’s a Wonderful American Life”.
What enrages me is these people think we are stupid. It doesn’t take education and being a financial expert to understand that Enron and Worldcom pale in comparison to the criminals that caused this debacle. It’s the same fraud, greed, mismanagement, lying and cheating that executives at the major banks and financial institutions perpetrated on all of us and our government as the executives at all the failed companies like Enron and Worldcom. Executive decisions at every level where made that over leveraged banking reserves, rolled over mortgage portfolios by borrowing from the financial markets through Collateralized Mortgage Obligations and now having to borrow billions to stay afloat. Sound familiar? Yes, just like the US does at the Treasury Auctions our financial institutions are being supported and bought up by the rest of the world.
A few banks and the FDIC and FED stepping into a capitalist system is only the tip of the iceberg. The American people and many around the world will lose over $1 Trillion Dollars. Heck you might get shot in Urban America for a pair of sneakers. What do you do with the people that stood by and made hundreds of millions while cooking the books, committing fraud, lying and Lord knows what else? The punishment for all these people is loss of a job and a slap on the wrist or maybe just shrugging their shoulders and saying whoops - who cares. I care and so should you!
My opinion is that leaders, employees and anyone at any level responsible for this meltdown and within individual institutions should be in jail, their assets seized and their family and descendants sold into bondage.
Everyone is claiming ignorance, hiding losses and ducking responsibility. The executives that sold our nation down the river are criminals. Worse the FED and FDIC have to step in to post bail for our financial institutions. Now the rest of the world flush with money is buying America’s heart and soul and our sacred institutions.
You want to control Capitalist and America! Wage Economic War! Devastate our culture and way of life! Just wait for its system to collapse and buy it all up. How many of you reading this think the FED and FDIC can actually shore up our present collapse and the long line of banks and institutions going under? How many think we aren’t over an economic barrel because of the stupidity within the ranks of Banks, Investment Banks, Traders and frankly our Lawmakers etc.? How many think the worst is behind us?
We are living on borrowed time and time is a luxury we just don’t have any more. Congress, the White House and Senate acted too late, too little and it is just too bad for all of us.
"We can't solve problems by using the same kind of thinking we used when we created them."
Albert Einstein
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