I Hate Being Right All The Time...
By Number Six
Monday, September 15, 2008 at 10:58 AM
Let us begin as follows, let's go back a few pieces to this one I wrote, which suggested a major bank was going to implode.
I hate being right....!
In the biggest reshaping of the financial industry since the Great Depression, two of Wall Street's most storied firms, Merrill Lynch & Co. and Lehman Brothers Holdings Inc., headed toward extinction.Oh, just a few bucks in the hole...some $600 BILLION of them. And there is an error here: Lehman rode out the Great Depression.
New York-based Lehman, founded 158 years ago, said early today that it filed for Chapter 11 bankruptcy protection after failing to find a buyer. Merrill Lynch, 94 years old and also based in New York, agreed to sell itself to Bank of America Corp. for $50 billion in an emergency deal hashed out yesterday.
But, not this one they ain't.
And didn't someone, not long ago, say that this was unforeseen, that "we've seen the worst of this". Duh-huh. Like didn't the techs see the most of the water seconds after the Titanic smacked the iceberg?
What's causing all of this?
The engines that powered record growth in the financial industry over the last decade -- cheap credit and surging property values -- have been thrust into reverse. Companies that once thrived on making real estate loans and holding assets bought with borrowed money are now under siege, giving the upper hand to those less reliant on leverage and holding the fewest assets tied to property.Here's what happened, WTW fans, it's pretty darned simple:
See, years ago, we elected a dumbass wooden actor to be the Prez. He and his cronies get into power. They decide it's time to hatch a ticking time bomb called...Reaganomics, which, in simpler terms means...a license to fuck shit up.
Companies, banks, corporations all begged: "We can't make money with all these pesky regulations in our way!" So, from Raygun to Bush to Bill to Bozo, we've deregulated and deregulated. We now have criminals running the entire financial empire.
The same goddamned criminals who begged for redoing personal bankruptcy laws, so they could clean up. So funny, as this law now forces more and more to just let their homes go, and the banks end up with...yeppers...not a damned dime!
Ah, yes, see kids, this is what happens when you allow the corporations to run things: Their greed overloads their common sense. We feel sorry for those Lehman workers who now, like so many, must go find other employment, but it's impossible to feel sorry for Lehman, for any of these criminal enterprises that begged, borrowed and stole their way...into total annihilation.
Nobody told these banks to sell El Cheapo loans to those who really cannot afford; nobody told them to hand out credit cards like free passes at a Britany Spears show; and nobody told them that the way to play with fire...is to stand way back when you do.
So, how's that Raygunomics working out, you stupid conservatives?