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Janet Tavakoli On The Causes Of The Global Financial Meltdown
Highly informative C-Span interview with Janet Tavakoli to go with the morning coffee.
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Here interview with BNN, posted by someone, where she trashes Goldman is highly illuminating too !
"If you're under the 750,000 USD FDIC limit, you're fine".
Or not. Doesn't FDIC currently have like the ability to pay up around 0,3% of all deposits? Isn't this another ponzi scheme in the grand ponzi schemes?
Why would you be worried about the Fed's ability to repay depositors? It can create money with a few keystrokes.
Your money will be fine, just worth less. But hey, a dollar is a dollar, eh? ;-)
I'm trying to remember where i saw it, it was probably here, but the FDIC has up to 99 years to legally pay you back.
Truly one of the greatest scams out there.
Janet gets my vote for Pres---thanks for the video TD
I turned it off after the first few minutes a bunch of nonsense. The system is credit which is traded like money but is not money.
The reason why the financial chaos is going to occur has nothing to do with the government not protecting your money. The financial system ran out of "money" in the 1930s to support the exponential growth needed to support the credit system.
"delay fixing the problem"
Sorry lady but you haven't even identified what the problem is?
Nobody is going to fix anything because you must identify the "problem" before you can go about fixing it? When you have a system based on the need to have exponential growth it is only a matter of time before it implodes... there is no Math solution to that problem. The problem is humans don't want to listen to common sense and have greed and want to trick other people into trying to sustain the unsustainable.
"People are scared", if they are "scared" now wait till the credit system actually collapses instead of just slowing down.
She was trying to address fraud and malfeasance in the system. The interviewer was trying to address the connection between Washington and the investment banks (at times, at other times he seemed lost). Are you suggesting that those aren't problems too? IMO we don't just have one problem here.
The fraud was setup on day 1, you and she should be blaming the first straw instead of the last straw. The first straw is what got you to this point, now as soon as the system is unable to give the stupid humans what they WANT, they all of sudden have a problem.
The fraud was on day 1, why is everyone having a problem now? She is not addressing the problem at all.. is doesn't even know what the problem is. The rules are changed constantly, if they were fair why would the rules ever change... they have been changing for 1000s of years.
The problem is YOU CAN'T HAVE A SYSTEM BASED ON THE ABSOLUTE NEED FOR EXPONENTIAL GROWTH, why? BECAUSE HUMANS DO NOT HAVE UNLIMITED POWER TO FUEL THE EQUATION.
What you are calling fraud is just higher power monkeys changing the rules, but it doesn't matter what the humans change the rules too, they can never change Law. Humans are about to feel the full effects of the Laws of the Universe and there isn't anything that can be done to stop it.
She did name the problems if you were paying attention: 1. credit standards collapsed; 2. the banks have the government wrapped around their little finger; 3. Americans lost any semblance of fiscal discipline as they turned their houses into ATMs and 4. instead of government serving to regulate loan quality and unfair consumer practices, it rewarded the people who abused the system (and continues to do so).
Source of those problems:
1. Politicians encouraged it
2. Politicians encouraged it
3. Politicians encouraged it
4. Politicians encouraged it
Maybe it is just me, but I'm seeing a common point of failure here.
None of those are the problem... that is just what humans saw last. Sorry but you will collapse in a heap of mess eventually and it doesn't matter what you do with 1.) credit standards 2.) goverment 3.) financial discipline 4.) regulate loan quality.
Again, if that is what she said I am glad I turned it off.
Human do not have unlimited ability to fund the exponential growth rate, yet you have system in place that requires that or collapse.... it doesn't get any easier than that. You don't have to be on a show for an hour to explain it.
Blaming the last straw instead of the first straw is not going to get you out of this, sorry any system based on exponential growth is DOOMED to fail, unless you are a God.
You are too smart to be here.
mako
you should have stayed to watch the entire interview...this woman is very knowledgeable and put the blame exactly where it belonged... fraud and who committed that fraud..
janet tavakoli is outstandding
mock turtle
The people that started the fraud have been gone from this planet for 1000s of years. All humans do is continue the fraud from one generation to the next hoping they pass on before the final conclusion. Baby boomers were praying to helicopter Ben to save them... it won't work. It's pure Math, it has nothing to do with the "government protecting our money".
The government can't protect the "money" ie credit anymore than Superman could once the you have peaked and are unable to supply the system with the exponential growth it needs to survive.