Meltdown Part 1: "The Men Who Crashed The World"

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Thu, 09/29/2011 - 11:51 | 1722101 Dumpster Fire
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Wasn't that long ago that Al Jazeera was agitprop.  Funny how things change.


Hopefully Meltdown is long blow and hookers. 

Thu, 09/29/2011 - 11:54 | 1722126 Clueless Economist
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Who plays Barney Frank, Chris Dodd and PAul Krugman?

Thu, 09/29/2011 - 12:02 | 1722169 mayhem_korner
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Frank = Melissa Ethridge

Dodd = Whitey Bulger

Krugman = Ernest Borgnine

Thu, 09/29/2011 - 12:12 | 1722202 Dumpster Fire
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Fuck the haters, I'm with ya

Thu, 09/29/2011 - 15:51 | 1723384 Hugh_Jorgan
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The problem with this piece it is tries to wrap up very long and complicated story all neat and tidy. They want to make the ignorant general public think that everything has been uncovered, and here are ALL of the players and ALL of the plays that made the "world crash possible This is an evil, insidious deception. They should have called this "The Fall Guys Part 1".

Al Jezeera is running cover for the all of the other devils that are still yanking levers, filling their pockets, and passing it on to their spoiled brat progeny while the rest of the World burns.

Is every one that they point in this video guilty? Of course.

Are there A LOT more people that should be demonized and potentially prosecuted. Yes!!!!

Is Al Jezeera being groomed to be the "World Propaganda Ministry"? YES! Hello?!!!!!!

Thu, 09/29/2011 - 15:56 | 1723461 trav7777
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agree...the piece should be even tidier:  PEAK OIL DID THIS

Because that is the cause.  These men merely did the same shit as all before them.  The exponential math made their efforts 2x the previous, etc. in turn.

The thing went to hell when growth stopped.

The self-delusions and mental contortions people will go through to avoid the truth simply blow my mind.  Even on this board, there are 90% of the people who want to believe that if we could just prosecute some people or change the rules or go to a gold standard, somehow change the HUMAN equation, that everything could go back to happy joyjoy.  Reality has its own agenda.

Thu, 09/29/2011 - 18:12 | 1724020 bid the soldier...
bid the soldiers shoot's picture

Some call it denial.

Depressions can be dealt with. Losing all your money can be dealt with. Even if your wife cuts off your penis in revenge, that can be dealt with.

But Peak Oil? That's a one-way ticket back to Neander Valley, Dude.

Sun, 10/02/2011 - 18:12 | 1731529 Ahmeexnal
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Trav you moron, PEAK OIL is a hoax, just like Al Gore's "global warming".
Now go wash your teeth 4 times a day and be a good slave.

Thu, 09/29/2011 - 20:18 | 1724326 NumNutt
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I have to call bullshit on this one. This report is pointing all the fingers at the banking industry, and yes I do believe the bankers are a bunch of evil bastards but they had gotten their marching orders from the US federal government. This report fails to mention the "Making Home Affordable" act signed into law under President Clinton, and pressed hard into service under Bush, with the Financial Services Oversite Committe (ran by Barney Frank and crew) cracking the wip.

The federal government was pushing the banking industry to make these loans, the banking industry was more then happy to oblige with the promises from the FED and the Federal Government that they had their backs if anything went wrong. Why do you think the FED is so quick to try and help out the big banks with tax payer dollars? If this fiasco was really the result of the private banking industry being greedy, the government would be screaming for jail time for these people. But that is never mentioned, no...don't want that...if that were to happen the truth may come out......then we would be asking to place our own elected officials in prison...the real crooks...

Thu, 09/29/2011 - 21:39 | 1724531 NumNutt
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Wow someone junked me? I guess there is a fool out there that thinks the Federal Government is a bunch of nice guys that are only interrested in helping out the little guy, and doing only what is best for the entire country. Like to meet you, I have a bunch of swamp land in Florida I want to sell you......Probably one of the idiots sitting out front of the NYSE protesting....

Sat, 10/01/2011 - 14:39 | 1729236 kubrick007
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the banks have always controlled the governments, not the other way around. the legal system is circumvented with top-notch attorneys. i don't get how someone could be so naive to think that elections and elected officials have that much power. the annual pay of entire congress (~$93 mil) is less than 1 month income for the top hedge fund managers. money rules law.

Sun, 10/02/2011 - 23:47 | 1732225 NumNutt
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Wow Kub-dick, I don't even know where to begin with the stupidity you have stepped into. Where you been the last 3 years? You saying the federal government doesn't set interest rates? Fannie and Freddie MAC doesn't control the home industry? The feds don't set regulations for mortgages? Doesn't tell banks all their rules to do business?!?!?!  I have worked in the banking industry for 16 years, and I can tell you there are all kinds of federal banking laws that they must abide by, from how much cash you can deposit or withdraw, to how to perform interstate electronic commerce. Banks employ rooms full of lawyers just to keep track of the federal regulations and make sure they are not breaking any federal laws. If the elected officials had been doing their job and enforcing existing laws, the country would not be in the current situation. I am pointing out the fact that to think these governments were caught by surprise by what has happened is stupid. They are currently in a CYA mode, they have seen what is coming and are now in the process of spreading bullshit in the hope it covers their ass so they don't end up against a wall some place. Wake up dip shit! If these guys control government why are they so scared of Ron Paul?

Sat, 10/01/2011 - 11:44 | 1728940 Omen IV
Omen IV's picture

you are a FOOL and a TOOL - what about fraud end to end don't you understand?

the borrowers and the government had nothing to do with the bonuses and profits made by the banks and their minions as their motivation for fraud - CW (among many others) was cutting and pasting mortgage applications and documents by the 100's of thousands and sold by willing bankers who controlled the output of the rating agencies that is why BoA et al are getting sued for fraud far and wide and the AG's agreements with the banks are falling apart after schneiderman took his ball and went home

you must be a troll for BoA -  enough with your anal vocalization!!!


Sun, 10/02/2011 - 23:20 | 1732183 NumNutt
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Ah Oman you fucking dip shit. Nothing would make me happier then to see BAC take a huge shit and go belly up. But to think these guys are running the show is complete stupidity, it would be like saying the multi million dollar athlete player is controlling the game he plays in, and the referees do nothing. The truth is the Feds lay down the rules, the Fed determines the base lending rate that banks can lend each other. The fed determines all the rules that the banking industry must abide by. Then when the bank makes a profit the feds take their cut.

I was pointing out the fact that the producer of this report failed to include a very important part of the over all picture. Actually if you watch this and believe 100% what they are telling you, it would appear that the various governments had nothing to do with our current problems. I call bullshit on that! TPTB set the rules, and were there every step of the way when all this shit was going down. To see them as a helpless victim that was caught off guard by the evil banksters is complete stupidity. From the top of the banking industry and to the high offices of government, all these assholes where to busy stuffing their pockets full of cash to pause for a minute and consider the consequences for their actions. 

Don't be mistaken for one moment that these two groups of people don't talk to each other. They do on a regular basis and the topic is not how they are going screw each other, it is how they are all going to screw us. You call me a troll for these assholes, well all I can say is fuck you! I am a troll, but not a troll for the banking industry, I am a troll for the private sector tax payer that has been left standing out in the rain, and the cold, with an empty bag wondering where I went wrong.

Thu, 09/29/2011 - 12:23 | 1722237 LedMizer
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Capt. Binghamton: Commander, how would you and your men like two weeks with nothing to do but play gin rummy, go surfing, have luaus with steel drum bands, dancing girls, hmm? 
Lieut. Comdr. Quinton McHale: Two whole weeks? Woo hooo, oh that'd be a wonderful change sir. Yes sir. 
Capt. Binghamton: Knock it off McHale. That's what you do every week. 

Thu, 09/29/2011 - 16:43 | 1723679 MarkTwain00
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Dodd = Bobcat Goldthwait(in a fatsuit)

Thu, 09/29/2011 - 12:04 | 1722174 MillionDollarBonus_
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 This is just pure propaganda of the lowest kind. For those of you with any self-respect, here is some background reading on the benefits of monetary and fiscal stimulus written by renowned Princeton economist Alan Blinder and Mark Zandi of Moody's:

The paper documents how our government and Federal Reserve SAVED this country from total destruction during the great depression. And please READ the article before resorting to the usual libertarian ad-hominem attacks.

Thu, 09/29/2011 - 12:05 | 1722183 mayhem_korner
mayhem_korner's picture = pablum of the highest order

Thu, 09/29/2011 - 12:09 | 1722195 tiger7905
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Really stupid reporters comments on gold...


Thu, 09/29/2011 - 13:35 | 1722605 sqz
sqz's picture

MillionDollarBonus is just trolling you guys. Or rather he's a regular who presents facts, or sometimes jokes, as if he's a troll. It's quite funny most of the time, except unless you're a regular or very careful reader, it would be hard to pick up, I guess :)

Thu, 09/29/2011 - 14:07 | 1722764 Imminent Crucible
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MillionDollarBonus=astroturfing from the Treasury Elf.

Thu, 09/29/2011 - 17:10 | 1723808 mayhem_korner
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We know who he is, newbie.

Thu, 09/29/2011 - 12:10 | 1722198 oldmanofthesee
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Are you nuts? Paulson (Bush) gave almost a trillion in TARP to their banking buddies, and AIG. AIG got the first check, then the squid got the first check from AIG, for just under $20 billion to cover trading losses in London. Five months later, all the major banks returned most of the TARP funds when they learned that Timmy would dictate their salary and bonuses. These pricks should be drawn and quartered. 

Thu, 09/29/2011 - 12:11 | 1722199 Smiddywesson
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Sure, and you read FDR's Folly

Thu, 09/29/2011 - 12:15 | 1722215 FMR Bankster
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Worthless bulls**t. Papering over problems and bailing out criminals only encourages more of the same behavior. If they had let it crash it would have been more painful short term but we'd be in recovery by now. I listened to this crap from Ivy league morons for too many years on Wall street. Return to sound money (gold and silver) and give the middle and lower income folkes a shot again.

Thu, 09/29/2011 - 14:02 | 1722722 nhr215
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Well that is one opinion. You could make a case that the crash would have been steep and short. You could also make the case that the entire financial system would have colappsed, with runs on banks (in 2008 there were already runs on money-market accounts.... how quickly everyone forgets how close to total destruction we were), massive wealth destroyed, savings of a nation eliminated, dollar destroyed, etc. etc. There is a much better case to be made that this outcome is preferable. I'm not happy about it either, but having lived in countries with real economic collapses (such as Argentina) and witnessed that first hand, let me tell you there are no guarantees that the collapse will be short and sweet....

I love how of course you went directly to adhominem attacks. So if a Nobel-prize in economics, ivy league phd, authoring textbooks on macroeconomics, if none if this qualifies as expertise, then who are the experts in your opinion? Would love to hear this. Some day-trading morons whole trolls this board? Alan Binder is a reputable economics of the highest degree. Have you read any of his work? Dear arm-chair economicts: shut the fuck up.... Your opnion has no value.

Thu, 09/29/2011 - 14:10 | 1722780 Imminent Crucible
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I've got news for you: The "entire financial system" is collapsing anyway.

Only, this way it costs far more and taxpayers pick up the entire tab while the bankster crooks walk with huge payouts for massive felony fraud.


Thu, 09/29/2011 - 12:18 | 1722221 Arthor Bearing
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"HOW THE GREAT RECESSION WAS BROUGHT TO AN END" I will now write an essay called "How I fucked ten supermodels at the same time." That will be more enjoyable and worthwhile reading, and just as believable.

You are right that the Fed's actions in 2008 prevented total destruction in this country from occurring in that year. Nobody can prove, however, that total destruction was prevented entirely. And, in my opinion and as has often been stated on this site, the Fed's policies merely put off the damage and made the problem worse for the people who do eventually have to deal with it.

As a guy in my mid-20's I don't appreciate that one bit!

Thu, 09/29/2011 - 12:39 | 1722316 LoneCapitalist
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Tarp did not solve the banking crisis. It was too small. It was the repeal of the mark to market rule that swept the problem under the rug where nobody would trip over it.

Thu, 09/29/2011 - 13:13 | 1722484 TaxSlave
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Don't forget the Fed "injections" (lol, is that like a protein injection?) that dwarfed the TARP.  Without any permission needed, from ANYBODY.

They didn't save anything.  They insured its demise.  And that's why mark to market had to go.  All banks are insolvent, walking dead.

Thu, 09/29/2011 - 13:26 | 1722560 robertocarlos
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I wrote that all Canadian banks are insolvent years ago on the comments section of the Globe and Mail. I was thumbed down. Only teh other world banks are insolvent according to canadians. We are special. Must be all that gold we have in reserve someplace.

Thu, 09/29/2011 - 12:24 | 1722241 Cynical Sidney
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economists? you mean those who can't get a real nobels prize?  moodys? haha fail

great recession brought to an end? ok sure you just wait...


Thu, 09/29/2011 - 14:05 | 1722760 nhr215
nhr215's picture

haha! yes! attack those with signifiant more expertise in this subject area that you? You might as well say "medical doctors, you mean people that couldn't get a real doctorate?" You mock something that is way beyond your comprehension. Talk to me after you've done post-doc level work in statisitics and mathematics, alright?


PS - I'm not an economist, just tired of idiots with zero expertise, zero knoweldge, zero education, trashing those who do.


Fri, 09/30/2011 - 02:39 | 1723016 Cynical Sidney
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breathe a little nhr215. 

insult my intelligence if you must, but please explain to me how the great recession had ended? and what are we going to do with the mounting public debt?

who's really trashing the economists? i argue it's economists from princeton and moody's who have brought shame on their profession, their actions speak much louder than words. I believe it's these princeton and moody economists who have zero expertise, zero knowledge, decades of education and bookreading up in their ivory tower, they don't know what's goes on in main st., they don't understand current social issues, instead they get in cahoots with banksters defrauding public funds;

As far as MDB's argument is concerned, i think it's a pretty accurate description when kayman said it's analogous to thanking the arsonist for calling the fireman after the fact.

ps. I don't mind if you wish to defend MDB's comments, but I'm entitled to an opinion please respect that.

Mon, 10/03/2011 - 09:15 | 1732761 criticaster
criticaster's picture

Ah yes... the dismal science.

Why are we not allowed to say to someone with a PhD, 'postdoc experience in maths and statistics' and even a Nobel memorial prize (not a proper Nobel prize): 'You are talking horse shit.'

Just because someone has advanced qualifications does not immunize them from talking crap. They can just do so far more eloquently, which makes them potentially more dangerous. And the more people believe that having a PhD means you breath different air, the more vulnerable they are.

And that, I am afraid, is coming from someone who does have 'postdoc experience in maths and statistics'.

Thu, 09/29/2011 - 12:32 | 1722281 Soul Train
Soul Train's picture

I read it and it is full of misrepresentations and bias.

What else could be expected from the authors? They won't say anthing to jeapordize their jobs.

And the Bernak is a Princeton ex Professor - duhhhhhhhhhhhhhhhhhh.

Thu, 09/29/2011 - 14:08 | 1722777 nhr215
nhr215's picture

And what does that have to do with anything? Are you insinuating that the entire analysis was done fraudlently purely with the intent of covering the behind of a former professor in their school????? Clearly you have had zero experience in academia..... That would be great way to end a career. Alan Blinder is an economist with an stellar repuation in the field and much respect.

Thu, 09/29/2011 - 21:05 | 1724465 StychoKiller
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The purpose of a system is what it does.

Academcians only work to justify their own parasitic existence.

Thu, 09/29/2011 - 12:45 | 1722348 Dapper Dan
Dapper Dan's picture

MDB,  all the graphs and charts had the following.

Sources: Federal Reserve, Treasury, FDIC, FHA, Moody’s Analytics

The table for FDIC losses ($75 Billion) appears light.

I will get Karl D to look into it.




Thu, 09/29/2011 - 12:53 | 1722389 Henry Chinaski
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READ the article before resorting to the usual libertarian ad-hominem attacks

you are stupid troll

Thu, 09/29/2011 - 12:56 | 1722405 SWRichmond
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At least now we know the purpose of RIck Perry's presidential campaign: anti-inflationary propaganda.  Strong dollar policy, bitches!


"Ben Bernanke no longer would be the Federal Reserve chairman and the central bank would be out of the money-printing business under a Rick-Perry-run White House, the Texas governor told CNBC."

Thu, 09/29/2011 - 14:00 | 1722704 Bicycle Repairman
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Parry is just striking a pose.  The field of candidates is crowded and he is looking to stand out.  He is a poseur.

Thu, 09/29/2011 - 13:20 | 1722526 Kayman
Kayman's picture


MBD- you make Goebbels blush. 

 Your argument is akin to thanking the arsonist for calling the fire department after the house has burned to the ground.

P.S. Are you back Leo ?

Thu, 09/29/2011 - 13:24 | 1722546 Logans_Run
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*.Wanger is that you? We miss you!

Thu, 09/29/2011 - 13:38 | 1722616 Comay Mierda
Comay Mierda's picture

this must be on your bookshelf right next to Mein Kampf

Thu, 09/29/2011 - 19:13 | 1724149 EvlTheCat
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Thu, 09/29/2011 - 14:08 | 1722771 Ponzi Unit
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MillionDollarBonus_: Pound sand up your ass.

Thu, 09/29/2011 - 14:16 | 1722836 11b40
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There you are, again, $millionbonus, taking a break from the Comedy Channel.  Welcome back.  Your humor is always appreciated.

Do NOT follow this link or you will be banned from the site!