Meltdown Part 2: "A Global Financial Tsunami"

Tyler Durden's picture




 
0
Your rating: None
 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Sat, 10/01/2011 - 09:04 | 1728600 papaswamp
papaswamp's picture

Redemtions needed to be in yesterday yes? Wonder what the final tally is.

 

On a side note BoA still having issues with their on-line banking, though it is functioning better.

Sat, 10/01/2011 - 09:40 | 1728660 russki standart
russki standart's picture

Most of us would have been  better off if the bankster criminals were allowed to be financially destroyed, lehmanned into the garbage pit of history. The subsequent TARP and  bailouts have resulted in a sovereign debt crisis, whilst the original criminals made off with trillions.  Yes, initially it would have been a horror story, but what is coming now is far worse.  Get ready to be part of history as  the crashes of 2011 and 2012 will supercede the early 1930´s.

Sat, 10/01/2011 - 09:55 | 1728692 IAmNotMark
IAmNotMark's picture

Oh man!  I didn't want to be part of history!  I've been enjoying my quite and peaceful life!

I do agree with you.  I think that any day now the morning headlines will be will much more severe.

Another part of history for 2011 is OccupyWallStreet.  The article in Wikipedia is worth reading. 

Sat, 10/01/2011 - 10:14 | 1728735 spiral_eyes
spiral_eyes's picture

More cognitive dissonance:

The Economist: "Be afraid (unless we print a hell of a lot more money, then everything will be alright)"

http://azizonomics.com/2011/10/01/the-economist-be-afraid-unless-we-print-a-lot-more-money/ 

Sat, 10/01/2011 - 10:22 | 1728756 Bobbyrib
Bobbyrib's picture

Who reads that Liberaltarian rag anyway?

Sat, 10/01/2011 - 10:29 | 1728778 RSloane
RSloane's picture

Liberals.

Sat, 10/01/2011 - 10:45 | 1728813 Bobbyrib
Bobbyrib's picture

They believe in the free markets...until Wall St needs a bailout and the wealthy need more money "to keep the economy going." I can't believe anyone would read that bullshit. I would add Neo-Cons to Liberals to the answer of who reads The Economist.

Sat, 10/01/2011 - 10:50 | 1728825 Going Loco
Going Loco's picture

I used to read the Economist until I realised they are unerringly wrong on every conclusion they ever reach. At the time i stopped reading it I did not appreciate the value of a contrary indicator, and by the time i had gained such an appreciation the blogs had arrived and I stopped reading print altogether.

Sat, 10/01/2011 - 11:05 | 1728854 Bobbyrib
Bobbyrib's picture

Their conclusions almost always lead to government intervention (at least the few articles I read). ZH easily replaces the Economist as having facts not everyone knows, while usually having a better opinion on it as well.

Sat, 10/01/2011 - 12:11 | 1728996 Nobody special
Nobody special's picture

I would like to see a version of this that includes the unspoken $16T bailout.  This downplays the actions taken and it plays up the credibility of 'leaders.'  The collusion at the highest level isn't well detailed, but even without it the series is exceptional.

Sat, 10/01/2011 - 17:16 | 1729543 AldousHuxley
AldousHuxley's picture

 "Fuck the Fed" protest in Boston Fed by OccupyBoston TODAY!

http://www.youtube.com/watch?v=0fV0YjQQzYk&feature=related

 

Never could have imagined, but it is happening.

 

 

Sat, 10/01/2011 - 12:33 | 1729024 Careless Whisper
Careless Whisper's picture

I'm calling Bullshit on this movie and ZeroHedge for promoting it.  In my opinion it is a propaganda piece and I wouldn't be surprised if ZH is engaged in a paid promotion, cross promotion, or other type of scheme. Or maybe it was a couple of box seats for the World Series, who knows.

I'm not going to waste my time disecting the entire part 2. Just a few points.

First, (and it was so obvious), during the introduction of the movie we are told "Only now are the key players being held to account." Oh really? I missed the part about the indictments and the handcuffs.

I don't think the word Fraud was mentioned once in part two of this thing. We do get to see a clip of Congresswoman Marcy Kaptor telling foreclosure defendants to "resist the sheriff".  A few minutes later... cut to riots in Europe.

No mention of the infamous 3 page bank bailout proposal by Secretary Paulson, which contained this gem:

Sec. 8. Review.

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

The piece of garbage (my opinion) spends about 8 minutes trashing Iceland for not allowing the foreign Banks to perform another financial coup d'etat. No mention that Iceland's unemployment rate dropped from a high of 9.3% about two years ago to its current 6.7%. The thing ends with something about China's economy collapsing because they engage in "brutal capitalism" where factories are allowed to go bankrupt and close down. Of course the main theme being, we musn't ever let that happen to a big global bank.

As for the title, Meltdown... pffft. There was no meltdown, there was a robbery and a coup d'etat as Max Keiser described it a few years ago:

http://www.youtube.com/watch?v=VSwWy4E6I04

As for the title of part two, with its focus on some of the European sovereign debt, I would go with Full Tilt Poker European Style.

 

Sat, 10/01/2011 - 13:04 | 1729081 TaxSlave
TaxSlave's picture

If you don't hack out the roots, the weed will come back.

Paper fiat money buys EVERYTHING.  When there's a player in the game who can print money, that player ends up with all the property.

As always, the destruction of peoples' lives is and will be blamed on the willing pigs who feed at the trough.  But after you butcher them, if the trough is still there, another swarm of them will compete to take their places.  The booboisie will revel in bloodlust as the current round of pigs are dismembered, while allowing their future to be owned by the same master.

Paper money steals the underlying value out of an entire economy, by destroying property rights in currency.  Beyond this, everything else is heat and noise.

Damned straight, it's propaganda.  A big Red Herring, smacked across the face.

End the Fed, restore constitutional money.  Or BE OWNED. Forever.

Sat, 10/01/2011 - 16:03 | 1729402 whstlblwr
whstlblwr's picture

@careless whisper, not able to devote full attention to piece, but it sure seems that way. Propaganda. Andrew Ross Sorkin is king of propoganda machine. Come on Al Jezeera, you can do better than this. We need movie from Matt Taiibi

Sat, 10/01/2011 - 19:11 | 1729800 Rakshas
Rakshas's picture

Actually AJ just rehashing CBC Doczone fluff; I wondered why so much Cdn content specially wtf finance minister Fuckerty would have to say that would be of much relevance to the rest of the world..... putz  

Sat, 10/01/2011 - 14:13 | 1729194 mendigo
mendigo's picture

Excellent points.
How ironic that al jazeera is supportive of the status quo.
The mistake was not the allowing Lehman to fail but the ensuing reversal which negate the potential positive affects of the former.

Sat, 10/01/2011 - 15:33 | 1729309 Hugh_Jorgan
Hugh_Jorgan's picture

EXACTLY! 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 Scapegoats Part Duh".

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

People like Christine Legarde of the French Finance ministry (now head of the of the IMF... hmm that's wierd), playing stupid about the surprise of shared risk in the global banking system? They are truying to condition us to believe that bailouts are the economic panacea. In reality is that it only delays the inevitable, because the bill just keeps growing. The abyss is still there and we are still edging closer to it. Now, thanks to these clowns the fall is going to be harder as well.

Al Jezeera is our new Global Propaganda Ministry, enjoy

Sat, 10/01/2011 - 16:05 | 1729406 Pegasus Muse
Pegasus Muse's picture

In the second episode of Meltdown, we look at how the financial tsunami swept the world. We hear about a renegade executive who nearly destroyed the global financial system and the US treasury secretary who bailed out his friends.

Henry 'Hank' Paulson, the former CEO of Goldman Sachs and later an economic advisor to the US government; refused to bail out global financial services firm - the Lehman Brothers. Paulson said it was not the role of government to save private businesses.

In a world chock full of global financial terrorists I can think of no one more deserving of a PGM than this guy. 

Sat, 10/01/2011 - 16:29 | 1729447 Careless Whisper
Careless Whisper's picture

@mendigo,  @ whstklwr,  @ Hugh_Jorgan

Some people believe that Al Jazeera is controlled and financed by the British government through MI6. I haven't done any research on the subject. I have no idea if that is true. More and more people seem to have a healthy skepticism of the news, movies, tv shows, etc. so that's bad news for the propagandists; and since the Rothchilds bought the Weather Chanel last year, well....

Sat, 10/01/2011 - 23:40 | 1730144 Cathartes Aura
Cathartes Aura's picture

hand in glove with the military "owning the weather" and commercial "weather modification" nationwide, among other delightful toys they play with.

nothing's "real" - disney dystopia. . .

Sun, 10/02/2011 - 02:41 | 1730313 rocker
rocker's picture

Everyone Needs to Remimber as posted on ZH:  "The Collapse Is Coming...And Goldman Rules The World"

Reference past post: http://www.zerohedge.com/news/bbc-speechless-trader-tells-truth-collapse-comingand-goldman-rules-world

We are all beholden to GS and Lord Blankfein really believes he is God. 

Doesn't anybody question why during the Greece protest they had Goldman Sachs on Banners directing much of their problems on GS.

Please: When the Fuck can we keep focused on who is doing what to who.

Surely, Lloyd Blankfein's 100 million dollar bonus was NOT earned after he was bailed out by Hank Paulson and Neel Kashkari, both prior GS employees.

Where is Neel Kashkari now.  Guess: The Bond King Pimco.  The circus continues.

Sat, 10/01/2011 - 17:19 | 1729540 Element
Element's picture

I haven't viewed part 1, but got half way through Part 2 (and turned it off) and came to similar conclusions.

There are so many of these 'doco's', as a sort of financial fig-leaf for public theft on a mega-global scale and they all deliberately soft-soap and pander to what was really done by these unforgiveable schemeing master-bastards.

I don't like what I'm seeing Tyler, it's reinforcing the "we saved the world" bullshit themes of GS and Co (as in 'co'-dependents). All that is missing is Ben as TIME "Man of the Year", and a shitty worthless nobel peace prize.

 

And I just luvs how they use the muzik from the movie "Fog of War" to add to the pseudo-financial and pseudo-intellectual pseudo-concern for the rest of the world ... and the usual confusion themes (i.e. whocouldanode ... it all like  ... just happened dude ...).

Sat, 10/01/2011 - 20:37 | 1729892 Grimbert
Grimbert's picture

I subscribed for a while pre-internet until the following conversation:

 

Me: I just read (past tense) 'X' in the Economist. It was interesting.

Acquaintance: Hmm I used to be a student too...

Sat, 10/01/2011 - 12:17 | 1729006 RSloane
RSloane's picture

I would add neocons as well. Good point.

Sat, 10/01/2011 - 13:08 | 1729089 cdskiller
cdskiller's picture

What planet do you live on, brother? You think liberals believe in bailouts and giving the wealthy more money? No politician who supported the bailouts is actually a liberal. They are corrupt corporatists, masquerading as liberals. Actual liberals have no representatives in Washington, outside of a few who are dismissed as radicals, and that has been the case for my entire life. Don't call Obama or Clinton liberals, please.

Sat, 10/01/2011 - 13:17 | 1729104 akak
akak's picture

While you're at it, please don't call fascist, corporatist scumbags like Bush, Cheney, Romney or Perry "conservatives" either.

Sat, 10/01/2011 - 14:01 | 1729171 Hacksaw
Hacksaw's picture

Amen

Sat, 10/01/2011 - 15:58 | 1729394 snowball777
snowball777's picture

Like conservatives didn't get them elected? Own your mistakes.

Sat, 10/01/2011 - 18:53 | 1729767 Uncle Remus
Uncle Remus's picture

It's a safe bet conservatives didn't elect the current Buttfuck-in-Chief. You and your compadres can own that, but we all get to own the clusterfuck.

Sat, 10/01/2011 - 19:08 | 1729798 snowball777
snowball777's picture

But the people YOU elected CREATED the clusterfuck!

 

Sat, 10/01/2011 - 21:15 | 1729948 Uncle Remus
Uncle Remus's picture

YOU have no idea if I voted or voted for. Irrespective of who wins elections, tacit acceptance by the public of decades of malfeasance on the part of their elected officials of any stripe in exchange for a whiff of the public trough is the clusterfuck, not the irrelevant divisive mirage of differing political philosophies.

Sat, 10/01/2011 - 21:42 | 1729980 saiybat
saiybat's picture

It doesn't matter who you elect or don't elect. Politicians don't give a fuck about you. So keep voting for whoever makes you feel the best because you are giving your consent to get fucked. Politicians are parasites and career politicians are the lowliest scum ever shat out of a womb. Career politicians aren't competent enough to get a real job so they make their job fucking everybody or at the least inconveniencing people. They're all a joke on their little reality show. They need to be laughed at so they'll go away, not worshipped or hated depending on which way the wind blows.

Sat, 10/01/2011 - 22:22 | 1730039 Vlad Tepid
Vlad Tepid's picture

I can trace this CF all the way back to 1913. Do you really want to play a 100 year old blame game or can we just agree that all Americans are being screwed by everybody at the top?

Sat, 10/01/2011 - 23:45 | 1730150 Cathartes Aura
Cathartes Aura's picture

I'll agree if you also acknowledge that amrkns are screwing everyone else, globally.

it's a top down thing, and amrka is NOT even near the bottom of the screw pile.

yet.

Sun, 10/02/2011 - 10:01 | 1730627 Bendromeda Strain
Bendromeda Strain's picture

But the people YOU elected CREATED the clusterfuck!

Once again the Berkeley jester shows its ignorance. If you can't see the Democrats in your own district filling their pockets, you need to get your head out more.

It's obvious why Wall St money flew to the Obama campaign (I wouldn't be surprised if TARP money didn't end up getting rerouted to the greatest campaign warchest in history - so large it was "inauditable"). When you look at the unrest, only Obama could stem the tide of public agitation. It was a brilliant plan - for about three years. Occupy Wall Street shows that the power of cash is experiencing a shortened half-life.

Sat, 10/01/2011 - 16:57 | 1729499 saiybat
saiybat's picture

There's only one Party. Democrats and Republicans are both progressive fascists with different rhetoric. They disagree on shit that doesn't matter.

Sat, 10/01/2011 - 17:15 | 1729539 DCFusor
DCFusor's picture

They disagree ONLY on shit that doesn't matter.  Fixed it.

Sat, 10/01/2011 - 18:02 | 1729647 saiybat
saiybat's picture

They disagree only on shit that makes the most farcical spectacle for the circus.

Sat, 10/01/2011 - 15:57 | 1729392 snowball777
snowball777's picture

In October of 2008, the Senate passed the Emergency Economic Stabilization Act, which created the TARP program. The legislation passed 74-25. Barbara Boxer voted in favor of the Emergency Economic Stabilization Act.

(she did vote against Gramm-Leach-Bliley though, to her credit)

Sat, 10/01/2011 - 20:46 | 1729903 Grimbert
Grimbert's picture

A word only means what you want it to. In the 80s in the UK the Conservatives were liberal, and the Labour party was conservative. 

Since Labour came to power in 97 they and the Conservative / Liberal coalition since 2010 have been fascist. Or at least corporatist. 

 

 

Sat, 10/01/2011 - 18:03 | 1729650 SheHunter
SheHunter's picture

wake up.  the you versus me labels of democrat/republican; conservative/liberal; gay/straight; left-wing/right-wing; etc, etc ad infinitum are used for one purpose and one purpose only: to assure division between the peoples because there is strength in unity and in numbers.  Regardless of labels you and I have much more IN common than NOT in common.  I believe we agree we are being gutted by big brother government and industry.

cheers

SheHunter 

Sun, 10/02/2011 - 00:51 | 1730228 FlyPaper
FlyPaper's picture

Not so sure about the "industry" part because it lumps everyone together; and not all industry acts in a manner repulsive to the majority of Americans...  Other than that?   Bingo.  

Sat, 10/01/2011 - 11:37 | 1728855 centerline
centerline's picture

Just a suggestion... don't read anything written by a witchdoctor (I mean economist... same thing). If you don't think this is correct, start looking into how we teach, train and utilize most modern economists. It is not a science. It is closer to a religion... a system of beliefs justified and reinforced by bad statistics.

Sat, 10/01/2011 - 11:53 | 1728959 goldfish1
goldfish1's picture

From wiki:

"The following day the group Anonymous released a video in which they threatened the New York Police Department with the an ultimatum: We, as it is our duty to uphold the freedoms of the people will constitute a declaration of war against the NYPD if the brutality does not stop.

If we hear of brutality in the next 36 hours then we will take you down from the internet as you have taken the protesters voices from the airwaves. The 36 hours passed without incident."

Sat, 10/01/2011 - 20:51 | 1729911 Grimbert
Grimbert's picture

link or it never happened.

Sun, 10/02/2011 - 13:48 | 1730962 In Fed We Trust
In Fed We Trust's picture

I here by annouce that Tyler Durden is NO MOoRE.

He has been kid napped and is being held captive Asssannge.

His voice replaced with ........?

Sat, 10/01/2011 - 10:08 | 1728720 Shocker
Shocker's picture

The ones that created will find a solution then blame the little guy.

Kinda like the mortgages, Blame the guy that was taking out a mortgage 3 times bigger than he can afford. But the banks, oh they had no clue.

http://www.dailyjobcuts.com

.

 

Sat, 10/01/2011 - 10:21 | 1728755 X.inf.capt
X.inf.capt's picture

huge .

Sat, 10/01/2011 - 11:15 | 1728880 CapitalistRock
CapitalistRock's picture

If you took out a mortgage that is 3 times bigger than you can afford, then you are to be blamed. No more explanation required.

Sat, 10/01/2011 - 11:19 | 1728891 Shocker
Shocker's picture

You are correct, but then don't cry ( the banks ) When they dont get paid. Thats the point. They gave crazy loans, knowing they will never be repaid.

Pretty simple, the Bank didn't have to give loans, they knew never were going to get repaid. They did because there was a bigger game plan in place. If you can't see that, well i'm sorry

And you just confirmed my point. Don't take the blame, blame the little guy

 

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