Sunday, September 14, 2008

The Day the Brokers Died...

An email i got from a friend: not exactly sure where he got it:

These firms survived the Great Depression, World War II, numerous
recessions and oil shocks. They survived Black Monday, LTCM, the
Russian Ruble Crisis, the bursting of the Tech & Internet bubble,
and 911.

But in the end, they couldn't survive Alan Greenspan.

Greenspan should go down in history as literally, a historic weapon
of mass economic destruction.

He was both the chief architect, and enabler of this entire crisis,
and he should be crucified.... figuratively, if not literally. And his
name should live forever in infamy.

Bear Stearns taken under.

Fannie & Freddie bailed out.

Lehman Brothers bankrupt.

Merrill Lynch shotgun married to Bank of America.

Morgan Stanley & Goldman Sachs being told to find a partner -- now.

AIG begging the Fed for help.

The Fed's entire balance sheet now at risk.

Global markets selling off.

The US Banking system looking into the abyss.

And the global derivatives market now looking like a multi-trillion dollar game
of pick up stix - being played in the dark.

Second only to Greenspan in guilt, are the executives of these firms that
sucked billions of dollars out of the system via obscene salaries, bonuses,
and stock options...while using unprecedented, and reckless levels of
leveraged risk.

At what point does the American taxpayer say -- enough?

And where will he find justice?

Why aren't Jimmy Cayne, and Dick Fuld sitting next to Dennis Kozlowski,
and Jeff Skilling in prison?

And why shouldn't Alan Greenspan be indicted as a War Criminal for unleashing
Weapons of Mass Economic destruction upon the American people?

-- how many now homeless?
-- how many now bankrupt?
-- how many now jobless?
-- how many now pensionless?
-- how many now penniless?

Concerning Greenspan... I'd agree that he's too old for jail.

I think the people of Italy had the right idea with Mussolini ....

Let him swing from a street lamp for a day, or two outside Wall & Main,
and then give the Maestro his just dues via a ticker tape parade by, of and
for the people, while being pulled through the streets of New York at
the end of a rope.

Do that... and maybe, just maybe... these greedy bastards will get the
message for another 40 years.


Market Monk said...

I wholeheartedly agree that many should go to jail. Including many Senators and Congressmen who allowed the passage of the repeal of the Glass Stegall Act.

There are videos available on You Tube which shows folks warning our legislators that this would happen back during congressional hearing on the repeal.

I also think that all members of the SEC, XXX (branch responsible for oversight of the banks), YYY (branch responsible for credit unions), and many others ...
should be put in jail for dereliction of duties.

Where were the cops?

Us taxpayers will now be saddled with unbelievable amounts in the best case.

In the worst case we enter the "event horizon" never to be seen again.


HPT said...


Anonymous said...

Here's the link to where that email came from:

And if you liked that, check out what he has to say about Alan Greenspan here:

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