17 Replies to “Der Sub Prime Deadbeat”

  4. Second or third re-dub of that bit I have seen. Classic!
    The original movie is nothing to sneeze at either. Very well done.

  6. THE WAR ON ECONOMIC TERRORISTS
    More Deadbeats on the investors dime.
    “Now consider how Wikipedia describes a Ponzi scheme:
    “A Ponzi scheme is a fraudulent investment operation that involves promising or paying abnormally high returns (‘profits’) to investors out of the money paid in by subsequent investors, rather than from net revenues generated by any real business. It is named after Charles Ponzi…One reason that the scheme initially works so well is that early investors – those who actually got paid the large returns – quite commonly reinvest (keep) their money in the scheme (it does, after all, pay out much better than any alternative investment). Thus those running the scheme do not actually have to pay out very much (net) – they simply have to send statements to investors that show how much the investors have earned by keeping the money in what looks like a great place to get a high return. They also try to minimize withdrawals by offering new plans to investors, often where money is frozen for a longer period of time…The catch is that at some point one of three things will happen:
    (1) the promoters will vanish, taking all the investment money (less payouts) with them;
    (2) the scheme will collapse of its own weight, as investment slows and the promoters start having problems paying out the promised returns (and when they start having problems, the word spreads and more people start asking for their money, similar to a bank run);
    (3) the scheme is exposed, because when legal authorities begin examining accounting records of the so-called enterprise they find that many of the ‘assets’ that should exist do not.”
    Looking at outcomes 1, 2, and 3 above, here’s where we are today. The promoters have clearly not vanished as in outcome 1. In fact, they are behaving as if they know they have nothing to fear. As over $2 trillion of taxpayer money is rapidly infused through Federal Reserve loans and over $125 Billion in U.S. Treasury equity purchases to keep these firms from collapsing, the promoters are standing at the elbow of the President-Elect in press conferences (Citigroup promoter, Robert Rubin); they are served up as business gurus on the business channel CNBC (former AIG CEO and promoter, Maurice “Hank” Greenberg); they are put in charge of nationalized zombie firms like Fannie Mae (Herbert Allison, former President of Merrill Lynch); they are paying $26 million and $42 million, respectively, for new digs at 15 Central Park West in Manhattan, where their chauffeurs have their own waiting room (Lloyd Blankfein, CEO of Goldman Sachs; Sanford “Sandy” Weill, former CEO of Citigroup, who put his penthouse in the name of his wife’s trust, perhaps smelling a few pesky questions ahead over the $1 billion he sucked out of Citigroup before the Fed had to implant a feeding tube).”
    http://counterpunch.org/martens11132008.html

  7. Is this a ponzi scheme?
    Deloitte pays $26 million to settle
    “Automotive giant General Motors has agreed to pay US$277 million to settle an investor class action suit alleging misleading statements about the company’s financial health as far back as 2000.”
    “That money comes wrapped with $26 million in cash from Deloitte & Touche LLP, defendant in the case.”
    THE BOTTOM LINE September 2008 paper
    http://www.the bottomlinenews.ca

  9. Some took a gamble on the sub prime madness. It went bad and now they want to be bailed out.
    Two questions;
    #1 If it had went good, would they have spread the wealth?
    #2 Which do you think is more responsible for the economic slow down; Sub prime or oil price spike ?

  10. ron in kelowna.
    Both.
    cheap energy is what the american economy runs on whether coal , hydro, oil or gas. as soon as the inputs get to costly the economy fails. they are a manufacturing economy whereas Canada is a resource economy, high price resources kicks our economy in gear whilst high price resources kills the yanks.
    the subprime thing was self induced by the clintons and just took a few years to work its way into the economy. call it the hindenburg effect. the hindenburg had about 90% of its lift on size and floatation and 10% thru forward momentum , it fell when not powered.
    of course the decent is faster when you hit the tower.

  11. This movie segment is great. I like the one best where he is complaining about the NY Giants beating Dallas, last year.

  12. Cal2,
    Civilization requires energy as much as it does food.
    If anyone demanded we use less food, or food be made more expensive, they would be laughed off-the-stage. So, why is it considered “good” to demand less energy usage, and higher energy prices?
    There is no shortage of energy; only an artifically induced shortage by those who want us to be energy poor. These enviromentalists are criminals, causing death and suffering for millions.

  13. RW said “There is no shortage of energy; only an artifically induced shortage by those who want us to be energy poor. These enviromentalists are criminals, causing death and suffering for millions”
    RW, that is such stupid bullshit. Please give your head a shake.

  14. Ron: “#2 Which do you think is more responsible for the economic slow down; Sub prime or oil price spike ?”
    Excellent question. I declare it a tie. Reasoning as follows:
    Sub prime hit to economy = $7.2 trillion = average price drop of $90,000 x 80 million homes.
    Oil spike hit to economy = $7.2 trillion = average price increase of $58 per bbl x 85 million bbl per day x 356 days of price excess x 4 (multiplier effect over broader ecomomy).

  15. Barrack Obamba the coming savior of the “Economic crisis” that was initiated by the “housing crisis” and the failure of banks to secure sub-prime loans!
    http://www.mediacircus.com/2008/10/obama-sued-citibank-under-cra-to-force-it-to-make-bad-loans/
    http://www.washingtontimes.com/news/2008/oct/29/ex-subprime-bank-executive-finances-obama/
    Understand that this professional Chicago grifter and community activists has but two vested interests in mind. Himself and his peoples! His platform was and never will be about the America you envision, but about his America and it’s select few.
    You need to crawl back through the history of the housing crisis and understand its roots to understand the socialist soup that has been stirred. The base stock was socialist ideas, the ingredients forced socialist values, and now the resulting disaster is spiced with a socialist redistribution of wealth (bailout). Dessert will be an increased tax on the capitalist driving force of the economy.

  16. RW, that is such stupid bullshit. Please give your head a shake.
    Posted by: Canuckguy at November 14, 2008 9:54 PM
    Ahh. There’s an incredibly, well thought-out counterpoint.
    /eyeroll

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