Activism and Politics => Politics => Topic started by: NicholeW. on June 03, 2009, 05:10:57 AM Return to Full Version
Title: The Looting of America: How Wall Street Fleeced Millions from Wisconsin Schools
Post by: NicholeW. on June 03, 2009, 05:10:57 AM
Post by: NicholeW. on June 03, 2009, 05:10:57 AM
The Looting of America: How Wall Street Fleeced Millions from Wisconsin Schools
By Les Leopold, Chelsea Green Publishing. Posted June 3, 2009.
http://www.alternet.org/workplace/140208/?page=1 (http://www.alternet.org/workplace/140208/?page=1)
The following is an excerpt from Les Leopold's new book, "The Looting of America" (Chelsea Green, 2009).
The great economic crash of 2008 tore right through Whitefish Bay, Wisconsin, population 13,500—though you'd never guess it from looking around town.
...
... We know that something has gone terribly wrong not just in Whitefish Bay but with our entire economy. There's a connection between the junk that was peddled to the "Wisconsin Five" and the crash of the global financial system. In fact, if we can understand exactly what David Noack sold to Whitefish Bay and why, we will also understand how the economy collapsed, and what needs to change to prevent this from happening again.
By Les Leopold, Chelsea Green Publishing. Posted June 3, 2009.
http://www.alternet.org/workplace/140208/?page=1 (http://www.alternet.org/workplace/140208/?page=1)
The following is an excerpt from Les Leopold's new book, "The Looting of America" (Chelsea Green, 2009).
The great economic crash of 2008 tore right through Whitefish Bay, Wisconsin, population 13,500—though you'd never guess it from looking around town.
...
... We know that something has gone terribly wrong not just in Whitefish Bay but with our entire economy. There's a connection between the junk that was peddled to the "Wisconsin Five" and the crash of the global financial system. In fact, if we can understand exactly what David Noack sold to Whitefish Bay and why, we will also understand how the economy collapsed, and what needs to change to prevent this from happening again.
Title: Re: The Looting of America: How Wall Street Fleeced Millions from Wisconsin Schools
Post by: tekla on June 03, 2009, 09:11:55 AM
Post by: tekla on June 03, 2009, 09:11:55 AM
It all became so interconnected, that this bad stuff is going to wash up on every shore.
Title: Re: The Looting of America: How Wall Street Fleeced Millions from Wisconsin Schools
Post by: Michelle. on June 03, 2009, 11:33:10 AM
Post by: Michelle. on June 03, 2009, 11:33:10 AM
"When the US sneezes the world gets a cold. When the US catches a cold, the worlds gets the flu."
Well now the US has the flu, I feel sorry for the rest of the world.
Well now the US has the flu, I feel sorry for the rest of the world.
Title: Re: The Looting of America: How Wall Street Fleeced Millions from Wisconsin Schools
Post by: tekla on June 03, 2009, 11:35:28 AM
Post by: tekla on June 03, 2009, 11:35:28 AM
Oh its already very bad in some places, but lucky for us, US news does not cover that pesky 'rest of the world' deal, so we don't have to watch.
Title: Re: The Looting of America: How Wall Street Fleeced Millions from Wisconsin Scho
Post by: Miniar on June 03, 2009, 01:45:34 PM
Post by: Miniar on June 03, 2009, 01:45:34 PM
Quote from: michellesofl on June 03, 2009, 11:33:10 AMActually, a lot of countries are doing "much" better than the states at the moment.
"When the US sneezes the world gets a cold. When the US catches a cold, the worlds gets the flu."
Well now the US has the flu, I feel sorry for the rest of the world.
Title: Re: The Looting of America: How Wall Street Fleeced Millions from Wisconsin Scho
Post by: lisagurl on June 03, 2009, 03:35:01 PM
Post by: lisagurl on June 03, 2009, 03:35:01 PM
Quote from: Miniar on June 03, 2009, 01:45:34 PM
Actually, a lot of countries are doing "much" better than the states at the moment.
Iceland unemployment figures for February
Registered unemployment was 8.2 percent in February 2009 and increased by 27 percent from January 2009. 13,276 people were unemployed in February 2009.
Unemployment by gender
There were 8,635 men without jobs in February or 9.4 percent, an increase of 28 percent from January. There were 4,641 women unemployed in February or 6.6 percent and the increase in unemployment was 25 percent.
U.S. Unemployment Now As High
as Europe
In March 2009, the U.S. unemployment rate was 8.5 percent,
Title: Re: The Looting of America: How Wall Street Fleeced Millions from Wisconsin Schools
Post by: tekla on June 03, 2009, 03:47:46 PM
Post by: tekla on June 03, 2009, 03:47:46 PM
On the other hand, 91.5% of us have jobs. And Iceland is going to be the first First World nation to go into receivership before this is all said and done, most of their debt was consumer stuff, worthless.
Title: Re: The Looting of America: How Wall Street Fleeced Millions from Wisconsin Schools
Post by: Michelle. on June 04, 2009, 12:29:16 PM
Post by: Michelle. on June 04, 2009, 12:29:16 PM
Quote from: michellesofl on June 03, 2009, 11:33:10 AM
"When the US sneezes the world gets a cold. When the US catches a cold, the worlds gets the flu."
Well now the US has the flu, I feel sorry for the rest of the world.
The Prosecution rests.
Title: Re: The Looting of America: How Wall Street Fleeced Millions from Wisconsin Schools
Post by: Lisbeth on June 04, 2009, 03:33:19 PM
Post by: Lisbeth on June 04, 2009, 03:33:19 PM
This is consistent with a pattern I identified in 1990: investment bankers encouraging people to put their money in risky, high-yield stock, and discouraging them from putting in secure, lower-yield accounts.
Title: Re: The Looting of America: How Wall Street Fleeced Millions from Wisconsin Scho
Post by: gennee on June 04, 2009, 05:01:01 PM
Post by: gennee on June 04, 2009, 05:01:01 PM
It's the same way with insurance. Insurance companies do not offer clients term insurance because the don't make money from it. They sell clients insurance either that they don't need or where they can make money off the money the client put in (such as the saving component)
Gennee
Gennee
Title: Re: The Looting of America: How Wall Street Fleeced Millions from Wisconsin Schools
Post by: Michelle. on June 04, 2009, 05:23:21 PM
Post by: Michelle. on June 04, 2009, 05:23:21 PM
Quote from: Lisbeth on June 04, 2009, 03:33:19 PM
This is consistent with a pattern I identified in 1990: investment bankers encouraging people to put their money in risky, high-yield stock, and discouraging them from putting in secure, lower-yield accounts.
Depends on the age of the investor/ how far from retirement. Look into funds that have a target date.
Far out 2045 will be say 90/10 Stock to bond ratio.
Soon as in 2010 will be the reverse 10/90 stock/bond ratio.
Title: Re: The Looting of America: How Wall Street Fleeced Millions from Wisconsin Schools
Post by: RebeccaFog on June 04, 2009, 07:30:42 PM
Post by: RebeccaFog on June 04, 2009, 07:30:42 PM
Quote from: Lisbeth on June 04, 2009, 03:33:19 PM
This is consistent with a pattern I identified in 1990: investment bankers encouraging people to put their money in risky, high-yield stock, and discouraging them from putting in secure, lower-yield accounts.
I don't see why sensible people would risk their bread. I suppose there's less than 3 sensible people in this country (the correct spelling of 'country' contains no letter 'O')
Title: Re: The Looting of America: How Wall Street Fleeced Millions from Wisconsin Schools
Post by: lisagurl on June 04, 2009, 08:06:53 PM
Post by: lisagurl on June 04, 2009, 08:06:53 PM
QuoteSoon as in 2010 will be the reverse 10/90 stock/bond ratio
I doubt that as GM bond holders ( blue chip) did not fair much better than the stock holders. Then there was THE WHOOPS bonds.
If companies are going to have two sets of books all investment carry a risk.
It seems bond holders are carrying the same risk as the stocks.