Easy to say and I agree. How do you do due diligence on something so complicated. It's downright criminal you can buy a rating. My good Canadian friend told me that DBRS.com is much more objective. I am going to due some DD of my own and call them and ask them if they take contributions from those they rate. On a related note, Weiss Research is ok too, but his trading recos leave a lot to be desired.
60 Minutes This Sunday - Wall Street: Inside The Collapse
- Thread starter brownsfan019
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Easy to say and I agree. How do you do due diligence on something so complicated. It's downright criminal you can buy a rating. My good Canadian friend told me that DBRS.com is much more objective. I am going to due some DD of my own and call them and ask them if they take contributions from those they rate. On a related note, Weiss Research is ok too, but his trading recos leave a lot to be desired.
I believe that if every person who lost their job or half of the funds in their 401k or IRA as a result of the economic collapse watched 60 minutes tonight, there would be public outrage on an unprecedented scale.
The segment clearly explained how GS contributed to the collapse, profited handsomely from it and continues to benefit financially from helping to clean up the mess as well as from the spread on investments made using low interest government loans.
What Michael Lewis did not explain was his statement that Wall Street and GS are still destined to fail. I would like to understand how he believes that will occur.
He said they are still particpating is bundling these packages of derivatives and combined with the lack of regulation of rating agencies, and the bubble popping on governemnts that have invested like AIG there is no way for this to continue and they know it. Where is the outrage. Why didnt they mention anything about Fannie and Freddie? IS 60 minutes afraid of barney FRankl or rahm emmanual?
Yes, they are afraid because it goes too deep. They all knew, Frank, Dodd, Greenspan, Paulson, countless government hacks were in on it. This is why NOBODY is going to jail. One goes, the whole system goes down. So they took the equalvilant of a kid selling nickel bags, (Madoff), locked him up and said, there you go folks, the streets are safe once again.
Then maybe you can explain why the obvious suspects aren't being reamed day and night until the truth comes out? The story is too big, that's why. The entire system gets exposed as a fraud, all of it. Corruption in government and finance top to bottom. What happens if the people, all the people, see the curtain pulled back? They, the government, can't control the outcome of that and they know it. It ain't about journalistic integrity, it's about self preservation.