We don't make "things" anymore, thanks to the growing influence of the slimebag financial sector and the great influence and sway they hold in Washington D.C. (they've bought your government).
This is typical of what what our great nation "makes" now; following in the footsteps of our former colonial master, Britain.
And this is why we're doomed if we don't get a grip on the filthy bloodsuckers of Wall Street.
After the mortgage business imploded last year, Wall Street investment banks began searching for another big idea to make money. They think they may have found one.
The bankers plan to buy âlife settlements,â life insurance policies that ill and elderly people sell for cash â $400,000 for a $1 million policy, say, depending on the life expectancy of the insured person. Then they plan to âsecuritizeâ these policies, in Wall Street jargon, by packaging hundreds or thousands together into bonds. They will then resell those bonds to investors, like big pension funds, who will receive the payouts when people with the insurance die.
The earlier the policyholder dies, the bigger the return â though if people live longer than expected, investors could get poor returns or even lose money.
Either way, Wall Street would profit by pocketing sizable fees for creating the bonds, reselling them and subsequently trading them.
http://www.nytimes.com/2009/09/06/business/06insurance.html?_r=1&hpw
This is typical of what what our great nation "makes" now; following in the footsteps of our former colonial master, Britain.
And this is why we're doomed if we don't get a grip on the filthy bloodsuckers of Wall Street.
After the mortgage business imploded last year, Wall Street investment banks began searching for another big idea to make money. They think they may have found one.
The bankers plan to buy âlife settlements,â life insurance policies that ill and elderly people sell for cash â $400,000 for a $1 million policy, say, depending on the life expectancy of the insured person. Then they plan to âsecuritizeâ these policies, in Wall Street jargon, by packaging hundreds or thousands together into bonds. They will then resell those bonds to investors, like big pension funds, who will receive the payouts when people with the insurance die.
The earlier the policyholder dies, the bigger the return â though if people live longer than expected, investors could get poor returns or even lose money.
Either way, Wall Street would profit by pocketing sizable fees for creating the bonds, reselling them and subsequently trading them.
http://www.nytimes.com/2009/09/06/business/06insurance.html?_r=1&hpw
