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The Fed’s Role in the Stock Market Slide
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What’s Really Going on with Oil?
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Why the Black Hole of Deflation Is Swallowing the Entire World … Even After Central Banks Have Pumped Trillions Into the Economy
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| Why the Black Hole of Deflation Is Swallowing the Entire...But how could deflation be threatening the globe when the central banks have pumped many trillions into the world economy? Initially, quantitative easing (QE) – ins... |
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‘No man is an Island’
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| ‘No man is an Island’This year the Dutch government intend to introduce a universal basic income (UBI) paid to the residents of Utrecht and 19 other Dutch municipalities. Each person wi... |
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From: "Tony Gosling tony at cultureshop.org.uk [Diggers350]" <Diggers350-noreply at yahoogroups.com>
To: diggers350 at yahoogroups.com
Sent: Monday, 8 February 2016, 12:57
Subject: [Diggers350] Lehman Brothers 2008: The Big Short (2015) Paramount
The Big Short - "Jenga" Clip (2015) - ParamountPictures
https://www.youtube.com/watch?v=3hG4X5iTK8M
The Big Short - Trailer #2 "Screwed" (2015) -ParamountPictures
https://www.youtube.com/watch?v=1kQc3mmtH-o
http://www.911forum.org.uk/board/viewtopic.php?p=171931#171931
The Big Short: Inside the Doomsday Machine Paperback –14 Jan 2011
byMichael Lewis
Writing with style on the dark side of finance
BySerghiou Const on 21 April 2010
Format: Hardcover Verified Purchase
The book's salient points appear on the bottom half of p.243 "...howWall Street investment banks somehow conned the rating agencies intoblessing piles of crappy loans;how this had enabled the lending oftrillions of dollars to ordinary Americans;how ordinary Americans hadhappily complied and told the lies they needed to tell to obtain theloans;how the machinery that turned the loans into supposedly risklesssecurities was so complicated that investors had ceased to evaluate therisks;how the problem had grown so big that the end was bound to becataclysmic and have big social and politicalconsequences..."
The elements that comprise the book excellence are:the first classintellect of the author matching the quality of the Institutions he waseducated namely Princeton University and the London School ofEconomics;his charisma in writing concisely, lucidly and impressivelywittily, and the fact that he is imbued with morality;the story is notpresented in the abstract but through brilliant albeit eccentricprotagonists - all betting and winning against the market - such as SteveEisman graduating from the University of Pennsylvania magna cum laude,andthen with honours from Harvard Law School and Dr Michael Burry whoabandoned neurology studies at Stanford to immerse himself in the worldoffinance.Read more ›
A well written, thoroughly researched insight into the relatively smallband of individuals that predicted that the house mortgage market wouldimplode. To these investors and speculators who chose to take, not muchmore than a cursory glance at the underlying assets of the glut of'mortgage bonds' marketed by Wall Street institutions, it was blindinglyobvious that many contained extremely high levels of 'guaranteed todefault' sub-prime borrowers. They were further amazed when they wereoffered by Blue Chip universally known companies who in many cases hadput the bonds together and sold them to their clients, insurance cover atvery low cost, to pay out vast sums of money as and when the bondsfailed. And guess what?........you didn't even have to own one of thesetoxic pieces of financial crud....just pay the premium and pick-up theloot! These policies known as Credit Default Swaps (CDS) are what theauthor refers to as 'The Big Short'.
Many of the beneficiaries were constrained in making even more money byrestricting the CDS's they bought because of the fear that making akilling cannot be this easy and 'we must have missed something'. Theyhadn't, it was a fast route to vast riches.
Those who put together these Mortgage Bonds and those who traded in them,blindly ignoring the irresponsible dishing out of mortgages to all andsundry and the collapse in the value of properties were either blindedwith greed or certifiably stupid.
A really good book, interesting, informative but at the same time quiteshocking.
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