LET ME GET THIS STRAIGHT.... MERRILL LYNCH sells 30 Billion dollars of CDO's for 22 cents on the dollar. On top of an announcement of another 5 or billion dollars of write downs (losses), on top of over thirty billion dollars of previous write downs. AND THEIR STOCKS GO UP $4 and the Stock Market Rallys !!! AMAZING INDEED.
The financial gurus, explain this by telling us that the rally was because it looks like the market "found bottom" and the CDO finally found a value.
THIS IS TOTAL INSANITY !!
THE SYSTEM IS RIGGED FOR INVESTMENT BANKS. Unlike the rest of us slobs who struggle and sacrifice to participate in this SO-CALLED FREE MARKET.
They say 90% of small businesses fail within the first two years etc.etc.
There is no safety net for small business, the so-called BACKBONE of the US economy. If I as business man, announce massive losses and sell my assets for pennies on the dollar. WHO THE F"CK is going to give me more money.. Friends?? Family? Will a bank give a failed businessman with bad credit a second chance?
BUT INVESTMENT BANKS CANT LOOSE BECAUSE THE MONEY SPIGOT IS ALWAYS OPEN TO THEM. Talk about moral hazzard!!!! This is what Bear Stearns was all about. These creeps cannot lose.
Real "capitalism" does not exist in America. If it did, Merrill Lynch and Bear Stearns would be long gone.
It is a rigged corrupt system of exploitation, where wealthy losses are subsidized by the taxpayers, and profits are protected from taxes. Publicize the losses, privatize the profits.
Investors flocked back to Merril Lynch like PIGS AT THE TROUGH, because they know that the Federal Reserve keeps printing and the treasury keeps throwing taxpayer money at these THIEVES.
IT MUST COME DOWN.. ALL OF IT. and it would not take a revolution at all. Just stick to FREE MARKET PRINCIPALS, like that POMPOUS THEIVING HYPOCRIT CLOWN Larry Kudlow keeps preaching. Get rid of the derivatives, options loopholes and privledges and let these creeps fend for themselves in the real world.
THE AMERICAN SYSTEM OF DEBT AND CASINO CAPITALISTM NEEDS TO COLLAPSE IN ON ITSELF. ITS DEADLY WAR MACHINE THAT USURPS SO MUCH RESOURCES, FORCING OTHER COUNTRIES TO SPEND TO KEEP UP, ALSO NEEDS TO COLLAPSE. THEY REST OF THE WORLD NOW HAS THE POWER TO HELP IT ALONG. IT LOOKS LIKE THEY MAY BE DOING THIS.
SOME DAY WE CAN SEE A WORLD WHERE A PERSON GETS PAID FAIRLY FOR WHAT THEY PRODUCE, TANGIBLE USABLE EDIBLE PRODUCTS.