"Great Recession" of 2007-09

[de officiis]

Great Recession" of 2007-09

Professor Jonathan Levy talked about the so-called “Great Recession” of 2007 to 2009, the worst financial crisis in the U.S. since the Great Depression in the 1930s. He traced the origins of the crisis to the late-1990s stock market boom-and-bust, and looked at how the housing market of the 2000s mimicked some of the same patterns. He also talked about some of the exotic financial instruments developed during this time, the practice of banks using overnight short-term credit markets to stay afloat, and the unprecedented actions taken by the Federal Reserve to rescue the economy after it collapsed.

https://www.c-span.org/video/?418536-1/ ... ion-200709

Years later...and still terrifying.

[heydaralon]

I went through a phase where I was obsessed with reading about the financial crisis and its causes, and I still don't fully understand what the fuck happened. Robert Scheer is very leftwing, but his book the Great American stickup does a pretty good job covering the recession. Predator Nation is also a pretty decent read.

[C-Mag]

Great Recession" of 2007-09

Professor Jonathan Levy talked about the so-called “Great Recession” of 2007 to 2009, the worst financial crisis in the U.S. since the Great Depression in the 1930s. He traced the origins of the crisis to the late-1990s stock market boom-and-bust, and looked at how the housing market of the 2000s mimicked some of the same patterns. He also talked about some of the exotic financial instruments developed during this time, the practice of banks using overnight short-term credit markets to stay afloat, and the unprecedented actions taken by the Federal Reserve to rescue the economy after it collapsed.

https://www.c-span.org/video/?418536-1/ ... ion-200709

Years later...and still terrifying.

Personally, I think we've been in a depression since the tech bust of '98. Congress and the POTUS quickly repealed Glass-Steagall as a selfish, short term fix, then we got the double dip in '08. Maybe we will come out of this depression in the next few years, we get to see.

[SuburbanFarmer]

Fed minutes this week indicated that they want to 'normalize' their balance sheet this year. That's 3 Trillion in assets about to hit the market.

Time for the banksters to take their final cash out, I guess. The rest of us will be begging for food soon enough.

[heydaralon]

I think at this point its easy to tune out all the shady shit that banks do because of how pervasive it is. Trump is cozying up to the bankers the same way Obama did and Clinton etc. These people are fucking everywhere and every decade or so they figure out a new way to seize the machinery of the Economy temporarily then they take their payout when it all goes belly up. There is undoubtedly some kind of new fucked up scheme that we aren't even wise to yet that will fuck us in the near future. In my opinion, there is really nothing that can be done. Anyone you vote for has been compromised, and the banks have made themselves essential to the global economy so they can't be easily compartmentalized by legislation. Its hard to really know the true value of anything nowadays, whether its a stock, bond, or treasury bill, which makes me terrified of investing my limp dick money at all.

This is probably unfounded optimism, but I hope the bank's self interest keeps them from utterly ruining the global economy. A successful parasite avoids killing its host.

[SuburbanFarmer]

I think at this point its easy to tune out all the shady shit that banks do because of how pervasive it is. Trump is cozying up to the bankers the same way Obama did and Clinton etc. These people are fucking everywhere and every decade or so they figure out a new way to seize the machinery of the Economy temporarily then they take their payout when it all goes belly up. There is undoubtedly some kind of new fucked up scheme that we aren't even wise to yet that will fuck us in the near future. In my opinion, there is really nothing that can be done. Anyone you vote for has been compromised, and the banks have made themselves essential to the global economy so they can't be easily compartmentalized by legislation. Its hard to really know the true value of anything nowadays, whether its a stock, bond, or treasury bill, which makes me terrified of investing my limp dick money at all.

This is probably unfounded optimism, but I hope the bank's self interest keeps them from utterly ruining the global economy. A successful parasite avoids killing its host.

Unlikely. It's all about the next quarter's profits. It would actually be reassuring to assume some sort of Master FuckYou Plan, but it's not that simple. This is the result of short-minded psychopaths finding themselves in a ridiculously inept system.

I buy puts on the market with my savings. You won't catch me "investing" in anything until the next major crash. If it all fails at that point, the money will be worthless anyway.

[heydaralon]

I think at this point its easy to tune out all the shady shit that banks do because of how pervasive it is. Trump is cozying up to the bankers the same way Obama did and Clinton etc. These people are fucking everywhere and every decade or so they figure out a new way to seize the machinery of the Economy temporarily then they take their payout when it all goes belly up. There is undoubtedly some kind of new fucked up scheme that we aren't even wise to yet that will fuck us in the near future. In my opinion, there is really nothing that can be done. Anyone you vote for has been compromised, and the banks have made themselves essential to the global economy so they can't be easily compartmentalized by legislation. Its hard to really know the true value of anything nowadays, whether its a stock, bond, or treasury bill, which makes me terrified of investing my limp dick money at all.

This is probably unfounded optimism, but I hope the bank's self interest keeps them from utterly ruining the global economy. A successful parasite avoids killing its host.

Unlikely. It's all about the next quarter's profits. It would actually be reassuring to assume some sort of Master FuckYou Plan, but it's not that simple. This is the result of short-minded psychopaths finding themselves in a ridiculously inept system.

I buy puts on the market with my savings. You won't catch me "investing" in anything until the next major crash. If it all fails at that point, the money will be worthless anyway.

Yeah I remember reading a story about a lot of the bankers at Lehman who had the choice between long options on derivatives versus a cash bonus. They took the options, and lost everything when the company went under. This is why I do not believe in overarching conspiracy theories like a cabal of bankers controlling the world, or Naomi Klein Shock doctrine type stuff. The people running the show simply have more power to change events, but the unexpected outcomes blindside them as much as the ordinary person. Their money insulates them from a lot of the consequences, but they do not seem to learn from their mistakes or offer the rest of society good explanation as to why their models were so off the mark. I think its more comforting to believe in conspiracy theories though, because that would mean someone has a real plan.
As far as investing goes, I'm of the opinion I'll just be poor for the rest of my life no matter how I invest, so I guess I shouldn't worry too much about the economy tanking. That's like worrying about the sun rising tomorrow.

[SuburbanFarmer]

I think at this point its easy to tune out all the shady shit that banks do because of how pervasive it is. Trump is cozying up to the bankers the same way Obama did and Clinton etc. These people are fucking everywhere and every decade or so they figure out a new way to seize the machinery of the Economy temporarily then they take their payout when it all goes belly up. There is undoubtedly some kind of new fucked up scheme that we aren't even wise to yet that will fuck us in the near future. In my opinion, there is really nothing that can be done. Anyone you vote for has been compromised, and the banks have made themselves essential to the global economy so they can't be easily compartmentalized by legislation. Its hard to really know the true value of anything nowadays, whether its a stock, bond, or treasury bill, which makes me terrified of investing my limp dick money at all.

This is probably unfounded optimism, but I hope the bank's self interest keeps them from utterly ruining the global economy. A successful parasite avoids killing its host.

Unlikely. It's all about the next quarter's profits. It would actually be reassuring to assume some sort of Master FuckYou Plan, but it's not that simple. This is the result of short-minded psychopaths finding themselves in a ridiculously inept system.

I buy puts on the market with my savings. You won't catch me "investing" in anything until the next major crash. If it all fails at that point, the money will be worthless anyway.

Yeah I remember reading a story about a lot of the bankers at Lehman who had the choice between long options on derivatives versus a cash bonus. They took the options, and lost everything when the company went under. This is why I do not believe in overarching conspiracy theories like a cabal of bankers controlling the world, or Naomi Klein Shock doctrine type stuff. The people running the show simply have more power to change events, but the unexpected outcomes blindside them as much as the ordinary person. Their money insulates them from a lot of the consequences, but they do not seem to learn from their mistakes or offer the rest of society good explanation as to why their models were so off the mark. I think its more reassuring to believe in conspiracy theories though, because that would mean someone has a real plan.

We all want to believe that someone's in charge, even if they're evil. It's less frightening than total chaos.

[Hwen Hoshino]

Unlikely. It's all about the next quarter's profits. It would actually be reassuring to assume some sort of Master FuckYou Plan, but it's not that simple. This is the result of short-minded psychopaths finding themselves in a ridiculously inept system.

I buy puts on the market with my savings. You won't catch me "investing" in anything until the next major crash. If it all fails at that point, the money will be worthless anyway.

Yeah I remember reading a story about a lot of the bankers at Lehman who had the choice between long options on derivatives versus a cash bonus. They took the options, and lost everything when the company went under. This is why I do not believe in overarching conspiracy theories like a cabal of bankers controlling the world, or Naomi Klein Shock doctrine type stuff. The people running the show simply have more power to change events, but the unexpected outcomes blindside them as much as the ordinary person. Their money insulates them from a lot of the consequences, but they do not seem to learn from their mistakes or offer the rest of society good explanation as to why their models were so off the mark. I think its more reassuring to believe in conspiracy theories though, because that would mean someone has a real plan.

We all want to believe that someone's in charge, even if they're evil. It's less frightening than total chaos.

What the fuck do you mean total chaos? Self interested actors will do sewage, maintain roads, provide Internet infrastructure etc.. If the elites were not sucking each other's dicks i would be a lot less scared.They should spread the dick sucking around. At this point there is no reason for them to not just live among the rest of us and have exclusive clubs.

[heydaralon]

What the fuck do you mean total chaos? Self interested actors will do sewage, maintain roads, provide Internet infrastructure etc.. If the elites were not sucking each other's dicks i would be a lot less scared.They should spread the dick sucking around. At this point there is no reason for them to not just live among the rest of us and have exclusive clubs.

Economies collapse all the time dude. In every recorded society this happens. The banks probably wouldn't torpedo our economy on purpose, but rational actors still make costly mistakes. I'm not sure I fully get your last sentence.