Real Estate Agents
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- _salisae_0
Bail out the institution... to hell with the subprime borrower? Oh really...look a little closer
The real bail out here is for these Credit Default Swaps...OTC deriviatives...these toxic deregulated activities were blessed and passed into law by Congress in 2000...Thank largely in part to ex-sentor Phil Gramm...CEO of UBS...McCain finance minister...
Repeal of the Glass Steagal Act in 1999 was another one of the his feathers in his cap. The congress...the president...banks...insurance companies, hedge funds, pension funds...etc...let this ride for atleast 8 years.
These OTC deriviatives were called by Buffet as investments of Mass Destruction...he personally had to clean up and unwind a company that he brought that was wrapped up in these kinds of products.
Get ready for government owned entities that we as taxpayers all own but have no control of...remember, this is just the beginning.
- Tark0
Oh wait...better take this to political thread _salisae_
jk
funny how anything controversial always leads to the poli sci thread
- _salisae_0
Over-the-counter (OTC) derivatives are contracts that are traded (and privately negotiated) directly between two parties, without going through an exchange or other intermediary. Products such as swaps, forward rate agreements, and exotic options are almost always traded in this way. The OTC derivative market is the largest market for derivatives, and is unregulated. According to the Bank for International Settlements, the total outstanding notional amount is $596 trillion (as of December 2007)[1]. Of this total notional amount, 66% are interest rate contracts, 10% are credit default swaps (CDS), 9% are foreign exchange contracts, 2% are commodity contracts, 1% are equity contracts, and 12% are other. OTC derivatives are largely subject to counterparty risk, as the validity of a contract depends on the counterparty's solvency and ability to honor its obligations.
- airey0
can we go back a step. what's with the dudes from new jersey being orange? i mean i've seen fake tans before but that's orange! it's orange. it's orange. it's fucking orange! how do these fuck knuckles not get laughed at skipping down the road? unless they're rowing a giant boat up a chocolate river while discussing union regulations with johnny depp in a bad wig it's just wrong.
- hahah_salisae_
- hahhaahaaha...i think they deserve their own thread.powertoni
- theres lots more where they come frompowertoni
- powertoni sorta snuck those guys in but maybe we should start a thread called orange oompaloompas cuz the real estate thread is too serious for them.Tark
- i for one can't get enough_salisae_
- real estate thread is too serious for them to be in.Tark