With the nation's biggest domestic automaker,General Motors posting a 9.6 billion last quarter loss, and more and more workers being sent home across America,the country faces its biggest test of resilience since the Great Depression of the 1930's.A country which spent more than five times the combined spending of India and China and which boasted of having a stock exchange that had an annual trading volume of 21.8 Trillion dollars[NYSE],is sick.The diagnosis-she has been poisoned.This poison lies in her belly deep in Wall Street.What has caused her to be poisoned?Simply put-the G factor.[Greed].
The Wall Street investment firms introduced derivatives to sell MBS[Mortgage Backed Securities],CDO'S[Collateralized Debt Obligations] and several more specially crafted financial packages.Because these transactions were sophisticated to some extent,the true value of the packages became blurred and obscure to a high degree resulting in massive profits by the Wall Street firms.There has been such a proliferation of these 'paper products' that it is suspected that their sum is much more than the sum of paper money in circulation.
The derivatives were also used to finance thousands of mortgages to people who did not even qualify to purchase these homes.Then there were the over the counter derivatives contracts between municipalities and investment firms that left schools and municipalities holding the nasty end of the stick.It is no wonder then that one of the richest men in America, Warren Buffet,called derivatives''weapons of financial mass destruction''.
Thus America finds herself poisoned.President Obama is not really dealing with the poison.He and his advisors are more taken up in the treatment of symptoms and doing a good PR job.
Causes enoch john Supports
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