Mike S Posted February 1, 2009 Posted February 1, 2009 Hummmmm ... this kinda reminds me of the Legacy scam here ........ everyone knows it is wrong ..... but hey ...... if I can get something for nothing no matter who it hurts or if it is legal or not .... if it benefits me than go for it ......... we'll worry about the future later ...... screw your neighbor today for tomorrow may never come ....... Link to comment Share on other sites More sharing options...
Jollygoodfellow Posted February 1, 2009 Posted February 1, 2009 ... screw your neighbor today for tomorrow may never come .......Well MikeI might just take your advice since that little honey has moved in next door Link to comment Share on other sites More sharing options...
Mike S Posted February 1, 2009 Posted February 1, 2009 Beware of eating wild honey ...... unless you can put up with and survive the stings ......... Link to comment Share on other sites More sharing options...
johnrxx99 Posted February 3, 2009 Posted February 3, 2009 Ah, so it wasn't Wall Street that packaged junk debt and gave it a AAA ratings and then sold it to the rest of the world. It was the Europeans and United Nations. It wasn't America that created the greatest debt per capita the world has seen.Glad you cleared that up Mike.This gives the facts- - http://en.wikipedia.org/wiki/Subprime_mortgage_crisis All I can say is, thanks for the loan. I may not have been able to afford all that Chinese crap I bought in the past 5-10 years if it weren't for countries like the UK. I'm sorry to hear that Sterling is in the crapper and the UK is on the verge of bankruptcy, but sacrifices had to be made in order to keep me fat, dumb, and happy.You're the same guy that once stated that many of the UKs former colonies would have been much better off if they'd only had the benefit of a longer period of British rule. I guess the US got out from under the yoke before it learned the beauty of a nil-nil tie and binge drinking, but look on the positive side, British rule lasted long enough for the US to learn how to exploit other nations for it's own gain, so it's not a complete loss.Err, don't think so. I don't have that much pride in the UK.My reply to Mike was based on the fact he seemed to be in denial. I did not say that the UK and Europe etc where guilt free - far from it. The UK government lead by the twat Brown, being in charge of the treasury since he came to power in 1997, has probably caused the final death of what was the British Empire. You see it takes decades to finally loose all your dosh as the US are starting to discover.The UK is in a much worse a state than the US. However, it was those masters of the universe on Wall Street that started the derivatives game and set off the great slide. Meglomania is catching though and UK banks thought they could play the game as well, indeed they all did throughout the western world. The problem is no one was keeping score.What Mike says is probably not far from the eventual reality imo. I don't see it as a cabal of men in Gucci shoes and pinstripes though. It will be brought on by regulation as a result of the fact that with a global economy you need global goal keepers. We had none and the game was costly to both the money men and the rest - us.The next 10 or so years will be interesting. We will see protectionism fight global regulation. Ultimately, perhaps after WWIII, who knows, nations will appreciate that to keep us all going, what 10+ billions by then, we will have to co-operate in an organised way or reduce our populations to starvation and anarchy.Anyones bet which one wins but I know the one I'd prefer for my grandchildren. Link to comment Share on other sites More sharing options...
johnrxx99 Posted February 3, 2009 Posted February 3, 2009 Change your pants and cross your legs!This paper by two of the worlds leading economists (yes I know but they have more brains than all of us put together so worth a read) may give a clue to what we have ahead.http://www.economics.harvard.edu/faculty/r...s/Aftermath.pdf Link to comment Share on other sites More sharing options...
Recommended Posts