theyoungturks: Financial Crisis Fallout

theyoungturks:

Financial Crisis Fallout

@3 months ago with 11 notes
#banks #recession #financial crisis 

"

The tiny Nordic European island country of Iceland is presently experiencing one of the greatest economic comebacks of all time. After the privatization of the banking sector completed in 2000, the economy was thrown into a tailspin when over a five-year period, private bankers borrowed 120 billion dollars (10 times the size of Iceland’s economy). A huge economic bubble was created, causing house prices to double, and making a small percentage of Iceland’s population rich enough to buy up overseas investments, mansions, yachts, and private jets, while leaving an absolutely unpayable debt for all Icelanders. Iceland was facing national bankruptcy.

In response to the failed banking system, in October 2008, Iceland’s revolution against this financial tyranny began, rather casually in the street, in front of the Icelandic general assembly.

In the duration of five months, the main bank of Iceland was nationalized, government officials were forced to resign, the old government was liquidated, and a new government was put in its place. By March 2010, Iceland’s people voted to deny payment of the 3,500 million Euro debt created by the bankers, and about 200 high-level executives and bankers responsible for the economic crisis in the country were either arrested or were facing criminal charges.

In February 2011, a new constitutional assembly settled in to rewrite the tiny nation’s constitution, which aimed to avoid entrapment by debt-based currency foreign loans. In 2012, Iceland’s economy is expected to outgrow the Euro and the average for the developed world, as estimated by the Paris-based Organization for Economic Cooperation and Development.

"

Iceland’s Hörður Torfason – How to Beat the Banksters | True Activist (via nathanielstuart)

(via nathanielstuart)

@5 months ago with 13 notes
#iceland #recession #austerity #economics 
thinksquad: Did you know that there was a successful peaceful revolution in Iceland? It’s true. But you wouldn’t know from watching TV. In 2008, the people of Iceland forced their prime minister and his whole government to resign. Next, they nationalized the banks & opted not to pay back the fake debt created by foreign bankers. Next, they created a public assembly to rewrite their constitution. And all of this in a peaceful way. The people of Iceland have proven to the world that there is a way to dismantle the system while preserving peace & democracy. Learn more: http://en.wikipedia.org/wiki/2009_Icelandic_financial_crisis_protests http://youtu.be/8-SiYQ8s_6I

thinksquad:

Did you know that there was a successful peaceful revolution in Iceland? It’s true. But you wouldn’t know from watching TV.

In 2008, the people of Iceland forced their prime minister and his whole government to resign. Next, they nationalized the banks & opted not to pay back the fake debt created by foreign bankers. Next, they created a public assembly to rewrite their constitution. And all of this in a peaceful way.

The people of Iceland have proven to the world that there is a way to dismantle the system while preserving peace & democracy.

Learn more: http://en.wikipedia.org/wiki/2009_Icelandic_financial_crisis_protests

http://youtu.be/8-SiYQ8s_6I

(via resmc)

@5 months ago with 7060 notes
#iceland #austerity #recession 
thedailywhat: Controversial Weekend Read: The gap between the rich and the poor is wider than it has been since the Great Depression, so GQ sent Jon Ronson to profile the secret financial lives of six Americans,from a guy washing dishes for $200 a week to a self-storage gazillionaire, all to answer a single loaded question: When it comes to money, what does it really mean to live in America? [gq]

thedailywhat:

Controversial Weekend Read: The gap between the rich and the poor is wider than it has been since the Great Depression, so GQ sent Jon Ronson to profile the secret financial lives of six Americans,from a guy washing dishes for $200 a week to a self-storage gazillionaire, all to answer a single loaded question: When it comes to money, what does it really mean to live in America?

[gq]

(Source: thedailywhat, via think4yourself)

@10 months ago with 1425 notes
#poverty #wealth #recession 
crookedindifference: Remember 2008? Photo by Chip Somodevilla, Getty Images

crookedindifference:

Remember 2008?

Photo by Chip Somodevilla, Getty Images

@2 years ago with 74 notes
#ecenomics #politics #recession 

"We paid for this instead of a generation of health insurance, or an alternative energy grid, or a brand-new system of roads and highways. With the $13-plus trillion we are estimated to ultimately spend on the bailouts, we could not only have bought and paid off every single sub-prime mortgage in the country (that would only have cost $1.4 trillion), we could have paid off every remaining mortgage of any kind in this country - and still have had enough money left over to buy a new house for every American who does not already have one."

Matt Taibbi (via nathanielstuart)
@3 months ago with 9 notes
#bailouts #banks #recession #economics 

"When the great recession of 2008 struck, it hit some of us harder than others. Middle class families, the poor, people of color and the workers of America suffered the most, while those that caused the crisis were largely unscathed — many even increased their wealth. Today, when we are in danger of going over the notorious fiscal cliff, some repeatedly speak of ‘shared sacrifice.’ But when the top 2 percent were enjoying their tax breaks and stockpiling their prosperity, there was no sharing with the masses. And instead, these individuals and groups now have the audacity to ask seniors, minorities, folks whose children fought in our wars, the disenfranchised and the most vulnerable among us to sacrifice some more. Does that seem fair to you?"

Rev. Al Sharpton (via azspot)

(via azspot)

@5 months ago with 60 notes
#al sharpton #economics #recession #wealth #poverty #austerity 

Justice Department drops Goldman financial crisis probe 

wilwheaton:

So I read this, and I got mad:

The U.S. Justice Department said it will not pursue criminal charges against Goldman Sachs Group Inc or its employees related to accusations that the firm bet against the same subprime mortgage securities it was selling to clients.

The decision not to prosecute Goldman, a firm held up by critics as a symbol of Wall Street greed during the 2007-2009 financial crisis, highlights the difficulty in prosecuting crisis-related cases.

“difficulty in prosecuting crisis-related cases” Isn’t that adorable? I wonder why it’s so difficult to prosecute these pig fuckers…

“The department and investigative agencies ultimately concluded that the burden of proof to bring a criminal case could not be met based on the law and facts as they exist at this time,” the Justice Department said in a statement late on Thursday.

Because the fucking banksters write the goddamn laws, and our worthless and corrupt congress cashes the checks and does what they’re told.

The Banksters own the American government, and until we take our country back from these motherfuckers, not a single one of them will ever face justice, because under the laws these sons of bitches have written, they haven’t done anything wrong.

Burn them all. Burn them to the fucking ground, and salt the earth where their ashes fall.

‘The department and investigative agencies ultimately concluded that the burden of proof to bring a criminal case could not be met based on the law and facts as they exist at this time,” the Justice Department said in a statement late on Thursday.’ This is simply the state constructing excuses out of the ether to allow the elite they serve evade accountability for their multinational economy-collapsing criminality. Those who pay for it, and the elite’s bonuses, bailouts, free central bank credit and tax cuts, are the millions of citizens suffering the despair and indignity of austerity, social immobility, mass unemployment and home foreclosures. In conclusion, we need a fucking revolution.

(via other-stuff)

@9 months ago with 560 notes
#wall street #goldman sachs #recession #crime #politics 

"The austerity doctrine is a construction to simultaneously justify ideological Social Darwinism and neoliberal privatisation and social stratification. It is abjectly inhuman and economically illiterate."

On Paul Krugman and the economic crisis
@11 months ago with 10 notes
#paul krugman #politics #economics #austerity #recession 
theyoungturks: Financial Crisis Fallout
3 months ago
#banks #recession #financial crisis 
"We paid for this instead of a generation of health insurance, or an alternative energy grid, or a brand-new system of roads and highways. With the $13-plus trillion we are estimated to ultimately spend on the bailouts, we could not only have bought and paid off every single sub-prime mortgage in the country (that would only have cost $1.4 trillion), we could have paid off every remaining mortgage of any kind in this country - and still have had enough money left over to buy a new house for every American who does not already have one."
Matt Taibbi (via nathanielstuart)
3 months ago
#bailouts #banks #recession #economics 
"

The tiny Nordic European island country of Iceland is presently experiencing one of the greatest economic comebacks of all time. After the privatization of the banking sector completed in 2000, the economy was thrown into a tailspin when over a five-year period, private bankers borrowed 120 billion dollars (10 times the size of Iceland’s economy). A huge economic bubble was created, causing house prices to double, and making a small percentage of Iceland’s population rich enough to buy up overseas investments, mansions, yachts, and private jets, while leaving an absolutely unpayable debt for all Icelanders. Iceland was facing national bankruptcy.

In response to the failed banking system, in October 2008, Iceland’s revolution against this financial tyranny began, rather casually in the street, in front of the Icelandic general assembly.

In the duration of five months, the main bank of Iceland was nationalized, government officials were forced to resign, the old government was liquidated, and a new government was put in its place. By March 2010, Iceland’s people voted to deny payment of the 3,500 million Euro debt created by the bankers, and about 200 high-level executives and bankers responsible for the economic crisis in the country were either arrested or were facing criminal charges.

In February 2011, a new constitutional assembly settled in to rewrite the tiny nation’s constitution, which aimed to avoid entrapment by debt-based currency foreign loans. In 2012, Iceland’s economy is expected to outgrow the Euro and the average for the developed world, as estimated by the Paris-based Organization for Economic Cooperation and Development.

"
Iceland’s Hörður Torfason – How to Beat the Banksters | True Activist (via nathanielstuart)

(via nathanielstuart)

5 months ago
#iceland #recession #austerity #economics 
"When the great recession of 2008 struck, it hit some of us harder than others. Middle class families, the poor, people of color and the workers of America suffered the most, while those that caused the crisis were largely unscathed — many even increased their wealth. Today, when we are in danger of going over the notorious fiscal cliff, some repeatedly speak of ‘shared sacrifice.’ But when the top 2 percent were enjoying their tax breaks and stockpiling their prosperity, there was no sharing with the masses. And instead, these individuals and groups now have the audacity to ask seniors, minorities, folks whose children fought in our wars, the disenfranchised and the most vulnerable among us to sacrifice some more. Does that seem fair to you?"
Rev. Al Sharpton (via azspot)

(via azspot)

5 months ago
#al sharpton #economics #recession #wealth #poverty #austerity 
thinksquad: Did you know that there was a successful peaceful revolution in Iceland? It’s true. But you wouldn’t know from watching TV. In 2008, the people of Iceland forced their prime minister and his whole government to resign. Next, they nationalized the banks & opted not to pay back the fake debt created by foreign bankers. Next, they created a public assembly to rewrite their constitution. And all of this in a peaceful way. The people of Iceland have proven to the world that there is a way to dismantle the system while preserving peace & democracy. Learn more: http://en.wikipedia.org/wiki/2009_Icelandic_financial_crisis_protests http://youtu.be/8-SiYQ8s_6I
5 months ago
#iceland #austerity #recession 
Justice Department drops Goldman financial crisis probe→

wilwheaton:

So I read this, and I got mad:

The U.S. Justice Department said it will not pursue criminal charges against Goldman Sachs Group Inc or its employees related to accusations that the firm bet against the same subprime mortgage securities it was selling to clients.

The decision not to prosecute Goldman, a firm held up by critics as a symbol of Wall Street greed during the 2007-2009 financial crisis, highlights the difficulty in prosecuting crisis-related cases.

“difficulty in prosecuting crisis-related cases” Isn’t that adorable? I wonder why it’s so difficult to prosecute these pig fuckers…

“The department and investigative agencies ultimately concluded that the burden of proof to bring a criminal case could not be met based on the law and facts as they exist at this time,” the Justice Department said in a statement late on Thursday.

Because the fucking banksters write the goddamn laws, and our worthless and corrupt congress cashes the checks and does what they’re told.

The Banksters own the American government, and until we take our country back from these motherfuckers, not a single one of them will ever face justice, because under the laws these sons of bitches have written, they haven’t done anything wrong.

Burn them all. Burn them to the fucking ground, and salt the earth where their ashes fall.

‘The department and investigative agencies ultimately concluded that the burden of proof to bring a criminal case could not be met based on the law and facts as they exist at this time,” the Justice Department said in a statement late on Thursday.’ This is simply the state constructing excuses out of the ether to allow the elite they serve evade accountability for their multinational economy-collapsing criminality. Those who pay for it, and the elite’s bonuses, bailouts, free central bank credit and tax cuts, are the millions of citizens suffering the despair and indignity of austerity, social immobility, mass unemployment and home foreclosures. In conclusion, we need a fucking revolution.

(via other-stuff)

9 months ago
#wall street #goldman sachs #recession #crime #politics 
thedailywhat: Controversial Weekend Read: The gap between the rich and the poor is wider than it has been since the Great Depression, so GQ sent Jon Ronson to profile the secret financial lives of six Americans,from a guy washing dishes for $200 a week to a self-storage gazillionaire, all to answer a single loaded question: When it comes to money, what does it really mean to live in America? [gq]
10 months ago
#poverty #wealth #recession 
"The austerity doctrine is a construction to simultaneously justify ideological Social Darwinism and neoliberal privatisation and social stratification. It is abjectly inhuman and economically illiterate."
On Paul Krugman and the economic crisis
11 months ago
#paul krugman #politics #economics #austerity #recession 
crookedindifference: Remember 2008? Photo by Chip Somodevilla, Getty Images
2 years ago
#ecenomics #politics #recession