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  • William
    Last night on Front Line I finally saw and now understand what is happening to the world economy. It is a long and complicated story that involves us all.
    Message 1 of 1 , May 2 9:06 AM
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      Last night on "Front Line" I finally saw and now understand what is happening to the world economy. It is a long and complicated story that involves us all. My wife worked for Citigroup and ten years ago she began to tell me of derivatives. She could not understand them and ask me whit I knew about them. I knew nothing.I did know that the acedemic world was churning out MBA`s at a high rate and engineers and doctors were going to finance. The MBA`s were going to insurance companies and investment banks and were creating very complicated financial instruments that were making billions of dollars. They were to usher in a brave new world of wealth for themselves and a better life for us all. It has not worked out that way.
      The first cracks in this system showed up in real estate and my middle level business friends had seen it coming as the mortages they had entered into were going upside down and the foreclosure nightmare had begun. When My wife and I spoke to her industrialist father he was suprised we were concerned about the impact of the MBA`s. He said he definitely agreed but had no idea the word had gotten down to our level. Then Lehman Brothers blew apart and the collapse began.
      The dismal history was spread to Europe as hoardes of f9 monkeys who were a MBA sales force sold credit default swaps and complicated derivatives all over the European Common Market. The salesmen did not understand what they were selling, the europeans,after years of gross overspending , did not understand them either. They just bought them as a way out of their debt crisis. So now the European Common market tetters on the brink of default. Now the f9 monkeys have been exposed in europe and are headed to Noth Africa to sell more junk. There is still no regulation as the US banking lobby has stifeled regulation in the congress and so the banking/insurance scourge goes on and on.
      So I write this because I consider it an existential threat to us all. If it bothers you I have done my feduciary duty and will stand down. Bill
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