Scumbag Thread

[domeasingold]

As CGI says: Sad. G'dam scumbags.
Wall street is now starting to hear the voice of the people outside their own door. How long before we start seeing escalated protesting leading to what? Could it be?
ANARCHY! Will they listen or should the people march on a different street? How about Pennsylvania Ave.
Are the manipulators having there way?
What does Greece and a default have to do with the USA.
Let's hear some comments.

[flopsy]

there is a serious issue with the occupy wall street "protest", there is no common goal. not only is there no common goal but they are not offering up solutions (as far as i've heard). you and i can complain about "injustices" all friggin day long but it means jack until a viable solution is crafted.

from the video i've seen i think the group is full of douches.

[Virgil Showlion]

What does Greece and a default have to do with the USA.

More than the layperson expects, unfortunately.

Banks in Italy, Spain, and France especially have significant holdings of Greek debt. If Greece defaults, these banks face major haircuts or total writeoffs on their Greek holdings. If they can't bear the brunt (and all indications are that they can't), they go down Bear Stearns style, essentially voiding any of their liabilities (held as assets by other banks, nations, etc.). Other European banks will go down like dominoes, but the most important dominoes as far as the US is concerned are located in the UK. Specifically: Barclays, Lloyds, and the RBS. These have significant exposure to French and Italian debt.

If Barclays, Lloyds or the RBS goes down, the US gets dragged into the contagion, with US pension funds, hedge funds, mutual funds, all staring down huge losses and a simultaneous liquidity crisis as European banks desperately seek out cash.

The ECB will try and prevent the whole thing with the only tool they have: quantitative easing, which simply turns an insolvency problem into a hyperinflationary one. Who will come out on top of the whole trainwreck when it finally happens is anyone's guess.

[tyfighter3]

What gets me about Greece is that EVERYONE has known for over a Year now that they are Bankrupt. If anybody STILL OWNS any of their Debt, STILL, it is their own Fault and should Take the hit. If any of our Banks still has any exposure to Greece and is that stupid to still have it, well enough said. There has been larger Countries that have gone under and we still survived from it.

[kman]

There still safe to do business with. All you do is take payment from their lottery and rail recepts...That's what GS does.