This time the psychopaths took their own bait. The magnitude of this clusterfuck ensures that Wall Street will be obliterated. Among other things...
Forget about the Etraders, they're chump change. It's their job to come in at the end of every rally and buy worthless stock from Wall Street. I know because I used to be an Etrader. But it only took me getting robbed by the casino about six times before I realized that the deck was stacked against me. I guess I'm just smart that way.
This time however, even Wall Street took the bait - hook, line, and sinker. 2003 to 2007 was all about Greenspan's 1% post-9/11 "Patriot Loans" which were lethal when combined with the Bush Adminstration's disdain for "regulation". Together, they spawned subprime and the Housing debacle. When that all collapsed, everyone over the age of 50 shit their pants and looked to Bernankenstein to create a "miracle". They didn't care that Wall Street was bailed out 100 cents on the dollar for betting against homeowners, while millions of regular people were bankrupted and lost their homes. Marriages destroyed, children uprooted. Not a problem. The Bennie Bernank, former Harvard roommate to Goldman Sachs CEO Lloyd Blankfein, decided he could do better than Greenspan, so he lowered interest rates to 0% AND then then he printed $4 trillion which he handed to Wall Street via the bond market. The whole idea was that if you want to "fix" a financial collapse caused by gambling with cheap money, then you have to make money even cheaper and give the gamblers a lot more money. And all of the dunces at large said "good idea!", and they went straight back to borrowing themselves into fucking oblivion.
But then Occupy Wall Street came along and said, "Wait a second, this is all just a repeat disaster". Etraders and media bukkake whores took exception to OWS, and said "what do you want anyway?"
OWS: "we want a future"
Boomers: laughing - "A future? We already spent your future, now get a fucking job, because someone needs to pay for our Ponzi benefits! All of our tax dollars went to Iraq and Afghanistan."
OWS: "My job was sent to China"
Boomer: get a McJob instead, there are plenty of those around
[The fact that this dialogue between parent and son was all happening in the basement of one family's home where the OWS protester lives with his parents, is largely beside the point]
"Get a job!"
"If this movement has a problem with business, then go to Washington and get the laws changed"
In the meantime, Financial Deathstar 2.0 was under assembly:
All of that new cheap money printed by Central Banks made its way into various "investments" like ghost cities in China, million dollar crack shacks in Vancouver, quarter billion dollar penthouses in London, *special* dividends and stock buybacks, sovereign ponzi bonds, leveraged buyouts etc. Anywhere, and everywhere financial heroin is accepted.
Subprime 25x
And then, it all came to a very abrupt ending. One day there was a sovereign default, the next day a European bank default. At the same time, a ratings agency came along and said that ever-more of the corporate junk debt that had just been issued, was already starting to default. It was subprime x 25. But no one seemed to notice at the time, because Congress, with their 6% approval rating, was suing the President for being a Democrat, ETraders were day-trading profitless IPOs, the psychopaths on Wall Street were inventing new financial WMDs, and the Idiocracy at large was keeping up with the Kardashians and ESPN.
If you think this is all a dumb fucking story, you should see the people who bought into it. And just wait until it all comes crashing down "out of the clear blue sky".
NO BAILOUTS. NO WALL STREET. NO PROBLEM.
