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Let’s see, the executives at IndyMac did what the government claimed they did – thus facilitating the near financial collapse of the U.S. economy – but since they only did it out of greed and recklessness, the court says it wasn’t a crime. On the other hand, the Supreme Court upheld a $675,000 judgment against a college student who downloaded 10 songs over the Internet. Ladies and gentlemen, we are going the wrong way down the highway!
In my view, the SEC, Congress led by Barney Frank and Chris Dodd and even the White House were asleep at the switch when all the sub prime mess was happening. They failed to monitor or shut down Fannie Mae and Freddie Mac and all their corrupt practices and then the Wall Street boys moved in and started peddling these worthless instruments. And the rest is history. What a colossal mess and it is not over yet. I have heard some reports that the housing market is due to dip again.
People need to understand that every time you invest in a stock or even a private investment there is someone betting on the other side of the purchase that the stock is going to go down. In this case the people selling the stock for capital to invest or pay loses wants you to think that every thing is fine and dandy. Could you imagine the backlash from stockholders and even the SEC if these same bankers came out with the following statement prior to the downfall.
Please do not buy our stock, it is going to collapse due to our total negligence and incompetence in running and managing our exposure to junk loans that we created and sold to the likes of AIG, Lehman and the gang of greed! (I use gang of greed because it sounds good) Actually they are nothing but investors thinking that their investment is going to work out great. Could you imagine? Well of course they said everything was good, their jobs and income depended on it. The SEC is the one who should be sued. They are the ones who are supposed to protect investors and make sure the game is not rigged which it is.
These guys who are the investment counselors kept saying back then the time to buy was then as the stock market was crashing. A lot of people lost a lot of money during that time and these investment guys still had their jobs. They still got to process the sales for pennies on the dollar. You are right Sarah. The system is rigged and that is precisely why I do not play the stock market.