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An American Citizen

How did things get so weakened, leading to the Wall Street mess ? (8.3 trillion lost, and counting)

An excellent article, the first of two parts is in the Seattle Post Intelligencer, for friday, October 10, 2008.
An American Citizen:

Oh forgot, the writer's name is Eric Nalder.

Zeke:

Lack of Government regulation and the belief that the Market would police itself lead the Giant Ponzi scheme called derivatives. Allowing the banks to bundle debt and sell it on the margin . With leverage ramped up to 40-60 times the true value. The same kind of activity was the precurser to the Great Depression. It basically creates fiat money and value out of thin air. Now the air is being let out of the Balloon. If the market falls as much as in the Great Depression it will land at around 2000 on the DOW. a 86% drop. 20-40% is average for a Bear Market.
 After the Great Depression Government oversight and Regulation were enacted to prevent this catastophy from happening again, However, Lobbiest pushed thru deregulation over the last few decades and now here we are. Yes, even Clinton signed into law a major piece and John McCain has supported most every bill presented To deregulate the Banking/Investment industry.

An American Citizen:

Joe 12 pack, Thank you for putting in a nutshell the gist of the article I mentioned after the question. The article also gets more into detail with the who's, what's, and how's of this catastrophe. Again thank you.

Frog:

Damn it Joe, you stole my thunder :) Excellent answer.

BLUE CAFE:

Thanks Joe, excellent answer. People even knew this was the same crazy scheme that led to the Great depression but the true believers in this model thought they'd try it again.

Dimview09:

Just look to our congress, they caused the whole mess, period. Vote incumbents politicians out!!

Russ:

uh, no...you miss the point.

Russ:

now that Wall Street is being bailed out by government, they are bailing out...they are whores, and slaves to paper...

Dimview09:

No russ I am right on the point we need to get rid of all incumbent politicians we also need to investigate, prosecute, and incarcerate immediately the only way to get meaningful investigations if to get rid of the threats the incumbents.

Russ:

I agree with that.

BLUE CAFE:

A mix of a crazy Free market Deregulation experiment that proved an absolute failure & the war in Iraq which undermined the US economy trillions.

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