Wall Street Learned NOTHING! We’re Headed For Another Meltdown

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Welcome to 2008. I don’t know, was it yesterday? Day before here on the podcast, we were talking about tricolor bankruptcy, chapter seven, liquidation, everything must go. Yeah, a sub prime auto lender going under, shocker. They make car loans to people without paperwork. That’s right.

illegals. guess what I learned yesterday. And again, it just goes to show you just quite frankly, again, I don’t know. Thinking about Quint from Jaws. I don’t know if he’s very smart or very dumb. Remember, he was talking about the shock. He’s going under the boat. I don’t know if these Wall Street guys, these bankers are really smart or really dumb. And what I mean by that, why in the world

Would you go out and buy the debt of a subprime auto lender with Donald Trump in office doing deportations? Why would you do that? And this company just issued debt this past June. And then there’s the real smart part. Maybe they’re just doing it because it’s not going to matter. Hey, if it fails, screws up. Who cares? We’re going to get bailed out anyway. I don’t know.

You can’t make this tricolor. And this is what’s even more aggravating. We have these things called rating agencies, S &P and Moody’s, and they were completely a joke during the financial crisis. Again, they had that scene in the film, The Big Short, which is based upon Michael Lewis’s book, which is pretty much spot on.

they get paid to rate bonds.

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Triple A rated. Subprime auto lender. Subprime auto lender. Car loans to illegal immigrants got triple A rated credit from S&P. I think that’s higher than the credit rating for the United States as a matter of It could be me, call me crazy.

Who believed this? How could not one look at this and say, bullshit, give me a break. Again, this is a system, This is a system. like Public Enemy once sang, can’t trust it. Watchdog on wallstreet.com.