By Jerry Mazza
crossposted at Online Journal
Feb 28, 2009
It’s funny that during the run-up to the first War on Terror, Wall Street had such an active hand in exploiting the tragedy of 9/11. Thousands upon thousands of puts short-sold United and American Airlines stocks and WTC-based Morgan Stanley stock plunged; similarly calls (bets to rise) on defense and related stocks sent them soaring on that awful day, the War on Terror’s inciting incident.
Today, we can count on Wall Street again to supply us with what Warren Buffett calls Weapons of Mass Financial Destruction to strike terror not just in the hearts of investors, but workers, businessmen, retired people, the unemployed, the middle-and-working classes and the poor, leaving our financial system like another Ground Zero, with masses of open-mouthed crowds and teary-eyed families hovering about it, losing resources and jobs that took a lifetime to grow.
We’ve come so easily to live with terms like derivates, credit default swaps, subprime lending, toxic mortgages, collateralized debt obligations, all of which we’re told by the OTHER KATHERINE HARRIS add up to some “$1.4 Quadrillion, more money than there is in all the world (at least till Ben Bernanke turned on the printing press lately).” They are lethal in the extreme, created by a shadow market, a criminal market, designed to loot our financial system.
These are instruments of debt created for profit, by a handful of big banksters and credit companies, knowing how harmful they could be to banking, mortgage lending, and any credit institutions. Salesmen for the aforementioned made beaucoup cash on commissions, shoving them downstream to investment banks, securities and bond firms, and watching them collateralized into stocks and bonds, sold into corporate, union, institutional and private portfolios, retirement funds, IRAs, 401Ks, name it.
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