Word: ponzis
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Dates: during 2000-2009
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...back to roots. Let's do real things. Let's have more transparency, fewer complicated products we don't understand. Let's generate economic growth by old traditional ways, let's favor technology companies, let's not favor all this financial bulls---. Because it was a Ponzi scheme, I don't know any other way to call...
...Wall Street didn't sell out America; easy mortgages, no-money-down plasma TVs, trade and budget deficits all existed prior to collateralized debt obligations. The reality is that the entire U.S. economy has been one big fractional-reserve Ponzi scheme for the past 25 years, with bubble after bubble fed by prime lending rates that have not matched the true rate of inflation. Wall Street merely set up massive side bets on the whole scheme and then failed to get out early. The last domino will be the rejection of our currency by shocked foreign debtors. There is only...
...someone else will pay you. In this market, prices go up when people believe they will continue to go up. To restore confidence would mean restoring belief in the greater fool. That shouldn't be hard. It's built into human nature. This is why another term for a Ponzi or pyramid scheme is a confidence trick...
...commentators who are now so indignant. What was not so obvious was the ability of real estate, which has always had a slightly rakish air, to drag even the most respectable and conservative parts of the economy down with it. Other problem areas, like Social Security, also have a Ponzi-scheme flavor: the claims on some pile of money exceed the size of the pile. In many of these schemes, the average American plays both the victim and Ponzi himself...
...former hedge fund manager, who defrauded clients out of more than $400 million when his ill-conceived ponzi scheme collapsed, suffers from chronic back pain and wears a pacemaker. In his mug shot, he stares quizzically at the camera with the thoroughly un-menacing look of a man who has gotten himself in way over his head. Consequently, when Israel’s lawyers confidently asserted at a bail hearing that “there is no question that Sam is neither a flight risk nor a danger to the community,” they had every reason to believe...