I Am Trying to Understand It

so I went on line and googled "Ponzy scheme" because that term has become popular in the media to describe what the wall Street bankers were doing. i found out it's like a major pyramid scam.

The US has been duped big-time by greedy capitalists. The perpetrators should lose their bonuses, have their retirement accounts cut and be forced to work a lousy $8.00 an hour job UNTIL THEY Are 75, like so many of us are.

I saw this coming with the way builders were selling houses far above market value (artificially inflated prices) offering downplayed financing then hitting buyers with huge balloon payments later on to people who couldn't afford them.

What's really sad is most of the buyers irresponsibly didn't bother to read the fine print on loans and purchases nor did they educate themselves about responsible home buying. so these buyers are culpable in the wall street disaster. They didn't recognize that buying a home they cannot afford then setting themsevles up for forclosure effects the entire community's economy and others' loan rates in the US and abroad.

I support socialized medicine and think thisis a good opportunity for citizes to demand strict controls on corporate profits so we can all live  healthy, financially secure lives.

PS: Our  Social Security retirement funds will likely be on teh chopping block again due to this mess.

I'm livid.

RubyTewes RubyTewes
31-35, F
2 Responses Mar 15, 2009

I just want to make sure that financial institutions do not over leverage themselves in the future so that we do not have to bail them out again. I guess we will need stricter policies or to enforce some of the existing rules.<br />
<br />
The shameless commissioned sales people that sold homes to people who were underqualified should be terminated....but then what do we do about their bosses who condoned all of this......Haha!

I don't like wall street anymore.