Speculation is Evil
Empathy Media Lab
English - May 03, 2022 16:05 - 59 seconds - 1.4 MBPolitics News Education artsandculture history labor philosophy politicaleconomy politics power Homepage Download Google Podcasts Overcast Castro Pocket Casts RSS feed
Excerpt from Wall Street: Money Never Sleeps
You're all pretty much fucked.
They got all these fancy names for trillions of dollars of credit: CMO, CDOs,
SIVs, ABS…
So Mr. Banker starts leveraging his interest 50 to 1, with your money because he could.
40% of all American corporate profits came from financial services, not production, not anything remotely to do with the needs of the American public.
The mother of all evil is speculation, leveraged debt, borrowing to the hilt, it’s a bankrupt business model, won’t work.
It’s systemic, malignant and is global like cancer.
It's a disease and we got to fight back.
How are we going to do that?
How are we gonna leverage that disease back in our favor?
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