Wednesday, October 15, 2008
Interestingly, as it turns out the mob was behind the rise of Vegas. From there I ended up watching some 60 Minutes series of videos on some retired FBI agent who infiltrated the Gambino family and was offered to become a “made man.”
And then just by coincidence, the next series of 60 Minutes videos was on this “sub-prime mortgage crisis” which befalls us. I happen to have been studying that quite a bit for the last week or two, so I watched them. The big question mark in my mind that is still lingering is the “securities” involved in the whole sub-prime mess. I just didn’t understand what they were! Well, now I know why, lol. No one did! Except the physicists who came to Wall Street to cook them up via complicated positivistic mathematical equasions that were meant to sociologically do everything from represent the behavior of some of the poorest people in America who traditionally couldn’t get credit to layout when exactly who would be paid! Keep in mind that the whole point of the distribution of the "securities" was that both "when" and "who" was to be made nebulous in the "distribution risk", meaning that no one would ever possibly bear the responsibility of failure.
Anyway, we’re talking 300 plus pages to these documents that “are” these “securities”, which happen to include all these equations that no one understands – including the mortgage brokers who were trading them! "Hello! McFly!" Common sense - which would obviously say, "Hey, these 'securities' are wierd. And on top of that, how does it make sense to, without risk, lend money to poor people who can't pay me back?" - is the Holy Shit of the Prime Matter that eludes the postitivists. The worried looks on the faces of the Wall Street investors whose houses are built on sand -sand that someone frantically shovelled with their foot to cover a big steaming pile of poop - make me giggle in much the same way as the very image that big steaming pile of pooh-pooh (especially when that image is juxtaposed with the idea of Prime Matter :).
More to come on the Holy Shits plopped in both the desert near the end of WWII and on Wall Street fifty plus years later. But suffice it to say for now that I won’t be surprised to find out in twenty years or so that the mob, in the same way that it was behind the rise of Vegas and took profit from it directly, was involved in these sub-prime mortgages and all that came with them. Which, considering all the cheesy Hollywood films on the mafia, would be kind of amusing. But what’s not amusing is that its costing tax payers – that’s us – like a trillion dollars (which, btw, won’t fix the problem).
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