I certainly don't want to come across as gloom & doom, I am actually cautiously optimistic, but I think we need to keep informed of the truth aside from what we hear on the biased news, I think the situation will persist much longer than advertised. I am becoming more active in communicating with our government reps to attempt to affect change; we have to try; can't sit by idle even if they want to join the super wealthy using tax payers dollars, and there will be some great opportunites, I think on certain technology corporations stock.
We are in the second wave defaults (2009 - 2010)
which will be worse than the sub prime defaults (2008 - 2009).
Please watch this 60 minutes show video, a good presentation on Sub-Prime & second wave ATL-A. commercial and exotic Arms running through 2010:
After researching the Glass-Steagall Act of 1933, it is pretty clear to me if it were still in place most of the shenanigans going on would not exist today - the merge and blur of citizens savings, insurance premiums, and long term real assets, with high risk investment bank zero collateral instruments should is unlawful and should be prosecuted.
I think the federal government should declare most derivative contracts fraudulent and zero value them, there was no collateral at all on CDS and most CDO contracts.
It will be very interesting to see who's names are on the UBS list of US tax payers avoiding taxes through accounts there (re: US lawsuit against UBS) - if indeed they are all revealed, which I doubt, there are likely some very important peoiple on that list. Who does Madoff know? - any other person would be incarcerated, he must have plea-bargained to shut up.
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