This short video breaks down one of the fundamental causes of the most recent economic meltdown. The gist of video message is that a small, predatory group of rich guys, also known as the oligarchy, played the stock market system to make themselves bucket loads of money. The fact that the worlds' economies are spiraling down the toilet bowl is just an unfortunate side effect as far as these vampires are concerned. They got their money.
Some will claim that short sellers and naked short sellers (hedge fund manipulating stock prices by flooding the market with phantom stock) don't set out to destroy companies but I don't believe it. I'm generous enough to chalk the first company destroyed as a side effect up to an "oops, did we do that?" mistake. But the destruction of companies after that were definitely deliberate and planned. So much for counting on the market to do the right thing.
Despite what you may think about the invasion of privacy it was for protesters to go to the private homes of AIG bonus recievers, you can definitely understand the impulse after seeing videos like this one.
Since I'm not in the financial industry, I can't vouch for every detail mentioned in the video. But I can appreciate how Mr. Bagley took the time to try to break down the complex problem to a digestible level. I notice on many finance industry insider sites, those in the know spend a lot of time scoffing and looking down their noses rather than adding any productive information to the conversation.
Hedge Funds and the Global Economic Meltdown from Judd Bagley on Vimeo.
Short selling hedge funds lit the spark that led to the global economic meltdown. Now they want to help craft the laws Congress will pass to fix our broken regulatory system. That's insane.
A couple of sites mentioned:
A good comment about the video:
Gregory Kohs: Very, very alarming stuff. It really sickens me that our small church struggles without a Sunday schoolhouse for our rapidly-expanding youth services programs, but these crooks can pull a few fast ones and walk off with their billions.