A Million Dollars an Hour?

Kids Count

“It is an incontestable fact that the largest banks in collusion with hedge funds designed securities based on the worst mortgage so that those securities would rapidly fail.”

“This allowed hedge funds to bet against those securities and make a killing.”

“Nowhere else in capitalism is this permitted.”

The equivalent would be a builder or owner that builds a home that would cause it to burn down in six months thereby allowing the owner to collect the insurance. The author also spends a good deal of the book describing what he calls “economic transactions with no redeeming value.”

The author suggests that these transactions have an enormous negative influence on individuals, our economy and even countries. The author points out that Democrats and Republicans created the regulatory void that has allowed these transactions to occur. If these transactions are what the author describes them to be then it really is not surprising that our financial system was on the brink of failure. It is totally ironic that the average American was compelled to bail these people out of the mess that they made. What is even more troubling is knowing that what they did, though perilously destructive to the average American, lost savings, lost retirements, etc., is totally legal. As it stands now, these kinds of transactions will continue.

I want to acknowledge that I know very little about the financial workings of hedge funds and how they operate. If Mr. Leopold is some crazy person making unfounded allegations about hedge funds he should be stopped. If not, every American should learn more about hedge funds and how they are being affected by their legal presence in our financial community. If these toxic elements are not more closely regulated or eliminated, I shudder to think what the young people among us will inherit if left unchecked.

Remember, all kids count.

Reach the writer at Hurlburt@wildblue.net

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