12 years ago, the world was bankrupted and Wall Street celebrated with champagne. Taxpayers bailed them out. They socialized the hundreds of billions in losses and privatized the profits. And nobody will go to jail.
Wednesday, 12 Mar 2025
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And that’s when the insiders of the uniparty figured out how to divide the people so they could continue to bilk the country while we squabble. The whole political situation is based on the Occupy protest dying with a whimper
I know the political will and foundation was not there for this at the moment, but honestly what a wasted opportunity in the history of the USA. 2008 was the moment when the government could have nationalized the banks and completely revamped the financial system to benefit the 99%. Anyone interested in alternate history should read Yanis Varoufakis’s book, “Another Now” which covers exactly this.
These are the conversations we need to have. Instead the media will seek to further divide us with some manufactured race/gender political bullshit.
I saw a guy earlier this week who seemed to have a good idea…
And then we voted in billionaires to run the federal government’s checkbook.
That title is a lie lol. People are so gullible
> Wall Street celebrated with champagne
Protestors marched past a wedding and their main character syndrome made them decide they were being mocked.
And today they are involved in other nefarious activities and nothing will happen to them except they will get more rich
Is it still 2020????
“The world was bankrupt” is the most financially illiterate statement I have ever read.
OP stop eating paint chips
You mean 16 years ago?
The impetus of the meltdown was way too many people in mortgages that they couldn’t afford. They got into houses with little or no down payment and ARM mortgages that had predictable spikes in mortgage payment after three years. These were so rife in 2004 to 2006, that there was an inevitable collapse when too many people simultaneously couldn’t afford their mortgage payment and had no equity in their homes.
The combination of people responsible for this was wide. Well intentioned politicians like Barney Frank pushed policies to expand home ownership (this should be a good lesson in the dangers of subsidizing things in a poorly thought out manner thinking you can just dictate the outcome), corrupt people facilitating those loans, people lying on applications to get loans they were in no position to take. There was certainly plenty of scumminess in the finance industry, but the blame spreads much much wider than that. People need to understand that the world is a complicated place and there is no clean line of good guys and bad guys.
Also, in terms of government actions, they forced GM bond holders to accept a deal that paid pensions before the debt holders, which is not how those bonds were issued. Basically just rewrote it to bail out the workers in a major industry. The idea that they only acted to save the rich and connected is not accurate. The government also dictated lower takeover prices in bank deals, let Lehman go bankrupt, etc. Nobody trusted anyone else’s credit on the macro scale and it all threatened to crumble, which did hurt everyone and would have hurt more if left unchecked.
There is a lot to be angry about in this world, but falling for simplistic narratives that ignore all details and nuance is the exact opposite of “educating yourself”.
Reminder that the bailout money was a loan, not a gift from the government and was paid back with interest. You need to read more, OP.
The people who are on that picture had nothing to do with it 😬
Wasn’t this debunked though? Could have sworn that it was later reported that they were at a restaurant, on the balcony with the drinks. They still suck though don’t get me wrong
Do you mean 2012 or do you mean 15 years ago?
12 years ago was 2012 not 2007.
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Murica
A few years ago, I wasn’t sleeping and saw a miracle, a few of those POS were borderline suicidal, a few of them had gone bankrupt and a good chunk of Reddit was laughing on their way to the bank.
What bailouts happened 12 years ago in 2012?
Many libertarians were born at this moment
ah so wallstreet if five people on some balcony?
And then 1 guy gets shot and they all go crazy.
What a coincidence I popped champagne when I heard about that CEO 🤣🤣
deny, defend, depose them all
Delay Deny Defend
Remember:
Taxpayers bailed them out = they got a loan which was repaid with interest
We were aiming our champagne corks at the plebs
“It’s a big club…and you ain’t in it”
No, but as the people become more and more desperate, disenfranchised and helpless, something other than jail is…has just started.
Rich people play Monopoly with our lives and we just keep letting them.
pretty sure the fall was in 08 and 09, I was interning at a bank at the time.
And now they want us to care that one of their own kind got offed and want us to be worried for their safety in these coming years.
We need a repeat of the summer of 2020 but targeted at the oligarchs.
I see a new list for the hero of new york
Hold my champagne glass – you ain’t seen nothing yet. Project 2025 is frightening.
Well, we just had a vigilante dispense justice to a health insurance CEO. It wouldn’t surprise me if Wall Street was next.
Well, we just had a vigilante dispense justice to a health insurance CEO. It wouldn’t surprise me if Wall Street was next.
We’re long overdue for guillotines in the street.
I bought a bunch of foreclosures and REO…. It worked really well for me… 🤣🤣🤣
The same will happen with the outrage over health insurance. It will soon be forgotten and the little guys will get back to hating each other over irrelevant issues.
And soon the big guys will start again to complain about excessive regulation and set the stage for massive profits with a crash following.
Well 12 years later all I see are very “hungry” people. Hope their laughter fills the halls.