• 6 Posts
  • 477 Comments
Joined 3 years ago
cake
Cake day: July 8th, 2023

help-circle



  • In the mortgage collapse that drove the world economy to the brink, the ratings agencies were rating dogshit in catshit as AAA, they certainly didn’t give it something more appropriate like BBB-. There was a good scene where Burry (played by Carrell) went to fitch and asked them why they hadn’t changed the rating on the MBS(shit sandwich) when the underlying mortgages were worth zero. The Fitch person said they didn’t feel the need to. They were of course being paid–and still are–by the companies they rate.













  • The problem with the “reinvestment” thesis is that the US and certainly not California, aren’t some fledgling economies struggling to develop and grow–wealth is so unhealthily concentrated it leads to those with outsized portion of the gains investing in things for the sake of investing rather than actually doing anything good for the economy(let alone nation) long term.

    Billionaires have wealth managers and investment teams throwing money at returns regardless of externalities, tax minimization, lobbying…they aren’t putting money into anything “real” that anyone on main street or any other street would benefit from.

    5% one time seems so poorly thought out it was designed to be voted down by those who want real change (permanent, ongoing), which is anyone not in the 1%



  • What does “X country corporation” in any industry mean when they have shell companies in the Cayman Islands, Isle of Man, Ireland or wherever tax rates and shelters can be best structured?

    Corporations have always been and will always be resource leeches that will abandon a country once they no longer have any blood left to suck. The host organism here in the US has already been overcome and Corps are about to start digesting previously pristine federal lands and forests for mining, forestry, and the critical national interest of off-road ATVing.

    There are no “country” corporations, they lobbied to be extra-national deliberately.