Wall Street's next sick trick is to package life insurance policies into bonds. Then investors receive payouts when the insured die.
Wall Street‚Äôs Next Sick Tricks
But true productivity ain‚Äôt the case for most business sectors and people of our now consumer and debt based economy. Our former way of productive life has gone the way of the great white buffalo. Disappeared. Vanished. Gone. Kaput. History. Now the only new products, outside of the work of Steve Jobs and Bill Gates, are Wall Street‚Äôs next sick tricks.
As if the current destruction of the world‚Äôs economy hasn‚Äôt been successful enough here we go again with the newest paper of mass destruction.
Looking to Profit From Your Life Insurance
After the mortgage business imploded last year, Wall Street investment banks began searching for another big idea to make money. They think they may have found one. The bankers plan to buy ‚Äúlife settlements,‚Äù life insurance policies that ill and elderly people sell for cash ‚Äî $400,000 for a $1 million policy, say, depending on the life expectancy of the insured person. Then they plan to ‚Äúsecuritize‚Äù these policies, in Wall Street jargon, by packaging hundreds or thousands together into bonds. They will then resell those bonds to investors, like big pension funds, who will receive the payouts when people with the insurance die.
Bottom line it will run up the cost of the insurance premiums to where folks can no longer afford it. When is our country going to wake up and stop our government from allowing the plunder and pillage of the little that we the citizens have left?
I feel the first thing we need to do to become productive again. Folks, it is time to throw the bums out and fire their bankers.
Happy Labor Day!
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And who said Piracy is no longer alive and well, just set sail for Wall Street. Edward Teach, (Blackbeard the Pirate) would marvel at the ease these guys pluder and pilage the masses. At least in his day there was usually a battle and people actually faught for what they believed in. We are in uncharted waters, be careful.