America Needs to Become Productive Again

Wall Street's next sick trick is to package life insurance policies into bonds. Then investors receive payouts when the insured die.

Wall Street Tricks

Wall Street Tricks

It’s Labor Day and we laborers are supposedly on holiday. I realize that American needs to become productive again while I’m out walking on Fernandina Beach’s Main Beach cogitating about our holiday. The concept of Labor Day was initially to honor the workers who helped build our formerly productive great nation. Workers that produced goods and chattel, built our nations infrastructure, and kept us strong. We had output. We manufactured products that supplied us and the world with the basic products that help forward its quality of life So to the few of you that still perform this dying function I salute you on this your day of being honored.

Wall Street’s Next Sick Tricks

But true productivity ain’t 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’s next sick tricks.
As if the current destruction of the world’s economy hasn’t 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 “life settlements,” life insurance policies that ill and elderly people sell for cash — $400,000 for a $1 million policy, say, depending on the life expectancy of the insured person. Then they plan to “securitize” 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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1 Comment

  1. walterryan

    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.

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