I wrote this in response to the article here somewhere.
JPMorgan invented Credit Default Swaps, the idiocy of and ergo utter buying insanity among traders and banks was such that it caused the Second Depression. When traders wanted more more more ways to get capital, lending institutions (banks banks banks) began offering home loans (this hasn’t been established because it has not been investigated) based on formulae and algorithms (a misleading term because any single algorithm in use at one time and place is either the best a machine has then and there, while improvement of algorithms for the necessary purpose continues, often through genetic selection (I’ve blended terminology because the popular term is uninformative). Speaking of autonomous machines, 75% of all trades are done by robots. And they are given these jobs because they do them better — they are superhuman in performance of this task, in tech terms.
The other 25% are humans and the humans eff the effing hell out of everything.
…So banks wated capital because CDSs were sure-as-$#!t winners forever. Though Goldman knew this to be BS and hedged huge against them, sold all institutional instruments of this kind, continued hyping them to clients and insuring the bank against loss, etc etc. They made billions when the crash crashed. Their clients lost whatever amount they were fraudulently induced to invest.
…SO banks caused tens of thousands of evictions and became responsible for a major change in the lives of citizens: We now, for the first time in history, have more persons who rent vs persons who “buy” homes.
(And because the idiots of this nation continue voting Republican the above came with the death of the American Dream. As of five years ago, the next generation of Americans will not be better off than the preceding generation. Nor the next. Nor the next. If you don’t know better, don’t effing vote — if only for your own good because unless you’re rich you’re voting against your own interests. Stay home and get drunk.)
When CDSs were suddenly found to be — what?! — amalgamated debts that an iota of sense tells a non-trader means the things have a negative valuation they were sold so fast soon they were worthless which is why WE WANT CHINA TO HAVE TRILLIONS OF T-BILLS SECURING OUR DEBT BECAUSE THEY CANNOT SELL BECAUSE IF THEY SELL 5% OF THEIR SHARE THEY WILL RENDER 95% WORTHLESS. I’m an autodidact and PhD-level understanding of economics is a weekend project.
NOTE: “THE ECONOMY” *IS NOT* — IS NOT — THE STOCK MARKET.
However, since politicians and the majority of Americans (dumb arseholes, all) don’t think about the fact that unemployment remains twice the previous average (which was maintained purpoefully because it ensures low wages by ensuring a labor pool that will do what you do under worse conditions for less money), that twice that number of American are under-employed. That money itself is taxed at the same rate as human beings. You work to get money. Money that is invested with can’t lose Wall Street during the ever-shorter periods of boom before bust that increases in value, essentially creating more of itself, is taxed probably a bit less than you.
Money that makes more money is taxable at a rate equal to or less than money made through work.
And that is why these hackers shouldn’t be prosecuted. Indeed, they broke the law. But the law and the government care far more about a bank that was a necessary cause of the current economic sinkhole (not called that because the markets are doing just fine, but most Americans are still and forevermore doing worse than they had been — which is what one means when one separates economics from finance. One is the the information everyone forgets to get jobs in this sector, which is actually the financial sector. One is a topic of study with proven laws, with models and theories that reliably predict and sufficiently explain reality. One teaches a dismal science regarding capital founded and continuously expanded and improved with ideas that become proofs that involve tons of alien-math that become reliable models of reality. The other is a system rooted in and ruled by and by turns panic and irrational avarice.
If the hackers had done damage similar to JPMorgan did a given weekday, hang them high.
Otherwise, fuck this shit. America is un-American when it persecutes people for attacking a gigantic evil using nonviolent means.
alienandroid: powers. we got ’em.
Article here, click text: