Author Topic: BlackRock Faced with Catastrophic Loss Worth 100's of Billions, Smashes Industry Records  (Read 5473 times)

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Online Hoodat

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If they go belly up a lot of people who are receiving pensions (of which they paid into) are going to be devastated.

Good.  That means this time people may actually go to prison.  I'm still pissed off that all the sub-prime execs continue to live millionaire lifestyles.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

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"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."

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Offline roamer_1

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Good.  That means this time people may actually go to prison.  I'm still pissed off that all the sub-prime execs continue to live millionaire lifestyles.

I feel another 'too big to fail' moment coming on....
Only I don't think Uncle Nanny can pack the weight without sending us down the drain.

Online Hoodat

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No. It's loaned, then paid back to the fund with interest using other borrowed money to keep it nominally solvent.

That word 'loaned'.  I don't think it means what you think it means.  Here's how it works.  All Social Security taxes go into the Treasury's general fund.  Out of this general fund, the Treasury pays out money to all Social Security recipients, keeping a tally of all money paid out.  If there is any money left over, the Treasury makes an account of that money and issues a piece of paper to the Social Security Administration recording that fact.

This continues on year after year until one day, the money paid out to Social Security recipients exceeds the money coming in.  (This day has already happened).  The Treasury continues to pay out money to the recipients, except now they ask the Social Security Administration to give back some of those pieces of paper.

Eventually, the day will come when the Social Security Administration no longer has any pieces of paper left.  And what will that mean?  Nothing.  Not a damn thing.  Because Social Security payments have been coming out of the general fund since Day One.  That's how Ponzi schemes work.  Social Security is just another tax that gets spent right away.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

-Dwight Eisenhower-


"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."

-Ayn Rand-

Online Hoodat

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I feel another 'too big to fail' moment coming on....
Only I don't think Uncle Nanny can pack the weight without sending us down the drain.

The whole 'too big to fail' moniker is complete bullshit.  2008 taught us that very big companies are perfectly capable of failing.  The correct terminology should be 'too big to be allowed to fail'.  The only question at this point is whether the government will stay the hell out of the way and let them fail (which they should), or whether the government will bail out the fat cats and protect their life style why the proles lose their houses, their savings, and their livelihoods which is exactly what we've done since 2009.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

-Dwight Eisenhower-


"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."

-Ayn Rand-

Offline roamer_1

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The whole 'too big to fail' moniker is complete bullshit.  2008 taught us that very big companies are perfectly capable of failing.  The correct terminology should be 'too big to be allowed to fail'.  The only question at this point is whether the government will stay the hell out of the way and let them fail (which they should), or whether the government will bail out the fat cats and protect their life style why the proles lose their houses, their savings, and their livelihoods which is exactly what we've done since 2009.

You have to know that was sarcasm. You and I are in complete agreement on this matter. Risk was taken and the piper must be paid. It's how it works.

Online Hoodat

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You and I are in complete agreement on this matter.

Yes, we are.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

-Dwight Eisenhower-


"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."

-Ayn Rand-

Offline The_Reader_David

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My give a damn's busted. I will probably cheer if they go belly up

Don't. It isn't their own money they are losing, but that of small investors who have money in Blackrock-managed funds.  Heck, I've got some there -- public universities in Ohio don't participate in TIAA-CREF, the non-profit financial services companies Andrew Carnegie established to make sure American academicians have good pensions, and part of my IRRA account with money from my few years at Ohioo State is in some Blackrock funds. 

The size of their loses is not an indication of any looming insolvency, it's just that they manage a surprisingly large proportion of the total equity in American companies and the market is way down since the start of the year thanks to the Biden administration basically screwing everything up even worse than the bipartisan "stimulus" bill passed when Trump was still in already had.
« Last Edit: July 24, 2022, 01:16:11 am by The_Reader_David »
And when they behead your own people in the wars which are to come, then you will know what this was all about.

Online Hoodat

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The Black Rocks, Vanguards, and Goldman Sachs of this world can all go to hell as far as I'm concerned.  I don't have a pension.  I have never been employed by the enemy.  And since the age of 16, I have known that I and I alone am responsible for my retirement.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

-Dwight Eisenhower-


"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."

-Ayn Rand-

Offline roamer_1

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Don't. It isn't their own money they are losing, but that of small investors who have money in Blackrock-managed funds.  Heck, I've got some there -- public universities in Ohio don't participate in TIAA-CREF, the non-profit financial services companies Andrew Carnegie established to make sure American academicians have good pensions, and part of my IRRA account with money from my few years at Ohioo State is in some Blackrock funds. 


That much is incidental to the act. There is no way to take them out without investors taking a bath. Sorry for them, but that is the nature of the game.

Quote
The size of their loses is not an indication of any looming insolvency, it's just that they manage a surprisingly large proportion of the total equity in American companies and the market is way down since the start of the year thanks to the Biden administration basically screwing everything up even worse than the bipartisan "stimulus" bill passed when Trump was still in already had.

Well, on top of that, real estate has topped out I think, and is beginning to swirl. This may be nothing but the first indicator that it's coming... but it is coming. And left to nature, when the bottom falls out, big holders like Blackrock are in for a ride.

Suits me fine.

Online Hoodat

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@roamer_1
Have you watched the series 'Mr. Robot' with Christian Slater and Rami Malek?  The too-big-to-fail company in that series was called 'E-Corp' - the 'E' stands for 'Evil'.  Anyway, very interesting.  The stunning part was how calm the CEO behaved after his company experienced a 100% unrecoverable data loss.  Because he knew in the end that the government would give him anything he wanted.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

-Dwight Eisenhower-


"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."

-Ayn Rand-

Offline roamer_1

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@roamer_1
Have you watched the series 'Mr. Robot' with Christian Slater and Rami Malek?  The too-big-to-fail company in that series was called 'E-Corp' - the 'E' stands for 'Evil'.  Anyway, very interesting.  The stunning part was how calm the CEO behaved after his company experienced a 100% unrecoverable data loss.  Because he knew in the end that the government would give him anything he wanted.

No, I have not... But this is not the first time that movie has been recommended. I am going to have to go dig it up...  :beer:

Offline roamer_1

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The Black Rocks, Vanguards, and Goldman Sachs of this world can all go to hell as far as I'm concerned.  I don't have a pension.  I have never been employed by the enemy.  And since the age of 16, I have known that I and I alone am responsible for my retirement.

MEGA DITTOS.

Offline libertybele

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The Black Rocks, Vanguards, and Goldman Sachs of this world can all go to hell as far as I'm concerned.  I don't have a pension.  I have never been employed by the enemy.  And since the age of 16, I have known that I and I alone am responsible for my retirement.

Yes we also put money aside for our retirement.  Maybe you were self-employed, I don't know.  I worked since I was 13 pretty much taking care of myself, I put money aside and saved, got married and we saved as much as we could with kids and we planned for retirement.  Life is throwing us yet another curve ball and I feel like you are chastising us for planning for retirement the best we could. We worked our butts off and we're going to get royally screwed for I guess what you classify as working for the enemy.

Gee, @Hoodat  you deserve a huge pat on the back and you can sit and laugh at me who has now basically worked for nothing.

Romans 12:16-21

Live in harmony with one another; do not be haughty, but associate with the lowly, do not claim to be wiser than you are.  Do not repay anyone evil for evil, but take thought for what is noble in the sight of all.  If it is possible, so far as it depends on you, live peaceably with all…do not be overcome by evil, but overcome evil with good.

Offline roamer_1

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Life is throwing us yet another curve ball and I feel like you are chastising us for planning for retirement the best we could. We worked our butts off and we're going to get royally screwed for I guess what you classify as working for the enemy.

Gee, @Hoodat  you deserve a huge pat on the back and you can sit and laugh at me who has now basically worked for nothing.

That ain't fair to @Hoodat .
I too worked my butt clean off. Made it to two companies and six figures... Then I was hit with illness and lost everything in two years.

That's the way it goes. Nobody cried for me either. The difference being the false sense of security advertised by the robber barons that have your fortune and will lose it soon enough.

Nothing is safe. Nothing is sure. If there is not risk there is not profit.

I am sorry for all the little investors - but these robber barons deserve no sympathy.

Offline libertybele

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That ain't fair to @Hoodat .
I too worked my butt clean off. Made it to two companies and six figures... Then I was hit with illness and lost everything in two years.

That's the way it goes. Nobody cried for me either. The difference being the false sense of security advertised by the robber barons that have your fortune and will lose it soon enough.

Nothing is safe. Nothing is sure. If there is not risk there is not profit.

I am sorry for all the little investors - but these robber barons deserve no sympathy.

I too am was hit with illness (several rare diseases) and couldn't work after awhile @roamer_1 and no I'm not asking anyone to cry for me, and yes, I absolutely sympathize with you. Your are right all the robber barons deserve no sympathy but I feel that @Hoodat was sneering at me and at all the little investors. Sorry, but those who think they are above others, well, that just doesn't sit well with me.

This is getting way off topic.

Blackrock is in trouble and I think it will cause a domino affect on the economy.

Gold, guns, ammo, food and water.
« Last Edit: July 24, 2022, 02:09:01 am by libertybele »
Romans 12:16-21

Live in harmony with one another; do not be haughty, but associate with the lowly, do not claim to be wiser than you are.  Do not repay anyone evil for evil, but take thought for what is noble in the sight of all.  If it is possible, so far as it depends on you, live peaceably with all…do not be overcome by evil, but overcome evil with good.

Offline DB

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BlackRock is a vampire.

These investors are a casualty of it.

Offline DB

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No. It's loaned, then paid back to the fund with interest using other borrowed money to keep it nominally solvent.

LOL...

Online Hoodat

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Gee, @Hoodat  you deserve a huge pat on the back and you can sit and laugh at me who has now basically worked for nothing.

I'm not laughing at you, nor am I asking for a pat on the back.  All of us have worked for nothing when it comes to Social Security.  If we had been allowed to invest that money instead of the government taking it at the point of a gun, we would all retire as millionaires.  Every single one of us.

Just to let you know, I was a self-employed blue collar guy up until my early 40s when I finally earned a college degree.  Ever since I got an engineering job, I have put as much as I could into a 401(k).  This is going to be the only retirement money I have.  It's mine.  I invested it.  And I chose where to invest it.  And if the market tanks, it is on me and me alone.  Government won't owe me a dime, because I refuse to be dependent on them, whether it is Social Security or some government pension.  It has nothing to do with you.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

-Dwight Eisenhower-


"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."

-Ayn Rand-

Online Hoodat

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Your are right all the robber barons deserve no sympathy but I feel that @Hoodat was sneering at me and at all the little investors. Sorry, but those who think they are above others, well, that just doesn't sit well with me.

You have me all wrong.  I am way behind the eight-ball here.  I am a little investor with a 20-year late start.  I have no one to sneer at.  And I despise the insiders who write their own rules to benefit themselves while paying off the politicians who will bail them out if anything goes south.  Companies like Goldman Sachs who dump bad stocks by recommending them to the investors who pay them for investment advice?  They are a great evil, and they deserve prison.  Poor people's prison.  Not that country club crap that people like Bernie Madoff and Ivan Boesky go to.  But as evil as those people are, they don't come close to the people running Social Security.  Those people should burn in hell for eternity.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

-Dwight Eisenhower-


"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."

-Ayn Rand-

Online Hoodat

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Just one more thing I want to say here about those who gave their money to Bernie Madoff.  Every single one of them did it because they were convinced that Madoff had insider information, and that he would give a better ROI than a legitimate fiduciary financial advisor.  It was their own greed that sold them down the river.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

-Dwight Eisenhower-


"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."

-Ayn Rand-

Offline sneakypete

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My give a damn's busted. I will probably cheer if they go belly up

@roamer_1

Yeah,tens of thousands of people will lose all their retirement savings,businesses will go out of business,houses will be foreclosed on,but what the hell,serves them right,right?
Anyone who isn't paranoid in 2021 just isn't thinking clearly!

Offline sneakypete

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Surely I am sorry for innocent bystanders. But that does not make me root for Blackrock. THAT would be asocial.

@roamer_1

No,your class warfare attitude is what is asocial. Neither you or anyone else can separate
Black Rock from it's investors in a crash. If Black Rock gets hurt,everybody that invested there gets hurt,also. Even charities.
Anyone who isn't paranoid in 2021 just isn't thinking clearly!

Online Hoodat

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@roamer_1

No,your class warfare attitude is what is asocial. Neither you or anyone else can separate
Black Rock from it's investors in a crash. If Black Rock gets hurt,everybody that invested there gets hurt,also. Even charities.

I'm not understanding the difference here.  If I invest in Walmart, and Walmart goes out of business, I get hurt.  Likewise, if I invest in Black Rock, and Black Rock goes out of business, I get hurt.  Why is Black Rock any different from Walmart?

If I put money in a 401(k), I get to choose where my money goes.  Why in the hell would I choose to invest in Black Rock?
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

-Dwight Eisenhower-


"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."

-Ayn Rand-

Offline sneakypete

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    I haven't forgot how the GM Bondholders got the deep end of the shaft even w/obummer bailing them out.

@corbe

What happened then is child's play compared to what is coming. The board is completely out of touch with the wishes of the stockholders,and just don't give a damn. They lust after the short-term financial gains of doing stuff like setting up factories in China to manufacture GM automatic transmissions because they see a quick percentage gain in profits due to the lower labor costs,but seem to have given no thought at all what will happen to them once the Chinese steal their designs and then refuse to sell them transmissions at a discount. Hell,they even sent GM engineers to live in China for a couple of years to help the Chinese work all the bugs out.

Same thing with other industries,too. I know of one Smithfield meat packing plant that shut down,sold out,and moved all their production to China. Hundreds of people out of work now forever in that small town/rural area so that Smithfield could save a few bucks on labor until the Chinese get on their feet well enough to void the contracts and raise the wholesale prices.
Anyone who isn't paranoid in 2021 just isn't thinking clearly!

Offline roamer_1

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@roamer_1

No,your class warfare attitude is what is asocial. Neither you or anyone else can separate
Black Rock from it's investors in a crash. If Black Rock gets hurt,everybody that invested there gets hurt,also. Even charities.

@sneakypete

Like Saddam Hussein guarding his infrastructure with children. Except because of small investors, some how you can't wish these robber barons any ill.

Bullcrap. That's how these evil bastards become 'too big to fail'.