Class Notes (839,626)
Canada (511,431)
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SOCA02H3 (398)

lecture notes

6 Pages

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Malcolm Mac Kinnon

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Useless words and other bits of information McKinnon wants us to know -LegitimacyLegitimized -Authority is power legitimized -Power is coercion -Time out of mind -Rod Blagojevich -Utilitarian -Tony Robbins -Budda + Buddishm -Charisma Miraculous power The chosen one The Messiah. -Bourgeoisie Marxs Ruling Class -Proletariat Marxs Working Class -Warlords -Cohesive -Diabolical -Community of interests -Corporate; Conservative coalition -Liberal; Labour Coalition -Chamber of Commerce -Military; Industrial complex -Royal Commision -Ukranian -Environmental degradation -Global Warming -Ozone Depletion -Biodiversity -Kosovo -Monopoly of violence McKinnon is telling us how retarded those Americans are, speaking of debt 1. In the US, there were two large mortgage companies: Fannie May and Freddie Mac They were instructed by the US to give mortages to everyone. So there was a boom in building new homes, and people defaulted their mortgages (i.e. failed to pay them back because these people were poor)Defaults piled upon defaults. In the meantime, that huge debt was sold on the stock market as derivatives. This debt was sold as derivatives in the stock market all over the world as prime stocks (did he say stocks? Or something else?). So in a prime stock, there is no risk involved (or so they thought) and people bought this in the trillions, then the bottom fell out and people lost their homes when these stocks fell. We in Canada never got into these bad habits of lending money we dont have so we dont have anywhere near as big a debt as the Americans.
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