This is my favourite quote of the day and comes from an article about a very big insider trading case that's given a kick in the ass to Wall St.:
"The case reinforces the perception that Wall Street is a place where well-connected insiders game the system and prosper, leaving small investors stuck with the losses when markets falter."
Uh, no shit...
2 comments :
Everyone likes to blame Wall Street 'greed' for today's economic problems but the real problem in the US is the Democrat controlled Congress.
Hard-line socialists enacted laws that required banks to make risky loans and a false economy was the result. But, left-wing politicians and their friends in the old liberal media keep pointing fingers at Wall Street and shouting 'Greed!'.
Funny thing is though, a lot of people aren't buying it any more, there's no reason to believe leftist politicians or their media outlets, so they don't.
People in greater numbers are realizing that government control of large sectors of the economy is a recipe for disaster, it always has been a recipe for disaster since even a child could see that the Soviet Union and every other socialist state is a failure.
But the siren song of socialist utopia is a powerful drug for the weak-willed and therefore attracts many followers in the subjective professions like education, media, politics or any other 'profession' where negative outcomes can be 'explained' away in an endless vocabulary of meaninglessness.
Profit makes the world go round and everyone benefits, no one would invest in anything were it not for profit.
That is basic human nature, everyone is an economist at heart, even crack addicts only do enough work to get high, no more no less.
If there was ever even one left-leaning, socialist type person who has ever simply just worked for another human being without gaining anything at all in return - they should build a monument to that elusive person since they have yet to be found.
I hardly know where to start with someone so obviously deluded that they even think the Democrats are a socialist party or have any "hard-line socialists" in Congress.
The Democrats gets pretty much the same amount of corporate funding as do the Republicans. The parties are, in effect, twins - it's just that the Republicans are the brother who "just ain't quite right." But Obama is ramping up the war in Afghanistan - like Bush. Obama is transferring wealth to the richest via the bank bailouts - as Bush did with tax cuts for the wealthy. The list is quite long.
But, in any case, the housing bubble had nothing to do with "socialists" forcing banks to lend to the unworthy and everything to do with Fed policies to inflate a flaccid economy after the dot com bubble burst and after 9/11. As the loose money, resulting from cheap credit, ramped up the price of homes across the US - in particular in California and Florida - it developed it's own dynamic. And the banks inflated it further, made it impossible to even know which loan was for what by chopping them up and turning them into incomprehensible derivatives that they sold as though they had any real value.
It was a combination of good old fashioned greed - chasing profit - that led to the present fiasco. That and the ongoing decline of the United States as a world power. The only thing that the USA has going for it is a massive military - bought with money borrowed from the Chinese. You've sent manufacturing offshore so that you can get cheap goods made with near-slave labour and paid for, again, with credit extended by the Chinese. The USA is so far in the debt hole that even your dollar is on the verge of being dumped as the world reserve currency and the one used to trade key commodities like oil.
I'm afraid after the better part of half a century of ultra-capitalism, combined with repressing any domestic opposition to this madness, you've fucked yourselves royally. Your capitalist utopia experiment is going down the toilet faster than you can say America the beautiful.
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