Mike,
My progressively hostile attitude towards Wall St. started in just the last couple of years.
I have a number of acquaintances that are brokers, run hedge funds, or are experienced investors. They privately share many of my views about the current market risks and other subjective matters that two reasonably informed people might discuss. So I find the differences of opinion between vested interests and non-vested interests quite revealing.
I've seen some very prominent strategists, analysts, CFOs etc.. go on CNBC, Wall ST. Week, and other mainstream press shows and say things that seemed to be such preposterous interpretations of the issue being discussed that I found it hard to believe that the person saying it could believe it either.
To me it seemed like a clear cut attempt to "F" the public because they had a position to get out of, inventory to unload, wanted to generate fees and commissions and/or just advance the bull market for career and firm benefit no matter how many people it might hurt in the "long term".
Generally, you can't get a very high level job on Wall St. without being a reasonably bright person. And I would never complain about someone that I thought was being honest but wrong. It's just that I am fairly certain that many (although not all) of the most prominent spokespersons of these firms are full of it big time, even if I can't it.
The thing about Wall St. that makes me especially angry is that the amount of money we are talking about is extremely large. Enough to ruin lots of lives.
Second, much of the bullcrap is coming from people that are already wealthy and not just struggling to make ends meet like some small businessman who might lie to a customer from time to time. There must be ways to advance your career without totally abandoning any sense of decency.
Last, if this thing blows up, the same people who are getting pillaged right now are going to pick up the tab to make sure the financial firms that have funded and promoted the excesses don't fail.
I'd rather not feel angry about this stuff and just go about my own business. It just seems to go beyond the tolerable levels of nonsense that are part of life. Sometimes I have to vent.
Who do you like Beherens or Victory Gallop? (g)
Wayne |
