Posted on 09/15/2008 1:52:08 AM PDT by TigerLikesRooster
You guys are looking at this from the wrong angle. They ARE getting what they want and are taught; make big bucks now and to heck with the people you screw on the way to your millions. In fact, I bet they still, today, are bragging about how their "educations" brought them their wealth.
One thing’s for sure: If what these financial wizards have been up to can affect our economy and society to this degree, than it should be tightly regulated.
This does not speak so well of Obama and his connection to Colombia and Hardboard......
Don't forget the Clinton tag-team and a whole gaggle of Bush family members...
There are mega-bunches of block-heads on this train...all with fine pedigrees.
Being a genious and having common sense don't necessarily go together...common sense gets lost in the shuffle. because for the most, common sense is way too simple.
Hrm There’s a Black Swan Ping list?
I enjoyed the book, and your ping is apt :)
Fixed it for ya, no need to thank me.
Right now we're just seeing the inevitable cyclical contraction of the credit markets as the speculative bubble caused by the Fed's low interest rates and too much securitization of too many exotic instruments collapses.
The only part of this that ticks me off is when the Fed steps in to bail out private companies but doesn't force the prior management and major to disgorge their profits.
As for the gripe that the 'little guy' can't bail out of Lehman like the big guys: I don't recall the markets (like a condo association) ever being sold as anything other than an oligarchy. You and I are like the sucker fish following the sharks-- we just hope the Big Kahuna knows what he's doing.
“major to disgorge” = “major stockholders to disgorge”
In fact, Fannie Mae and Freddie Mac were government sponsored entities deliberately constructed to provide easier credit.
All this tighter regulation seems to have bought us is more corruption.
Good post. I agree with you.
Forcing them to provide easier credit was indeed stupid. Allowing them to bundle risky loans and re-sell them, then re-bundle and re-sell the bundles, over and over and over, until nobody knew who owned what or what it could actually be worth is monumentally stupid, and that practice should be halted forthwith.
I cringe with fear when I think of the corrupt economic illiterates in the Dem majorities trying to write such regulations.
Indeed. “Intelligently crafted” and Congress don’t go together. As for disproportionately benefitting anyone, that’s exactly what the system is designed to do, provided the proper payoffs...oh, excuse me...lobbying efforts, have been made.
Ownership society.
I would never have listened to them had they been leftist pundits but feel betrayed by them because they are supposedly conservative economists.
In 2000 and again in 2004 we elected a fake conservative. He, in cahoots with the leftist democrats whose praise he craved, managed to spend this country into economic disaster and got nothing but ridicule from those who he thought would praise him.
Well, at least we have a free market in congressmen & senators!
In 1987 I sold 30,000 shares of Phillips Petroleum for $17 and invested that money in a meat packing company stock that an account manager assured me would go straight up.
I was in Dallas on business when my secretary finally caught up with me to say that my account manage had called several times and was desperate to talk with me.
I called him and he told me the market had crashed and if I sold right then he might be able to recoup as much as $30,000 of my original investment.
The company I had invested in declared bankruptcy that next week and the stock I sold was worth only pennies on the dollar.
Never again will I trust these Hardvark University know it alls to invest one penny of my money.
Investing in the stock market I have come to conclude is an idiotic gamble unless your a huge player with inside information.
Sort of like the Washington Insiders or the Wall Street gang.
I don't do cocktail parties out here in the California desert so am at a disadvantage with the in crowd.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.