Hey, correct me if I am wrong but are not most of these Wall Street companies that are going broke run by graduates from Ivy League Schools?My wife and I were saying the exact same thing last night!
What has America gotten from all these genius graduates from the top business schools in America?
Absolutely NOTHING!
These geniuses are the ones (like the CEO of Merrill Lynch) who made the decision to invest full bore in the sub-prime lending market.
And these are the geniuses who surround the zerObama campaign.
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.
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.
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.