Posted on 03/27/2009 8:49:09 AM PDT by Ernest_at_the_Beach
There are a hundred more venture capitalists and entrepreneurs in the rest of the country that will be ahead in line for Bama's guillotine. The crash was exacerbated by Wall St derivatives, but made possible only through too much borrowing. Credit will never rise to infinity and it was well beyond sustainability in 2005 when many here posted about it.
And what a lot of people who don’t live in the New York City area miss is that when these people talk about 60-80 hour weeks and working 7 days a week and not being able to take vacations or even holidays off, many mean it. If those were easy jobs that anyone could and would do for less, the salaries wouldn’t be that high. Let me put it this way, if people think you can do better for less and paying people less, why not open up a competing business and prove it? The reason why we have so many lawyers is that it’s the only profession that’s not being harassed for high pay because, well, lawyers run the government and write the laws.
BUMP! for later
People do not play games where they cannot win. The greater the chance that they will win, the more they buy into the game. In this respect, the economy is like a game. The middle class expects that if you go to college, set goals and work hard, you will end up with a nice car, home, big screen tv, college account for your kids and a retirement. This has changed over the years as both adults in the family have to work to maintain the same success as in years past.
The poor usually don’t have a college degree nor do they understand many of the unspoken middle class rules. With exceptions of class mobility, more often than not they feel that they will never win at the “game” no matter how hard they work, so they have created their own values based on rationalization about equity and “deserving” to win. Their values are based upon survival. There is considerable economic class envy and anger.
As more and more middle class lose at the economic game, lose jobs, houses, college fund, retirement, even though they have their college degree and have worked hard, there is less and less buy-in to the status quo. Why support a game where only the rich seem to have a chance of winning? Something has got to change. This is where you are seeing the flip to anger and disatisfaction as the wealthy are seen as continuing to win while the rest of us lose ground.
The fat cats on Wall St, along with their paid help—the Federal gubmint—ought to be despised. Marc Faber recently referred to them as “the worst scum on the earth.”
They ought to be grateful they aren’t hanging from trees and lampposts, or done away with Chinese style with the families billed for the bullets and a citation for littering, their wasted brains messing up the pavement.
Poor babies, oh!
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