Memo to Wall Street: America hates you - Those in the financial echo chamber still don't get it

Market Watch ^ | March 27, 2009 7:54 a.m. EDT | Jeffrey D. Korzenik

[Ernest_at_the_Beach]

Commentary: Those in the financial echo chamber still don't get it

BOSTON (MarketWatch) -- The New York Times' publication of the resignation letter of American International Group executive Jake DeSantis has garnered a great deal of attention. What I find even more interesting than the letter are the angry responses to it.

There are 917 comments on the Times' Web site in response. Browsing through a few dozen of them, I'd estimate 95% or more are hostile to Wall Street in general. There is nothing but bad that can come out of an environment where the majority of Americans are furious at their financiers.

I've spoken to some of my friends at the major firms. For the most part, they have not fully appreciated the anger that most people feel towards Wall Street. I can understand why. When you live in an affluent New York suburb, a disproportionate number of your neighbors work in the industry. Most of your friends work in the industry. Heck, your kids or your parents may be in the business, too.

It's all one big echo chamber.

Within that small, self-contained world, it's no big deal to make $1,000,000 a year. It's simply assumed that $850,000 of that may be in the form of a bonus, and that of course you're entitled to some kind of a bonus every year.

It's accepted that sacrificing for your company's sake or for your fellow employee's sake is a sucker's game, because you'll be sold and laid off in a New York minute if it puts another dollar in someone else's pocket.

[ClearCase_guy]

Wait a minute ... wait a minute ... are you telling me that the readership of the NYT is overwhelmingly made up of people who hate Big Business?? Really?? [/s]

[azcap]

30 years of media and pop culture showing business as evil. 20 years of public schools brainwashing children that businesses are bad. What do we expect?

[Roccus]

It's all one big echo chamber.

Kinda like inside the Beltway.

[bigbob]

When the MSM spends half it’s time (when it’s not covering the Octomom, that is) pouring gasoline on the class warfare fire, what can you expect? It’s easy for someone who just got laid off to blame those evil bastards on Wall Street for everything that’s wrong in their life - the adjustable rate mortgage they had not chance of paying, the two SUVs they just *have* to have, the plasma TV and all the expensive lessons their kids need in order to maintain their standing in the middle school social circles...etc ad nauseum.

Besides, what would you expect on the NYT website? This isn’t where folks from Des Moines share their thoughts.

[Jeff Head]

People are being propogandized and taught to hate the free market.

They are being programmed to be active in their own undoing.

The people behind the housing and credit problems...at the very root of it...are the people doing the propogandizing.

The extent of their success is evident in the fact that they have been elected to now correct the problem they created.

They have no intention of correcting it.

THE AUDACITY OF TRUTH ABOUT BARACK HUSSEIN OBAMA

BARACK HUSSEIN OBAMA IN HIS OWN WORDS

NOW WE KNOW WHAT A COMMUNITY ORGANIZER DOES

OBAMA, THE STOCK MARKET, AND ENERGY

THE AUDACITY OF TRUTH ABOUT BARACK HUSSEIN OBAMA'S UPBRINGING

IT'S TIME FOR A RETURN TO THE OLD SCHOOL

WRITE YOUR GOP SENATORS TODAY!

[WeatherGuy]

Ha! This guy is getting his opinions of what “Americans” think about Wall Street by reading the posted comments of brain-dead Leftists at the New York Times?

He’s the one in the “Echo Chamber”, not those in the financial industry.

[luv2ndamend]

vid Its all part of his plan. Check out the Dick Morris Vid.

[varyouga]

I know many descent people from “Wall Street” but they are all lower-level employees(that are mostly unemployed now).

With most of the higher level people, I always feel like I have to “watch my back”.

They're the type of people that would hurt someone if it means more money for them and laugh about it. I can't tell you how many times I'd go to lunch with that crowd and have to secretly pick up the tip.

Harassing and shorting a $3/hr waitress for fun is so disgusting. Especially from guys making close to 7 figures. But what do you expect in an industry where only greed is rewarded?

[Melinda]

Most business is not evil, but most of Wall Street is not business, and never was. Post WWII grads from the top b-schools in the country mostly looked down upon Wall Street as just an overpaid salesman's haven as many do today. They would have nothing to do with it, more interested in running actual businesses and innovation than mere sales.

[azcap]

Yes, the posters on the NY Times website are mostly leftist urbanites. Unfortunately you will also get a populist anti-business sentimnet from much of middle America. Look at Huckabees populist message and the willingness of almost all elected Republican leaders to pile on “big business” whenever they think it wlil make a good sound bite.

[hermgem]

Obama did a fantastic job of unloading or better shifting guilt and hate onto the private financial sector.
Just see the vermin spewing forward after Obama divulged to the uninformed these millions of bonuses, when in fact he and his tax evading Treasury Secretary were fully aware, and on top of it, in contractual agreement to these bonuses.
Yet, this worldwide recession started in the U.S. with sub- prime mortgages for blacks forced upon banks.
On top of it came tripling of food prices by mandating ethanol , these no drilling for domestic oil mandates by green folks escalating fuel prices, and throwing away as well as devaluing money at oil exporters.
Change: Economic starvation, unemployment.

[Pietro]

Wall St has no one to blame but themselves for several reasons:

1) Arrogance-- does the term "Master of the Universe" meaning anything to you?

2) Greed-- They've destroyed a multitude of viable American companies in their short sighted grab for instant millions

3) Hubris-- not only don't they care that their actions put thousands out of work routinely, they believe they have the devine right to do so

4)Public Perception-- When CEOs of major corps squeeze concesions from their employees and then rewrd themselves w/ multi-million $$ bonuses what is the public to think?

Does this egregious misconduct lead me to believe that the gov. should step in and fix it? Oh Hell no. Nevretheless, I'll cry no tears for the poor, misunderstood millionaires in NYC.

[longtermmemmory]

and yet all those buffoons donated to Obama.

and today Obama meets with the bankers. I would imagine to strong arm the Bankers in order to keep them on his side for 2010 and 2012.

Obama is running to put the country into so much debt so as to make the “stupid voter” class scared of doing what is right.

[livius]

What they should be hating is the government, but the NYT readership is certainly never going to be on that side. Most of them are probably either in media themselves, or are teachers and other flunkies on the government payroll, not “business people” at all.

[ClearCase_guy]

Right now, Obama and the Democrats have successfully created a situation in which times are bad, and capitalists are being blamed. Fine. Demonize all of the employers. The productive people. Business owners are the problem. Sure. Whatever.

But there is no way out. If businesses are punished, the bad times won't go away. The anger will also still be here. The mob with the pitchforks and torches will still be out there. The businessmen will have been dealt with -- and now it will be the politician's turn.

The Bastille will be stormed before this over.

[<1/1,000,000th%]

Smoke and mirrors.

Wall Street is Democrat and they’ve been voted into the Presidency and both houses of Congress.

[palmer]

his tax evading Treasury Secretary

I also believe Turbo Timmy will be the capitalist fall guy. The Teleprompter will say something like "we've tried it Wall Street's way and Timmy did his best. But now it's time for _____ (insert name of union organizer) to put the people interests first..."

[Notary Sojac]

If we let the badly run businesses fail, and make room for well run businesses to take their places, capitalism works and no one is perceived as keeping ill-gotten gains.

Unfortunately the Bush administration set the precedent for allowing failing businesses to receive unlimited taxpayer life support. A precedent which Obama has grasped with both hands.

[Kozak]

Kinda like inside the Beltway.

Or like the MSM...