I completely agree with you. Although, I often wonder if these same people defend WS in blind ignorance because it is supposed to represent free enterprise and capitalistic endeavor. These are probably, for the most part, the same people who have such a limited understanding of finance and markets as to think that the DOW is 'The Market'. Without a grasp of complicated financial instruments that seem to flourish out of mid-air overnight, no one really knows what is going on with the wizard behind the curtain. What I can't figure out is who likes it that way more, the brokers, PDs and investment bankers who get away with literal pillaging or the sheeple who have no desire to understand what drives the consumer markets.
“What I can’t figure out is who likes it that way more,”
One thing that I have noticed is that this board lately has been quiet when it comes to defending WS. I think some have realized defending the indefensible selling of smoke and mirrors is a bad idea and some are just wishing and hoping for another chance. When Warren Buffet is seen to be just another shill with his Goldman-Sachs-Obama connection I can’t see how mom and pop would ever consider the market a good place to put their money until sanity is regained and only things with intrinsic value can be traded.