What I hear on the inside of the financial sector

[apnu]

I work for a brokerage firm, so I'm surrounded by Bushbots all day. Listening to them lately, especially today, with all the Fed bail-out and now these other banks failing has been interesting.

These flat-earthers, ultra-capitalist, free market afficianidos are all confused and out of sorts today. The the Federal Government bailouts and tax burden shifting to their sons and daughters has them skittish. They don't know if we've become a communist country, and if so, why did their beloved Republican party take us there?

Or, I also hear whispers of, sometimes in the form of bellows, that these banks should fail and let the market sort it out. Clearly clinging to their free-market philosophy in the hope that their philosophy will be proven out, finally. Some of them, have that worried look, the one someone gets when their political world view is crumbling as, I'm sure, they are thinking deregulation of all things Wall Street does not look like a good idea anymore. That look one gets just before the epiphany when they realise all of their assumptions are wrong.

Now, don't think these leopards are going to change their spots. That won't happen, they're confused, not converting to our side. No, they are still going to do what they've always done, which is blame the "libruls" for their own screw-ups. What else is new with the "personal responsibility" crowd :sarcasm:

Still, it is very interesting to watch their crisis of faith. Anybody else seeing things this?

[TreasonousBastard]

1. It won't last-- I saw it years ago when...

things happened. They never learn.

This is the worst one in memory, but these things are cyclical and part of that is because of the Wall Street myth that they can handle themselves. Problem is, when things get better, they immediately go back in to "we did it" mode and the next cycle starts.

I remember a Wall Street Journal front page article from back in the mid 90s that told of failing brokerages directly because of lax standards and regulation-- the failure of self regulation. Sure enough, in the same edition the editorial page had a lengthy disposition on how the industry was inherently self-regulating and Washington should keep its hands off. It's like the editorial writers didn't bother to read their own paper.

But, they've fucked things up so much that they've finally ceded their leadership to London-- Wall Street isn't dead, but the urban cowboys there never had what it takes to be an international market, and they've finally proving it.

Oh, and isn't it about time the gasbags in the financial news finally pilloried Phil Graham? They've already mentioned Barney Frank's involvement in Fannie and Freddie, so why not go after the great white whale?

[apnu]

7. Good assement, I generally agree. (nt)

[bmbmd]

2. They won't think

until someone tells them what to think. Just waiting for credible spin.

[JohnnyRingo]

3. They'll probably have that confused look until they turn on an AM radio

That great economic wizard, Rush Limbaugh, will find a liberal scapegoat, and invent the logic to prove it.

He's likely still in the Rush cave, crunching the numbers.

[Jennicut]

4. Like sheep being led to the slaughter, yup, it will straighten itself out

Stupid dumbasses.

[bemildred]

5. You gotta remember, their 401K and stock plans are going belly up on them.

It would make anyone grumpy. They are not EVER supposed to be the chumps.

[apnu]

6. Yeah, I moved mine to a money market.

Basically a savings account. Its not much, but my savings isn't slipping (or should I say running) way.