I haven't posted for a while, but I surely want to throw my 2c in regarding my sentiments towards the missfits and fanatics of Wall St.
Today we learn that Wall St. has jeered the Obama budget plan....a plan that is heartily attempting to help bail our nation out of its worst economic mess since the Great Depression. I find it comical that such an event would take place.
Of interest, may I share a few articles that should shame the Wall St. genre:
The Madoff Economy -- Friday, December 19, 2008- Paul Krugman - Op-Ed Columnist - The New York Times
"...it looks as if much of the (financial services) industry has been destroying value, not creating it...."
A Year Of Chaos In Finance -- Sunday, December 21, 2008 - Floyd Norris - New York Times News Service
The Worst Predictions Of 2008 -- Wednesday, December 24, 2008 - Peter Coy - Economics Editor - Business Week
The Worst Media Calls of 2008 -- Kiplinger's Personal Finance Magazine - January 5, 2009 - Elizabeth Ody
What Wall St. is failing to identify TO and WITH is the fact that IT is the responsible party for destroying the economies of the world.
Of particular interest to me is the fact that I am finally beginning to read that the analysts of Wall St. are a dime a dozen and even worth less than that.
A postscript and added footnote:
A worth read: Any history of American International Group, Inc (AIG) that you'd care to read. Now there's a classic case of Wall St. bamboozlement.
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Terry, I think we all agree on that! Its unfortunate that while we too were riding high, there was no one on watch duty. I understand the SEC investigated Madoff 8 times, the investigator indicating he found things there were not right, something funny was going on. Each time his findings were dismissed. If the SEC wasnt going to further investigate then why bother in the first place? Deregulation is what did this. Hopefully Obama will put into place some very strict operating requirements for these institutions that bankrupted not just this country, but the entire global economy.