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There is no 99% somebody made it up and the idiots ran with it
You know I am not exactly sure who made up mathamatics but it is pretty much accepted by today's society. How do you make change at the store without using math?
Ok, so it's clear that many of the protesters are nuts - let's just be up front about that. There are lots of anti-capitalist extremists freaks out there who are always the first to bring their bongo drums for a good protest. They're not the most credible and articulate bunch, and so maybe we don't take their specific viewpoint seriously. But do we really just dismiss the notion that something is very wrong with Wall Street today?
Why do so many people - conservatives especially - give Wall Street a free pass? That's what I want to know. Do you not know how this little tragedy we're in now played out?
First, they played a HUGE role in inflating destructive asset bubbles and profited IMMENSELY from it. They weren't the only ones to blame, but they were right there in the middle of it. Remember all that stuff with the securitized assets trading hands as "A" grade, when in reality it was a fraction of that value? Remember how they helped spread this internationally and helped entire unworthy nations look like great investments when they were crap (i.e., Greece)? That was Wall Street finding a convenient way to make money from money while the making was good, all while fully well knowing that it was going to end in a massive train wreck that would destroy the livelihoods of millions of Americans (but not theirs, since they would be billionaires by then).
Then, because they hold the keys to such a critical conduit of societal stability and we can't let them all fail (much as we'd like to), they win massive bailout from US, the people they screwed for their profit...and they basically get a completely free pass. Not ONE of them is held accountable for anything that happened.
Finally, Wall Street thanks us, the people who reached out of our pockets to save their bacon, by fighting any change to their business model EVERY step of the way. And, by the way, they'll make sure to foreclose on millions of homes distressed from the very collapse THEY fueled - all while also making NO loans to small businesses because it's "too risky" (unlike their previous business practices).
Now, let's get this straight: I'm a capitalist. I work for a large corporation, and I'm perfectly comfortable with Wall Street types being super rich while the rest of us make less. But they used to make their wealth playing a game that was good for society in general. They used to properly manage risk and return, and they helped efficiently allocate capital for a strong ROI. Now, they're taking advantage of loopholes and micro-trading technologies to place huge bets where they know they will take the gains - and WE will ultimately bear the risk of loss. That's their genius. That's not what capitalism and Wall Street used to be. That's not the system that made this country great.
It shocks me how many people, conservatives especially, are like meek little sheep to the slaughter. They defend the very people who have perverted their business model to profit directly from THEIR misery. Folks, this is not capitalism any longer; it's corrupt, high-tech robbery. It's not a level playing field.
And lest you think I'm giving democrats a free pass here, I'm not. They're just as corrupt, and most of Obama's administration was heavily influenced by chummy buddies from Wall Street.
Maybe the protesters are misguided...but something really is wrong here, folks. And something should change. Look at where we are today as a global society and consider who pulled the strings to get us here - and who profited from it and who was left holding the scraps.
I'm with ya, I have no idea why people here are supporting The Wall Street thieves.
The Left has it's own little sub-party w/in a party .. just like the Right .. whoopty-freaking-do .. now they can look just as stupid and moronic as the Right .. pretty impressive shyt ... NOT
I see what you're saying and agree with it but each faction has a spark that creates a more popular movement that inspires the middle, every now and then.
.........And THAT'S the problem - lots of sophisticated people spreading this poop storm behind the scenes knew damn well that it was a train wreck - the raters, the traders, and the lenders.
The rating agencies got creamed, their business will never be the same. Traders got creamed--lost jobs by the thousands. Lenders, I think we already covered--over $1 trillion lost.
Goldman Sachs alone among the trading houses made money. How smart was Merrill? How smart was Lehman? How smart was Citi? How smart was Bear Stearns?
It's a free country, and I understand that people may come to conclusions different than mine. I hate the damage we have done to ourselves in the name of reforming the system, and the damage yet to come from the blanket condemnation of "banks" (there are 7,000 in this country, and maybe a dozen were at the root of the problem). The "occupy" movements have the potential to become tools for anti-capitalists, protectionists, and others who will hurt us.
Fascinating! So some people defend corporate greed, big banks run amuck, the worst "recession" in history, the housing crisis, et al . . . Wow . . .must have some great performing stocks!
I'm all for Wall Street reaping big rewards - if they also bore the risk. And that's where we probably disagree. I think Wall Street has come up with some pretty novel ways to game bubbles and internalize the reward while externalizing the risk. They do this by masking, distorting, and otherwise shifting around the risk. Yes, some people in the financial circles got creamed - that's what happens when you're playing a game of musical chairs. Someone has to be the direct counter-party to their hot potato games. But the point is that the ultimate collective collateral counter-party for it is all of the rest of us. And that was not the case in the past.
As for the perceptions around real estate, I totally agree that lots of people got lulled into stupid thinking. Most people are not investment bankers and expert financial traders. If you keep extending cheap money to them and egging them on, then guess what - they'll end up taking it. And THAT'S the problem - lots of sophisticated people spreading this poop storm behind the scenes knew damn well that it was a train wreck - the raters, the traders, and the lenders.
Don't tell me that those top 1% IQ experts at Goldman Sachs didn't know the game they were playing...and by the way, they didn't get any punishment for their part in it. They played their game well and beat out some of the other sophisticated counter-parties, and they pocketed a mountain of profits. Good for them...but whoses pocket did those profits ultimately come out of?
Your last paragraph would "suggest" that you agree with the protesters in "some sense". Both you and them know something is clearly wrong. Many Americans have finally woken up to what you are saying about how Wall St. gambles today. I know the protesters have focused their blame on wall st., corporations, the wealthy and now the federal reserve bank. They need to also focus on another player who should be held accountable, the government and our courts.
Fascinating! So some people defend corporate greed, big banks run amuck, the worst "recession" in history, the housing crisis, et al . . . Wow . . .must have some great performing stocks!
Who gave us that housing crisis Fannie Mae and Freddie Mac........sure your aware of who pressured the banks into those,everyone needs a house and a second house loan.
Or the real good one the banks were able to give out loans above the value of the home. Now that's fascinating don't you think
A flash mob backed by Pelosi, set off by obama endorsing Hoffa's violent comment about killing their political enemies is salted with some issues that resonate with all Americans.
The overall meal that Obama and the socialist flash mob is serving may contain fresh herbs but is unpalatable and disgusting to America.
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I'm with ya, I have no idea why people here are supporting The Wall Street thieves.
want some fresh basil on that tainted meat
