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Thanks for the nod on my post, and I agree with everything you said except the above. I believe that we ARE all on a level playing field already. This is the United States Of America, and every American citizen has the the exact same opportunity to excel and succeed. Our founding fathers gave us the all the right to life, liberty and the PURSUIT of happiness. They did not guarantee that we would all achieve it. It is what we do with our own opportunities that determines where we all end up in life. Like various commericals like to disclaim - "Your results may vary".
It's obvious to me that the vast majority of people in this country really have no idea what Wall Street really does. It seems to me that when Wall Street banks all stopped lending, the economy DID grind to a halt, and it was almost a dead stop. Do you even understand what the term CREDIT CRISIS means?
Yes, I do. The implication, in case you missed it, was that the whiner in the letter and his friends were going to stop working and put us in the poor house. What, you think someone else wouldn't jump at the chance to take THEIR jobs? Try some reality with your superiority. Add a little sugar.
Seriously? We The American People OWE THEM because they have a fancy degree, a nice suit and a luxury car?
No, not at all. We, the American people, owe them because we bought a house with mortgage funds that originated on Wall Street (or Fannie and Freddie) before finding it's way to our local banks or mortgage brokers. We, the American people, owe them because we took the credit cards they issued and spent ourselves into dangerous debt levels to keep up with the Joneses. We, the American people, owe them because they provided us with a way to spend decades living beyond our means, and we took advantage of it. We owe them because our government has financed and refinanced it's overspending, bloated beaurocracy by selling bonds to and through the Wall Street institutions (and foreign countries), never worrying about how we're going to pay all the debt off.
THOSE are the reasons why we owe them, and now that it's time to pay up, there's an awful lot of whining, crying and finger pointing going on. I know there's a lot of shady characters on Wall Street, and they engage in a lot of unsavory, unethical, and illegal dealings, but certainly no more than there is in any other sector of American life, ESPECIALLY government.
i agree that government is every bit as shady as wall street! the problem for americans is that we are asking government to do the protection and they are part of the racket.
i also think people forget what actually did happen and the role of the federal reserve in this whole "meltdown":
We, the American people, owe them because we took the credit cards they issued and spent ourselves into dangerous debt levels to keep up with the Joneses. .
Just because YOU did, doesn't mean we all did. Thank you very much.
What ~they~ do is essentially gambling. The stakes are high. When they do well, they do very very very well. They should be saving some of that money and not blowing it all on Italian suits, condos, blow, and wanna-be models. Ant vs. Grasshopper.
When the tide turns they need to be ready to tough that out as well. No more bailouts. Failure is, indeed, an option.
If one can not handle that, one never did belong in the game.
i agree that government is every bit as shady as wall street! the problem for americans is that we are asking government to do the protection and they are part of the racket.
I agree 100%, but never mind for a minute that the government is part of the racket. The real problem is the rest of your quote: "the problem for americans is that we are asking government to do the protection". And in my opinion, you should have used the word "depending" in place of "asking". WAY too many of us are of the mind that the government is the solution to all of our problems, and the scariest part of it is that they seem to think it's perfectly normal to depend on someone or something else for their own well being. People, the government is the SOURCE of most of our problems!! Depend on nobody but yourselves for your own protection, sucess and happiness - that's the ONLY way to guarantee that you have any of those things.
FINALLY, something I can agree with you on Plaidmom. You're a good sport though, even though we seem to disagree.
Thanks man. As lifelong athlete, I always try to be a good sport!
Truth is, I lost a boatload in that last crash. It hurts!. Am I bitter? Heck yeah!!! My SO is more conservative and came out OK. He's now rebounding. As a couple? Probably a wash.
The idea that I owe anyone anything rankles me. Grrr.
When I play, whether it's the market, the ponies, or the slots, I go in with the idea that I a) want to win b) will probably lose.
I just wish everyone else had the same mindset. Bet what you can afford to lose. And don't expect anyone else(including the governement or the general public) to swoop in and pay if you $%#$ up!
Don't feel like going on reformed broker so I'll post it here:
Quote:
Originally Posted by floridasandy
i saw that letter on reformed broker and also saw this pretty good response to it:
Dear Mr. Trader,
While the forcefulness with which you speak will likely cause people to nod their heads as they listen, a quick dissection of your points will show them to be the fantasies of a narrow-minded individual with an inflated opinion of their place in this world.
Quote:
"We are Wall Street. It's our job to make money."
You can't possibly believe that you have the right to make money any way you see fit, regardless of the impact it has on the people around you. If we determine that the choices of a business are negatively impacting human society, we regulate their behavior with the goal of preventing future harm. When choosing between the bottom line and quality of life, we choose quality of life. Yes, there is a risk of over-regulating and doing more harm than good, but taking that risk is better than letting the harmful behavior continue as is, unchecked.
Ok Joe Mainstreet. We determine that the choices of whatever union you work for are negatively impacting human society, as it is putting a huge amount of stress your municipality's balance sheet. We will regulate your union's behavior with the goal of preventing future harm (city / state bankruptcy) - no more guaranteed raises for poor work, no more pensions after 20 years of service - 401k for you now, no more guaranteed healthcare in retirement.
Quote:
"We're going to take your jobs!"
The fact that you actually believe the talents of a trader are the same talents required to do any job out there (especially a teacher or a landscaper) are proof that you are woefully unprepared to do our jobs, let alone do them well. The fact that your current salary is higher than ours does not mean you are better equipped to do our job. You believe that your value as a human can be equated to a dollar figure like your income because that is what your industry has taught
you. We believe that is precisely why you need to be regulated. You are one sick f*ck.
Actually, no Joe Mainstreet. The fact that we graduated in the top 1% of our High School class, killed our SAT's, and went to top colleges is proof that we are very bright and can learn things extremely quickly - and that includes things like your job - and not only can we do your job, we can search for and eliminate inefficiencies, and do it better than you can.
"No more free rides on our backs"
Has your absorption with money created the delusion that you are actually producing it? The unemployment rate is over 10% thanks to you, and you think that the loss of your "upside" will have a significant incremental impact on us? You don't make the money, stupid. You just move it around. That is a fact that we have learned very painfully when all that imaginary "value" you helped "create" disappeared.
That is right, Joe Mainstreet. We do just move it around. And without us, liquidity dries up, and you get nothing.
In summary, bring it on. We are not worried about you.
Sincerely,
Mr. Trader
Ok Joe Mainstreet. We determine that the choices of whatever union you work for are negatively impacting human society, as it is putting a huge amount of stress your municipality's balance sheet. We will regulate your union's behavior with the goal of preventing future harm (city / state bankruptcy) - no more guaranteed raises for poor work, no more pensions after 20 years of service - 401k for you now, no more guaranteed healthcare in retirement.
Actually, no Joe Mainstreet. The fact that we graduated in the top 1% of our High School class, killed our SAT's, and went to top colleges is proof that we are very bright and can learn things extremely quickly - and that includes things like your job - and not only can we do your job, we can search for and eliminate inefficiencies and do it better than you.
That is right, Joe Mainstreet. We do just move it around. And without us, liquidity dries up, and you get nothing.
In summary, bring it on. We are not worried about you.
Sincerely,
Mr. Trader
"Bring it on. We are not worried about you."
"Oh, by the way, can we have some of your cash? We just lost all of ours on these smart deals we made."
Oh, and you're welcome, by the way. I hope it tided you over alright. *middle finger*
Typical arrogant attitude. You guys may be smart, but you'll still die a bunch of a-holes.
Last edited by ambient; 04-30-2010 at 11:57 PM..
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