One of the Best Articles on the Financial Bust I’ve Read Yet

by Kevin on December 12, 2008

I believe JD tweeted this a week or so ago, and it’s classic. I don’t have much analysis to add to it. Really impressive article: The End of Wall Street’s Boom*.

Remind me again why we are giving billions of dollars away to bankers and car manufacturers?

* = warning for adult language

{ 2 comments }

Steve in Denmark December 13, 2008 at 7:25 am

I’ve been saying for months now, that the so-called ‘experts’ at these stock brokers and other financial places, have clearly no more clue of what’s happening out there than we do. Just that they get paid obscene amounts of money for lousing it up worse than we would.

Last week, I said it again. Twice. Once when it got announced that the US economy had in fact been in recession since last December. This caused the market to drop like a stone, as (CNN reported) this was a surprise to the market(s). They hadn’t realised the US was in fact in recession the whole of 2008. Hadn’t realised it?! What are they supposed to do all day every day apart from analyse economic data? A walk down any high street or into any car dealership or a chat with any man on the street would have given them the up to date skinny. But they’ve paid themselves so much of our money, that they’ve lost touch with any sort of man-on-the-street kind of reality.

Second time was the day after the US car people bail-out got rejected. Day before, the markets had risen on the hopes that it’d get approved and they could start putting an extra 0 on the end of their Christmas bonuses, then mostly Republicans (their best buddies, don’t forget, but clearly best buddies who don’t talk often) voted no. And stocks dropped like a stone. A transatlantic call to me, would have saved them a whole load of bother. I said to the wife over tea, that it would (and should) fail. If I can see it – why can’t they?

Not one of them could run a house hold with two kids and a pet and a man out at work all day and too tired to help with anything much when he gets home, as well as your average Mum can, does and will do for the rest of her life.

The ‘experts’ telling us how to get out of this situation are the very people whose no clue, bad decisions got us in it. I will never, ever take seriously the advice of any of these financial people ever again. If anything, this crisis has exposed what a load of liars and charlatans they really are.

My money’s going down the back of the sofa for a while.

*goes to lie down*

Merlin Drewry January 7, 2011 at 9:05 am

I want I could study articles this excellent all the time! Thanks!

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