elizabeth warren is correct on this

[3rdnlng]

interestingly, my spell checker tried to change "dimon" to "demon"...

 

so if y'all are doing such a bang up job, what happened in 2008? 1929? seems your industry is especially prone to calamity. that's fine if it only harms you all but we all know that's not true. this add on to the budget helps literally insure it. we need protection from your incompetency and unbridled greed.

 

This is like blaming the medical profession for the AIDS and Ebola epidemics. Here's a picture of you, hard at work forming your financial knowledge. Feel free to use it as your avatar.

[boyst]

So, you're saying that "Wall Street" (your useage of that term is getting frustrating) should homogeneously know and understand, and restrict trading around, the begining and end of all asset bubbles?

 

...

 

I'm not even sure what to say to that...

Not restrict. Simply have lenders work with investors and borrowers more, for one. Simply be able to tell them no. Be a big boy. Kick the borrower in the butt and say you don't need a 3rd mortgage when you own 4 cars in a 2 driver family already. Or you don't need to get a 3rd mortgage when three in the household are over working age and only one is working.

 

If anything is that bad for a borrower, there is welfare.

 

Start here.

 

Tell me, are Deutsche Bank, Mizuho, UBS, HSBC, Credit Suisse, Barclays all part of Wall Street? How about Navy Credit Union? Geico? AFLAC? Calpers? Texas Teachers Fund? What of Exxon, BP & Shell?

How could they be on Wall Street? They're in Germany, Japan, Switzerland etc. I guess they could have a street named Wall Street there.

 

I am simply using the Wall Street term in vague. Sure, it's frustrating some people but oh well. If you can't simply understand I am talking about all investment/lending banks then I don't know what to tell ya.

 

 

How in the world is Goldman going to stop you from running up your credit card debt and taking out a 3rd mortgage on your home? Not every business in the financial services game is "Wall Street".

 

If you're really interested in learning about the housing bubble at least go read The Big Short and learn who the players were and their respective roles.

By not giving you too much credit, by not giving you a chance to run up all that credit and not giving you a 3rd mortgage.

 

I'm using Wall Street because I know how much it irks everyone. It's somewhat funny. I will look in to the housing bubble more but did back in the day. It was a lot of politics, though.

 

By what I've read here, I'm pretty sure some dude selling term life and annuities door-to-door is Wall Street too.

It depends, is he peddling it on Wall Street or is he on Main Street? Because, if he is on Main Street that is a good thing. Main Street has been dying off so it would be good to see business back there.

[Jauronimo]

Not restrict. Simply have lenders work with investors and borrowers more, for one. Simply be able to tell them no. Be a big boy. Kick the borrower in the butt and say you don't need a 3rd mortgage when you own 4 cars in a 2 driver family already. Or you don't need to get a 3rd mortgage when three in the household are over working age and only one is working.

 

If anything is that bad for a borrower, there is welfare.

 

 

How could they be on Wall Street? They're in Germany, Japan, Switzerland etc. I guess they could have a street named Wall Street there.

 

I am simply using the Wall Street term in vague. Sure, it's frustrating some people but oh well. If you can't simply understand I am talking about all investment/lending banks then I don't know what to tell ya.

 

 

By not giving you too much credit, by not giving you a chance to run up all that credit and not giving you a 3rd mortgage.

 

I'm using Wall Street because I know how much it irks everyone. It's somewhat funny. I will look in to the housing bubble more but did back in the day. It was a lot of politics, though.

Which investment banks were originating mortgages again?

[boyst]

Which investment banks were originating mortgages again?

The banks that gave money to mortgage lenders. Duh.

 

Why is the little bit of semantics bothering so many of you folks? Is it that you want to remind me and everyone else how much smarter and more educated you are then me? I could give a **** but I am glad you all do.

 

The entire banking industry as a whole is far from perfect. But, I guess that only matters in these cases when I can spout of a list of banks and their exact attributes and failings. Whew, I can't keep up with you big timers. Such amazing arrogance and you wonder why people out there call "Wall Street" 1%. For as smart as you all want to be you sure are a bunch of child like baffoons.

[GG]

The banks that gave money to mortgage lenders. Duh.

 

Why is the little bit of semantics bothering so many of you folks? Is it that you want to remind me and everyone else how much smarter and more educated you are then me? I could give a **** but I am glad you all do.

 

The entire banking industry as a whole is far from perfect. But, I guess that only matters in these cases when I can spout of a list of banks and their exact attributes and failings. Whew, I can't keep up with you big timers. Such amazing arrogance and you wonder why people out there call "Wall Street" 1%. For as smart as you all want to be you sure are a bunch of child like baffoons.

 

It's not to show who's smarter. It's to demonstrate how people are basically clueless about financial markets and how they operate.

 

All you understand is that Wall Street is bad. The banks caused the financial crisis. There's no reason to get better educated about the matter.

 

The reason we sound smug is that we expose the fallacies.

 

BTW, why haven't you atoned for the SARS disease?

[Chef Jim]

By what I've read here, I'm pretty sure some dude selling term life and annuities door-to-door is Wall Street too.

Kind of like saying the guy operating the office football pool is Vegas.

[boyst]

It's not to show who's smarter. It's to demonstrate how people are basically clueless about financial markets and how they operate.

 

All you understand is that Wall Street is bad. The banks caused the financial crisis. There's no reason to get better educated about the matter.

 

The reason we sound smug is that we expose the fallacies.

 

BTW, why haven't you atoned for the SARS disease?

That's where you're wrong. I don't think "Wall Street' is bad. I think they're just stupid or foolish. The banks did cause their own failure because they let the consumer completely screw over the infrastructure in which they practice. Sure, many can say that it was caused by the gov passing all of these laws that say you cannot deny loans. Sure, many can say it was the way in which businesses often run with a cash flow that runs so tight they can't meet weekly payrolls without advances. But, if "Wall Street" was all that smart they would have realized they were going to get shafted. If, like many claim, "Wall Street" saw this then why did they let it happen? Saying they were powerless does not work for me. They control so much money that there is no way that can be true.

 

They should have gone to the mattresses. They should have called attention to the problems and done whatever they could have to have stopped it. They didn't and now the egg is on their face. Fair or not.

[GG]

That's where you're wrong. I don't think "Wall Street' is bad. I think they're just stupid or foolish. The banks did cause their own failure because they let the consumer completely screw over the infrastructure in which they practice. Sure, many can say that it was caused by the gov passing all of these laws that say you cannot deny loans. Sure, many can say it was the way in which businesses often run with a cash flow that runs so tight they can't meet weekly payrolls without advances. But, if "Wall Street" was all that smart they would have realized they were going to get shafted. If, like many claim, "Wall Street" saw this then why did they let it happen? Saying they were powerless does not work for me. They control so much money that there is no way that can be true.

 

They should have gone to the mattresses. They should have called attention to the problems and done whatever they could have to have stopped it. They didn't and now the egg is on their face. Fair or not.

 

This is a very naive POV. And I don't know where to start, just like your assertion that companies run tight cash flows that can't meet payroll. There are so many wrong assumptions in that statement alone, that it's obviously useless to continue.

 

Again, why haven't you been able to stop the SARS outbreak?

[boyst]

This is a very naive POV. And I don't know where to start, just like your assertion that companies run tight cash flows that can't meet payroll. There are so many wrong assumptions in that statement alone, that it's obviously useless to continue.

 

Again, why haven't you been able to stop the SARS outbreak?

Expecting business models in this country to be more responsible and efficient in their cash flow is naive? Perhaps in some ways I can see that. But, there is a lot of wasteful spending. I am not talking about these golden parachutes that CEO's get, not at all. I am talking about the $15/hr street sweeper or $22/hr meter reader.

[GG]

Expecting business models in this country to be more responsible and efficient in their cash flow is naive? Perhaps in some ways I can see that. But, there is a lot of wasteful spending. I am not talking about these golden parachutes that CEO's get, not at all. I am talking about the $15/hr street sweeper or $22/hr meter reader.

 

Naivete comes from your complete misunderstanding of global corporate cash management. Where do you expect GM, or IBM, or Exxon to hold the $$ billions to meet their expenses? How would they pay the expenses? How would they collect the receivables from their customers?

 

Tom just gave a very simple example of using commercial paper as a cash management option. But that's only one way that a treasurer moves money around in a very large firm. Any way you slice it, big banks play a major role in moving cash among their global customers. That's why the financial system is so intertwined and the Feds are deathly afraid of a big one falling. Again, it wasn't a Wall Street rescue, but a Main Street rescue.

[Jauronimo]

This is a very naive POV. And I don't know where to start, just like your assertion that companies run tight cash flows that can't meet payroll. There are so many wrong assumptions in that statement alone, that it's obviously useless to continue.

 

Again, why haven't you been able to stop the SARS outbreak?

I'm throwing in the towel. Everything I've written has been dismissed as nitpicking based on semantics and showing off. He makes no effort to educate himself.

 

I'm now of the opinion that farmers are destroying the country because of GMOs, DDT, Monsanto, run off from Tyson chicken farms, illegal immigrant labor, sexual harassment suits at John Deer, ecoli breakouts, the depleted water table in the San Joaquin Valley, mad cow, and feed lots. Why didn't farmers recognize these issues and stop these things?

Edited December 17, 2014 by Jauronimo

[Nanker]

Simple. Because the Wall Street tycoons wouldn't let them.

[birdog1960]

Of course the game is unfair to retail investors, because for retail investor it's a hobby, while it's a job for the professionals. Why is it so hard for you to understand that the most important variable in investing is information, and to do it right you have to spend 24-hrs a day gathering that information.

 

How many times does that have to be drilled into your head, idiot?

 

Why don't you go out and build a jet plane on your spare time? Why aren't you complaining about Boeing?

i have a fairly close relative (by marriage) in the hedge fund industry (and yes, i know in general they're having a very bad year but he's doing just fine - how, i don't exactly know). i don't and never will have access to the information that he has. i don't have tickets to every big event lined up to be given in exchange for cozying up to insiders. i don't have access too an americas cup yacht to shmooze on. i don't have access to ceo's of big companies that i might be interested in trading in. i don't have super fast computers to trade at lightning speed on trends and to skim and profit on their speed. he (they) have plenty of other advantages that i couldn't possibly obtain even if i all i did was investing 24/7. and that's by design. it's inherent to the system. and it's exploitation. it's insider baseball, legal and sometimes not. it's wrong. it's the basis of much of what happens in high finance. summer wasn't joking when he warned warren that you are either an insider or you are someone without influence. i doubt there's an industry that that is more true in than finance and banking. Edited December 17, 2014 by birdog1960

[Jauronimo]

i have a fairly close relative (by marriage) in the hedge fund industry (and yes, i know in general they're having a very bad year but he's doing just fine - how, i don't exactly know). i don't and never will have access to the information that he has. i don't have tickets to every big event lined up to be given in exchange for cozying up to insiders. i don't have access too an americas cup yacht to shmooze on. i don't have access to ceo's of big companies that i might be interested in trading in. i don't have super fast computers to trade at lightning speed on trends and to skim and profit on their speed. he (they) have plenty of other advantages that i couldn't possibly obtain even if i all i did was investing 24/7. and that's by design. it's inherent to the system. and it's exploitation. it's insider baseball, legal and sometimes not. it's wrong. it's the basis of much of what happens in high finance. summer wasn't joking when he warned warren that you are either an insider or you are someone without influence. i doubt there's an industry that that is more true in than finance and banking.

What fund does he work for? Whats their general trading strategy?

[Chef Jim]

i have a fairly close relative (by marriage) in the hedge fund industry (and yes, i know in general they're having a very bad year but he's doing just fine - how, i don't exactly know). i don't and never will have access to the information that he has. i don't have tickets to every big event lined up to be given in exchange for cozying up to insiders. i don't have access too an americas cup yacht to shmooze on. i don't have access to ceo's of big companies that i might be interested in trading in. i don't have super fast computers to trade at lightning speed on trends and to skim and profit on their speed. he (they) have plenty of other advantages that i couldn't possibly obtain even if i all i did was investing 24/7. and that's by design. it's inherent to the system. and it's exploitation. it's insider baseball, legal and sometimes not. it's wrong. it's the basis of much of what happens in high finance. summer wasn't joking when he warned warren that you are either an insider or you are someone without influence. i doubt there's an industry that that is more true in than finance and banking.

You don't have access to his information but do you have access to his fund? I don't have access to a doctor's tools but I have access to a doctor I must pay to perform my surgery. You don't hear me bitching about that do you?

[DC Tom]

You don't have access to his information but do you have access to his fund? I don't have access to a doctor's tools but I have access to a doctor I must pay to perform my surgery. You don't hear me bitching about that do you?

 

Of course, you're using an analogy that, in his world-view, represents services that should be provided directly by the government.

 

So you're not providing a counter-example, as much as highlighting the massive philosophical gulf between the two of you.

[TakeYouToTasker]

i have a fairly close relative (by marriage) in the hedge fund industry (and yes, i know in general they're having a very bad year but he's doing just fine - how, i don't exactly know). i don't and never will have access to the information that he has. i don't have tickets to every big event lined up to be given in exchange for cozying up to insiders. i don't have access too an americas cup yacht to shmooze on. i don't have access to ceo's of big companies that i might be interested in trading in. i don't have super fast computers to trade at lightning speed on trends and to skim and profit on their speed. he (they) have plenty of other advantages that i couldn't possibly obtain even if i all i did was investing 24/7. and that's by design. it's inherent to the system. and it's exploitation. it's insider baseball, legal and sometimes not. it's wrong. it's the basis of much of what happens in high finance. summer wasn't joking when he warned warren that you are either an insider or you are someone without influence. i doubt there's an industry that that is more true in than finance and banking.

This is the single most ignorant pile of **** I've ever read here.

[GG]

i have a fairly close relative (by marriage) in the hedge fund industry (and yes, i know in general they're having a very bad year but he's doing just fine - how, i don't exactly know). i don't and never will have access to the information that he has. i don't have tickets to every big event lined up to be given in exchange for cozying up to insiders. i don't have access too an americas cup yacht to shmooze on. i don't have access to ceo's of big companies that i might be interested in trading in. i don't have super fast computers to trade at lightning speed on trends and to skim and profit on their speed. he (they) have plenty of other advantages that i couldn't possibly obtain even if i all i did was investing 24/7. and that's by design. it's inherent to the system. and it's exploitation. it's insider baseball, legal and sometimes not. it's wrong. it's the basis of much of what happens in high finance. summer wasn't joking when he warned warren that you are either an insider or you are someone without influence. i doubt there's an industry that that is more true in than finance and banking.

 

And how much money and time has he invested in getting to his position? Do you think all those things are free? Did he just call up a CEO and ask for a meeting, or did he happen to invest $$ millions in a company stock that got him that meeting?

 

Is this his profession or is it a side hobby, like making jet airliners?

[Jauronimo]

This is the single most ignorant pile of **** I've ever read here.

Its pretty funny on many levels. Especially so when considering historical hedge fund fee adjusted performance. I'd say the only people being exploited by hedge funds are the super wealthy individuals paying 2 and 20.

[TakeYouToTasker]

Its pretty funny on many levels. Especially so when considering historical hedge fund fee adjusted performance. I'd say the only people being exploited by hedge funds are the super wealthy individuals paying 2 and 20.

It's absurd. It's not like he's simply misinformed on some aspects; he's spectacularly misinformed on all aspects, and seems to draw his misinformation from his own demented worldview. Further, he manages to embrace the whole thing, and is comically and outspokenly opinionated in his ignorance.