Michael Lewis on Wall Street Today

Discussion in 'Politics & Religion' started by OPTIONAL777, Mar 19, 2010.

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  2. Thanks for posting.

    Looks like the cure is worse than the disease. Which would be to let the banks fail, too late now. The ethics and morals of the culture of our country is seriously defective. The SEC, Congress, the Fed, everyone involved is doing whatever than can to avoid a crisis, meanwhile the crisis is us.

    Which make me wonder is there a legitimate way to earn a profit without massive leverage or having to cheat or dupe each other or bend the rules? Stay tuned....
     
  3. The SEC, Congress, the Fed, everyone involved is doing whatever than can to avoid a crisis, meanwhile the crisis is us.
    ------------------------

    The crisis is us, will things get better?

    Ha!!!!! How's that market moving, is it in crisis mode? Is this real? More avoidance.
     
  4. Ricter

    Ricter

    Of course "legitimate" profits are still possible. Someone here told me just the other day that all businesses now are nothing but cash churners, implying that I shouldn't criticize the gambling mentality that's taken over our minds. I had to think about that, so I headed over to the sandwich shop down the street. Sitting there, enjoying my food, it occured to me (for some reason, hmm) that he's wrong.
     
  5. "The ethics and morals of the culture of our country is seriously defective."

    This really is the primary issue. Every institution in America is plagued by this problem...

    ...which is why it is so curious why the right wing only wants to blame the government and the liberals, when the type of corruption we see in America pervades not only the institutions but the people themselves.

    Why do the people ignore the indiscretions, lying, cheating, etc of the institutions and not demand something better?

    Probably because in their own lives they have the same corruptible nature. The institutions are merely mirroring back to the people the level of moral and ethical development as the live they lead.

    Why is it that nearly everybody agrees that Wall Street is greedy and corrupt...but nothing changes? The republicans do nothing, in fact they are fighting any type of reform and/or regulation on Wall Street. The dems seem equally toothless on the whole when it comes to forcing these financial institutions to behave in a manner that is consistent with a sound society.

     
  6. Peace out brother but the food business is a great way to steal cash from the gov't. Not saying this guy is but why are New York tax boys looking so closely at Pizza joints, et al. reciepts?
     
  7. fhl

    fhl


    fnm and fre need half a trillion (for starters), banks and insurance companies (the most heavily regulated sector of society) need a trillion, and the unregulated financial sector needs nothing. In fact, the gov't asks the unreg firms for help in bailing out the regulated sector.

    To come to the conclusion that people left to their own devices are corrupt and greedy and need more gov't supervision is quite irrational.

    Sort of like extending a hand of friendship to iran and kicking israel in the nuts.
     
  8. "To come to the conclusion that people left to their own devices are corrupt and greedy and need more gov't supervision is quite irrational."

    I disagree. It is quite rational. Regulation works when it is applied properly.

    Deregulation leads to displacement of capital and greater suffering for the society.