Those cold calls are for pushing products that nobody wants to buy. You generate GDP by producing products that people actually want to buy. With the Internet these days, customers will find you. Perhaps you want to go back to hire people going door-to-door selling stocks? Do-not-call list didn't stop the marketing people from spamming me via e-mails and screen pops though.
When was the last time Etrade Spammed you... Any sale is a plus in the GDP column. The Internet arguement is mute. Only a small portion of the population is actually buying online... My parents control millions and they only buy face to face or from someone they can look at personally. This is the power of old money. I have two clients that produce over 150 million dollars in GDP and thats only 2. They don't use telemarketing to sell their products. Its not about selling stocks alone its about seling as a career. Sales is the top earning industry in this country. Consolidation is not the way. 300000 brokers to service 300 million and growing. Not Good....
THATS THE POINT.... jobs jOBs JOBS... After Sept 11 Wall street was like a ghost town with nothing but back office staff and the Big Five Brokerages with their Analists and their Bankers... After the SEC ran a lot of salesman from Wall Street guess where they went.... To sell Mortgages.... Its a SUPPLY AND DEMAND ISSUE RIGHT NOW. If you have ever mastered the art of cold calling you would know that you can sell shit to a sewer specialist. Right now we need to turn this boat because it won't turn itself. We would sell warrant deals that had the stock flat and the warrants up 2000% now those were the days... We would go to war against the shorts and bury them by controlling the float... In todays MBA centric economy we look for efficiencies of scale which comes at a price; which is breakdown at the peak of performance. What would happen if Detroit took an initiative and started a new brokerage friendly environement? Then GM cutting jobs wouldn't be a bad thing. If you have too many cars to sell and not enough sales men what happens? Customers go away. Its bad now but what happens when we get the buy signal... Supply and demand is the cornerstone of economics. Where is the spark for the demand... We killed it. I need some support here Im getting killed here...
and now with BO salary cap, say hello to the rebirth of the boutique firms... then in 10yrs time when they have substantial assetts be bought out by the big boys again. rinse lather repeat.