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Maybe it’s because I haven’t been hit with the “devastating effects of the Greatest Recession of our time”; maybe if I had been, I would be singing a different tune. But this constant deluge of acid rain on Wall Street is getting to be ridiculous. I don’t fully understand the intricate mechanisms of the market and what they did to inflate the bubble, but I’m pretty sure it’s their job to take a certain amount of risk, just as it’s my job to translate statements and claims. It is not my job to make sure your statements are “correct”. Similarly it’s not their job to ensure that people understand the inherent risk in investing; I think that’s called common sense. Real talk: even my 76 year old illiterate grandmother knows that the only way you can make money without blood sweat n tears is to put your money in a CD. There is no guarantee in returns.
People don’t go around trying to set casinos on fire because they lost their savings at the blackjack table [I mean, I’m sure they do, but they don’t say it out loud] It’s the same thing, ya’ll. I’m really sick of this whole victim rhetoric. I have as much sympathy for “the American people” as I do for bankers. It’s not like these bankers put on dark capes and swooped into your bank accounts and stole funds for their own risky amusements. Why are you taking out loans in amounts which you can’t be sure of paying off? Why are you spending 5k at Vicky’s? Honestly, I am not the most fiscally responsible person. I’m not sure I can even be called fiscally responsible, but I’ve never had a delinquent payment in my life. I cannot understand people who live off of credit, have you seen the interest rates? Shit is bananas, if you’re charging a pair of Miu Mius at 80% off on a card you can’t pay off at the end of the month, you might as well have paid full price on like Pierre Hardys. True story. WTF.
Up until Sept, the SEC was still trying to deregulate further and there wasn’t nearly as much opposition as there is now. Up until Sept, people were more than happy to “risk” their money. Obviously, there needs to be some kind of reform, but this whole changing the game completely talk needs to be tempered, because without the redistribution of capital by people willing to take risks, we also would’ve had a lot less progress. Some airtime should be dedicated to how irresponsible and ignorant individual Americans are sometimes. There are days when I feel ignorant, and then I watch the news or read the paper and see people blindly trying to bestow all the blame on Wall Street and the banks. How convenient. In the security arbitration cases that the office handle, our main argument is that the trader took advantage of an uneducated investor. What’s wrong with that sentence? People can’t be throwing around money and be uneducated at the same time. Am I wrong?
It’s bullshit that it’s all of a sudden taboo to be wearing suits and walk around with Bendel or Barney bags. People can’t say anything in contrast to the popular rhetoric that Wall Street is shitty. If you got it, flaunt it. I love Obama, I do. His swag is on point and the ceasar is always in tip top shape. But this whole avenging big banker bullies on behalf of “average Americans” is mad sheltering; a big lesson of this bust would go to waste. Harping on this manic panic without a proper explanation to alleviate it is like parenting toddlers. I’m sorry, I don’t pee in my pants.