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To those defending these people:
Really? Really? Let me break this down for you.
Those hipsters (overgeneralization, but moving on) are protesting what they perceive to be exploitation of the economy by the folks on Wall Street. They think (were brainwashed by the liberal media, more like it) that the traders and Investment Bankers clearly have malicious intent to exploit the strengths in the economy, consolidate the wealth generated from that exploitation, and leave "main street" out to dry.
Seriously? They could not be more wrong.
While we have seen an uptick in insider trading violations and ponzi schemes (damn them to hell, those cheating bastards), 99% of Wall Street is interested in VALUE CREATION. That is, the appreciation of wealth. In plain language, if the economy gets on a roll, everybody starts #winning. Traders have a vested interest in this: higher stock prices means gigantic bonuses for them. But it also means larger dividends for the ordinary investor, higher growth to support wealth creation via capital gains, and most importantly, initial public offerings for start up companies to generate funding, WHICH CREATES MORE JOBS. Jobs these "Hipsters" could probably use. Granted, there are fees attached to IPO's and mergers that are kinda large, but in the aggregate, huge economic #win.
So why the hell are these folks protesting at Wall St.? Because they are brainwashed. Something is holding this economy back, and it is not Wall St. Wall St. plays with the cards they are dealt (minus some lobbying that is done, certainly. But so does the AFL-CIO and the Teamsters, so two can play that game. Lobbying is done everywhere. Get over it.)
Its CAPITOL HIll and 1600 PENNSYLVANIA AVENUE, combined with the macroeconomic effects of poor fiscal governance in Europe. This Congress and This President (And the Last President and Congress). Have spent us into a recession. The confidence about the US government's ability to sustainably pay its liabilities in the long-term has been severely shaken. We have to cut spending big time, particularly in the area of entitlement programs. What have our politicians done? spend more money. The stimulus has failed to work, The Fed is out of ammunition, and Obama wants to TAX US MORE and Spend MORE MONEY? What is he, new? Recent history is showing us that would be disasterous.
These Hipsters need to their heads out of the sand, and transport right up to 1600 Pennsylvania avenue. If they REALLY cared about our country's long-term well being, they would protest Obama, their beloved Ideologue, and show that this country does not believe in his policies anymore.
But they won't do that, because they wouldn't understand or choose not to listen to common sense.
Get learned people, if things don't change soon, the world really might end in 2012.
My ass...You really think you can statistically track that sort of thing? I see what you did there.. trying to weaken my argument. come on now.
I agree, Hipster might be the wrong word, stated in my original argument
Here's how this works... Investment Banks are publically traded companies. Those companies have to meet Wall St. expectations on earnings to increase or decrease their stock price. Illegal Activity? stock takes a big hit. Miss earnings? even bigger hit. It is built into market mechanisms to act ethically. If you don't, you lose value (See: Enron, WorldCom, Adelphia, Goldman Sachs, Comverse, etc.) and the stock price plummets.
As such, it is in the bset interest of ALL companies to act ethically, because this is THE sure fire way to generate value in the long-term. And you better believe that if someone slips through the compliance cracks (UBS trader who lost UBS $2.3 Billion Dollars recently), that the company will find ways to prevent such behavior again.
You are clearly new here... Which private bank? Name it for me.
And if you are talking about TARP (The Troubled Asset Relief Program) that Federal Reserve Capital into ALL large banks, both public and private (JPMorgan, Bank of America, AIG, PNC, US Bank, etc.), that money was all paid back like a year ago. and oh yea, the government made a profit on those loaned funds somewhere in the neighborhood of ~$500 BILLION DOLLARS.
I don't question your right to protest... you do what you want. The right to assemble is protected under the 1st amendment. I question the logic and intelligence of your ideology. You are brainwashed son... the real problem is on Capitol Hill and your own mind. Again, get learned.
excuse me then... 99% of the investment bankers I KNOW (more then 20) would not do that sort of thing.
Better?
ok... take that point. Still doesn't change the rest of my argument bro.
I'm all for more visibility into the derivatives market... go for it. we agree! Still doesn't change the fact that most of those people down there have NO idea what they are protesting, or how the system (or the invisble hand of the market) works.
enjoy unemployment, I gotta get back to work!