The innocent victim act of Santelli and like ilk, if that is truly what he is truly saying, is predictable, not pretty, useless, infantile, craven and disgusting, but unfortunately entirely predictable from a certain number who feel endlessly entitled to socialize risk of the elite and privatize the pain so that it falls disproportionately on those who have the least.
I wish I knew what Santelli actually advocates other than doing nothing.
He seems to conveniently not notice that Wall Street wrote the CDSs that took them down and because a Market Maker with an underwater balance sheet is supposed to liquidate, there would be no clearing firms left without TARP.
Also there is some denial of the privlaged position of the rich here.
The fact that people with money get laws passed that favor them is not a conspiracy theory.it is history. Lobbyists have been a deductible business investment. Why do you think billions were spent on K street lobbying congress if the ROI was not fabulously positive. See Phil Graham's career.
And yes it was done in plain sight while CNBC cheered.
Wall Street took billions and billions to manage pension funds while reqularly recommending the outsourcing of operations to other countries and supporting the import of hundreds of thousands of H1B visa holders to hold down the cost of skilled technical labor, including H1B SAS programmers and risk analysts used to produce Value At Risk numbers that the Wall Street Investment banks liked.
In fact many traders are traders because they were pushed out of tech careers or positions on Wall Street because they were "uppity" (evidently this is a code for gave VAR numbers the boss did not like).
Yes ,Wall Street investment reports always considered holding labor cost down to be a grand thing.
Many saw that stagnant household income and rising housing prices and option ARM mortgages was a ticking time bomb. Search on "Meltdown" at Amazon and a half a dozen titles come up with this thesis written since 2004.
Once a deflationary spiral starts it acts as a positive feed back loop and I don' t mean in a good way. Letting one bank fail is how the great depression started.
So Wall Street had a lot to do with killing the little geese who were sending their golden eggs to Wall Street to incubate into retirement funds. Is there any instinct to seriously man up and be part of the solution?
I wish I knew what Santelli actually advocates other than doing nothing.
He seems to conveniently not notice that Wall Street wrote the CDSs that took them down and because a Market Maker with an underwater balance sheet is supposed to liquidate, there would be no clearing firms left without TARP.
Also there is some denial of the privlaged position of the rich here.
The fact that people with money get laws passed that favor them is not a conspiracy theory.it is history. Lobbyists have been a deductible business investment. Why do you think billions were spent on K street lobbying congress if the ROI was not fabulously positive. See Phil Graham's career.
And yes it was done in plain sight while CNBC cheered.
Wall Street took billions and billions to manage pension funds while reqularly recommending the outsourcing of operations to other countries and supporting the import of hundreds of thousands of H1B visa holders to hold down the cost of skilled technical labor, including H1B SAS programmers and risk analysts used to produce Value At Risk numbers that the Wall Street Investment banks liked.
In fact many traders are traders because they were pushed out of tech careers or positions on Wall Street because they were "uppity" (evidently this is a code for gave VAR numbers the boss did not like).
Yes ,Wall Street investment reports always considered holding labor cost down to be a grand thing.
Many saw that stagnant household income and rising housing prices and option ARM mortgages was a ticking time bomb. Search on "Meltdown" at Amazon and a half a dozen titles come up with this thesis written since 2004.
Once a deflationary spiral starts it acts as a positive feed back loop and I don' t mean in a good way. Letting one bank fail is how the great depression started.
So Wall Street had a lot to do with killing the little geese who were sending their golden eggs to Wall Street to incubate into retirement funds. Is there any instinct to seriously man up and be part of the solution?
