Friday, July 30, 2010 
Proufound Banker Meeting and Press Conference
This is, in essence, the entire story of the stock market, as I have found it. Like the South Sea Bubble, the great tulip trading mania in Holland, the Ponzi swindles, and the chain letters of the depression, it is kept in motion by one thing–faith. Sometimes the chain is broken, confidence lost, the whole house of cards comes tumbling down, and we have another Wall Street crash. Then it starts all over again.
-Nicolas Darvas
Wall Street: The Other Las Vegas
A relatively quiet day on Wall Street today as the dollar rose so equities sank.
Someone mentioned that there was a meeting amongst bankers today. Of course, more important than the meeting was the press circuit. Special emphasis was likely placed on make up and less expensive clothing. After all - this bonus scandal is a bit hot right now. Best not to wear the $10,000 suits around for a while.
Supposedly, one of these guys that runs one of these banks (hint : $BAC) declared over the television that at the meeting everyone decided that “we are all in this together”.
Now that, my friends, is the epitome of irony. YOU’VE been in this together for a long long time. Unfortunately, what YOU were in on (excessive use of leverage and negligent risk management) is what brought US here. Now YOU are declaring WE are all in this together. Unfortunately most of US aren’t running around with multimillion dollar bonuses in our bank accounts. Now WE are all in it together. Why ? Because of the losses that YOU racked up through deplorable risk management and excessive leverage. Now, all of this has to be paid for by US.
And that just isn’t right. Is it?
Peace
[...] Original post by Trade the Picture [...]
Pingback by Proufound Banker Meeting and Press Conference · Stocks.ExplainedOnline.Net — March 27, 2009 @ 1:28 pm
Maybe they were referring to Congress and other high levels of government with the word, “we”. A crazy monetary policy and a free-for-all due to lack of regulations sure helped the team rack up huge profits and bonuses that we are now paying and will continue to pay out of tax dollars and inflation for years to come. But hey, at least we had a trial about steriod use in baseball. I mean, c’mon, can normal life continue if we do not get to the bottom of that.
Comment by Scott — March 27, 2009 @ 1:42 pm
Interesting point. It occured to me in reading this blog and in listening to the President this morning talk about bailing out GM and Chrysler that even the most capitalistic nation in the world can’t get away from socialism.
Comment by Jim Bennette — March 30, 2009 @ 1:43 pm
RSS feed for comments on this post.
TrackBack URL
http://www.tradethepicture.com/2009/03/proufound-banker-meeting-and-press-conference/trackback/
Leave a comment