Isn't it about time the Fed does a little explaining to Main Street?
How does Main Street benefit from years of printing money for the Wall Street banks? Look around your town, your 'hood, your workplace, your family. Look.
As a money manager when I read some report, any report from the government regarding financial or economic data my eyes glaze over. It is full of lies. Lots of lies. Nothing new there.
When I read something from Wall Street I have to ask what are they trying to get me to do with my money and the investors I represent? What do they have to gain?
When I worked at Drexel Burnham Lambert I plowed through piles upon piles of corporate bond prospectus's. I wanted to be the guy involved in all the private partnerships that were part and parcel of the underwritings. I wanted to be that insider. I wanted the kickers, the warrants, the preferred terms. Not a chance. I didn't work in Beverly Hills and I wasn't on the X-shaped trading desk.
Those sweeteners made some people very wealthy. Good for them.
Drexel was one of the best periods of my life, working and living in LaJolla. There wasn't much not to like.
Wouldn't it be great if a political figure could stand up and say that an economic downturn, a small one, would be good for this country? That we should let financial institutions fail when they go bankrupt? That a pullback now could heal America before a massive pullback comes later? That getting the onus of derivatives off the taxpayer and onto the risk-takers is healthy.
There is nothing wrong with failure. Lots of failure lies ahead because of the lies that failed America. Main Street is getting carved up and they have not a clue. Look around. Open your eyes. See for yourself.
Don't lie.
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