good article for all the wall st haters

[The Dad Fisherman]

Where's the Cream going to Go?

[Joe]

It's just a "bottom up" crisis, right? Stupid people took out more than they could pay back and that's all there is to it.

I'm quite sure that after they have thier day in court, fiduciary trust - that cornerstone of the investing relationship - will be restored.

[spence]

Originally Posted by Joe

It's just a "bottom up" crisis, right? Stupid people took out more than they could pay back and that's all there is to it.

I'm quite sure that after they have thier day in court, fiduciary trust - that cornerstone of the investing relationship - will be restored.

Ouch...

I may have to compile the "best of Joe Lyons" soon. Of couse I'll add my own value so it won't be your property anymore, but you may be able to make some spare change at the book signings.

-spence

[Slipknot]

I haven't got much understanding of the wall street issues, but I do know this - It's a very difficult time to be self-employed right now with people having no confidence and not spending money. Money makes the world go around , but the merry-go-round stopped and it sucks.

All the chitbums who were greedy either in the banking,wall street,real estate or mortgage loan industries can all go to hell for all I care, screw em all.
When will this country ever learn?

I never did or never want my 401K or retirement to grow too rapidly, I'd rather see it grow steady, I can live without the huge up and down swings.

[Swimmer]

You know whats fiunny in this, Fox reported today that DOJ, justice dept. was going to start coming down hard on all the lawbreakers in the Wall Street mess. Then a couple of hours later a talking head from Obama's admin said he didn't think the current admin was going to push that issue to hard. So where does Obama get off saying who gets punished in anything or doesn't get punished. I guess it matters if you donate to someones campaign, maybe. I think its all

[Crafty Angler]

Originally Posted by Slipknot

I haven't got much understanding of the wall street issues, but I do know this - It's a very difficult time to be self-employed right now with people having no confidence and not spending money. Money makes the world go around , but the merry-go-round stopped and it sucks.

All the chitbums who were greedy either in the banking,wall street,real estate or mortgage loan industries can all go to hell for all I care, screw em all.
When will this country ever learn?

I never did or never want my 401K or retirement to grow too rapidly, I'd rather see it grow steady, I can live without the huge up and down swings.

Slip, you sure have my sympathy - my wife and I say every day how happy we are that we finally had to euthanize our small business - even though it hurt - a couple of years ago - and we had done well with it.

I look at small businesses now and given the state of the economy, it's gotta be a real tough row to hoe -

For a guy to work hard and have to struggle is a bitter pill when you hear how those slime-balls took the money and ran like thieves in the night without any remorse.

It's small consolation but I've got a feeling they're eventually gonna get theirs the way things are looking.

In the meanwhile try to duck and cover as best you can til this bull**** rolls over us - sooner or later we'll pop back out the other side - hopefully it'll be sooner.

[Slipknot]

Originally Posted by Crafty Angler

For a guy to work hard and have to struggle is a bitter pill when you hear how those slime-balls took the money and ran like thieves in the night without any remorse.

.

Thanks Crafty, I'll get thru somehow.
Maybe it's time for a career change, I sure hope not, I love what I do.

What I'd like to know is where is all the money and where did it go? or are they hording it and not spending it Not all wealthy people are thieves or scum but the ones that are sure do make it difficult on the rest of the world.

[Fishpart]

I agree there is excess, but the Democrats are the root cause of the problem by hauling the bank execs in and forcing them to lend money to people who couldn't pay it back and in the process everone else piled on. Then they said (either Frank or Dodd who both sit ont he Senate Banking Comittee) "Don't worry you don't need the same level of equity because this is backed up by Fannie and Freddie" mean while Wall Streeters created a new security backed up by the US Gvt based on the previous statement and low and behold as people start to default there is a crisis.

We wouldn't be in this situation if the Government didn't mess with the free market.

[Slipknot]

Originally Posted by Karl F

"stupid people that borrowed more than they could pay back"...well yes Joe...but...dammit...STUPID lenders that lent it to them as well, just as guilty, in my book...whatever happened to banks that actually looked at the property, verified peoples income and debts, and based the desicion to lend on that!!....the greed of getting the "commsion on the loan"...the interest flowing....crippled the people that borrowed..and ultimitly the sham institutions that wrote the notes...and the high limit high interest credit cards..the EZ money, spend it mentality...dug us the huge hole, and it will take a long time to dig out of it...prolly longer than i have left on this planet....



gonna get worse, before it starts to get better, i think....

Right on Big K, I think De-Regulation began this whole mess, those who passed that bill and allowed it to happen are the culprits, all they saw was dollar signs for themselves = GREED!
It makes me sick.

There was verification and scrutinization back in December of 1988 when I bought my house, they looked at 2 years income, I had to show my savings of how I came up with the down payment(which was from hard work ,sacrificing and the tailend of a good economy) I didn't buy a house I couldn't afford,most people are responsible like that, but the past years some allow others to sway them and they end up with a mortgage they can't pay. I didn't trade up to some house I would have liked, I'd rather live within my means than be in debt. I'll probably live in this house all my life now. There was no first time homebuyer programs when I bought, but soon after there were plenty.
De-regulation was a huge mistake, it's time to fix the mess not form big government to spend more and more money we don't have. I thought the bailout was supposed to be for the housing crisis why are the polititions tacking on all sorts of programs to how the money is doled out? This country is whacked! We elect these nitwits and they get away without accountability. Maybe I'll move to Canada

[RIJIMMY]

Originally Posted by Joe

It's just a "bottom up" crisis, right? Stupid people took out more than they could pay back and that's all there is to it.

I'm quite sure that after they have thier day in court, fiduciary trust - that cornerstone of the investing relationship - will be restored.

you havent read a single word I've posted. Many, many factors contributed to the mess and CERTAIN INDIVIDUALS in VERY LARGE COMPANIES that have MAN, MANY, MANY business lines may have committed some type of fraud. You prosecute the individuals, not the industry. If you want to but into Wall St as scapegoats, go ahead. But realize you will miss some of the key lessons and ones that are not learned are doomed to be repeated. And it appears the savior Obama is buying into it too. By the way, may want to check the resume of the secretary of the treasury, I bet you'll find most of the names you are blaming on it.

[RIJIMMY]

Originally Posted by The Dad Fisherman

Where's the Cream going to Go?

Example -

Bill is a Harvard Grad and works in sales for JP Morgan, his base salary is 100K, he travels 4 days a week, works weekends smoozing clients. He is an excellent salesmen and usually takes home an additional 500K in "bonus" money for the commissions on his sales. He couldnt tell you what a mortgage backed securty is becasue he sells bank custody services and nothing to do with the current crisis.
Take away Bills bonus and he makes 100K per year, factor in all the travel and weekends, and stress, Bill might make $25 an hour.

For 100k a year, Bill can go work for Brigham and Williams hospital as an adminsitrator for drug companies. His education more that qualifies him for the job, his salary will be 100K, but he leaves work at 5, is home every weekend and the stress is much less.

Bill took the job from Lenny, who graduated from UVM, as was not as polished as Bill. Lenny is now unemplyed. All the "good" jobs are now filled by people with ivy league degrees. Also unemploed is Bill's nanny, Bill's landscaper. Bill quit his golf club, quit his health club, sold his boat, etc.

But since Bill's wife does not work, he is now eligble for Obama's stimulus plan! He will receive a check for $1000 ! All is good in America!