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Wall Street less popular than Congress
Thursday, December 10, 2009
Bloomberg reports that, after almost two years of failures and bailouts and with Wall Street bonus season now about to get underway, the American public thinks less of the nation's financiers than it does lawyers, insurance salesmen, and Congressmen.
Many lawyer jokes are easily adapted to the financial industry - just substitute "Wall Street banker" for every instance of "lawyer" below and they all kind of roll off your tongue:
Q: What do you call 5000 dead lawyers at the bottom of the ocean?
A: A good start!
Q: How can you tell when a lawyer is lying?
A: His lips are moving.
Q: What's the difference between a dead dog in the road and a dead lawyer in the road?
A: There are skid marks in front of the dog.
6 comments:
you obviously have not seen the news, but no wall street firm has cost the US taxpayer anything. all TARP money has or will be paid back, and the government made a profit on the warrants it sold back to the banks. the only TARP losses expected are on AIG, GM and chrysler. in the meantime, the Fed's loans to AIG are paying 9%. pretty good return in these times, don't you think?
no doubt wall street bankers are unpopular, but that is largely because of ignorant or bigoted blogs and journalists deceitfully implying that they have cost the taxpayer money.
Lloyd, please stop leaving anonymous comments on my blog. Don't you have better things to do at Goldman Sachs?
Uh... it's not just about TARP...
A little perspective. TARP money looks like it is being repaid, mostly because they were able to sell crap to the Fed at 100c when it was probably worth no more than 30c per dollar. If TARP is being mostly repaid, why do we need to extend the program? Essentially, the fundamental business model of fractional reserve banking is to lend out a whole lot of what isn't yours (aka leverage) and collect interest and fees on it. Then, when everything blows sky high (aka financial and economic crisis), get the people you are milking to bail you out under the premise of saving them.
It's the financial institutions getting all those subsidized ZIRP loans that annoys me the most. Why should consumer purchasing power be confiscated, and given to them? Let consumers keep their purchasing power.
Stop printing. Let them borrow from people who want to loan to them, at market rates.
Anon at 6:57 AM. Funniest thing I have in a while, followed closely by Tim outing you Lloyd.
PS. Thanks for doing the Lord's work.
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