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njlauren -> RE: Crony Capitalists Bunker Down (11/5/2011 3:19:32 PM)
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The OWS people don't think much of Obama, unlike many of the knee jerk Faux News crowd who have posted in this thread, they think Obama is a sellout. For example, the fact that none of the bankers who cratered the economy that led to the financial collapse have faced any kind of criminal charges (and many of them walked away with huge bonuses paid for by government money, nice, which GOP members of congress defended as 'contractual'..). They think Obama has caved in to Wall Street his whol administration, and they aren't wrong, Geithner, Larry Sumners and others running treasury and the SEC are the same markets are great crowd Clinton had (when, for example, they got rid of Glass Steagal and allowed commercial banks to own investment banks, and use money from the commercial bank to lend to financial firms speculating on things like CDO's...real smart). And unlike other posters on this board, I have been to Zuccotti park and talked to some of the people down there so I am not speaking from what 'the media report'. Yeah, a lot of the OWS kids have their heads up their asses in some ways, many are naive about the realities of power and how it works, but they aren't wrong in that they are giving the message something is wrong, it is. As I write this, the government is busy trying to figure out where 600 million dollars of investors money in MF Global went and a lot of people are asking how MF Global could get away with doing what they did..and this bankruptcy isn't going to help the economy, and what the OWS people are probably saying is Obama because he refused to get tough on the industry (not surprising,given how much Wall Street money he has gotten) is a sellout.
They also aren't wrong about giving the message that wall street is not mainstreet, it isn't. Once upon a time wall street was about capital finance for industries, today with the way trading goes, it is basically a giant get rich quick scheme based on sub milisecond trading (yes, folks, trades happening in less then 1/1000 a second), on crazy algorithmic trading that not only trades multiple markets together, also creates a situation where they can blow apart many markets in an instant. More importantly, more then ever, everything companies do is based on stock price, and that means pleasing wall street analysts, who are a bunch of 25 year old snotnoses from Ivy league business schools who have no concept of the consequences of what they write. Want to know why companies aren't hiring? Why companies doing well send 10,000 more jobs overseas? Cause stock analysts love to see labor costs cut down to the swift, and that causes stock prices to jump..and guess what, 95% of executives compensation these days is predicated on stock options and grants..anyone see the problem with that?
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