Wednesday, December 25, 2013

Remember the Market Meltdown? It's Going to Happen Again!

*******
 
*******
 
*******
 
*******
*******
An early plea for investment banker welfare
Jim Cramer, a popular financial program TV host in the US, had a bit of a breakdown on camera (August 2007).
 Because he made his reputation by histrionics and grandstanding, it didn't hurt him among his audience.
 Cramer claimed to be concerned for the fate of millions of Americans who were saddled with predatory real estate loans in recent years.
Maybe he actually cares about the thousands of home owners who will be hurt by this insanity. Maybe.
But clearly, the folks that Cramer demonstrated real concern for in this tirade were his friends who work for hedge funds and investment banks: "People are losing their jobs!" he cried.
Pardon me if I don't shed a tear for the crooks who've collected seven figure bonuses each year for turning our financial system into a casino.
Here's what I have to say to the bankers who are crying now:
"You put it all on red and it came up black. Tough shit. Stop sniveling from the back of your limousines and houses in Hamptons and get a life.
Why should the people who actually work for a living and add real value to the economy reduce their already-reduced standard of living further to bail you out?"

*******