More Than an Uptick? - Up and Down Wall Street - A. Abelson - Barrons.com
Lots of people can't contain their antipathy to bankers. But is this justified? I don't think so.
It might be better to think of the banks (and really they are more investment houses these day - which is also where the bonuses are largely earned, or the trading desks; but heck, if the government had the people believing it was traders who got compensation based on trading gains, there wouldn't be the angst to amplify as a red herring) as the safety value on a pressure cooker.
In other words, we have huge economic forces at work in the world (to mention a few:
a) the Chinese who had little and are willing to work hard for a better living
b) the US government that currently believes socialism is paradise
c) American workers who are worried about jobs but don't seem to mind when their taxes go up so unionized government employees can earn far more in salaries and benefits than the private sector can afford
d) businesses that realize costs of production do matter and are having to source goods and services to stay competitive in a world economy
e) etc., etc.
But, since these forces are tumultuous, finance and currency changes, interest rate manipulation, huge government deficits to obfuscate the problems, etc. are all at play.
What's missing is honesty and common sense.
The average American took a long time to realize housing prices can't go up forever.
But, Americans can't believe they aren't entitled to all these benefits the Dems want to bestow. Bankers shouldn't be blamed - look to Washington!
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