It's enlightening to go back and see what various analysts had to say when the sub prime mess first started unraveling.
Here's a clip from more than a full year ago.
It features a popular TV stock picker flipping out on live TV as he describes the mayhem going on behind the scenes on Wall Street.
http://www.brasschecktv.com/page/132.html
His solution - because he's from the investment banking world - was a bailout for his friends at the big banks.
And that's what this is all about.
As Jim Rogers pointed out in yesterday's video, the US financial system has already been trashed. That horse is out of the barn.
There's no "fixing" it.
Either nature will be allowed to take its course (painful as that may be)
Or
The US Treasury will dump trillions of dollars into the economy to ease the transition for Wall Street billionaires at taxpayer expense - and at the expense of the long term prospects of the US economy.
Anyway, here's a former investment banker and current stock market cheerleader wailing and gnashing his teeth on behalf of his Wall Street buddies a year ago when it became clear that the jig was up:
http://www.brasschecktv.com/page/132.html
- Brasscheck
Market meltdown?
Posted in August 2007
One year ago
Working class hero? Not!
An early plea for
investment banker welfare
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?"
- Brasscheck
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