reply to post by Resonant
First off, I am apologizing, in advance, for I feel a long post coming on... Even though I normally hate writing long posts, I couldn't resist. Please
skip, if you don't want to read my rant.
Resonant, by the way you speak, you (and I) have actively contributed to the mess we are in today.
Derivatives are a scam, along with collateralized debt obligations, and other 'products' are a huge reason why the economy is in such shambles.
Essentially, banks and their bankers have found a 'god mode' cheat for the financial sector. I sincerely hope that this economic crisis will change
the hearts of a few, at the very least.
I will never be one to cast the first stone; hell I'm as guilty as anyone else; having worked for investment banks and hedge funds, in a past life,
for a few years (too many). Sure, making money is a thrill, but it's gotten entirely out of hand.
Years ago, after drudging through b*tch work, during the twilight years immediately post-university, I had the opportunity to finally make it to the
floor. However, what I painfully found out, is that the world of modern day 'finance' is extremely ugly. Being pressured, on a daily...hourly basis,
to sell financial suicide to others, I became unable to live with myself. As promptly as I could manage, I put in my resignation, never regretting my
decision to this day (especially, these days!). Now for some, that industry, work, lifestyle suits them perfectly; but for what it's worth, I could
feel BIG trouble, just brewing, waiting to burst.
Seriously, it's almost like making money from nothing. In that world, it's almost as if the principles of mathematics need not apply. $1 + $1 will
NEVER make $10. Someone's gotta pick up the tab. There's no such thing as a free lunch. There's never been anything more crooked than turning a
profit, off of debt.
I felt that from day one, it just took me too long to see it.
Unfortunately, we have paid a big price; billions and trillions of hard-earned taxpayer dollars are being used to foot the bill. I am truly happier
now, being as far away from finance, as physically possible; being able to laugh with family and friends without biting my nails over the market or
having to close a deal that I know will eventually ruin someone, all in the name of padding my pockets a bit more and keeping my boss happy.
While what the fella in the interview [in the OP] was saying is accurate, and candid (moreso than what I even expected), he hit the nail on the head:
some view an economic downturn as an opportunity. While this strategy is effective; for the love of God, NO MORE SCAMS! It's like trying to heal lung
cancer through smoking, persistently. People should invest wisely, prudently, and ETHICALLY. There is a reason why business ethics is required for all
I apologize, again, for the long winded post... It kinda came spillin out once I started typing.
I also meant no offense to anyone with this post. It felt good to let it out.
So sorry, I'll be quiet again, now.
edit on 27-9-2011 by bojimbo because: I didn't make sense