Sunday, May 09, 2010

Confessions of a Wall Street Nihlist

Long read with vulgar language, but it shows us what we are up against. Those who are profiting from our "looters economy" have convinced themselves that continuing the fraud is the only thing to do. Of course, the Wall Street defender in this conversation is incorrect as to his major point. The value of all stocks would not drop to zero were the rot rooted out. Some companies stocks would collapse- if they were the ones built on fraud. Wal-Mart would not collapse. Tyson Foods would not collapse. Murphy Oil would not collapse. These are real companies who own real assets that people need every day.

The fraudsters have convinced themselves, and congress it seems, that "the whole economy" would collapse if the fraud were exposed. My position is that an economy built on fraud has to collapse eventually. The sooner it happens the less deep the hole we have to dig out of. That part of the economy that is not based on fraud will have a chance to flourish.

1 Comments:

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