Av: Lars Rosenberg
http://www.hn.se/m_ka1.php?avdelning_1=178&avdelning_2=288&
lördag 27 september 2008
Market meltdown?
Posted in August 2007
A plea for corporate welfare
Jim Cramer, a popular financial program TV host in the US, had a bit of a breakdown on camera earlier this month (August 2007)
Because he made his reputation by histrionics and grandstanding, this will hardly hurt him among his audience.
Cramer claims to be concerned for the fate of millions of Americans who were saddled with predatory real estate loans in recent years.
Lenders were actually encouraged to make these loans and consumers to take them by Fed Chairman Alan Greenspan.
Up until now, when the game has started to fall apart, this business - known as "subprime" lending - was a big money maker for the banks. Now it's starting to look like what is always was in reality - the most reckless and ill-considered credit bubble in financial history.
Maybe Cramer actually cares about the home owners who will be hurt by this insanity. Maybe.
But clearly, the folks that Cramer really cares about are 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 people 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."
http://www.brasschecktv.com/page/132.html
Working class hero? Not!
A plea for corporate welfare
Jim Cramer, a popular financial program TV host in the US, had a bit of a breakdown on camera earlier this month (August 2007)
Because he made his reputation by histrionics and grandstanding, this will hardly hurt him among his audience.
Cramer claims to be concerned for the fate of millions of Americans who were saddled with predatory real estate loans in recent years.
Lenders were actually encouraged to make these loans and consumers to take them by Fed Chairman Alan Greenspan.
Up until now, when the game has started to fall apart, this business - known as "subprime" lending - was a big money maker for the banks. Now it's starting to look like what is always was in reality - the most reckless and ill-considered credit bubble in financial history.
Maybe Cramer actually cares about the home owners who will be hurt by this insanity. Maybe.
But clearly, the folks that Cramer really cares about are 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 people 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."
http://www.brasschecktv.com/page/132.html
Prenumerera på:
Inlägg (Atom)