…and they expect the investment bankers and hedgies and PE guys to help them bailout the stupid commercial banks – makes me !

Let’s face it. There are too many people in this business. Too many smart minds shuffling paper around.

But if that happened… what would happen to this forum???

I for one was THRILLED to hear that speech.  Maybe it will mean fewer people getting into the biz, or the bar being set higher somehow (additional testing/schooling, etc.).  The last thing we want is more advisors and I-bankers.  We need more people earning money that we can advise!

Yeah, walk around in NYC and 1 in about 5 people is in finance. It’s too many. The clients are paying all of these salaries (and bonuses) too…the money has to come from somewhere.

Regardless of whether or not one feels that the financial industry is saturated, that comment stinks of communism. Not even socialism anymore…straight commie bullsh*t.

Well, I agree with him on this. … Michael Lewis has written frequently about the insanity of hiring smart kids out of Ivy League schools and paying them outrageous sums of money to … well, blow up the financial system.

The reality is, the big firms hired tons of smart, but un-trained and not-yet-successful Ivy grads to sit around valuing and trading assets.  None of them had a clue how deep in they were.

[quote=Valhalla]

This administration is on an all out assault on this industry. I for one do not appreciate that we run a very clean, legal, business yet our reputations/life’s work gets slammed on a regular basis by this administration and its merry band of theives. I actually thought about adding these quotes to the “tax on retention” thread as there have been a few comments inside that reference said assault, but nonetheless:

and our fashionable first lady on the campaign trail last fall…

Just because management directed the activities that, over the better part of a decade, finally culminated into our current economic state doesn't mean that the government should start dissuading bright young minds from pursuing their career of choice. Whether that be finance/investment banking or health care or education or the freakin' NBA.

liberals drilled into my head that you shouldn’t discriminate, use stereotypes or generalize.



Now King Obama is in office, they discriminate, use stereotypes and generalize my entire industry.

and our fashionable first lady on the campaign trail last fall...

[quote=josephjones107]liberals drilled into my head that you shouldn’t discriminate, use stereotypes or generalize.



Now King Obama is in office, they discriminate, use stereotypes and generalize my entire industry.[/quote]

I don’t think he’s talking about you or me or anybody on this board. Honestly you and me should angrier than anybody about what some of the Wall Street firms and their wunderkinds dhave done. They damaged our businesses and our reputations.

I found Obama’s comments on the Tonight Show insulting to our entire profession.  How dare the man call US greedy, insinuate that our profession lacks integrity, and say the “best and brightest” should avoid our profession.  The fact of the matter is that government legislation created the mess we are in today.   The toxic assets exist because misguided politicians decided to loosen lending standards for low income people and have the mess subsidized by GSE’s Fannie and Freddie.  That’s the origin of the subprime glut!  The banks are in trouble because politicians repealed Glass Steagall thus allowing banks to purchase the crap.  Derivatives and credit default swaps traded in unregulated markets because of the Commodities & Futures Modernization Act, thanks to Congress.  After all this toxic mess was brewing to a boil, the SEC kept quiet in 11/2007 as FASB brought back mark to market accounting rules.  The SEC also failed to bring back the uptick rule when all hell had broken loose.  THE GOVERNMENT FAILED EVERY INVESTOR ON THE FACE OF THE EARTH AND NOW THEY HAVE THE AUDACITY TO BLAME OUR PROFESSION!!  We MUST speak out about this because lawmakers sure as hell won’t admit it and most of the media is so wrapped up in their orgasmic charm over the new Prez, that they won’t fess up…and few understand it.  Get your talking points down and SPEAK OUT.  Tell your clients, tell your friends in the local media, write to CNBC and make them talk about it, and write your congressman.  Don’t depend on management.  We’re self-sufficient…We must be the ones to speak out!  This pisses me off to no end and I’m sick and tired of being scammned by the government.   The press swarmed Obama over his special olympics gaffe, it’s about time our profession gets an apology!

I found Obama’s comments on the Tonight Show insulting to our entire profession. How dare the man call US greedy, insinuate that our profession lacks integrity, and say the “best and brightest” should avoid our profession. The fact of the matter is that government legislation created the mess we are in today. The toxic assets exist because misguided politicians decided to loosen lending standards for low income people and have the mess subsidized by GSE’s Fannie and Freddie. That’s the origin of the subprime glut! The banks are in trouble because politicians repealed Glass Steagall thus allowing banks to purchase the crap. Derivatives and credit default swaps traded in unregulated markets because of the Commodities & Futures Modernization Act, thanks to Congress. After all this toxic mess was brewing to a boil, the SEC kept quiet in 11/2007 as FASB brought back mark to market accounting rules. The SEC also failed to bring back the uptick rule when all hell had broken loose. THE GOVERNMENT FAILED EVERY INVESTOR ON THE FACE OF THE EARTH AND NOW THEY HAVE THE AUDACITY TO BLAME OUR PROFESSION!! We MUST speak out about this because lawmakers sure as hell won’t admit it and most of the media is so wrapped up in their orgasmic charm over the new Prez, that they won’t fess up…and few understand it. Get your talking points down and SPEAK OUT. Tell your clients, tell your friends in the local media, write to CNBC and make them talk about it, and write your congressman. Don’t depend on management. We’re self-sufficient…We must be the ones to speak out! This pisses me off to no end and I’m sick and tired of being scammned by the government. The press swarmed Obama over his special olympics gaffe, it’s about time our profession gets an apology!

Hey whatever happened to Saul4Paul?



Re: Bubble. Yep, all because somebody screwed up a survey. And now, we’re all paying for it.

http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html?sec=&spon=&emc=eta1

Even the NY Times warned in 1999 of the government created danger.

the remarkable thing is the fed increased the money supply by 60% in the 1920s --causing a bubble then as well.   Then -just like now–the blame goes to the private sector

[quote=sisu] I found Obama’s comments on the Tonight Show insulting to our entire profession.  How dare the man call US greedy, insinuate that our profession lacks integrity, and say the “best and brightest” should avoid our profession.  The fact of the matter is that government legislation created the mess we are in today.   The toxic assets exist because misguided politicians decided to loosen lending standards for low income people and have the mess subsidized by GSE’s Fannie and Freddie.  That’s the origin of the subprime glut!  The banks are in trouble because politicians repealed Glass Steagall thus allowing banks to purchase the crap.  Derivatives and credit default swaps traded in unregulated markets because of the Commodities & Futures Modernization Act, thanks to Congress.  After all this toxic mess was brewing to a boil, the SEC kept quiet in 11/2007 as FASB brought back mark to market accounting rules.  The SEC also failed to bring back the uptick rule when all hell had broken loose.  THE GOVERNMENT FAILED EVERY INVESTOR ON THE FACE OF THE EARTH AND NOW THEY HAVE THE AUDACITY TO BLAME OUR PROFESSION!!  We MUST speak out about this because lawmakers sure as hell won’t admit it and most of the media is so wrapped up in their orgasmic charm over the new Prez, that they won’t fess up…and few understand it.  Get your talking points down and SPEAK OUT.  Tell your clients, tell your friends in the local media, write to CNBC and make them talk about it, and write your congressman.  Don’t depend on management.  We’re self-sufficient…We must be the ones to speak out!  This pisses me off to no end and I’m sick and tired of being scammned by the government.   The press swarmed Obama over his special olympics gaffe, it’s about time our profession gets an apology![/quote]

Government caused the housing bubble. Lowered fed feds from over 6.5% to 1% (and left it there) along with their massive intervention from Zero Downpayment Act, Fannie Freddit & FHA.

New York Times Thursday, April 22, 2004
Ron Paul, a Republican representative from Texas, sharply challenged Mr. Greenspan by suggesting that easy-money policies had lured people into assuming too much debt.
‘‘We have a housing bubble,’’ Mr. Paul told the Fed chairman, adding that the homeowners’ rising debt was backed by the collateral of potentially inflated housing values. ‘‘I don’t see how we can have true wealth without savings,’’ Mr. Paul said. ‘‘I’m afraid we’re confusing debt with assets.’’

Washington Post Friday, June 10, 2005
Rep. Ron Paul (R-Tex.) asked if Greenspan was being a bit too sanguine. “I just wonder if we might not be fooling ourselves about our prosperity” because of heavy borrowing, he said.
Greenspan, elbows on the witness table, demurred. Debt, he said, “in modest quantities does enhance the rate of growth of the economy and does create higher standards of living, but in excess, creates very serious problems.”