Warning: Wall Street Is Out Of Its Cage And Monkeys Now Run The Zoo
Is it really hard to believe anyone in a bubble would discount the first signs of distress as isolated by waxing nostalgic that the worst is over? (More commonly referred to by psychiatrists as delusions.)
Countrywide is falling ever deeper into the abyss with massive losses reported Tuesday. And because senior executives have no excuses for their rampant mismanagement, they simply refused an earnings conference calls with shareholders. I guess the company owners are mere annoyances. Of course, the call was not held under the guise of a proposed merger with Bank of America. Hey, speak of which, how about the brilliance of those Bank of America executives? Swooping in to buy Countrywide right before it imploded. Now B of A gets the choice of walking away from the merger and facing losses or merging and facing larger losses. I guess now we focus on saving face and go through with the merger at shareholder expense. A merger that would create an even larger mortgage monopoly if it survives. Free markets? We don't need no stinking free markets! The government lets us do whatever we want. Gotta hand it to Bank of America. Their actions border on incompetence that even government would be incapable of. Speaking of waxing nostalgic, this kind of reminds me of 1929 when the banking clowns stepped in to put bids under the market in an effort to restore confidence. Only to be completely wrong. Of course, Wall Street would never do anything quite so stupid again.
Oh, I almost forgot (not really), it was just a few months ago that Countrywide told us the worst was over and they would quickly return to profitability. I guess they were slightly wrong. Is this any different than the clownish belief the worst is over held by many on Wall Street?
Not to be outdone, GMAC just reported massive losses as well. Losses caused by mortgage and auto loan problems. I find it humorously ironic that Wall Street is always hammering on the U.S. automakers for their incompetence yet right before GMAC started imploding General Motors bamboozled Cerberus Capital into buying a majority in GMAC. The same Wall Street firm that bought Chrysler and soon thereafter had its CEO say Chrysler was effectively bankrupt. I'm sure that someone is feeling vindication at GM. Even if it was complete luck. Their sale of GMAC helped cripple Chrysler, one of their competitors. And they did it by dumping the bag on Wall Street, their biggest critic. Their critic that is always telling GM how to fix their business. I guess GM showed Wall Street a thing or two about business. Like, pushing money around doesn't mean you are qualified to run one.
Gotta love all of this Wall Street brilliance. Can't you feel it? Yet here's truly the ultimate in brilliance. The Wall Street mindset so pervasive in our society is that American workers losing their job to someone in a far off land, a land where workers are likely under their own duress of poverty wages, doesn't have the right skill set needed for the global economy and should therefore be retrained. And, what jobs are all of these displaced people retraining for? Wall Street jobs! Mortgage jobs. Finance jobs. Real Estate jobs. Financial advisor jobs. Right at the time when Wall Street's massive bubble is imploding due to a completely false view of reality and utter incompetence. Now what do we do? Because Wall Street isn't going to return to its recent form. Is this real or am I in some parallel Orwellian universe? Please wake me up and tell me it's all over.
Countrywide is falling ever deeper into the abyss with massive losses reported Tuesday. And because senior executives have no excuses for their rampant mismanagement, they simply refused an earnings conference calls with shareholders. I guess the company owners are mere annoyances. Of course, the call was not held under the guise of a proposed merger with Bank of America. Hey, speak of which, how about the brilliance of those Bank of America executives? Swooping in to buy Countrywide right before it imploded. Now B of A gets the choice of walking away from the merger and facing losses or merging and facing larger losses. I guess now we focus on saving face and go through with the merger at shareholder expense. A merger that would create an even larger mortgage monopoly if it survives. Free markets? We don't need no stinking free markets! The government lets us do whatever we want. Gotta hand it to Bank of America. Their actions border on incompetence that even government would be incapable of. Speaking of waxing nostalgic, this kind of reminds me of 1929 when the banking clowns stepped in to put bids under the market in an effort to restore confidence. Only to be completely wrong. Of course, Wall Street would never do anything quite so stupid again.
Oh, I almost forgot (not really), it was just a few months ago that Countrywide told us the worst was over and they would quickly return to profitability. I guess they were slightly wrong. Is this any different than the clownish belief the worst is over held by many on Wall Street?
Not to be outdone, GMAC just reported massive losses as well. Losses caused by mortgage and auto loan problems. I find it humorously ironic that Wall Street is always hammering on the U.S. automakers for their incompetence yet right before GMAC started imploding General Motors bamboozled Cerberus Capital into buying a majority in GMAC. The same Wall Street firm that bought Chrysler and soon thereafter had its CEO say Chrysler was effectively bankrupt. I'm sure that someone is feeling vindication at GM. Even if it was complete luck. Their sale of GMAC helped cripple Chrysler, one of their competitors. And they did it by dumping the bag on Wall Street, their biggest critic. Their critic that is always telling GM how to fix their business. I guess GM showed Wall Street a thing or two about business. Like, pushing money around doesn't mean you are qualified to run one.
Gotta love all of this Wall Street brilliance. Can't you feel it? Yet here's truly the ultimate in brilliance. The Wall Street mindset so pervasive in our society is that American workers losing their job to someone in a far off land, a land where workers are likely under their own duress of poverty wages, doesn't have the right skill set needed for the global economy and should therefore be retrained. And, what jobs are all of these displaced people retraining for? Wall Street jobs! Mortgage jobs. Finance jobs. Real Estate jobs. Financial advisor jobs. Right at the time when Wall Street's massive bubble is imploding due to a completely false view of reality and utter incompetence. Now what do we do? Because Wall Street isn't going to return to its recent form. Is this real or am I in some parallel Orwellian universe? Please wake me up and tell me it's all over.
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