Thursday, February 19, 2009

Shameless: Finance Profession Forgets Its Place.

And i really cant come to grips
With how these fellas act just like chicks
But now i retaliate with clips
And now i retaliate with force
You should come to grips
With how you really should watch your lips
--Dizzee Rascal

Rick Santelli, moron du jour, and TV personality on CNBC (billed as the George Castanza Channel - if everything it says is wrong, the opposite must be correct) called for a Boston Tea Party in Chicago this summer to protest the bill signed by Obama this week, to hoots of approval by the traders on the Chicago floor, calling them a "good cross section" of the American public - let's pray he's wrong:
"We're thinking of having a Chicago Tea Party in July," Santelli told CNBC "Squawk Box" co-anchor Joe Kernan. "All you capitalists who want to show up at Lake Michigan, I'm going to start organizing."

If by capitalists, he means those able to properly manage risk, manage a company's operations profitably, and be a responsible member of the commmunity, then there are no American Capitalists left.

They left with the advent of mega bonuses to executives of companies in chapter 11 and begging for government money.

They left when all around them, calls for responsible management of high risk mortgages went unheeded when the writing was on the wall years ago, and became painfully obvious in 2007.

I guess this is like financial Groundhog day - The finance professionals and their enablers within the media still don't realize how responsible they are for the meltdown, and so it is bound to continue.

The first step to solving your problem, is realizing you have one.

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