Angry finance-related ranting and raving ahead. Feel free to skip.
It has to be said. I never thought I’d actually say this but enough is enough. Too much praise have been heaped on the supposed “intelligent” investor, the creme de la creme. The investment banks who were the masters of the universe, the men (and the few women…most of them look butch anyway to survive in such a macho and mysogynistic industry) who made millions in a day. Graduate trainees who earned more than their parents’ in one year compared to their parents’ entire lifetime.
CLSA’s paper is called “Greed and Fear”, as though these two qualities are something that should be prided in the financial world. Well, when shit hit the fan and investors, the same ones who entered the market with all that greed are running out in fear.
And they’re the same ones whining to the governments that they’re not doing enough with the bail out. The SAME ONES who were whining to the government a few years ago that there was too much regulation. Shame on the government who had forgotten that regulation is intended to protect the little man and not the fat cats who want a free hand in the stock market.
And enough is enough to high City bonuses. It was a sore point for regulators then (we earned shit and the traders earned triple my annual salary…and my job was to help them make more), and it’s still sore point for me now. And why on earth should we protect these people when the bail out came with a condition, cut down bonuses, the whine became “BUT MUMBAI AND SHANGHAI WILL GET THE REST OF THE MONEY ANYWAY!! WE CAN’T STOP EATING AT EXPENSIVE RESTAURANTS!”
If you can think of intelligent ways of leveraging an entire nation to death, I’m pretty sure you can find a way to stop the bleed to Shanghai and Mumbai. Idiots.
I hope this will be a lesson to all that, only selfish idiots enter the financial industry. If they were so bloody talented and intelligent, this wouldn’t have happened. Was it not obvious that fundamentals count (Finance 101)? Was it not obvious that when an economy is not based on the real economy, it was BOUND TO FAIL (Econs 101)? And they call themselves the Masters of the Universe.
Personally, I feel the best way out of this financial crisis is to throw every single investor and trader around the world in jail and put people like teachers, farmers, or people with some semblance of logic (which would be everyone else) back there to just calm the markets down. Right now, there’s just too much panic and everyone is running out, there’s nothing that can be done.
Let’s face it, investment bankers (sorry my lovely i-banker friends, you are being lumped and stereotyped) are nothing more than glorified power-point makers and honestly, each and everyone responsible for this crisis, hedge funds etc, deserved to be shamed on the streets. Should make a scarlet letter like situation, , we’ll sew the letters IB in red on all traders to remind the public the sin they’ve committed.
No more coveting greed and fear. This must be curtailed. It’s not like there’s any benefit to this. It’s better to have smaller and more stable returns of 5 to 7% a year rather than 30%. Enough is just enough.
P/S: Let’s just get rid of short-selling, eh? It’s supposed to be used to manage risk, not create more risk. Like the Blackberry was supposed to help productivity, not to encourage workers to use it as an alternative to messenger. Lots of things work fine in theory, but become stupid in practice.
P/P/S: Err…Malaysia? The world is in crisis? Stop behaving like you’ll sail this one just fine.
P/P/S: Err…regulators? It’s YOUR fault too for succumbing to the I-bankers. Regulation must be thought through carefully, not let people who are making money dictate to you the rules of the game.
tl;dr. Cry moar people who suffered in finance. Finance boat is FAILBOAT!