Quote:
Originally Posted by George W. Bush
You obviously don't know how this works, or how it happened.
Many of these traders make their banks $$$$ MILLIONS even during the crisis. Many of them did deals which created value or profit for their firms. But nobody gets bonuses, even the good ones. How can you call the thousands who came out of the BEST schools in America, the ones who worked the HARDEST and who were the SMARTEST dumbasses? You could never be a trader at Goldman Sachs. If you are jealous at least admit it, as I will, about the amazing talent at these financial institutions, you don't need to talk shit just because the world got caught up in a bubble. It was everyday ordinary people who lived beyond their means for too long that got us into this. Not every Wall St. Banker. There were some bad bankers, who put on bad bets, but 90% of them were good. I can't think straight when I feel pure anger. I feel pure rage and hatred for people who blindly want to hurt america. Ironic that I'm blindly saying these things, but not so in that these thoughts consume all the time. I think about these things logically and rationally. Then I get angry. And I just want to say FUCK YOU AMERICA I'M NEVER COMING BACK. But I probably will.
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Please. Don't ever come back.
And guess what? Companies don't lose BILLIONS in a single quarter based on just a few people mis-managing investments. And making several million dollars selling insurance packages that you can't afford to pay out on if a claim is made ISN"T REALLY MAKING MONEY. It's black on the balance sheet for a while, yes. But it isn't actual wealth.
These people sold insurance on investments in mortgages. When the mortgages failed, they couldn't pay back the insurance on it. They bet, and they lost.
If I offered to insure your car for up to $1 million in liability in exchange for $2,000 per year, and you don't have any accidents for 10 years, then technically I "made" $20,000. WHOO. Until you have an accident where you sideswipe a schoolbus in the 10th year and suddenly I have to pay $1 million in damages that you caused.
Suddenly I'm bankrupt. Shit. Should I still be patting myself on the back for making that easy $20,000 in the last 10 years? Was I really creating value there?
Now magnify that by the GDP of a small country. If I lose billions, am I truly successful for making millions?