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Wall Street Gets It! The President Doesn't.

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Our President says, "The people on Wall Street still don't get it."

Believe me, Mr. President, when I tell you, "Wall Street gets it." It's you that doesn't get it. Here's what you don't get.

The people on Wall Street are out to steal every last dollar they can, as fast as they can, and as long as they can get away with it.

Mr. President, you may have gone to law school but I went to business school, in New York City, on Wall Street. I had to sit next to these young thugs that did their summer internships at Goldman Sachs. I learned plenty about both business and the mentality of Wall Street.

The President may see Wall Street as the financial center of the country. The place capitalism does the thing it's supposed to do best: efficiently allocate money to the best projects that will bring the greatest returns. That's idealized capitalism in a nutshell.

But that's not what Wall Street or any of the major banks have done.


Act I:

Here's the first lesson of Accounting 101 as taught by Professor Sorter at NYU. You may not go out onto the street (Main or Wall) and sell Rolex watches yes, the real thing for $10,000 a piece under the terms, shouted as part of the sales pitch, "Pay me anytime!" and then book sales of 10,000 Rolex watches for $10,000,000 as an accounts receivable.

The next step, to tell investors you have $10,000,000 in sales, and enticing them to invest in your burgeoning enterprise is, of course, fraud!

Try this the next time you go to the horse track. Tell the para mutual teller you want a derivative of an Exacta Wheel, covering every horse in the race, that will pay you just 1% more than your $1,000 wager.
In other words, no matter what horse wins you will redeem your wager stub for $1,010. It can't be done. Even if you were to bet in a way that would assure your up front wager returned in full, the track takes a percentage of the bet, in street parlance the vig, so you would come out behind.

Now, low and behold the people of Wall Street, who have magically and with the help of statistical, programming and flimflam geniuses, easily combine both of the above schemes and tell you they can win every time no matter the investment outcome.

It's criminal it. It's fraud. It's stealing. It's a scam.

It's nothing more then three-card Monty and the suckers are the U.S. Government, the President of the United States, every small time "investor" and every taxpaying citizen. The victims are not just the citizens but our very way of life and our future.

Wall Street gets it. These are very clever people, but this is not the end of the story. If we ended the story here we would be hugely underestimating the ability of the people of Wall Street.

As we already know, as the people of Wall Street worked the above criminal enterprise, they paid themselves handsomely. But that was just
Act I.


Big Banking will take your last dollar with credit and debit cards.


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Chaz Valenza is writer and small business owner in New Jersey. He earned his MBA from New York University's Stern School of Business. His current feature film project is "Single Point Failure" an insider's account of how the Reagan Administration (more...)
 

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USE CASH is great . the only drawback is an increa... by tinakang on Sunday, Dec 20, 2009 at 4:09:48 PM
Theft is always a possibility, Use Cash sign or no... by Chaz Valenza on Sunday, Dec 20, 2009 at 7:28:44 PM