Well, it's bonus time, again, on the Street. Yes, as in Wall, not Main.
Oh, the argument goes. If we don't pay the best and brightest, they'll go elsewhere.
Let me categorically say, as I've said before, what these types have wrought is not necessary. We can stop the whole futures market, for instance, and start over with something better.
Why? We need to shore up the utility aspect of banks, that is the plumbing. All else is speculative and necessary only to those who want to suck money from the pockets of the hapless into their own. It's called near-zero, folks.
But, Congress had a chance with the last downturn. Politics, and the power of big bucks - as in banks arguing for their bonuses, got in the way.
Will there be another chance, ever? Perhaps after a few more bubbles, but I'm too old to see that. Right now, I'll continue to argue the concept of 'simple living' as needed by those who touch money and control the flow.
Guess what? Big Ben almost makes it; but, his current digs are palatial. I'm sure that it'll grow on him like it did King Alan.
It is still the fact that the basis used by the best and brightest to demand their bucks is a house of cards. That computers are at the core will become problematic probably sooner than later.
Who will suffer this next time?
04/01/2011 -- The last man wants the old days back.
02/03/2011 -- This is a place holder, for now, for Lewis' article. The Irish people (where is the rage?) were screwed over even more than the Americans. Now, one could argue oops; but, the truth is that certain minds need much more restraint than they are willing to admit. Unfortunately, other people bear the effects of these idiots (who, by the way, may, in many cases, test well - too bad there is not an effective arse test).
11/30/2010 -- Best and brightest, yeah!