The Greek

Don’t Blame Wall Street - At Least Not Completely

I have to answer some of your questions, since some of these comments show a reading comprehension issue that makes my case for me about laxing through our education system and then carrying that through our entire lives, creating a superficial society of fakes and fools.

How can I say that? Well, I worked with a bunch of guys who published earnings estimates, yet didn't even have earnings models. I worked with guys who instead of interviewing CFOs and reading 10Ks, read reports of other analysts. I witnessed what I write about, so don't pretend anymore. I'm not the one on the hill pretending, I'm the man on the street calling people on their negligence and waking up this country about its effort to penalize Wall Street and shooting us all in the foot instead.

Everybody wants to blame "Wall Street." Each and every Congressman wants to please his constituents who are going to vote again in a month. Nancy Pelosi even takes an important unifying role, and turns it into a sound opp to attribute total fault to President Bush. It makes me sick.

Clearly, America was built on the hard work of great men, like my Grandfather for instance, who got on a train every day to ride four hours to work at Bethlehem Steel, or my own father who volunteered to fight in Korea to be an American citizen. Clearly! America was built on more than secondary markets. But, the reason the every day Joe could buy a car and own a home here, while working at Wal-Mart, is because of the benefit of those secondary markets created by Wall Street. Sure, they kept going with it, and created more, but where were the rating agencies? What did they sign off on? Did they take a minute to look at the securities? Why did they rate them investment grade?

When you say that you are happy it's all falling apart, you say so because you lack the foresight to notice that it will ruin your life. That's like watching a tornado coming for you and commenting on how awesome and perfectly coned shape it is. It's bearing down on you man. The market could shed another 10% tomorrow. Your friends are going to start pulling their pension money soon. You have no idea what you are talking about. If you don't own stock, maybe you think you are immune?

Do you have a small business? You won't have clients in a week. Do you work for someone? You might not have a job in a week. Do you hope to borrow money to buy a new car someday soon? The bank is going to be a whole lot different than the last time you were around. Does your kid plan on borrowing money for college? Better start working on a scholarship, or start working plain and simple.

I've been to third world countries, and I'm telling you we are no smarter than those people. Depression bears down on the entire society. Call your Congressman and kick him in the tail to vote for this plan. Too many stubborn, angry, blind fools are calling him and telling him to not bail out Wall Street, and missing the point that they'll be on the street otherwise. This is NOT about bailing out Wall Street. This is about saving our financial system!

And, for the man who judged me regarding a bonus and a Ferrari, you clearly don't know the co. I worked for very well... Also, I already have a judge thank you. If you want to see the fruit of my tree, take a closer look rather than assuming things.