CarDealer123

Say No to the Auto Industry Beggars

I am a Chevrolet Dealership Owner. I was having a really good year until the dredit markets froze and wall street collapsed. The arrogance of you people is beyond belief. I have yet to hear ANYONE working on Wall Street take ANY blame.

Anybody who makes their living on Wall Street and didn't see this coming 4-5 years ago is an idiot or turned a blind eye to it.

The fact is, the mortgage brokers came to the underwriters with bad paper. The underwriters FAILED to adequately assess the risk. This failure to adequately assess the risk was caused by laziness, ignorance or greed. In most of these cases, the risk was known and deliberately mis-represented to investors. You "Wall Streeters" couldn't wait to earn the commissions selling (misrepresenting ) what you knew or should have known were very high risk investments.

In a nutshell, the underwriter's lied and the "wall streeters" swore to it.
And now, all you "wall streeters" want to talk about is where is my next commission comming from.

Well, here's a news flash - NOBODY TRUSTS WALL STREET ANYMORE. That's why no matter how much money the FED puts out there, WALL STREET cannot be trusted with it. That is why the credit markets are still frozen despite the huge infusions of cash.

I guess the really funny / sad thing here is that you guys (Financial Advisor) just don't get that YOU are the ones we don't trust.

I predict that Wall Street will suffer a 20% or more decline in employment in the next 12 months. It will be intersting to see what your MBA in finance is worth in the real world outside of Manhatten.