Bruce Hiler, a former SEC lawyer who has defended Jeff Skilling, shares his thoughts on short selling and the bailout. I found it interesting and thought you might too.
September 24, 2008...8:40 pm
Congress Doing More Harm Than Good, Says Former SEC Attorney
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September 25, 2008 at 7:18 am
I’m having a tough time with all of this Cara, I really am.
On one hand I think that if you remove the risk from capitalism, (which is essentially what the bail out does), all you are left with is a wreckless corporate socialism. It’s like the speculators, mortgage makers, fund managers, people who come with the ideas for all of these incredibly convoluted financial products, are nothing more than drunken teenagers listening to Kid Rock “All Summer Long” blaring from their Mustangs on a cliff over looking a lake at 3am – knowing that no matter how far they push the envelope, Daddy will be there to pay the fines. Frankly, anyone on Wall Street earning more than 80K should be sent to Idaho and their own private shame camp. The problem I have, is that these people are playing with other people’s money. Most of us know the market goes up, the market goes down, and we pay ridiculous fees to “financial advisers” to manage our retirement savings. We don’t have the time or energy, or are so completely beguiled by the intended obfuscation of the financial types to ‘understand’ the market. We are too busy working to create value and wealth, look after the house, participate in our community, cover our nut — doing all the things Wall Street needs to have happen so that those players can continue on their magic carpet ride. In the end, it’s always the little guy who gets the shaft.
People and analysts can demonstrate, theorize, argue, put up some pie charts all they like. This is just plane wrong. It’s a sick ending to a sick game.
$700 Billion — think about that — it’s completely insane.
And just where is that $700 Billion going to go? Can anyone tell you where?
Because if the fraud that is the Federal Reserve, creates it out of thin air and then puts it somewhere – where is that somewhere? It is the future of the next three generations who will pay. People who aren’t even born yet are having their taxes raised, their burden and oppression is now heavier than their grandparents’.
America? God bless your mess.