I am wondering how long this orgy of selfishness in the markets will go on. The hoarding of cash, the panic sales. How long will the fundamental blindness continue? And that panic which springs from knowledge that you will not recoup your losses any time before the end of next quarter, nor will you be able to shelter your margins for much longer. It is time to grow up boys. Your president won't tell you that, but I am going to.
Do you believe in the free market? If not, fine. If you think that the only bottom line is your own than you may, by virtue of your own decisions, bring down the system. It is that serious. You all have recently felt that somehow you are blessed. That your earnings, however unsustainable, were a testament to your faith in free market capitalism and that you were reaping the harvest of the righteous. Well, what about your losses? Are you willing to accept them in the same way?
Greed is a word that is thrown around with abandon to excuse the cowardice that is emerging in the United States with regard to leverage. It isn't that there is not enough money, but rather that fools who really don't have faith in the system are hanging on to that dollar so tight that it is going to be worthless. Yes, worthless. Just like the paper you are now wondering what to do with that made you billions when credit was free and loose. Where is your faith in the system, your absolute knowledge that the free market will reward your work?
I am ambivalent about capitalism in a philosophical sense. I have never been convinced that it is the best form of economy in theory. There are good arguments to be made against the free market system and it's tendency to concentrate wealth. But for Pete's sake, I thought all you Wall Street tycoons had the true religion when it came to this system. Guess you are really just gutless wonders with only your own craving for profit and no real belief in anything other than your computer models and your desire to have some sort of leg up over the competition, legal or not. It made you feel special, blessed if you please.
Well, I am old and have a lot to loose because of my vestment in the system. I had no choice. For most of my adult life I have lived with Reaganomics and the resulting bipolar bubbles and inequity in the labor market. But I don't have as much to loose as you boys do, but it's enough to make me feel kind of "bitter" toward your attitude. Jeez, is it really too hard for you big boys? Nup, it isn't greed here, it is cowardice. Everyone is lending a hand and you just can't seem to try cause it's just too hard to get up. When are you going to stop crying and start getting angry? When will it be time to get your asses up off from the floor and fight for the system that you want to keep? Or don't you have it in you anymore? Maybe that will be the death of this financial system just as it was for other great ideas. Perhaps it will all come down to the corruption of ideals and the inability of free people to have the strength of their stated convictions.
Which one will it be boys?
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