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Snake Plissken
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Chitown_Badger
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Madhatter536
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Madhatter536
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Madhatter536
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ming said...
How so? Trading pieces of paper (or bits of data) back and forth between several parties creates exactly what? Originally the value added by investment banking was to efficiently facilitate the allocation of capital to the businesses and industries that needed it... like oil in machinery. They still serve that purpose but it is being overshadowed by speculative gambling and the conversion of practically everything into a financial instrument. What purpose does trillions of dollars in derivatives serve the world economy? It's simply become a tangled web of bets and counter bets piled on top of even more counter bets that goes far beyond any hedge play. Fees and commissions are how investment banks make money and the incentives are skewed to increase "churn" not to allocate capital resources efficiently.
The financial services industry in an absolutely essential part of a capitalist economy and performs a vital roll. It always has and it always will. But it's pretty clear now that the industry as a whole is quite out of equilibrium when it comes to incentives, compensation and added value and most people who work in finance that I have spoken with will admit to as much.
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Madhatter536 said...
So far I have seen only opinons saying I am wrong. No facts, just opinions. Maybe once in a while a banker works a few hours overtime, but to claim it is all of them all of the time, that's just BS and you know it.
And Snake, I have never posted pictures of poop as that would entail learning how to post pictures which I am not interested in doing. And yes, I am a little bit crazy. Dealing with nutjob conservatives everyday has that affect on a person.
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JohnGalt1 said...
1. The net derivatives position is much smaller that what you are implying. 2. Extremely liquid markets give the US a huge competitive advantage over the rest of the world - I won't get into details on the huge list of reasons why this is true 3. If you think these people are so stupid for gambling a certain way, why don't you take the other side of the trade? 4. Hedging is a very valuable tool - let someone else take the risk that your crop gets screwed by weather or the oil you are planning to dig out of the ground is suddenly worth half the price it was when you began the project because Iran decided to double output or Obama released some of the US strategic reserves. A sophisticated investor can afford to take that risk and not blow up, a farmer or small oil MLP cannot. Essentially, it allows entrepreneurs to avoid risk of ruin.
Madhatter536
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Madhatter536
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Madhatter536
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Madhatter536
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JohnGalt1 said...
1. The net derivatives position is much smaller that what you are implying. 2. Extremely liquid markets give the US a huge competitive advantage over the rest of the world - I won't get into details on the huge list of reasons why this is true 3. If you think these people are so stupid for gambling a certain way, why don't you take the other side of the trade? 4. Hedging is a very valuable tool - let someone else take the risk that your crop gets screwed by weather or the oil you are planning to dig out of the ground is suddenly worth half the price it was when you began the project because Iran decided to double output or Obama released some of the US strategic reserves. A sophisticated investor can afford to take that risk and not blow up, a farmer or small oil MLP cannot. Essentially, it allows entrepreneurs to avoid risk of ruin.
ming
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Io Triumphe
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SpartanInNH
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Media Fooled by Phony ‘1%’ Tip Story Involving Greedy Banker | TheBlaze.com
So, the story goes like this: a wealthy, vicious member of the “1 percent” goes into a True Food Kitchen, he runs up a three-figure tab, leaves a 1 percent tip, and then writes “GET A REAL JOB” on the receipt. Wow, what an awful person! Can this...
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Banker leaves 1% tip on $133 tab...