elizabeth warren is correct on this

[GG]

but no one mentioned trust funds.

 

Okee dok.

 

Explain what this means then?

 

there is a disporportionate number of ivy league (or european equivalents) grads from old money families inhabiting the c level suites of top financial institutions all over the world.

[Nanker]

Common man. Ya know.. The Astors, The Vanderbilts, The Carnegies... the folks in the museum-size houses on the hills of America. The ones that light their cigars with Benjamins while asking themselves, "I wonder what the poor people are doing tonight," as they sip champagne, and munch on a well aged brie on a toasted shrimp crisp.

[Chef Jim]

but he is privelidged, went to the right schools and he and his parents likely know enough of the right people.

Yuuuup. Finance is the only industry where things like this happen.

[KD in CA]

perhaps he will. if he acts more like boner and less like warren he might not get reelected. see it's everyday folks that decide his tenure in the senate unlike his time at goldman sachs.

 

and i guess in this case we can disregard the dozen posts about privilege = lazy.

 

unfortunately, his true colors showed in the cromnibus bill: http://blogs.rollcal...voted-yes/?dcz=. i doubt it will go unmentioned next election.

 

Yeah...maybe. Oh wait, he was just reelected to his 4th term so maybe not. And once again, he was elected by the 'everyday folks' in Bridgeport and Norwalk, the vast majority of who have never set foot in Himes' Cos Cob (that's in Greenwich) neighborhood. Somehow I guess they didn't all absorb the impact of the cromnibus bill.

 

never been. going to a wedding there in the spring. guess i'll see.

 

there's no readily available list that i'm aware of. if things slow down a bit today will search goldman's site for bio's on their c levels. but no one mentioned trust funds. hines likely isn't what would be considered a trust fund kid. but he is privelidged, went to the right schools and he and his parents likely know enough of the right people.

 

So....merely 'privileged' white people who go to Ivy League schools are ok, just not 'old money' people who go to Ivy League schools? Can you provide some threshold so we can all track who is ok and who is not?

Edited December 18, 2014 by KD in CT

[boyst]

Jeesh, go away for a day and all this happens.

 

Either way, since regarded as ignorant on the subject or not I am going to take time to try to learn more. If anyone wants me to teach them what I learn <Jauronimo> just let me know.

 

I will say I took time to think about it, though. I am very greatful I am in agriculture. Brand new bull got loose 20 minutes after I let him out from the trailer. Disappeared for a few days and the nearby farmer got him up, fed him for a few weeks and didn't ask for a thing, letting him stay there to calm down and even brought him over. That's what I like about agriculture. There is not anyone smarter or better then anyone and we all share the same wealth. I can't imagine that happening in the finance world. Losing a $3,000 investment in 20 minutes would not go over well.

 

This is the single most ignorant pile of **** I've ever read here.

Thank god. I got tired of holding that title.

[DC Tom]

Jeesh, go away for a day and all this happens.

 

Either way, since regarded as ignorant on the subject or not I am going to take time to try to learn more. If anyone wants me to teach them what I learn <Jauronimo> just let me know.

 

I will say I took time to think about it, though. I am very greatful I am in agriculture. Brand new bull got loose 20 minutes after I let him out from the trailer. Disappeared for a few days and the nearby farmer got him up, fed him for a few weeks and didn't ask for a thing, letting him stay there to calm down and even brought him over. That's what I like about agriculture. There is not anyone smarter or better then anyone and we all share the same wealth. I can't imagine that happening in the finance world. Losing a $3,000 investment in 20 minutes would not go over well.

 

Thank god. I got tired of holding that title.

 

I once lost $10k in ninety seconds. It was awesome.

[boyst]

I once lost $10k in ninety seconds. It was awesome.

Was it in a wireless transaction or something where you didn't actually touch the money? I've lost money like that before in investments. Nothing close to $10k.

 

Not to compare apples to oranges but watching a year old bull calf walk away 1/2 mile in front of you and disappear after following it a couple miles is very frustrating. To the point where you just want to shoot the damn thing.

[IDBillzFan]

I once lost $10k in ninety seconds. It was awesome.

 

Did you have time to get her name?

[OCinBuffalo]

When you guys are done with the populist circle jerk, you may want to understand how the capital markets really work, and will recognize that there is no such thing as the mythical Wall Street that you think there is.

Still missing it I see. Sure there is such a thing. That's the perception, and therefore, that is the reality. EDIT: And please, spare us the pretense that you have nothing to do with creating this perception. Your industry is as responsible for the myth as anyone. If the myth wasn't there, and everyone educated themselves as much as is being demanded in this thread? A whole lot of you would be out of a job.

 

Now, as your consultant in this thread, I'm telling you: you're missing something. You can listen to me, and see/act on it, or, you can continue to believe that the solution to your problem requires more finance-babble, elitism, and looking down your nose at the uneducated. I am every bit as educated on this subject as anyone else in this thread. The difference is: I am educated in other things as well.

 

Hence, I can say: you are missing something.

It is a global financial system that behaves very much like laws of physics governs gases. You put too much pressure on one side, the gas will look to escape on the other side. If you put too much pressure without an escape valve, look out.

This is entirely useless. In fact it's counterproductive. Nobody gives a F how your industry works, all they want is for it to stop causing a general panic every 5 years or so. Now, can you get on that, or, are you still having trouble defining YOUR problem, and what to do about it?

 

It is your problem, because you and yours are the pilots in this harbor, and we are all constantly reminded in word and deed(often by you) that you are the pilots. Thus nobody believes you, even if you are right, when you say that running the ship aground wasn't your fault.

 

You can't claim to be the all-knowing pilots of the financial ship, AND, claim 0 responsibility for it running aground...

... at the same time.

Yes, Wall Street has a big image problem. But it's no different than Marx blaming market speculation for all the evils in the market, as opposed to an inefficient market that is to blame.

What? It's completely different. These 2 things have no relationship to each other at all.

 

Here's the thing: I'm telling you that your fly is unzipped(massive PR problem), because it is. Now, you can either zip it up, or keep walking around with it unzipped. When everybody else sees that it is unzipped, tells you, and you ignore them, after a while, it's going to get around that you insist on keeping it unzipped. Most people will either think you're a dumbass or gross. Either way, you are making a choice. It's your fly, and it's unzipped.

 

This has nothing to do with some clown in Europe coming up with wild speculations as to whether and why your fly is unzipped. He and his ravings are irrelevant.

 

We are not. We can see your fly, and it's unzipped. Now, WTF are you going to do about it? Blame us/everybody else? Or, cut the crap and zip your damn fly. Again, nobody cares why it's unzipped. We have our own lives/things we need to focus on.

 

Just fix the damn thing, and promise to try harder to no sell garbage products again, and F everything up, again. Simple. Yet, you won't do it. Rather, you insist on going to the politicians and getting them to pass laws that allow you to keep running around with an open fly, and hurl "populist!" invective at anyone...who is merely telling you: your fly is unzipped.

 

You can't cry about regulation, but also, never lift a finger to self-regulate, and, go out of your way to blame everybody but yourselves when things go bad...at the same time.

 

If you don't want to take responsibility, fine: then take the regulation. That's root problem here: you want to be authorative, both in your industry, and even here in this this thread, but not responsible.

 

Why the finance industry hasn't appointed it's own Commissioner, like MLB, or the NFL, with real power to "suspend" and "fine"/set up the same sort of rules "for the league" I'll never know.

 

All these supposedly smart people, and they can't see a solution like that, that is so simple, and such an easy PR win? Where would the Democrats/pro-regulation/bank haters go after something like that? Nowhere. You'd take the argument away from them.

Ask your self jboyst, how much time in a day would you need to devote to raising your cattle, and then making sure that you have a buyer for the cattle and then ensuring that you can arrange delivery.

 

Without the market maker, you have to arrange all of those steps. Not that easy, is it? That's why in the entire history of mankind the market makers obtained a higher premium, but have always been vilified.

 

You are perfectly free to create your own market and be more efficient in building, selling and distributing on your own.

 

Chances are you won't be as good as people who specialize in it.

 

That's the long winded explanation to Chef Jim's point to STFU, buy a mutual fund and use your time to more productive uses.

And your problem is as I said above:

 

You want the authority to make the markets, but none of the responsibility, when the markets you make go south.

 

Again, the solution is simple: accept the responsibility for the markets you make,, and do what I said above. The SEC is a waste of time/$, and so is the FTC. IF these people had your talent, they'd be doing what you do. Therefore, these people add 0 value, and merely F things up for you, which creates cost you pass on to us, and, on occasion(Barney Frank) F things up for the entire country.

Yuuuup. Finance is the only industry where things like this happen.

Yeah, there's no such thing as doctors, whose father was a doctor, whose grandfather was a doctor, all of whom attended Hopkins.

 

The family business, is the family business. I know a guy whose financial guy father taught him about derivatives and that market when he was 6, and has been trading in them ever since.

 

I don't see how that is any more nefarious than the pizza guy who teaches his children how to make a pizza. They all have an "unfair" advantage, because they are learning more than other kids at an earlier age? Utter crap.

 

WTF are we supposed to do? Ban the transfer of knowledge/experience from parent to child? This is also why "privilege" is a ridiculous argument. "Planning and execution" is the correct word. When my parents both got their masters at the same time, and we were very poor, my parents were planning...to not be poor. Then, they executed. I didn't grow up "privileged". My family's situation in life was planned, then executed. Period.

Edited December 19, 2014 by OCinBuffalo

[Deranged Rhino]

 

 

I once lost $10k in ninety seconds. It was awesome.

 

 

Did you have time to get her name?

 

Damn you for being faster than me! :lol:

[4merper4mer]

I am every bit as educated on this subject as anyone else in this thread. The difference is: I am educated in other things as well.

 

 

Oh, thank God. I was beginning to think this was different than all the other threads.

Edited December 19, 2014 by 4merper4mer

[Nanker]

 

Still missing it I see. Sure there is such a thing. That's the perception, and therefore, that is the reality. EDIT: And please, spare us the pretense that you have nothing to do with creating this perception. Your industry is as responsible for the myth as anyone. If the myth wasn't there, and everyone educated themselves as much as is being demanded in this thread? A whole lot of you would be out of a job.

 

Now, as your consultant in this thread, I'm telling you: you're missing something. You can listen to me, and see/act on it, or, you can continue to believe that the solution to your problem requires more finance-babble, elitism, and looking down your nose at the uneducated. I am every bit as educated on this subject as anyone else in this thread. The difference is: I am educated in other things as well.

 

Hence, I can say: you are missing something.

 

This is entirely useless. In fact it's counterproductive. Nobody gives a F how your industry works, all they want is for it to stop causing a general panic every 5 years or so. Now, can you get on that, or, are you still having trouble defining YOUR problem, and what to do about it?

 

It is your problem, because you and yours are the pilots in this harbor, and we are all constantly reminded in word and deed(often by you) that you are the pilots. Thus nobody believes you, even if you are right, when you say that running the ship aground wasn't your fault.

 

You can't claim to be the all-knowing pilots of the financial ship, AND, claim 0 responsibility for it running aground...

... at the same time.

 

What? It's completely different. These 2 things have no relationship to each other at all.

 

Here's the thing: I'm telling you that your fly is unzipped(massive PR problem), because it is. Now, you can either zip it up, or keep walking around with it unzipped. When everybody else sees that it is unzipped, tells you, and you ignore them, after a while, it's going to get around that you insist on keeping it unzipped. Most people will either think you're a dumbass or gross. Either way, you are making a choice. It's your fly, and it's unzipped.

 

This has nothing to do with some clown in Europe coming up with wild speculations as to whether and why your fly is unzipped. He and his ravings are irrelevant.

 

We are not. We can see your fly, and it's unzipped. Now, WTF are you going to do about it? Blame us/everybody else? Or, cut the crap and zip your damn fly. Again, nobody cares why it's unzipped. We have our own lives/things we need to focus on.

 

Just fix the damn thing, and promise to try harder to no sell garbage products again, and F everything up, again. Simple. Yet, you won't do it. Rather, you insist on going to the politicians and getting them to pass laws that allow you to keep running around with an open fly, and hurl "populist!" invective at anyone...who is merely telling you: your fly is unzipped.

 

You can't cry about regulation, but also, never lift a finger to self-regulate, and, go out of your way to blame everybody but yourselves when things go bad...at the same time.

 

If you don't want to take responsibility, fine: then take the regulation. That's root problem here: you want to be authorative, both in your industry, and even here in this this thread, but not responsible.

 

Why the finance industry hasn't appointed it's own Commissioner, like MLB, or the NFL, with real power to "suspend" and "fine"/set up the same sort of rules "for the league" I'll never know.

 

All these supposedly smart people, and they can't see a solution like that, that is so simple, and such an easy PR win? Where would the Democrats/pro-regulation/bank haters go after something like that? Nowhere. You'd take the argument away from them.

 

And your problem is as I said above:

 

You want the authority to make the markets, but none of the responsibility, when the markets you make go south.

 

Again, the solution is simple: accept the responsibility for the markets you make,, and do what I said above. The SEC is a waste of time/$, and so is the FTC. IF these people had your talent, they'd be doing what you do. Therefore, these people add 0 value, and merely F things up for you, which creates cost you pass on to us, and, on occasion(Barney Frank) F things up for the entire country.

 

Yeah, there's no such thing as doctors, whose father was a doctor, whose grandfather was a doctor, all of whom attended Hopkins.

 

The family business, is the family business. I know a guy whose financial guy father taught him about derivatives and that market when he was 6, and has been trading in them ever since.

 

I don't see how that is any more nefarious than the pizza guy who teaches his children how to make a pizza. They all have an "unfair" advantage, because they are learning more than other kids at an earlier age? Utter crap.

 

WTF are we supposed to do? Ban the transfer of knowledge/experience from parent to child? This is also why "privilege" is a ridiculous argument. "Planning and execution" is the correct word. When my parents both got their masters at the same time, and we were very poor, my parents were planning...to not be poor. Then, they executed. I didn't grow up "privileged". My family's situation in life was planned, then executed. Period.

Never heard of FINRA I take it.

Yes, the financial industry does have a PR problem. But other than trying to educate the great unwashed, what can be done about it? There's ample evidence in this thread alone to prove they don't want to be educated at all. In fact their firmly held beliefs about markets and finance are entrenched in an ignorance that they're proud of to the point of boasting about it. They cover their ears and say "la-la-la-la-la-la-la-la-la-la! I CANT HEAR YOU!"

[Azalin]

I once lost $10k in ninety seconds. It was awesome.

 

Damn, that beats the time I watched someone at a riverboat casino outside Chicago lose $7,000.00 in five minutes at a blackjack table.

[DC Tom]

Was it in a wireless transaction or something where you didn't actually touch the money? I've lost money like that before in investments. Nothing close to $10k.

 

Day trading. A truly ridiculous situation with a stock where the volume was so heavy that the market for the stock broke down and pricing was badly off. I was buying shares of the stock at $14 and simultaneously (literally simultaneously) selling shares at $19. Made about $20k in half an hour. So I established another position...

 

...and then the phone rang.

 

And I made the mistake of getting up to answer it.

 

And by the time I got back to my desk, the market conditions had stabilized. And when I closed the position I'd opened before the phone rang, I was down about $10k.

 

I couldn't complain much, since between the previous half-hour and the day before I was still up a total of $15k in two days. It didn't stop me from abusing the **** out of the Indian telemarketer who'd called me..."You just cost me ten thousand dollars, and you can't even pronounce my !@#$ing name!!!" I still look back and chuckle at it - I was laughing at the time, in fact (save when I was giving the telemarketer ****). You have to have a sense of humor about those things.

[meazza]

Day trading. A truly ridiculous situation with a stock where the volume was so heavy that the market for the stock broke down and pricing was badly off. I was buying shares of the stock at $14 and simultaneously (literally simultaneously) selling shares at $19. Made about $20k in half an hour. So I established another position...

 

...and then the phone rang.

 

And I made the mistake of getting up to answer it.

 

And by the time I got back to my desk, the market conditions had stabilized. And when I closed the position I'd opened before the phone rang, I was down about $10k.

 

I couldn't complain much, since between the previous half-hour and the day before I was still up a total of $15k in two days. It didn't stop me from abusing the **** out of the Indian telemarketer who'd called me..."You just cost me ten thousand dollars, and you can't even pronounce my !@#$ing name!!!" I still look back and chuckle at it - I was laughing at the time, in fact (save when I was giving the telemarketer ****). You have to have a sense of humor about those things.

 

I can understand that Crap Throwing Monkey isn't the easiest name to pronounce for an Indian.

[Chef Jim]

Damn you for being faster than me! :lol:

So you're done in 60 seconds?

 

Jeesh, go away for a day and all this happens.

 

Either way, since regarded as ignorant on the subject or not I am going to take time to try to learn more. If anyone wants me to teach them what I learn <Jauronimo> just let me know.

 

I will say I took time to think about it, though. I am very greatful I am in agriculture. Brand new bull got loose 20 minutes after I let him out from the trailer. Disappeared for a few days and the nearby farmer got him up, fed him for a few weeks and didn't ask for a thing, letting him stay there to calm down and even brought him over. That's what I like about agriculture. There is not anyone smarter or better then anyone and we all share the same wealth. I can't imagine that happening in the finance world. Losing a $3,000 investment in 20 minutes would not go over well.

 

Thank god. I got tired of holding that title.

No kidding. Those of us in finance never help each other out. We're evil I tell you....pure evil.

[IDBillzFan]

Damn you for being faster than me! :lol:

 

And yet neither of us, apparently, are as fast at Tom.

[GG]

Never heard of FINRA I take it.

Yes, the financial industry does have a PR problem. But other than trying to educate the great unwashed, what can be done about it? There's ample evidence in this thread alone to prove they don't want to be educated at all. In fact their firmly held beliefs about markets and finance are entrenched in an ignorance that they're proud of to the point of boasting about it. They cover their ears and say "la-la-la-la-la-la-la-la-la-la! I CANT HEAR YOU!"

 

That's the crux of it and the industry knows it. It's been that way for eons, whether its the evil Wall Street mortgage originators, the speculators of Marx's ire, the moneychangers of medieval times, or basically any market maker in between a seller and a buyer.

 

That's why the industry rarely fights the regulators and knows that it can never win in the court of public opinion, because it's always the evil bankers' fault. When in reality, finance just gives its customers the rope. The customers can use the rope to pull themselves out of a hole or to hang themselves.

 

The Elizabeth Warrens of the world think that finance should be more judicious in giving up that rope. The trouble is, nobody knows where that point is. It's much easier for Warren to be the Monday Morning QB. I'm guessing she would have been part of the Barney Frank crowd in 2006 proclaiming there was nothing wrong with the mortgage markets and banks would have been hurting the consumers by stopping all real estate lending.

 

BTW, the real image problem is that the industry doesn't do a good job of admitting that the retail investor is at a disadvantage to the professionals. The big banks acknowledge it, but all the retail hucksters thrive on letting birdbrains think that they can compete with Goldman Sachs. And then the birdbrains blame the entire industry because they were suckered in by investment advice from some loudmouth on TV or radio.

Edited December 19, 2014 by GG

[Azalin]

For someone who knows little to nothing about finance and investing, is there a trustworthy source anyone can recommend for learning the rudiments of investing as they apply to the individual?

[Jauronimo]

That's the crux of it and the industry knows it. It's been that way for eons, whether its the evil Wall Street mortgage originators, the speculators of Marx's ire, the moneychangers of medieval times, or basically any market maker in between a seller and a buyer.

 

That's why the industry rarely fights the regulators and knows that it can never win in the court of public opinion, because it's always the evil bankers' fault. When in reality, finance just gives its customers the rope. The customers can use the rope to pull themselves out of a hole or to hang themselves.

 

The Elizabeth Warrens of the world think that finance should be more judicious in giving up that rope. The trouble is, nobody knows where that point is. It's much easier for Warren to be the Monday Morning QB. I'm guessing she would have been part of the Barney Frank crowd in 2006 proclaiming there was nothing wrong with the mortgage markets and banks would have been hurting the consumers by stopping all real estate lending.

 

BTW, the real image problem is that the industry doesn't do a good job of admitting that the retail investor is at a disadvantage to the professionals. The big banks acknowledge it, but all the retail hucksters thrive on letting birdbrains think that they can compete with Goldman Sachs. And then the birdbrains blame the entire industry because they were suckered in by investment advice from some loudmouth on TV or radio.

The industry is headed for a real dark day everyone who now feels warm and safe in their ETFs and market tracking funds get kicked in the balls since the lack of active investment strategies is pushing ridiculous valuations. After the crash in 2008, funds flooded from active strategies into passively managed vehicles. The average man has been sold on the idea that these index tracking ETFs are safe bets. If we see this looming correction that we've been hearing about for the past 18 months, people aren't going to know where to turn.