Re: Blackrock CEO: People losing hope
tokyogai
10/6/2011 8:48:48 AM
His statements make me wonder if he really understands. How can you understand the pight and then do nothing or propose nothing? It seems Black Rock could have some influence if it pushed for some changes.
Laurence Fink, the chief executive officer of BlackRock Inc., the world’s largest asset manager, said he understands the concerns of the protesters.
“These are not lazy people sitting around looking for something to do,” Fink, 58, said Oct. 5 during an event in Toronto. “We have people losing hope and they’re going into the street, whether it’s justified or not.”
Re: It is unfair game for main-street investors
Value Hiker
10/5/2011 11:59:04 PM
One good example about the power of lobby and corruption of the system is the well known tax loophole of hedge fund managers.
While individual investors pay regular income tax on their salary, the hedge fund managers pay capital gain tax on their compensations. Most likely, you and me will pay 30% on our regular income, while these big players paid 15% on their million dollar paycheck.
It makes little sense: in economic terms, the hedge fund managers (also known as investment advisors) perform a professional service, much like engineers, lawyers or doctors, and receive remuneration for their labor. Why shall they get special treatment.
The public has been angry at this for a long time, but the strong lobbists hired by hedge fund & private equity industy blocked every attempt to close the loophole.
Re: It is unfair game for main-street investors
PredictableChaos
10/5/2011 3:57:10 PM
@yelanand, valuehiker
You, me and everyone likes: Heads I win, tails you lose
When you buy a car, you want quick and good gas mileage. Workers want higher pay and fewer hours. Investors want value and growth. Countries want low unemployiment and low inflation. Desire for these things is universal and not a bad thing.
The problem is that "The System" seems more than capable of getting a deal where winnings belong to Wall Street (or the banker or the broker or the lobbyist), and losses belong to the you and me (FDIC, Fannie Mae, various bailouts, FSLIC, etc.)
Re: It is unfair game for main-street investors
yalanand
10/5/2011 4:33:52 AM
"The System likes: Head I win, tail you lose
Investors like: Fair Play"
@Value Hiker so true. I totally agree with you. All that investors are demanding is fair play. It makes no sense to invest when you know that you are always on the loosing side.
RE : You Versus the Wall Street System
yalanand
10/5/2011 2:36:22 AM
Scott, great article. You have mentioned some of the key points which the investors are demanding for. I still dont understand Why is the system turning a blind eye to the investors demands ? It would be interesting to see what will happen if all the investors threaten to boycott wallstreet.
Though that sounds like a great plan, and I would be for it in that manner. I dont see it happening, I agree with you that it more than likely needs to happen, and going about it in a regulated way makes much more sense then letting them fail. But, money is power and they have all the money.
Nobody can predict the damage of the failure of a big bank. I bet Fed doesn't know either. However, during the recent darkest hour in our financial history, Lehman Brother's bankrupcy did not terminate the economy of this country, even it did hurt us a lot.
We all know we need to make big change, now rather than later. Unfortunately, the audacity of hope did not give Mr. Obama the courage to fight against the Wall Street.
We do not need to eliminate all big banks in one shot. We can do it step by step, steadily dissolve these monsters and establish a better financial system over a period of time.
Value Hiker,
I feal the same way, I dont want my tax money spent on a bailout, and the big banks are a scary thing. But at the same time I have a fear of what will really hapen to the economy if we let the large banks fail.
Re: Too Big to Fail
AskAsa
10/4/2011 3:42:12 PM
Very good points Value Hiker. I have a lot of respect for some of the smaller banks that still operate closer to the model I remember as a kid--where customers were known by name and loans were made on collateral, character, credit -- and common sense.
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