Amused

I am very amused by Wall Street’s reaction to Geithner’s speech this morning. Right after the speech, DOW tumbled, down almost 400 points. I especially love some of the comments coming from Wall Street..

“Geithner’s speech “basically puts a spotlight on the fact that the government has no idea how to fix the problem,” said Jeff Buetow, senior portfolio manager at Portfolio Management Consultants. “People bought on rumor and hope, and now they’re selling on reality.”

Geithner’s speech “basically puts a spotlight on the fact that the government has no idea how to fix the problem,” said Jeff Buetow, senior portfolio manager at Portfolio Management Consultants. “People bought on rumor and hope, and now they’re selling on reality.”

Why do I find it amusing amidst the continued devaluation of my IRAs? Because the same people that put us in this mess are now complaining that the Government isn’t helping them out of the mess that they created fast enough. I still remember they don’t like government to get all up in their business. When I spilled water on the floor or got into trouble as a kid, I had to face the music and get myself out of it. If I screwed up at work now, I’ve to untangle my mess or get fired. On Wall Street, apparently failing is acceptable and applauded. If you fail or screw up, just tell the government that it’s the privilege of the American people to bail out the financial institutions with tax dollars. If you mismanage, just walk away with millions and get another job after spending some quality vacation time. When you create a massive economic meltdown, just look the other way and point the finger at poor people, government, or other companies. Afterwards, tell, not ask, the government to bail you out of your mess. Never acknowledge and learn from your mistakes. When you think the government are not doing enough or giving you enough tax dollars, complain more. You are righteous.

The real problem lies with the people that sit in their cushy chairs in their tall skyscrapers. The ones that gambled and lost and the ones put us in this mess in the first place. In America, we like to treat symptoms and not the source of the disease. Aspirin for headaches, Mucinex for sinus, and so on. Maybe we need to take a cue from Eastern medicine when it comes to solving this problem. The real solution is to cut the cancer out from the source and then treat the symptoms. We can treat the symptoms, but without fixing the source, it’s useless. We can bail out every single bank and save every investment firms, but if they continue to have the same people sitting behind the same desks, running the same kind of organizations, we are doomed to repeat history over and over again.

So..yes..I’m quite amused at the panic reactions on Wall Street. I am amused at watching my investments lose value because of unsteady fingers and wild reactions, and most of all, I love watching the bigwigs on Wall Street squirm and complain about the government not doing enough to bail their asses out of their mess.