It’s Rather Absurd
First, I am amazed by the quantity of these people. They way that the market is played nowadays is an entirely different animal than the one that I learned when I went to school to be a financial planner. It is more about the appearance, or to be more accurate, portraying the appearance of wealth than when I was in college. This raises the question:
Is this what colleges are teaching people? Or are these people being brought in and assimilated into an existing system that is corrupt?
I hope it is the latter. And that would make sense. You are on the bottom rung of the ladder, and the last thing you want to do is rock the boat. Its easy to be seduced by all of that money. Money affords a lot of opportunities in our country, both good and bad. But are people that easily corruptible?
If in fact they do learn it from outside the educational system, then the sampling size is large enough to draw a few unsavory conclusions. I’ll gloss over them to summarize that the majority of people, if presented with both opportunity and motive, will choose to help themselves, even if it is at the expense of others. I would personally qualify this statement by saying that the percentage is directly related to how removed the person is from putting a face to the victim.
The stock market lends itself to this especially well. It is a small community that understands the rules and where to bend them. The people in this system are usually several degrees removed from the people whose money it is they are manipulating.
The second thing that astonishes me is the level of complacency towards it all. I am sure that some people find it hard to get upset, and offer excuses such as “oh well, the economy sucks now anyways” but what they aren’t factoring in is the level of responsibility those people had in putting us where we are. You can’t loan someone that makes $50,000 a year $300,000 to buy a house with no down payment! Why did they do this? The answer is simple: It fattened their wallet. This is an inherent flaw with commission-based pay structures. Its sad, but its undeniable. Don’t get me wrong, I believe that the majority of people to be both honest and good, but I also believe that if they were put in the same situation, a large percentage would succumb to the temptation. If you refute that, then you are stating that the people who work on/in Wall Street are inherently corrupt (the majority that is) from the outset. This is possible, as the job is likely to attract people with a proclivity and fascination with wealth, but there are a lot of people who work on Wall Street and in the financial sector. I think that the American people have settled into a disturbing comfort zone that they refuse to leave except under the most dire of circumstances.
With that thought, I will continue this later this week. I really need to stop blogging at 2:30 A.M. and on 3 hours sleep…