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Nofsdad
Joined: 06 Jul 2003
Posts: 7087
Location: Central CA
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Posted: Sun Jul 20, 2008 5:29 am Post subject: Why No Outrage?
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Excellent article from the Wall Street Journal. Especially telling point in the comments section where WJS asks the readers why there isn't more public outrage about the situation the Wall Street has created. One responder says that the average borrower tends to blame his fellow average borrowers instead of the banks and other lenders who built the flimsy house of cards in the first place.
http://online.wsj.com/article/SB121642367125066615.html?mod=myyahoo_module
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| Through history, outrageous financial behavior has been met with outrage. But today Wall Street's damaging recklessness has been met with near-silence, from a too-tolerant populace, argues James Grant |
My own opinion is that it's partly a result of the consolidation of the mainstream media under the Wall Street/Corporate banner. I just don't think that in this, the sound bite generation of journalism in which the sound bites are carefully controlled to produce a desired effect... the general public is adequately informed of the situation.
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| Huey Long, who rhetorically picked up where Lease left off, once compared John D. Rockefeller to the fat guy who ruins a good barbecue by taking too much. Wall Street habitually takes too much. It would not be so bad if the inevitable bout of indigestion were its alone to bear. The trouble is that, in a world so heavily leveraged as this one, we all get a stomach ache. Not that anyone seems to be complaining this election season. |
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Simmons46
Joined: 03 Mar 2008
Posts: 60
Location: MPU
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Posted: Mon Jul 21, 2008 12:05 am Post subject:
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I think it's because most people don't know/don't care how Wall Street works. Or don't even know what Wall Street is.
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denimandlace_69
Joined: 04 Jul 2003
Posts: 420
Location: Somewhere between here and there...
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Posted: Mon Jul 21, 2008 7:01 pm Post subject:
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| Simmons46 wrote: |
| I think it's because most people don't know/don't care how Wall Street works. Or don't even know what Wall Street is. |
That may be partially true. I'll admit I have a basic idea of what Wall Street is and how the market and economy work. However, as the cost of gas and food go up and my friends and neighbors lose their houses left and right I know I need to be more aware of what's going on. So, I try to read online articles and everything Nofs posts just so I'm not totally out of the loop. Instead of being ignorant, people need to get informed and be in the know. They need to start giving a crap.
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allhandsabandonship
Joined: 28 Apr 2005
Posts: 1718
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Posted: Thu Jul 31, 2008 8:29 pm Post subject:
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We possibly haven't quite reached the point of recognition. Up to this point it's still thought of as just a temporary recession, an opportunity to "buy the dip" and maybe make a fortune buying foreclosures. The government will of course bail everybody out and the economy will get back on track, just as it has everytime in recent memory.
There's a theory I've been following for years that suggests these things go in waves. In the first wave down people are caught by surprise and don't really understand what is going on. This phase is followed by a possible upswing and the public is lulled into thinking the worst is over. Recognition comes in the third wave down, and that's when crashes and panics occur. IMHO the third phase is just beginning. When it reaches bottom the public will want to roll some heads.
Everybody might want to vote for the party they don't like in the coming election, because the winner could go the way of Herbert Hoover.
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Magnolia
Joined: 26 Aug 2005
Posts: 1454
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Posted: Wed Aug 06, 2008 1:34 am Post subject:
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What's an individual to do to fight the power of Wall Street?
Seriously.
I'm not at all for government control - but what can a plain ole bottom of the food chain American to do?
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