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wall street
Sep. 25th, 2008 09:50 amSomeone on Forum said (I'm paraphrasing from memory), "You and your guests all advise remaining calm. My financial advisor says the same thing. So who are the people who are panicking?" They cited last week's Wall Street drop as an example. These are supposed to be financial professionals, and smarter than the rest of us. Why are they the ones flopping around like a fish on the dock?
As time goes by and I read more insider accounts, I increasingly believe that people in the financial industry are not any smarter or better with money than the rest of us. They are only more macho.
According to this theory, Wall Street pros act more aggressively than any sensible person would. When the economy is doing well - or seems to do well, all the while floating on an ever-growing ocean of debt - this aggression pays off at a higher ROI than sanity, and they look smart. It's just when reality rears its head that they freak out and demand thousands of dollars from everyone in America to support their testosterone habit.
I'm no expert. Prove me wrong.
As time goes by and I read more insider accounts, I increasingly believe that people in the financial industry are not any smarter or better with money than the rest of us. They are only more macho.
According to this theory, Wall Street pros act more aggressively than any sensible person would. When the economy is doing well - or seems to do well, all the while floating on an ever-growing ocean of debt - this aggression pays off at a higher ROI than sanity, and they look smart. It's just when reality rears its head that they freak out and demand thousands of dollars from everyone in America to support their testosterone habit.
I'm no expert. Prove me wrong.
