I have written a couple of times about billionaire hedge fund managers and their ilk before. The only changes I can see is that there are more of them now, so my previous comments are not in need of amendment. (They revolve around the fact that to make a billion dollars in one fiscal year is to make $532,000 per hour. These assholes have also gotten their income declared “special” by sympathetic (read: bribed) Congressmen so that they pay a maximum of the lowest possible federal tax rate (15% on their earnings). They also contribute nothing substantial, being in essence insurance companies for investors (they insure against negative financial risks).)
What needs amending is my toss off statement that Wall Street magnates don’t create anything substantial. basically I didn’t go far enough. These folks are paper pushers, with the largest amount of paper being bank notes (I know it is all done electronically now and they rarely see a bank note or a stock certificate, but “electron pushers” just doesn’t have the same sting as “paper pushers,” no?)
I realize now that there is no difference between these Titans of Finance and ordinary gamblers, except for one big difference: ordinary gamblers do not own the casino, so when ordinary gamblers decide to change the rules, by cheating or by organizing information to their benefit, the casino owners ban them from not only their casinos but everybody else’s, too. On Wall Street, on the other hand, the “gamblers” get to: (a) gamble with other people’s money, and (b) create new games as they wish, and (c) get the rules changed when they decide there is an advantage to their own prospects. And no matter how poorly they perform (Jaime Dimon), their (Jaime Dimon) hand-picked Boards of Trustees give them (Jaime Dimon) big raises.
All of this is wrapped in mumbo-jumbo (including talking about the “market” as if it were an organism), elitisms (Data, and charts, and mathematics, oh, my!), and patriotism (We are a Capitalist Nation, under God!) but the “stock market” as described in my grade school classes barely exists as the gamblers have bought the casino: they bought off the owners, the regulators, the lawmakers, the judges, anybody who could tell them “no.” This country is now being run for their benefit, not ours.