That's just...you didn't miss anything. The situation really is that bloody stupid. It's only an "oopsie" if one is not troubled by the fact that Wall Street was simply not caring enough to pay attention.
Back in the 90's, there was a brand of synthetic heroin making the rounds in Russia called krokodil ("crocodile")--so named because it …
That's just...you didn't miss anything. The situation really is that bloody stupid. It's only an "oopsie" if one is not troubled by the fact that Wall Street was simply not caring enough to pay attention.
Back in the 90's, there was a brand of synthetic heroin making the rounds in Russia called krokodil ("crocodile")--so named because it was so toxic and caused so much tissue damage that it gave the skin a reptilian appearance--right before it (and much tissue underneath), simply died and fell off.
And Russian addicts KNEW this and STILL shot up with it.
Wall Street is simlarly addicted to low interest rates and expansive monetary policy. The addiction has taken over their brains and made them do some unbelievably stupid things.
And they are convinced that, if they wait long enough, the Fed will bail them out yet again.
It's rather like the story about the old man with a house by the river when the spring rains came. The river flooded its banks and cut the old man and his house off from the roads. A neighbor paddled downstream in a canoe and offered to take the old man away to safety, "if you stay here you'll drown" the neighbor said.
"Don't worry, God will save me", the old man calmly replied.
The water flooded the first floor of the house, and the old man took refuge in the second floor, when the local sheriff came by in a skimmer boat. "C'mon!" the sheriff said, "let me get you out of there before you drown!"
"Don't worry, God will save me," the old man calmly replied.
Finally the old man had to take refuge from the rising water on the roof. Search and Rescue came by in a helicopter, lowering a rope ladder "get on," they shouted, "we'll get you to safety so you don't drown!"
"Don't worry, God will save me, " the old man calmly replied.
He drowned shortly afterwards.
When he got up to the Pearly Gates, he was puzzled. "God," he said, "I prayed, and I trusted, and I believed you would save me....why did you let me drown?"
God replied: "I sent a neighbor in a canoe, the sheriff in a skimmer, Search and Rescue in a helicopter. What more did you expect me to do?"
Which just about sums up Wall Street's attitudes toward the current crisis. "Don't worry" the bankers believe, "the Fed will save us."
if am beating the horse even deader just say uncle -- but let's just say there are other reasons beyond their incompetence -- what would they be?
like, we all wondered for a long time over 2021 and up to now, why would the medical community (doc and hospitals and....) push that death was due to covid or push remdesivir or cv vacc or lockdowns...etc, and then we discover the leaked pay schedules that incentivized those institutions to classify and to administer and to give shots, etc. - in hindsight their original behavior makes much more sense.
same here -- if we put on our tin foil hats, and assume something more sinister or callous was at work, why would banks ignore existential risks, both to their employer and to them as a professional (who would later trust/hire a banker that ignored these obvious dangers that were certain to occur) -- what incentives were influencing their actions?
I want to just raise the question and plant seeds for thinking there are (ok, granted, may be ..) other reasons. To spur thinking on this
While it is always the logically parsimonious position to presume stupidity rather than malice, we should never take that to be a proof that there is no malice
And there certainly is malice, and there are certainly malicious agendas. That is proven in abundance as well. The Fed planning to fix inflation by throwing people out of work and eradicating people's personal prosperity is the epitome of malice. The stupid part of that issue is their presentation and apparent belief that such makes for sound economic or monetary policy.
Governments use all crises to extend their power over people. This too is malice, pure and simple.
I don't look for some invisible agency that is orchestrating these things because they simply are not necessary. There's more than enough of the ordinary and mundane malice and stupidity to explain things.
That's just...you didn't miss anything. The situation really is that bloody stupid. It's only an "oopsie" if one is not troubled by the fact that Wall Street was simply not caring enough to pay attention.
Back in the 90's, there was a brand of synthetic heroin making the rounds in Russia called krokodil ("crocodile")--so named because it was so toxic and caused so much tissue damage that it gave the skin a reptilian appearance--right before it (and much tissue underneath), simply died and fell off.
And Russian addicts KNEW this and STILL shot up with it.
Wall Street is simlarly addicted to low interest rates and expansive monetary policy. The addiction has taken over their brains and made them do some unbelievably stupid things.
And they are convinced that, if they wait long enough, the Fed will bail them out yet again.
It's rather like the story about the old man with a house by the river when the spring rains came. The river flooded its banks and cut the old man and his house off from the roads. A neighbor paddled downstream in a canoe and offered to take the old man away to safety, "if you stay here you'll drown" the neighbor said.
"Don't worry, God will save me", the old man calmly replied.
The water flooded the first floor of the house, and the old man took refuge in the second floor, when the local sheriff came by in a skimmer boat. "C'mon!" the sheriff said, "let me get you out of there before you drown!"
"Don't worry, God will save me," the old man calmly replied.
Finally the old man had to take refuge from the rising water on the roof. Search and Rescue came by in a helicopter, lowering a rope ladder "get on," they shouted, "we'll get you to safety so you don't drown!"
"Don't worry, God will save me, " the old man calmly replied.
He drowned shortly afterwards.
When he got up to the Pearly Gates, he was puzzled. "God," he said, "I prayed, and I trusted, and I believed you would save me....why did you let me drown?"
God replied: "I sent a neighbor in a canoe, the sheriff in a skimmer, Search and Rescue in a helicopter. What more did you expect me to do?"
Which just about sums up Wall Street's attitudes toward the current crisis. "Don't worry" the bankers believe, "the Fed will save us."
God help us all.
if am beating the horse even deader just say uncle -- but let's just say there are other reasons beyond their incompetence -- what would they be?
like, we all wondered for a long time over 2021 and up to now, why would the medical community (doc and hospitals and....) push that death was due to covid or push remdesivir or cv vacc or lockdowns...etc, and then we discover the leaked pay schedules that incentivized those institutions to classify and to administer and to give shots, etc. - in hindsight their original behavior makes much more sense.
same here -- if we put on our tin foil hats, and assume something more sinister or callous was at work, why would banks ignore existential risks, both to their employer and to them as a professional (who would later trust/hire a banker that ignored these obvious dangers that were certain to occur) -- what incentives were influencing their actions?
I want to just raise the question and plant seeds for thinking there are (ok, granted, may be ..) other reasons. To spur thinking on this
While it is always the logically parsimonious position to presume stupidity rather than malice, we should never take that to be a proof that there is no malice
And there certainly is malice, and there are certainly malicious agendas. That is proven in abundance as well. The Fed planning to fix inflation by throwing people out of work and eradicating people's personal prosperity is the epitome of malice. The stupid part of that issue is their presentation and apparent belief that such makes for sound economic or monetary policy.
Governments use all crises to extend their power over people. This too is malice, pure and simple.
I don't look for some invisible agency that is orchestrating these things because they simply are not necessary. There's more than enough of the ordinary and mundane malice and stupidity to explain things.