Country Struggles With Unemployment -- But Not Wall Street!
This post first appeared on Balloon Juice. You have this:
Leverage is back on Wall Street—and this time it’s the bankers who have it.Firms are adding jobs for the first time in two years, rebuilding businesses cut during the financial crisis and offering guaranteed payouts to lure top bankers. In New York, 6,800 financial-industry positions were added from the end of February through May, the largest three-month increase since 2008, according to the New York State Department of Labor. Morgan Stanley and Citigroup Inc. are among banks that are hiring to replenish their ranks, while Nomura Holdings Inc. and Jefferies Group Inc. have been recruiting talent from larger firms in a bid to increase their standing on Wall Street.I think it is time to break out the foam fingers again, everyone! USA! USA! And while everyone else is in the poor house, and the banksters are writing themselves fat checks, I think it is time to revisit this gem:
We are Wall Street. It’s our job to make money. Whether it’s a commodity, stock, bond, or some hypothetical piece of fake paper, it doesn’t matter. We would trade baseball cards if it were profitable. I didn’t hear America complaining when the market was roaring to 14,000 and everyone’s 401k doubled every 3 years. Just like gambling, its not a problem until you lose. I’ve never heard of anyone going to Gamblers Anonymous because they won too much in Vegas.Well now the market crapped out, & even though it has come back somewhat, the government and the average Joes are still looking for a scapegoat. God knows there has to be one for everything. Well, here we are. Go ahead and continue to take us down, but you’re only going to hurt yourselves. What’s going to happen when we can’t find jobs on the Street anymore? Guess what: We’re going to take yours. We get up at 5am & work till 10pm or later. We’re used to not getting up to pee when we have a position. We don’t take an hour or more for a lunch break. We don’t demand a union. We don’t retire at 50 with a pension. We eat what we kill, and when the only thing left to eat is on your dinner plates, we’ll eat that. For years teachers and other unionized labor have had us fooled. We were too busy working to notice. Do you really think that we are incapable of teaching 3rd graders and doing landscaping? We’re going to take your cushy jobs with tenure and 4 months off a year and whine just like you that we are so-o-o-o underpaid for building the youth of America. Say goodbye to your overtime and double time and a half. I’ll be hitting grounders to the high school baseball team for $5k extra a summer, thank you very much.What exactly do we have to do to make these assholes go Galt? The added irony in all this is that financial regulation will now probably die with Robert Byrd, with an assist from Russ Feingold, who has a sad. Because the next financial regulation bill, after Democrats lose a bunch of seats in the House and Senate because the blue dogs have torpedoed all job growth bills and the public is sick of Democratic dithering, well, that will be so much more progressive.