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Showing posts from October, 2010

The Still Raging Shrug: Erratum

Last night I was contemplating the blog post I had from yesterday as I sometimes do, and I realized I'd made a logical misstep through my writing that I had not intended. I'm committed to only making minor clarifications in any edit of a previous blog post, and I thought it would be best just to add a note about the nature of that misstep. It will serve the purpose of making the post more meaningful, ironically in the sense that it was all about how much people plainly revile what is truly meaningful. But hey, in Christ -- it's all good.

I'd first written that for anyone to truly understand what really is going on when the large financial institutions announce they're closing their proprietary trading desks -- which, by the way, are those parts of the company that trade on their own profits for their own personal gain -- they'd have to be in one of the three groups. The intimation is that if you aren't in one of the groups, then you just wouldn't get it…

The Still Raging Shrug About The Vast Dearth of Understanding

I happened to catch a nice piece by Michael Lewis, you know, the guy who has written all kinds of books cutting right to what's going on in finance these days. It is a scathing exposition about what's really going on with the big institutions, but it only has meaning in light of three different perspectives.

One, you are one of the extractors he's showcasing and you're perfectly happy without truly understanding how hosed you are. Lewis brings up the possibility that there are fewer and fewer victims, but I really don't think so (and neither does Lewis). This is merely because the victims themselves are exploiter wanna-be's and can't stop salivating in their drive to be in tight with another Goldman Sachs.

Two, you are one of the regulators who gets paid big bucks to crack heads in this environment, and make no mistake, Lewis is a regulator. The media feed like sharks at a chum feast on all of this, and Lewis is just taking his highly regarded spot at the b…