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As I watch the Wall Street markets tank and the value of my stocks go down I am reminded of just what a herd of morons Wall Street is. Yes the situation is bad…AIG needs an $85 billion dollar loan from the government to stay in business, Lehman Brothers has filed for Chapter 11 bankruptcy, Merrill Lynch got swallowed up by Bank of America and Fannie and Freddie are now controlled by the government. And what does Wall Street do…they panic. Like a herd of cattle…Moooooo! Except that they’re moronic cattle. Instead of looking at the overall situation and evaluate it calmly, they’re panicing and running around like Chicken Little yelling “the sky is falling, the sky is falling.”

Personally, Wall Street is getting its just desserts. They tried to finagle things and promise easy money with no risk and then pawned the risk onto others without telling the truth. If this crisis brings down Citigroup and the remaining investment banks…I won’t shed a tear. The only thing I’m sorry about is that it will wipe out the wealth of many Americans — including many middle class and upper middle class Americans. And the corporate executives and other fund managers that engineered this whole thing will still have enough money that they won’t have to work a day for the rest of their lives…they might have to sell that house in the Hamptons but at least they will live comfortably.

April 2020

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