God dam, can we use the right words here. This is not a Wall Street problem

[ThomWV]

"Wall Street", home of the New York Stock Exchange and the term usually used to identify both stock trading, but traders, and the health of the companies they trade shares of is not the enemy here. This is not a Stock Market problem. Stock traders did not cause our problems, it was not the trading of stocks that brought anything down. If anything Wall Street is as much or more a victim of the machinations of FINANCIAL giants as those who make use of the trading floor.

PS: While I'm at it - short selling is a perfectly legitimate practice, has been for decades, and will continue to be far into the future. The problem with short selling is that it has been decried as demonic by people who have no idea on earth what it is, how it works, what its purpose is, or how insignificant it is in determining market direction.

End of rant.

[ColbertWatcher]

1. I agree.

I posted yesterday about worrying about the "economy" (inanimate concepts) instead of people.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=4987963&mesg_id=4987963

[Rockholm]

2. Prepare to get tarred and feathered.

The anti-capitalist folks will start tearing you a new one on this. God forbid any Democrat is successful on DU. They way some people post around here, you are not worthy unless you work at Whole Foods or push coffee at some coffee house. Who the fuck do they think SHOPS at those places?

[Gregorian]

3. This is a mainly Republican problem.

They are the ones who forced the repeal of the Glass-Steigal act. Then the lenders could start their ponzi scheme of selling off their notes.

Yes, the propaganda machine media is good at parroting what they are told.

[Bonhomme Richard]

4. Wall Street a victim? OK n/t

[Beavker]

5. True, The actual NYSE is not at fault.

But those people working on it's floor, like Art Cashin for instance, has no problem ripping legislation such as the "Jobs Bill" that effects Main Street (the working class). Once these Mortgages became packaged as a CMO's or REIT's it also becomes somewhat of a Wall Street issue. Sure they are Bank loans and they are shit, fraud, etc...but when I entrust my "Wall Street" adviser to handle our pensions, and they buy this crap, there is some overlap. These Banks are buying and selling securities, and their companies are publicly traded on Wall Street. I think that is how they get the connection. Wrong as it may be. That's what I usually mean when referring to Wall Street. Bernie Madoff, etc.

I agree in the distinguishing the two and it's a good point. It also bolsters a point I always am irked about when CNBC and their "Wall Street" experts proceed to rip, lets face it, the Democrats and their philosophies. They forget exactly what you are pointing out. People don't know. My Mom doesn't know or give a shit. She just knows that these people get paid to handle her money, and it's disappeared. Back the Jobs bill, it helps regular people and regular people think the guy in the suit (Wall Street/Banking/Economists/even Government) did it to them. Plus, the market seems to like this stuff...seems I'd hear barely a dissenting squeak from the folks on CNBC and their esteemed guests. It isn't that way though. Why?