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Home > Blogs > Ian Fraser > Hell hath no fury like a Wall Streeter scorned

Hell hath no fury like a Wall Streeter scorned

Finance Blogger: Ian Fraser Ian Fraser

An anonymous memo is doing the rounds of Wall Street and the City of London. It could be a spoof. But it does have the ring of authenticity.

In the memo, a peeved Wall Streeter rails against attempts by President Barack Obama's administration to cramp his style by reining in the wild beasts of finance. The writer issues a stern warning to the rest of America ("Main Street").

He or she basically argues that if Wall Street is to be "knocked off the top of the pyramid" it's going to hurt what the writer sees as the lazy and complacent inhabitants of Main Street as well. Basically, he seems to believe that Wall Streeters, who are used to 5am starts, will start eating Joe Mainstreet's lunch!

It's all hollow scaremongering of course, but it's well worth reading if you want to get a feel for the tenor of the coming debate.

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 ...

I didn’t hear America complaining when the market was roaring to 14,000 and everyone’s 401k doubled every three years. Just like gambling, its not a problem until you lose ...

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 ....

So now that we’re going to be making $85k a year without upside, Joe Mainstreet is going to have his revenge, right? Wrong! Guess what: we’re going to stop buying the new 80k car, we aren’t going to leave the 35 per cent tip at our business dinners anymore. No more free rides on our backs. We’re going to landscape our own back yards, wash our cars with a garden hose in our driveways. Our money was your money. You spent it. When our money dries up, so does yours.

The difference is, you lived off of it, we rejoiced in it. The Obama administration and the Democratic National Committee might get their way and knock us off the top of the pyramid, but it’s really going to hurt like hell for them when our fat a**es land directly on the middle class of America and knock them to the bottom.

We aren’t dinosaurs. We are smarter and more vicious than that, and we are going to survive. The question is, now that Obama & his administration are making Joe Mainstreet our food supply…will he? and will they?”

Further reading



Tags: asset price bubbles , banking , Barack Obama , financial crisis , regulation , US
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