Jim Kunstler has no sympathy for Wall Street
Which is fine, because neither do I. While I watched Jim Cramer absolutely lose it on CNBC last week, my only thought was, “you stupid crybaby prat.”
A lot of catered crab tidbits and mini-quiches must have gone uneaten out along the dunes as weeping men in blazers realized that “marked to market” had come to mean the same thing as “holding a bundle of shit.”
It’s like my frank acknowledgement that a lot of the over-leveraged home loan borrowing was done by households that just don’t make enough money to own a home. The financial troubles currently assailing us came about thanks to people like Cramer’s buddies who were happy to bury anyone trying to make more money that you sustainably can in their game. It is blowing up in their faces, and I just don’t see why we should be sympathetic to them, or let them have more easy credit to try to double down (just long enough to get out and leave you and your neighbours with the tanking stocks, by the way).
Nor can Bernanke lower interest rates just for them. Everyone else is raising interest and – as we’ve heard time and time again – the United States needs to a borrow millions every day. Not Wall Street. America. I think Bernanke is slow when it comes to this ‘core’ inflation deal, but he’s not a moron.
Anyway. Jim Kunstler did a wonderful job.