The Financial Ostriches

I have had many people as passengers who work in the financial industry. Some, I would venture to say 15% understand a level of disgusting and corrupting greed exists and that it has been able to undermine government regulations. Unfortunately they are in the minority.
The fast majority of them truly believe, or have convinced themselves, that the industry is only as guilty as the people they duped. That all parties were equally wrong and that the magic of the market will fix everything. Yet, it is well documented that the industry, especially Goldman Sachs, has a history of fraud, misconduct and practicing predatory behavior.
However, Goldman employees, I have encountered, will deny this, or excuse it by blaming the victim.
I have heard people deny the validity of the term ‘toxic assets’ while it was used in financial circles to describe assets which are harmful to the bottom line.
These financial ostriches deny the facts in favor of a fantasy composed by the masters of spin at the big public relations firms. The dominant narrative is that these ‘exotic financial instruments’, which is obvious jargon composed to obfuscate the facts while evoking images of tropical locals and violins made from gold and silver, are good for everyone because they are innovative and deep in the American psyche innovations are seen as those contraptions which ease our lives by freeing us from the drudgery of the mundane necessary tasks, like the washing machine, blender, and veg-o-matic. These so-called ‘innovations’ that are praised are in reality so abstract that they only make sense on paper. This is why the mainstream media speaks of the “real economy” and the “financial” economy. The modern day robber barons have separated the economic system into two separate machines, where real business are now dependent on financial services just to function. Like their drug world counter-parts, the bank dealer handed out the samples of cash loans with low interest rates to get business hooked. And like the dealers of the streets who switch the product’s quality, the banksters increased rates and so ‘main street’ suffered. The aim of the banksters was to cripple the real economy so they could swoop in a but up real assets and infrastructure.
However, due to the compartmentalization of the corporate structure, the ostriches can hide their heads in the sand. Their department doesn’t get involved with the grand scheme so they exist in intellectual isolation blissfully unaware of the harm they are causing in the real economy.
All of this is known. I guess what I mean to say is that we need morally upright people in finance otherwise the same type nonsense will go on.


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