Why does everyone hate Wall Street so much?

I saw a similar thread for this topic from 2017 and wanted to bring a new one due to the current circumstances.

I can see why people would be mad the current situation with hedge funds, Robinhood and GME, AMC, etc (its all pretty fucked). However, why is it that the first thing that people want to scream is "FUCK WALL STREET" "BRING WALL STREET DOWN". Most these people have no fucking idea what Wall Street even is, what its composed of and what it does. They see one financial institution or firm fuck up and decide to put everyone's head on a chopping block.

I was on a group call with a few non-finance/business major friends (we're all still in college) and we were just talking about the current situation. Honestly, none of them have much clue about how the markets work, how banks and financial institutions are structured, yet they started saying "fuck Wall Street" and ganging up on me. I think I gave the best possible response and said "People who don't know what Wall Street is or how financial institutions work are bound to say that". It did get me thinking like wow, this is what these guys think I do? They have no idea what IB or PE actually is. For them banking is either you're a stock broker or teller. Yet for many non finance people it's "fuck Wall Street because they make more money than me!!!!".

Have you guys had a similar experience? Of course there's been many previous events such as the 2008 recession, but I think every year we'll have something happen and it makes snowflakes like this even angrier about something they don't understand.

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Comments (110)

Jan 29, 2021 - 9:35pm

Fuck Wall Street

I think the average american has this sentiment because they do not understand wall st. 

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

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  • Developer in RE - Comm
Jan 29, 2021 - 8:48pm

Start with the fact that "companies exist to maximize shareholder return" is a toxic idea that has seriously weakened the US. First culturally, and even economically in the long run. PE funds that maximize IRR by laying people off and shipping production overseas haven't done the average American any favors. You can say "sucks for them if they can't compete", but don't expect them to love you for it.

  • Intern in S&T - Equities
Jan 30, 2021 - 12:31pm

Completely agree with you Developer in RE. In my opinion, a company's main objective should be "to fulfill all obligations to its customers and its workforce". When this is the case, companies will need to turn a profit in order to fulfill those obligations. When a company's main objective is to "maximize shareholder value," the executives could care less about the well being of their employees, and really only care about their bottom line. Ever heard of Imperial Chemical Industries? I'm guessing no one has because it's a company that doesn't exist anymore. It was once one of the largest and most innovative chemical companies in Britain. During their dominant period the company's slogan was something along the lines of "We aim to be the best chemical company in the world." Years later, they changed it to "We aim to maximize shareholder value." Company failed and was ultimately taken over. I think it just shows that the companies who truly want to provide great products for the customers and provide a safe and meaningful working environment for their employees will be the ones that succeed in the long run. Our system should be designed to encourage this kind of corporate behavior imo. Not sure how that happens though lol. 

Jan 31, 2021 - 9:32am

Huh, it's almost like "maximize shareholder profits" doesn't have to imply short-term earnings. A sustainable business model that generates solid earnings over many years will always be better than one that focuses on quick profits and burns out.

  • Business School in IB - Ind
Jan 30, 2021 - 7:13pm

It's so easy to say some twinky little zinger like this in 100-200 words but it takes a book to tell you why this is wrong.

That's why most forums end up so extreme.

I know it's a short comment but this is simplistic and one sided. Wall Street forces efficient capital allocation. Yes we all know of inefficient examples but by in large and in comparison to other countries US markets are and have been superior. There is a reason so much innovation comes from the US.

I imagine we likely agree on certain areas of improvement to the current system but language like this encourages the deconstructionist rhetoric we see from both sides of the political isle.

  • Developer in RE - Comm
Jan 31, 2021 - 5:05pm

My objection isn't to companies generating value for shareholders (which is obviously good). It's to the so-called "Shareholder Theory" or "Friedman Doctrine" that emphasizes this at the expense of everything else. This theory is of pretty recent origin and only became prominent in the 1980s. It's not clear that the economic productivity of the US is correlated with its popularity.

Jan 29, 2021 - 8:52pm

Because when Wall Street fucks up the average middle class American taxpayer has to foot the bill via bailout. There is no significant regulation reform, not enough enablers go to jail, and the cycle continues - bubble booms, bubble bursts, etc. I think the most basic informed American understands how integral Wall st. Is to a functioning and growing economy (I.e. burn Wall Street down never actually means eradicate it completely) - but let's be honest, if nobody watches them, they get a bit greedy, start doing risky shit, and are never held accountable, that's the issue.

  • Intern in IB - Gen
Jan 29, 2021 - 9:11pm

Completely agree and this is a rational reason. The irrational reason a lot of people hate wall street is because they want someone to blame. They're mad about their position in life and don't want to hold themselves accountable (for some I'll admit it's out of their control). It's the same reason why people are quick to say F*ck billionaires or anyone rich. They want to believe that those people don't deserve it and didn't outwork them. I will acknowledge in saying this that yes there are many people on wall street or who are rich and got there through nepotism. But as a non-target from a lower middle class family, I like to believe that anyone can improve their position in life if they work for it. Especially considering pretty much everyone has access to the internet now.

  • Analyst 1 in IB - Gen
Jan 29, 2021 - 9:30pm

Yeah this is important. On twitter there is a lot of anti capitalist propaganda spewed by people who benefit from capitalism by controlling an audience and exploiting them for personal gain through increased followers, merch, etc. A lot of people enjoy the escapism of saying fuck capitalism and being liked on twitter for being different when in the real world society does not give a shit about them. 

The lack of accountability is ignored because the imaginary boogieman is gatekeeping when you can learn about pretty much anything with some dedication, interest and finding pdfs. I am not saying you can become the next Elon musk or become a billionaire just by working hard because that is a fallacy but the people are complaining about working 50 hours a week are the same people that want to own mansions. 

Jan 29, 2021 - 8:58pm

-

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

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  • Intern in RE - Comm
Jan 29, 2021 - 9:04pm

Eat the rich and don't leave any crumbs.

Cmon guys, I was joking. Being on finance forum and being an intern in RE should of made that clear.

Jan 29, 2021 - 10:23pm

The other day I was reading Reddit post about India billionaires' net worth increasing by 35% during this covid time, while the 135 mil Indian poor people continue to be poorer. The comment section was hilarious - people suggesting that billionaires' assets should be taken away and distributed to the masses etc. However, someone mentioned Elon Musk and suddenly people were okay with him doubling his net worth this year. "Only tech people are deserved to be billionaires". I thought we were living in a free society?

  • Developer in RE - Comm
Jan 29, 2021 - 10:40pm

Musk doesn't even have that much cash. His net worth is in his companies' stock.

  • Associate 2 in IB-M&A
Jan 30, 2021 - 12:00pm

Similarly, everyone especially politicians are shitting on Bezos for increasing his net worth during covid due to AMZN stock jumping but the reality is without Amazon during the pandemic when everything was shutdown, a lot of people would have not been able to get what they needed and have been completely screwed. These people don't want to admit it but without Amazon, the shutdowns would have been so much worse for a lot of people.

  • Intern in S&T - Equities
Jan 30, 2021 - 12:48pm

That's so true. Without Amazon I think a lot of people would have suffered exponentially more than they did. 

Feb 2, 2021 - 8:29am

Similarly, everyone especially politicians are shitting on Bezos for increasing his net worth during covid due to AMZN stock jumping but the reality is without Amazon during the pandemic when everything was shutdown, a lot of people would have not been able to get what they needed and have been completely screwed. These people don't want to admit it but without Amazon, the shutdowns would have been so much worse for a lot of people.

No, it wouldn't have. It's just that politicians would have been unable to shut down local businesses, because instead of the Amazon delivery truck you would have seen your local mom and pop shop's truck instead. So you would have noticed no change. but those small business owners would still have their jobs and livelihood.

Array

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Feb 2, 2021 - 8:35am

GradSchool2021

The other day I was reading Reddit post about India billionaires' net worth increasing by 35% during this covid time, while the 135 mil Indian poor people continue to be poorer. The comment section was hilarious - people suggesting that billionaires' assets should be taken away and distributed to the masses etc. However, someone mentioned Elon Musk and suddenly people were okay with him doubling his net worth this year. "Only tech people are deserved to be billionaires". I thought we were living in a free society?

Musk created his own industry and has been hiring a lot of people. On top of that he tends to stand up for the common man on his social media (just this weekend he grilled Robinhood CEO over GME). I think this is why people give Musk a pass.

Array

Jan 30, 2021 - 7:13pm

Part of the anti Wall Street sentiment comes from politicians and people sometimes parrot what they say.  Also, part of the anti Wall Street sentiment comes from envy of how much money some of them make.  The reality is that while there are some who make millions or even billions, there are a lot of Wall Street people who do not make the big bucks. 

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Feb 1, 2021 - 3:43pm

financeabc

Part of the anti Wall Street sentiment comes from politicians and people sometimes parrot what they say.  Also, part of the anti Wall Street sentiment comes from envy of how much money some of them make.  The reality is that while there are some who make millions or even billions, there are a lot of Wall Street people who do not make the big bucks. 

This post encapsulates why Wall Street is hated. "Everyone hates us because they are all too stupid and envious." Absolutely no self-awareness or reflection on the industry. 

Array

Feb 3, 2021 - 5:23pm

financeabc

 Also, part of the anti Wall Street sentiment comes from envy of how much money some of them make.  

This is an interesting and relevant insight.

A similar illustration I've read in a book on global politics likens it to a working class Muslim in Pakistan. This person will have a strong anti-US sentiment going so far as to cheer the events of 9-11. Yet, if you were to offer him a green card and well-paying job in the US, he'd jump at the chance and be a hard working, US-loving immigrant. I think the same would happen to a main street USA guy if you gave him the chance at a high profile Wall Street job. This actually does happen; Bill Ackman gave his fly-fishing guide a job offer. 

While I don't think the idea of envy is the predominant reason, let alone the only reason, it does seem to play significant role in the distaste average Americans have for Wall Street.

Jan 30, 2021 - 7:17pm

I think this negative sentiment for our generation really started out in 2008 when people were losing their houses as they signed up for ARM mortgages that hit crazy interest rates forcing them to sell - and these 'normal' people found out that hedge fund people shorted ABX and were making money for their bad times. But, really the people shouldn't have signed these ARM mortgages or NINJA loans that ended up fucking them. The blame on Wall St. is misplaced - people always want to blame someone. 

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

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Jan 31, 2021 - 9:37am

Isaiah_53_5 💎🙌💎🙌💎

I think this negative sentiment for our generation really started out in 2008 when people were losing their houses as they signed up for ARM mortgages that hit crazy interest rates forcing them to sell - and these 'normal' people found out that hedge fund people shorted ABX and were making money for their bad times. But, really the people shouldn't have signed these ARM mortgages or NINJA loans that ended up fucking them. The blame on Wall St. is misplaced - people always want to blame someone. 

I do not think the average person is knowledgeable enough to know what went on in 2008 regarding hedge funds shorting the market, etc.  I would say the same thing for the bailouts.   The average guy probably thinks TARP is what you put on a baseball field when it rains.

http://www.series65examtutor.com
Feb 1, 2021 - 12:01pm

Isaiah_53_5 💎🙌💎🙌💎

I think this negative sentiment for our generation really started out in 2008 when people were losing their houses as they signed up for ARM mortgages that hit crazy interest rates forcing them to sell - and these 'normal' people found out that hedge fund people shorted ABX and were making money for their bad times. But, really the people shouldn't have signed these ARM mortgages or NINJA loans that ended up fucking them. The blame on Wall St. is misplaced - people always want to blame someone. 

This is fair, in a vacuum.  But look at the optics of it.  I lost my home because I didn't take time to fully understand the paperwork surrounding my mortgage, which is largely my fault but also partially because I had unscrupulous loan officers pushing that paper on me.  So now my home is gone, or a someone I know lost their home, that's a tangible negative.  Meanwhile, billions of dollars are being allocated to financial institutions to prevent them from going under - an amount of money so enormous to the average person they probably can't even conceive of what that entails.  At the end of the day, bankers made lots of money, and when things turned south, got bailed out, while me or my community was left to flounder.  Of course people are going to be angry about that.

And, mind you, there is a constant push to lower taxes, regulation, etc even while basic costs like healthcare and education skyrocket.  In other words, the ability to attain true social mobility is going down and there is a correct perception that the wealthy are pulling the ladder up behind them.  If it seems like a game in which the rich always win, and the poor always lose, then yeah... that will generate resentment

Jan 31, 2021 - 12:15am

Who gives a shit what people think, people need anything to get mad at these days because most of their pathetic insufferable lives leave them with nothing to get excited about. Thus, a bunch of boogeymen are created to explain to them why global trade made them irrelevant and why they'll never live a life as easy or wealthy as their parents. 

We have a crisis of purpose not a crisis of big tech, big finance, big whatever the next cool thing to hate is. 

Jan 31, 2021 - 1:39am

A variety of reasons, some already covered. I think that these reasons can also apply to other industries and general groups of people. Yes, groups of people.

Let me back up, a bit. One of the general reasons people hate wall street is because it epitomizes greed.

Go, Go, Excel

Jan 31, 2021 - 2:10am

In 1893, JP Morgan bailed out the US Government and saved the Us economy.

In 2008, the US Government bailed out the banks using taxpayers' money.

Overall, Wall Street ain't as smart or innovative as they use to be. That's what happens when every firm is filled with "legacy admits" who only got in through family connections.

Next comes Wall Street's love of the Federal Reserve which has decimated the value of the US dollar. The US went from the world's largest creditor nation to the world's largest debtor nation.

Then comes the conspiracy theories (in which a lot are true) that Wall Street and the rest of the elites are trying to create a New World Order / One World Government / Great Reset where the average person owns nothing but the elites own everything.  

Feb 1, 2021 - 12:15pm

WorldsGr8estKid

In 1893, JP Morgan bailed out the US Government and saved the Us economy.

This seems like an oversimplification.  JP Morgan bought a bunch of government bonds at rock bottom prices, in return for tapping his financial network (read: the Rothschild family) for gold, so the government wouldn't have to suspend convertibility.  I don't know if that qualifies as "saving the US economy."  Modern economic historians seem to think that rigid adherence to the gold standard actually had an extremely deleterious effect on world economies; in the Depression in particular allegiance to the gold standard prevented a lot of ways the Fed could have engaged in economic stimulus.  Probably would have in 1893 if it had existed, too.

Not making any larger point.  Just find this kind of economic history interesting.

Jan 31, 2021 - 6:34am

I don't think most Americans, or most people in this world, understand that "Wall Street" as an industry, especially in New York City, is centered around Midtown Manhattan, not Downtown Manhattan/the verbatim Wall Street. I know some banks are not necessarily headquartered in midtown, like one that is headquartered in Chelsea. 

  • Analyst 1 in IB-M&A
Feb 3, 2021 - 10:42pm

True. Physical Wall Street is no longer "Wall Street" as more firms are located in Midtown nowadays. There are still some IBs located in the Lower Manhattan/Wall Street region like GS, Oppenheimer, some Public Finance/Muni shops etc. DB is moving its headquarters from Wall Street though but you get my drift.

Jan 31, 2021 - 12:48pm

Had exactly the same discussion today. Most of Fuck the Wall Str radicals really have no clue how it works. I lived through 2008 crisis and so many things have changed since than plus that was systematic crash with couple of missteps that triggered deeper crash. Ppl are mixing - crash, bubble and crisis, and usually puts it all in same sentence (pay attention to new buzz words). Behind all of it is actually archetypal wish to kill the king and become the king. We really need mindset shift and that is done through evolution not revolution.

Jan 31, 2021 - 1:53pm

Nobody says professionals in the trades are all angels, but if my plumber cuts corners and ruins my bathroom it does not cause a chain reaction that brings down the entire states plumbing system. Wall Street's mistakes reverberate across the economy and the whole idea that we get paid a lot to "move money" instead of create things obviously makes the general populace resent us. 

  • VP in IB - Gen
Jan 31, 2021 - 2:43pm

With the trades you listed, it's buyer beware. People can shop around and leave reviews. Bad experiences are isolated. 

Wall Street is so intertwined with the economy, that one misstep affects pretty much everyone. One simple example; before 08', retirees could count on interest income of about 5%-6%. In retirement, you obviously don't want heavy exposure to volatile equities. But interest rates won't be riding for several years, and they never went up much after the GFC.

Jan 31, 2021 - 3:35pm

My point is that there is also a widespread lack of ethics on Main Street as well.  Imagine if the plumber who is ripping you off had a job on Wall Street....he would be exactly the problem that we're talking about.  He wouldn't suddenly become a better person because his job is systematically important.  An unethical person who fixes your pipes would also be unethical person managing your investment portfolio.

EDIT: One of my favorite Bible verses sums up my point better than me:

"Whoever can be trusted with very little can also be trusted with much, and whoever is dishonest with very little will also be dishonest with much." Luke 16:10
 

Jan 31, 2021 - 4:09pm

It's a mix of a lot of things, but the main reason is simply misinformation and a lack of knowledge regarding Wall Street as a whole. The fact of the matter is that schools don't teach people about basic personal finance, investing, or anything related to that, because schools want to create workers not leaders. The average American truly believes that hedge funds were the reason for the 2008 credit crisis, not greedy bankers, excessive risk-taking (by both banks and consumers), lack of regulation or oversight, an insane housing bubble, or the fact that there were literal strippers taking out three different 30 year mortgages on homes they couldn't afford whatsoever (and the bankers who approved the mortgage). 

But no average person cares to actually learn this. It's much easier to say "eat the rich", or blame all their problems on other people. None of them care to know the different divisions within finance....I have literally been attacked by friends for wanting to work at a proprietary firm, many of which simply act as market makers and provide liquidity so that retail investors can buy/sell at any point during market hours. Yet ---> finance = BAD. No point in arguing with these people or trying to teach them, you will always get the "so what value does your job bring to society" question at the end of the day. Just say screw them, and move on.

Plus nowadays, if you have even a little money, you must be a terrible person that screwed someone over apparently. Everyone always wants to pay attention to you after you reach the finish line, no one gives one shit what you did to get there. Hope this attitude changes some day

Jan 31, 2021 - 4:31pm

Why should you hate me for shorting a stock in the first place? Same as why would you hate me for buying a stock?

It's not about wall st, it's about the poor education, that's what happens when mom and dad raise you with the impression that money is evil and rich people are thieves. They keep mentioning how their fat lazy asses got skinny because of 2008, they blame wall st for that but they forget to mention the fact that most of them were borrowing money they could never ever afford to pay back.

If Melvin was to long GME I bet they would have cheer them up for the next 25 decades.

Jan 31, 2021 - 9:57pm

And the sad part is that Americans, to this day, still continue to live outside of their means and excessively take on vestigial expenses that they can't afford. 

Jan 31, 2021 - 7:11pm

Because a large part of it is classic rent-seeking and it doesn't always produce any goods of value (superior risk-adjusted returns for your LPs not withstanding).

Quant (ˈkwänt) n: An expert, someone who knows more and more about less and less until they know everything about nothing.

Feb 1, 2021 - 9:18am

I only see being an institutional trader as a means to an end. My biggest gripe with Wall St. is that alot of analysts, associates, MDs, etc. are elitist and judge you based on academic qualifications, socioeconomic background, looks, etc.

  • Intern in HF - Other
Feb 2, 2021 - 10:51am

This, despite breaking in the elitist attitude drives me crazy. 

Who gives a shit if you went to Exeter, Andover, etc.? You're a grown ass adult still talking about the prestige of HS's. 

Feb 1, 2021 - 9:54am

the idea of "wall street" is that people are making incredible amounts of money while not generating things of value to society like the wheel, the telephone, the internet, or a model S.

like most ideas, it has kernels of truth as well as untrue generalizations.

the better question is: why do you give a fuck? someone's opinion of your chosen career field does not govern your potential success in said field. in other words, fuck 'em. if you're doing ethical work, you have nothing to be ashamed of.

  • VP in S&T - Equities
Feb 5, 2021 - 5:54am

and Wall Street don't like shit, look down upon people

Feb 1, 2021 - 2:27pm

I believe modern finance ungirds all of civilization and is arguably the most important industry in the world. With that said, a lot of the *public* "glory" in finance comes from what APPEARS to be firms and people who push money around while making small fractions on large sums that add up to a lot of personal compensation. It's off-putting to people who have tangible professions or who at least serve industries or companies that produce an obvious product or service. 

Array

May 23, 2021 - 8:55pm

apollotime

Most important industry in the world? Agriculture is most definitely more important by several orders of magnitude. 

And who, exactly, finances the business of agriculture?

Array

Feb 2, 2021 - 3:31pm

Take a look at the people you work with. Do you like your coworkers or bosses or other people in your company? Are these the best people that you know? Do you think they care about you? After working in the industry it's easy for me to answer

Array
Feb 2, 2021 - 3:45pm

I always found it funny how IB got a bad wrap and Silicon Valley got away unscathed. I feel like public sentiment is starting to catch up to the techbros. I love finance, but tech pays more out of undergrad with less hours and all they do is work on AI to steal your data and personal information to get personal advertisements blasted into the brains of you and your children - hardly a righteous endeavour. 

Feb 2, 2021 - 3:58pm

The RH/HF situation is overblown. HFs/banks are still making good money in this due to the order volume flow. Plus, it's like one fund that went bankrupt, which ended up getting bailed out anyway. Plus, RH did not screw over retail investors just to help out HFs. It screwed them over to stay alive, which all of us can understand wanting to survive.

People hate wall street because of the whole "fuck you pay me" mantra, taking money like it's a joke or a game. A lot of people don't have money, yet, it's the most important tool in life. To see others have an abundance and just flaunt it like a meme, I think those less fortunate take offense to it. It'd be like being a person in perfectly good health, dunking the ball and winning in a pickup game, then laughing at a guy just because he's rolling by in a wheelchair. It's beyond douchebag fuckery.

Feb 3, 2021 - 10:18pm

People hate Wall Street because Wall Street is the epitome and largest cultural symbol of people with wealth and power. In the society we live in, despite the fact that they're already starting out on third base much of the time, people with wealth and power get away with shit that the average Joe could never. This leads people to hate the people who are the cultural symbol of power and wealth personified. 

Really not a super-complicated concept, and the hand-wringing here is hilarious. People don't like it when other people can get away with things they cannot. The average person instinctively understands that those in high finance are those people who can get away with those things. Hence, they hate. I'm not saying its productive or even necessarily justified, but if you don't understand it you're either being willfully ignorant or you're an actual idiot.

  • VP in S&T - Equities
Feb 4, 2021 - 10:20pm

Because when Wall Street make money, we call ourself smart. When Main Street people make money, we call them lucky / dumb / loot / bubble.

Need to make ourselves look superior to charge management fee lol

Feb 5, 2021 - 1:09am

just the fucking looks on your smug little faces as you walk down the sidewalk in little groups of 3-4 in your stupid little vests holding your lattes

just fuck you, ya know?

that whole shit with a bunch of people losing their houses didn't help either

heister:

Look at all these wannabe richies hating on an expensive salad.

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Feb 5, 2021 - 10:38am

It is sure easy to say: "It is Wall Street fault", "Eat the rich", "Abolish capitalism" etc...Globalism and corporation have their fair share of fault, but it is more complex as anything.

As someone mentioned, the middle and lower class gets very little benefit from globalism. According to theory, you can say "if you cannot compete, it is your fault", sure fair enough, you can hire/outsource their job to a guy in New Delhi for 3 USD/hour, but don't expect that they will love you or defend you when people proposing "easy and quick" radical and undemocratic solutions will come to say "eat the rich" and built fake guillotines before your houses like they recently did to Bezos.

Blaming CEOs for preferring short terms profits is however not fair as well, it is, unfortunately, the way the market work. If they won't do it, the share price will tank, the board will vote them out and some Vulture will take care of it...there is little an individual can do (just like it "should be" on the market, where the individual cannot influence the market, just participate).

What the US need is a long-term patriotic vision (that does not mean xenophobic). Can't find programmers/technicians? Go to your local high school and pay the kids' college tuition fee for the continuous internship during college/job contract lock after graduation etc. By firing a US-based department and outsourcing their job, you have cut cost by a few percent decimals, but ruined tens of families, you can do that 1 time, but not expect people to tolerate this long term. People have lost/losing long term hope and then they are very susceptible to strong leaders with "easy" solutions, that end in disaster. Current woke SJW corporate environment, where America=bad, white=bad etc. don't help it either, there is a noticeable loss of social cohesion (as much as you may like diversity, if none of my neighbors/community members celebrate my holidays, have my religion, language etc then I won't care about/identify with them either, I will lose interest in societal wellbeing and let it crumble down)

Some soft version of Civic nationalism is required, where we dont care what background you are from, but we have these long term values that you need to abide by. What have we got instead? Wall Street legit undermining its own country and treasonously siding with enemies for quick buck on next quaterly report sponsoring events telling people how racist and evil america is. My family originates from Eastern Europe and I still stand behind the fact that capitalism has been the best system ever, but no society ever can survive on "economic theory". People are willing to die for country, freedom, religion, family...but no one ever run into battle screaming "For Capitalism".

  • Associate 1 in IB - Ind
Feb 5, 2021 - 10:45am
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