My conversation with a wall street banker

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Subprime JD's picture
Subprime JD
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My conversation with a wall street banker

Was in Beverly Hills yesterday working on some project and then went to see a buddy. We went to a taco bar off of wilshire district and met two bankers. They worked at wells fargo, high level bankers. Both were slightly drunk. I started talking about the economy and she said (her words in bold):

 

" People need to stop whining. At least in this country we are free to do what we want. You know, people are just crybabies and lazy. They need to shut up and get to work. I make alot of money, have a 85k car and a million dollar home. My clients are millionaires and we give loans to big funds, hedge funds, and private investors."

I asked her about the treasury issuance and whether or not that scared her, she said:

 

" To be honest i dont know what your talking about. I have put my head in the sand lately and am hoping that things will get better. You know, our bank is a great bank and that wells didnt give our nasty mortgages."

I told her that wells has at least 85 billion in second mortgage exposure just in California and she again responded:

"Like i told you before, Ive put my head in the sand. Im not a shotgun, im a laser. I focus solely and specifically on what i know how to do, i do it well, and make a ton of money. Im mean, cmon, look around you, look at all this wealth, things arent that bad."

 

I responded, "princess, we are in the wilshire district, this area received the bulk of the bailout and federal reserve funds". Lets go out a few miles south, east, and you will see whats happening to the real economy. I know because I work in the lower/middle income areas and i see the closed down dealerships, malls, shops, restaurants."

 

She said,

"Your a smart guy, its good sometimes to lower ourselves and see how the common folk are holding up. Your hot, want to come home with me?"

Responded, "Im married"

 

CONCLUSION:

Mid level Wall street types like the banker i met last night have NO IDEA whats really going on. Obviously, she is not representative of the entire financial world mindset but i wouldnt be surprised that the majority of them think like this. She didnt know what interest rate swaps truly were, she didnt know about the 3 trillion in gross issuance of treasuries. She didnt know about fractional reserve banking. She didnt even know that the fed's balance sheet had grown to 2.3 trillion. Like she said, she is a laser and focuses exclusively on what she knows how to do, gets paid very well for it and doesnt care about the entire picture.

 

CB's picture
CB
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Re: My conversation with a wall street banker

Well, there's a new take on "scre*ing the bankers" LOL Perhaps you could turn it into a business model...

I think a large majority in this country are still in that mode - even those who have the short end of the stick - head in the sand. What arrogant, willful ignorance!

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Re: My conversation with a wall street banker
CB wrote:

arrogant, willful ignorance!

says it all!

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Mike Pilat
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Re: My conversation with a wall street banker

I think there's another point here as well. In a society that is increasing in complexity, it is very helpful to have many and more lasers and fewer and fewer shotguns. The very fact that she describes herself as a laser is no surprise, given her supposed success and wealth. What she doesn't understand, however, is that a society that has less energy is a society that loses complexity. We don't have to reach the "end game" in order for her to be useless to our economy. We just have to start losing complexity before entire professions are sloughed off at the margins. And at the end of the day, she lacks basic common sense. Her level of disillusionment and pain might very well be very high going forward. Her desire to place blame entirely on others' "laziness" might make her dangerous.

Thanks for posting.

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Re: My conversation with a wall street banker

I have the same employer and I can tell you that there are people that do and do not "get it" in any field, company, or position.  Laughing

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Re: My conversation with a wall street banker
bearmarkettrader wrote:

 

CONCLUSION:

Mid level Wall street types like the banker i met last night have NO IDEA whats really going on.

Yesterday on twobeerswithsteve I listened to an interview with a frequent poster [probably on the privileged person forum here] with Damon Vrabel. Where he gives a more in depth look at this kind of arrogance witnessed at Harvard while he attended classes there. The class system is in place everywhere. Here too. I droped out of the Matrix in 1964 when I joined my first touring band, due to a few short duration jobs out of high school, the army, and 11 years teaching skiing in the rockies I actually am getting a monthly check from social security. The fees to be admitted to the privilaged area of this website would leave me about 60 dollars a month to live on. 

Ron

 

 

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Re: My conversation with a wall street banker

Ron, I understand what you're saying.  But Chris has a family and a staff, and is no longer a Fortune 300 (?) VP.  He needs an income.  Ideals are wonderful (it would be great if all of Chris's material was free).  But reality is what it is, and so people have to make the best compromise they can between their ideals and reality.  If you have other, potentially better ideas for how Chris can make a living to support his family, staff, and expenses, I think he would be open-minded to exploring them.  Really.

What some people here may not know is that when Chris was writing the Crash Course (CC), he got a LOT of pressure from some on the site saying he should charge for viewing the CC.  Their contention was it was his intellectual property, he invested a considerable amount of his own time and money into both that and the website, he had a family to support, and so "of course" he should charge for the fruit of his efforts!  But Chris wouldn't do that.  His choice for making the balance between ideals and reality was to make the CC free to view to EVERYBODY, offer the majority of the CM website free to EVERYBODY, and to throw a bsicuit to the realities he has to contend with by offering an OPTIONAL paid service to try to make his ends meet.  I guess I get frustrated when I think Chris and his family aren't getting the respect they are due for just how much they HAVE given!

Sorry for the rant.

-pinecarr

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Re: My conversation with a wall street banker
pinecarr wrote:

Ron, I understand what you're saying.  But Chris has a family and a staff, and is no longer a Fortune 300 (?) VP.  He needs an income.  Ideals are wonderful (it would be great if all of Chris's material was free).  But reality is what it is, and so people have to make the best compromise they can between their ideals and reality.  If you have other, potentially better ideas for how Chris can make a living to support his family, staff, and expenses, I think he would be open-minded to exploring them.  Really.

What some people here may not know is that when Chris was writing the Crash Course (CC), he got a LOT of pressure from some on the site saying he should charge for viewing the CC.  Their contention was it was his intellectual property, he invested a considerable amount of his own time and money into both that and the website, he had a family to support, and so "of course" he should charge for the fruit of his efforts!  But Chris wouldn't do that.  His choice for making the balance between ideals and reality was to make the CC free to view to EVERYBODY, offer the majority of the CM website free to EVERYBODY, and to throw a bsicuit to the realities he has to contend with by offering an OPTIONAL paid service to try to make his ends meet.  I guess I get frustrated when I think Chris and his family aren't getting the respect they are due for just how much they HAVE given!

Sorry for the rant.

-pinecarr

+100 Pinecarr. 

To consider the effort it takes to create 3-1/2 hours of material and get it recorded, edited and presented is formidable. To do the research and get the facts of the matter sorted out is a big multiple of that. To create a website to make the material available further pulls on time and resources.  To offer it for free viewing ensures that anyone truly interested can avail themselves of the work done.

To ask a membership fee for a subscription to current information for $.83 per day is IMHO one of the greatest deals to be had. It's almost like buying Gold!

Coop

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strabes
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Re: My conversation with a wall street banker

perfect real life example of my Two Beers interview...a "racehorse running the race with blinders on."  at least she admitted it...she has her "head in the sand"...or blinders on.   she gets her carrot at the end of the day, she has no clue why, she doesn't even want to know why, but everybody needs to shutup so she can keep getting the carrot.  Pavlov!  note this isn't an exception, but the norm.  it's the type of robots our system creates.  in fact, if you try to be introspective and really learn or question the system, Wall St firms will kick you out.

also a perfect example of the narcissism that comes with a top-down culture of empire (people having contempt for the "little people" beneath them even though all of the little people doing the real work in the economy is the basis for rich banker income), which I describe in a new Council on Renewal video that I'll post soon.

I'm not on the privileged list here Ron Laughing  where did you teach skiing?

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Re: My conversation with a wall street banker

Ron,

The enrolled (paid) member section definitely has some great stuff in it, but much of the time-sensitive information given there is most helpful for people who do market trading or have substantial financial or retirement assets to protect.  There is a wealth of excellent info on general economic, energy, and resource issues too, but those are generally of a longer-term nature.  The nice thing is that Chris often will open for viewing a prior Martenson Report for free (under the Featured Martenson Report area on the main page I think) as well as some of the podcasts.  So odds are you'll get to see many of the enrolled member reports and such, you'll just have to wait several months after it's written.  And if there's something extremely urgent or important that affects everyone (not just investors or traders), odds are it'll be posted for everyone to view.  At least once before enrolled members lobbied to get an especially important/relevant report or insider post released for general viewing, and Chris agreed.  So if you can't afford the enrollment, it's not the end of the world.

If one can afford it though, it's an extraordinarily good value.  As Coop said, the quality of current/time-sensitive information is exceptional, as is his analysis of more general economic or energy issues. 

- Nickbert

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Damnthematrix
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Re: My conversation with a wall street banker
pinecarr wrote:

I guess I get frustrated when I think Chris and his family aren't getting the respect they are due for just how much they HAVE given!

You really think Chris isn't respected....?  Are you kidding?

I count Chris as one of THE MOST INFLUENTIAL persons I've ever "met".  He has my 100% respect.  In fact, I would have less respect for him if he DID charge for the CC, his attitude is the attitude the rest of the world will have to adapt to, the attitude that money and wealth count for little, when all is said and done.

Mike

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pinecarr
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Re: My conversation with a wall street banker
DTM wrote:

In fact, I would have less respect for him [Chris] if he DID charge for the CC..

That was my point, Mike. 

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Re: My conversation with a wall street banker

BMT,

I've had quite a few conversations with current and former bankers.

The last sit down meeting I had with a banker was a retired very high level international banker and I understand the wall you hit with these guys.

The first hour of the conversation I mainly just listened to what he had to say and how much he knew.  He showed me how banks do their book keeping, create money, create money to pay their expenses(banks get everything for free)...ect.........

It was a fabulous conversation until we showed him the concept of creating money as a payment that doesn't have to be borrowed from the bankers.........His eyes went from friendly to absolute cold steel pure greed and he became near violent mad.  He basically told me you want to have a heaven on earth society, and then just asked whats in this for the banks....Basically, it's the same old thing.

If it doesn't benifit the banks, and only the banks, they would rather have us rot and burn than have a society based on fairness, justice, and morality.  I hardly think all bankers are like this, but the ones who understand the system (maybe 1 in 1000) will do absolely anything to rise to the top.

"Like i told you before, Ive put my head in the sand. Im not a shotgun, im a laser. I focus solely and specifically on what i know how to do, i do it well, and make a ton of money. Im mean, cmon, look around you, look at all this wealth, things arent that bad."

Yes they MAKE lots of money, in fact the banks are the only ones who "Make" (create) money in our system.  Her comment about wealth though has nothing to do with money.  Their money (credit) is not wealth.  In our modern society it is very easy to think that people are living the american dream because of all of the wealth they possess, but rarely does anyone make the connection in order for the people to have purchased any of that stuff, someone, somewhere in the system had to go to the bank and borrow that 'money' at interest.

People need to stop whining. At least in this country we are free to do what we want. You know, people are just crybabies and lazy. They need to shut up and get to work.

How can we be free when we are permanantly indebted to the bankers?  What exactly are we even free to do in this country?

I wonder if she understands that working doesn't create any money?

 

I seriously can't think of anyone more lazy than a banker.  They don't produce anything, only loan a promise to pay that they never have to make good on, and when push comes to shove they can just create money to pay for any expense they want to.  Then to top it all off, they demand back more than what was created or you are forced into forecloser, and they have the guts to tell the people they just need to work harder?

How could you get more lazy than just loaning a promise to pay that you never have to pay?

 

Good job talking with these bankers.  Very few people really get into seeing just how greedy these people are.  It's amazing the level of greed they possess.

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Re: My conversation with a wall street banker
Thomas Hedin wrote:

I seriously can't think of anyone more lazy than a banker. 

 

How about an art teacher.  Sorry just couldn't resist. Smile 

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Re: My conversation with a wall street banker

"It is difficult to get a man to understand something when his salary depends on not understanding it." Upton Sinclair

It's interesting how those few who have benefited from the current arrangement will defend it's legitimacy to the end. I have a relative who has recently been climbing the corporate ladder. She is a PHD, Harvard Medical school, very brilliant. I talked her into watching the crash course. Her verdict was that we really don't know where the exponential graphs end yet. As a peak oil enthusiast of sorts, I almost choked when she said that. She also said she believes that a lot of this "stuff" is overblown scare tactics to try to get people to do something. I certainly don't posess the same intellect as her, but I didn't make HUGE changes in my life because of overblown scare tactics. The risks are real, and the time for mitigation is running out. TICK, TOCK, TICK, TOCK, TICK, TOCK, BOOM!!!!!!!!!!!!!!!

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Thomas Hedin
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Re: My conversation with a wall street banker

How about an art teacher.  Sorry just couldn't resist. Smile

LOL, well at least he could make some art and sell it to someone who feels it would make enhance their standard of living.

I know my wife likes to have art in our house and it sure is a lot nicer than plain walls and empty tables.

 

The banker doesn't produce anything and expects to get everything for free since banks purchase everything they buy with a promise to pay that they never have to make good on.

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ron45
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Re: My conversation with a wall street banker

I agree that Chirs Deserves what ever comes his way financially. I'm here. I'm spreading the word.  My position is that many, if not most, of you are still in the Matrix financially if not in most other ways. We opted out in 1983 and have been doing what most of your are still imagining since then. We were treading lightly when Chris was a fortune 500 guy. Granted it was our choice to stop chasing the carrot. My monthly income is less than what most of you make in a day. And when you multiply .83 by 365 it buys a lot of organic hard red winter wheat. I drive my car less than once a week. My wife drives twice a week. We walk the talk. Give us a ring if you are ever in central New Mexico and come visit. Better still send me some money. I don't mind donations either.

I forgot to mentiom my wife Jennifer and I built our own passiveimmediatelyactive solar home with no bank loan or mortgage  or building permit, and traded a pickup truck for most of the adobe bricks. We did 95% or more of the work ourselves. So when I arrive here and see immediately that because of my income status I don't have access to important areas of the site the big WE is a little more in the direction of " meet the new boss.... you know the rest. I am very pleased that many of you can help support Chris' efforts and we thank all of you who do. It's important stuff he is doing. It's important stuff WE are doing too. 

Ron

 

 

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Re: My conversation with a wall street banker

How about an art teacher.  Sorry just couldn't resist. Smile

LOL, well at least he could make some art and sell it to someone who feels it would make enhance their standard of living.

 

Very ignorant of both of you.  Sorry, just couldn't resist Laughing

 

*sorry for the thread drift but if art were not taught we wouldn't have this site nor The Crash Course, etc., etc.  PM me if you want to discuss further.

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Re: My conversation with a wall street banker

Glad to hear there's another one of 'us' in New Mexico....a most excellent place to be. Being a single woman has it's challenges re: prep work, however, I'm taking baby steps and feeling more secure day by day.

By the way, I live a half hour out of Santa Fe. The growing season has its challenges, however, a greenhouse is on my list. Mortgage is almost paid off, no other debts, fantastic community (although we're a bit scattered) and yes, SUNSHINE! - except for el Nino this year. So, so grateful to have a bit of a reprise from drought.

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