I joined Twitter to hear the conversations from Wall Street. I “follow” traders, of whom I have not met any of them, to hear (or read) about their concerns, their issues, their conversation. I learn a lot from them and am grateful to hear the conversations from those who are on the ground.
Speaking of conversations, did you hear Santelli’s rant on CNBC? This guy is great. He gets everyone all riled up, even President Obama, apparently. He is that quintessential trader, looking sharp, speaking short and quick and riling everyone up. Santelli’s Rant But, his points are valid. Why would I want to pay for someone else’s missteps? I own a condo, that has lost value, and I pay my mortgage on time, every month. I have brought the debt down on my condo, so why should I pay for my neighbor’s misdeeds to make sure my condo doesn’t fall off the housing market completely? Santelli is right. (He may be just as crazy as Jim Cramer, from Mad Money, but in this instance Santelli has a very valid point.) The only difference after all of this is said and done is this: I have to worry about my neighbor and my neighbors debts because they ultimately impact me and my investments, my home, my town and my country. Play it forward, Wall Street, and stop bitching about nationalization. In the long run, we have to worry about everyone.
There seems to be a backlash against Geithner and his perceived lack of a true plan, which is why the markets are in freefall. People are worried about Citi and BofA falling off the cliff. Will there be a repeat of those secret weekend dealings with finanicial institutions, only to come in on a Monday to hear of major mergers and/or failings? Gosh, it hurts my brain to think of it all. Senator Dodd spoke this morning about nationalization and the government taking over the banks. Please. Dodd and Frank should just be quiet. They are not squeaky clean in this crisis – they actually helped it. They should be very quiet. Silent. Get off your PR junkets. Can’t we all just stop playing politics, address the frikkin issues and move on?