Thursday, March 15, 2012

And Now For a Reality Check?

I'm not a Paul Farrell fan --- at best he's an Eeyore and at worst a "the glass is always empty" kind of guy.  But a recent article about Wall Street's personality traits rings more true than usual.  Here are some excerpts --- and, if you really need a dose of depression, you can find the entire article here --

"10 reasons Wall Street will hit bottom, crash -- Commentary: Gambling-addicted banks need a Betty Ford Center"

By Paul B. Farrell, MarketWatch March 13, 2012, 12:01 a.m. EDT

Wall Street’s 10 personality traits today:
1. Amnesia: Since the 2008 meltdown, Wall Street’s memory erased
2. Overoptimistic: Wall Street casino’s blowing another megabubble
3. Immature: totally narcissistic, the ‘King Baby’ syndrome
4. Greedy: Yes, “greed is still good” … for Wall Street’s gamblers
5. Compulsive liars: Never trust Wall Street to tell the truth
6. Insatiable: Wall Street’s hooked on ‘more is never enough’
7. Macho-macho: Regardless of the facts, they can’t admit failure
8. Unpredictable: Wall Street gamblers haven’t a clue about the future
9. Irrational: Wall Street gets rich off investor irrationality
10. Myopic: Failure to think long-term guarantees another crash