"It is better to keep your mouth shut and appear stupid than to open it and remove all doubt." --
This clown is beyond a fool, I think he is downright delusional or worse, rich, fat, lazy and simply beyond caring.
“There were many errors, sloppiness and bad judgment,” Dimon said as the company’s stock fell in extended trading. “These were grievous mistakes, they were self-inflicted.”
“I wouldn’t call it ‘more aggressive,’ I would call it ‘better,’” Dimon told analysts yesterday. “We added different types of people, talented people and stuff like that.”
Yeh, got to love those talented people and stuff like that. Question: Why do talented people (and stuff like that) keep screwing the rest of us by levering up the system we all must exist within? Why do they keep making off like bandits, sucking up huge paychecks and bonuses and then crashing the system?
Until people realize that the conventional way of doing business promotes criminality with little repercussion for the criminals, we are fated to have a new batch of talented people (and stuff) come in and screw things up even more... again and again and again.
A sub theme of this blog is a veiled revulsion toward the conventional way of doing business and the robotic followers of convention. Ooh, we must give respect to smart people (and stuff) because they are well, smart... from Wharton, Harvard Business School and who the hell knows where else?
A friend told me the details of a company she once worked at that went out of business several years ago. She told me how the company planned for months every last detail of how they were going to screw their creditors, screw their customers and screw their employees. Everything was set up so that the principles and their myriad lazy offspring and their spouses who sucked the balance sheet dry could get away clean and retire to their first and second homes and their time shares and what not.
This is America now. Extrapolate out to the defense industry and these infomercials we see on TV about how our massively armed global force for good is on the job in every corner of the world (backed so patriotically by Raytheon, General Dynamics, Lockheed Martin and the boyz), the cemented perceptions of American capitalism among non critical thinkers, and think about how the masses have come to bow before the great, smart and talented people (and stuff) because surely they must know more than the lowly individual.
I am now into screed mode, which can happen when I get a non-technical subject going. But the very beginnings of my financial market awakening are rooted in the realization that respect must not be given to anybody or anything simply because that is the way it has always been. The system is broken and maybe eventually these clowns will be repudiated (if not strung up) and the system will be changed. It's rotten to the core now.
Biiwii Blog readership: "Thank you Captain Obvious!"