QOTD: Wall Street’s Old Guard vs Sanders Rhetoric

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My Wall Street is the real Wall Street—not the imaginary one that Bernie Sanders demonizes daily. My Wall Street is a place filled with opportunities to succeed, even for an immigrant like me without any connections or relatives in the business. Here, I could reach the pinnacle of my profession based on merit.

Unlike a certain politically ambitious Brooklynite-turned-Vermonter, I did not have to denigrate others to advance my career. To the contrary, I found wonderful mentors who were happy to reward me for hard work. Much of the job was difficult and far from fun. But I rose—and occasionally fell a bit—based on what I produced, not how many people I could get to toe some party line.

- Joe Rosenberg, 50 year veteran on The Street

The Wall Street I Have Known (WSJ)

Bernie Sanders put on his usual show in Brooklyn last night and he even got Hillary to sing the chorus – she has no choice but to play this game until the nomination comes.

The notion that finance has gotten too big for the economy it’s meant to serve is not wrong – but the idea that business is bad and collectivism is preferable is utterly absurd. Interestingly, neither Clinton nor Sanders said anything about finance last night that even remotely approaches a cogent thought. Clinton always falls back on her “shadow banking” tropes – a term she weilds given it’s scary connotations but that she clearly doesn’t understand. Sanders is always talking about “BREAK UP THE BANKS” but there’s no further information about what that would do to help the economy or even how it should be done.

 

 

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