I do not hate Wall Street

[ArcticFox]

I don't think anyone hates Wall Street. One might feel a real unease in thinking of Wall Street, or even a fair bit of resentment. But hate? No. Wall Street is, at its heart, just a bunch of people. It's people. Mitt Romney was right, until he bounded to organizations having civil rights.

The bible says we shouldn't hate one another. Does it say we need to love the system?

One could hate the way the system is rigged to funnel money and power to the top. One could hate how the megacorporations of the World are largely owned by just a handful of people, who through the megacorporation-owned media have us believing that our 100 shares of GE or Boeing make us big shots.

I don't hate Wall Street. But I hate that traders' computer programs can see my stock order and can buy that stock and sell it to me at a higher price without my possibly noticing. And I hate all these other little things that are nothing more than little tiny rip-offs day after day, each too little to justify raising a stink, but effective at sucking money out of my pocket (and a million others) and delivering it to they who already have too much.

[darkangel218]

1. Good for you.

(I stopped reading after the title.)

[Sherman A1]

4. and yet

[shadowmayor]

2. I hate the myth of Wall Street and the pigs in charge

What is produced? Nothing but bets. Put a dollar into blue chip stock and about 70 cents goes to pay dividends to the rich who own the preferred shares. About ten cents might go to upgrading facilities, expanding operations, etc. And how much goes to giving workers more pay for more production? Over the last 35 years that would be about zero. The only people getting real dividends are the wealthy class making more than $300K per year. Our pensions have morphed into disgusting 401-K shams. And now the asshats on Wall Street are pumping the big con - to convince the workers of this country that Social Security is broke (it's not) and we'd be better served putting our hard-earned money into stocks. I'd love to make all the desk jockeys on Wall Street go out and dig ditches, tar roofs, and change tires for a year and live on those wages just to get a taste of what it's like in working class America. The idea that one can make money by placing bets in a rigged system is crazy. So yeah, I'm not fond of Wall Street. And the vultures at the top do have my full attention and hatred. They hurt people by the tens of thousands and walk away with piles of money. I think people like Mitt Romney and Carly Fiorina are despicable shit stains on humanity and I loathe the way our media portrays them as scions of our society.

Do I hate the rank and file trader? Not so much. But I hate what they do to the rest of us. The only reason we don't have a single payer health care system in our country is because the insurance and big pharma and medical corporations are making such huge profits off the illnesses and misfortunes of our citizens. And don't even get me started on how they profit from the wars we start.

[Recursion]

5. You know stocks that pay out 70% in dividends?

Can you let me know, please!?

And unless you're buying a new issue, the $1 you spent on a stock isn't "going" anywhere and doesn't affect the company at all...

[shadowmayor]

9. It ain't for you and me bubba

Buy some blue chip stock and most or your purchase goes right into the dividend checks of those lucky rich folks who own the preferred stocks. The schlubs like us don't play on that field. The top 1% owns just over 50% of all US stocks and the 90-99% owns a "mere" 40% so the top 10% owns 90% of American stocks relative to the rest of us. Most dividends go to folks at the top. If you are in a lower bracket and you're getting dividends that are worth anything, good for you. For the rest of us, it's really one giant, unregulated, gambling orgy set up to benefit the top tier people much like a Ponzi Scheme.

[Sherman A1]

3. Agreed

I do very much dislike the unfairness of the rigged system that is in desperate need to be changed, but hate is too strong a word and an emotion that I will avoid.

Well Said!

[a la izquierda]

6. I hate that those bastards...

Got a taxpayer funded break, yet the federal government demands half my paycheck in student loan payments each month.

[1939]

7. Did you borrow the money?

For some reason, I feel obligated to pay my mortgage payments, car payments, credit card payments, etc each month since i promised to pay them back when i borrowed the money.

Preferable tax treatment for dividends and capital gains, possible insider rigging of stock trades, and other defects of the system should be dealt with as separate political and economic issues and not be made contingent on your having to repay money that you obligated yourself to repay.

[Octafish]

8. Tim Geithner said administration sacrificed Homeowners to ''Foam the Runway'' for Banks

&t=0

Neil Barofsky: 'Geithner Admitted To Us Privately That Obama's Housing Policy Was DESIGNED To Sacrifice Homeowners In Order To "FOAM THE RUNWAY" For The Banks'

SOURCE: http://dailybail.com/home/barofsky-geithner-admitted-to-us-privately-that-obamas-housi.html

10 Million Americans lost their homes (including several families in Detroit and its suburbs whom I know).

http://www.alternet.org/investigations/10-million-americans-foreclosed-neighborhoods-devastated