... weell Waldorfin - at least You still haven't learned the lection from the credit crunch - which might still be worsening -...
"Oh dear, a bunch of pilots debating the most intricate of economic and financial issues that trained and qualified finance people have a hard time rendering"
the whole fcuk-up was ONLY caused by that "that trained and qualified finance people" who totally lost it, by selling CDO (Colleteral Damage Obligations) which have been in the end aslmost been more worth than the GDP of the biggist economy in the world . the USA;
so everybody who did trust his own instinct -rather than those shiny IPO brochures, off-plan-sale promises at the MOE etc. everybody who UNDERSTANDS that money in fact does NOT earn money by itsself (it never did!), and DISBELIEVED the the money-hazardeurs and therefore did NOT buy any of their obligations or funds, has been way smarter than that greedy money bunch at wall-street an other "card-house-players" who totally lost it
Morgan Stanley warned his clients already on October 8th of the danger of too many traders and investment banks are merely playing “billionaire’s poker” nowadays - which is way off responsible inevesting & borrowing, as a bank is supposed to do - and / in the end/ caused the most seriuos downturn of the world-economy since the late 20ies - which ist most likely way from over yet!
And - please, don't tell me/ us ANYTHING about thöse "trained and qualified finance people" - 'cause they are exactly the opposite - as it turned out:
merely gamblers, who finally lost their game, don't really understand the effects of their doing - and the taxpayers have to pay the aftermath/ cleanup now, banks closing in dozends - the biggest bank of the world tumbling over theirt lost bets going in Billions of losses - like AIG, Fannie Mae & Citigroup in the US - basically BANKRUPT - livin' broken on US-treasury welfare now!
and if You take the "once so glorious" hedge-fund managers: just look how they've ben beaten hands-down by Porsche in their own game - losing Billions betting against the Volkswagen shares - ending in a short sqeeze,where they have to buy their borrowed shares back to zup to 500% higher prices - those muppets
Porsche breaks the hedge funds | Squeezy money | The Economist
- must be the same, who run our provident funds then
... and if you look at the naive propaganda-style gulf news etc. - you might believe less and less what those muppets are claiming, as the UAE stock-market tell's us a tatal different story: Dubai &the UAE are in a serious downward-spiral - whilst investors are running away and out of cash -drawing money out of the UAE into safer investments for the years to come- hence the fall in prices all over the board now /specially building companies like EMAAR and Nakheel are merely penny-stocks now, as the future outlook for them/ and the UAE/ is more than grim here!