The lessons of
Jake Bernstein, in his mash note to Margin Call, is right to see the moral heart of the movie in a speech by Paul Bettany character, Will Emerson. (Warning: both Bernstein piece and this blog post contain spoilers.)
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If you really want to do this with your life you have to believe that you necessary. canada goose outlet store locations And you are. People want to live like this in their cars and their big fucking houses that they can even pay for? Then you necessary. The only reason they all get to continue living like kings is because Canada Goose Outlet we got our fingers on the scales in their Canada Goose sale favor. I take my hand off and the whole world gets really fucking fair really fucking quickly and nobody actually wants that. They say they do but they don They want what we have to give them, canada goose clearance but they also want to canadian goose jacket play innocent and pretend they have no idea where it came from. That more hypocrisy than I willing to swallow. Fuck them. Fuck normal people.
Bernstein loves the movie on the grounds that it story of a Wall Street that has evolved from an economic helpmate to an economic predator So how does that square with Emerson speech? After all, Emerson idea, endorsed by canada goose black friday sale Bernstein, is canada goose replica that Wall cheap Canada Goose Street is actually helping the people to live beyond their natural means.
But the bigger idea, I guess, is that the people helped by Wall Street are buy canada goose jacket cheap the 1%, and that Wall Street has its on the scales in their favor and that if the scales are tipped towards the 1%, then that means the 99% are the losers. canada goose coats They the prey for Wall Street predators.
I canada goose deals don buy this canada goose coats on sale analysis. I don believe that Wall Street is meaningfully improving the lives of the 1%, except insofar as Wall Streeters are the 1%. (Remember that financial professionals make up only 14% of the top 1%, and 18% of the top 0.1%. They a large chunk, but by no means the majority.)
In fact, I suspect that the top 1%, if anything, are responsible for a disproportionate share of Wall Street income. Wall Street isn picking the pockets of the 99% and giving the proceeds to the 1%: it picking the pockets of the 1% and giving the proceeds to itself. And canada 2018 canada goose goose outlet toronto factory Wall Street is taking a whole bunch of money from the 99%, too. But for the 86% of the top 1% who don work in finance, I really don believe for a buy canada goose jacket minute that Wall Street is helping them out by giving them the hard earned money of the 99%.
I also don believe in some halcyon era when Wall Street was economic helpmate to the 99%. It has always been very good at extracting rents, and very bad at creating wealth for its clients.
Narrowly speaking it easy to see where Emerson speech is coming from: the housing bubble was certainly instrumental in allowing millions of Americans to live beyond canada goose store their means. And yes, Wall Street was a necessary Canada Goose Parka part of the machinery of the housing bubble. But of course the Americans who bought beyond their means did not to continue living like kings instead, they got foreclosure and eviction notices. And Wall Street wasn there to help them when that Canada Goose Jackets happened.
But I don believe that Wall Street has its fingers on any scale. There are wealthy families who have managed to preserve and grow their wealth over many centuries Italy and Germany both have quite a few of them, the ultimate Black Swan that was canada goose World War II notwithstanding. Those families tend to have a lot of real property: income producing land, if you growing things like grapes or trees, is an amazing long term asset, since the main rents you extracting canada goose clearance sale come directly from the Sun. By contrast, the rich families who hire Goldman Sachs to look after their money and end up invested in Global Alpha or pre IPO Facebook shares tend to be much newer money. They made it quickly, and they probably lose it quite quickly too it could quite easily all be gone within two or three generations.
This is one of the reasons why I less of a fan of Margin Call than Bernstein is. Where he sees running joke that the big bosses don understand the nitty gritty of finance and say things like speak to me in English I see a clumsy attempt at providing a bit of exegesis for the audience. Where he sees irony in Demi Moore defenestration, I see a risk manager who signed off on ever riskier trades getting her just desserts. And where he sees the bank as an predator I see it as a victim of its own greed. Yes, it causes considerable damage outside its own walls in its decision to conduct a fire sale of its toxic assets. But the alternative was for the bank to fail, and then, as we saw with Lehman Brothers, the damage caused would have been greater still.
If there a lesson in Margin Call, I think, it only the simple and facile one that Wall Street riches don make you happy. I do think the trading room scenes were surprisingly Canada Goose Coats On Sale realistic, by Hollywood standards, and Emerson patter as he tries to unwind his massive position rings absolutely true to me it was written by someone with an excellent ear. (Bettany deserves a lot of credit, too: he plays the role perfectly.) But I think the film ducked the opportunity to show the real damage wrought by Wall Street the way that while profits go to the bank employees, losses get socialized on all of the rest of us.
There was no bailout in this movie; indeed, there weren even any regulators. When https://www.topcanadagoose.ca the bank loses lots of money, it just keeps on going: there no sign of how it might recapitalize itself, or who the new owners might be, or even that there are any new owners. It a magical world where an insolvent bank Canada Goose Online can 2018 canada goose outlet realize enormous losses and stay alive Canada Goose online under exactly the same management and ownership. You have a mini breakdown, you bury your dead dog, and you go back to your extremely well paid job.
In the real world, by contrast, Wall Street eats alive any bank which shows the slightest sign of weakness or potential insolvency. Never mind Lehman: look what happened to Bear Stearns or MF Global, which were toast just because everybody pulled their repo lines simultaneously. When a bank makes an error of this magnitude, it dies and the aftershocks, for the rest of us, are severe. Margin Call let the bank off easy and America taxpayers, too.