The Wall Street BBQ Is On

Sooner or later it had to come to this, and
sooner is now upon us. All those smart guys
from Ivy League Schools with the long
pedigrees are sweating bullets now that the
bill for their outrageous stupidity is coming due.

Hey, they just thought they would make a
quick buck here and there and profit from
a loophole or two that wasn't closed up
and locked down.

It was almost a perfect scam, what with the
money being sold over and over again,
relieving them all of responsibility once
the paper passed on to another entity.

But they got too greedy, and started selling
mortgages to anyone who could walk and
chew gum. There were warnings, and some
honest people cried out against what was
going on, but the tsunami just kept building.
All the financial institutions had to get their
piece of the pie, even though they knew they
were stealing what wasn't rightfully theirs.

And in the short term it looked good. There
was plenty of flash, bigger houses, nicer cars,
and lots of bling.

But now the bill collector is at the door, and
he is swinging a mighty big axe. Huge companies
are, in the words of the Rolling Stones, "Tumblin
down." Bank of America snatched up the once
venerable Merril Lynch for a song, and Lehman
Brothers crashed. More giants are in the slots,
ready to fall at the first pull of the lever.

The worst thing is that millions of folks retirement
and investment funds are at risk. The guys who
the public hired to watch their money were only
concerned with their own money and status, and
couldn't have cared less about what these folks
had worked a lifetime to put away.

In my mind a whole bunch of Wall Streeters should
be going to jail. In fact they should build a special
place in Northern Minnesota just for them. Let them
shovel snow in the winter and fight mosquitos in the
summer, and eat lutefisk until they turn green.

Or send them to Iraq or Afghanistan. Maybe if they
had to make decisions with their own life on the line
they could think more clearly.

From the big saddle,

Jim Whelan
The Chairman of the Board

P.S. How bout those Cowboys Jimmy!

thejamesrwhelanagency.com
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